THE REORGANISATION PLAN IN INSOLVENCY PROCEEDINGS UNDER ROMANIAN LAW
The Romanian insolvency law covers extensively the reorganization phase of the debtor, in accordance with the European legislation in this field. However, the practice has proved that the period between the approval of the creditors of the reorganization plan up to the actual applicability of the measures contained by the plan may lead to question the efficiency of the plan.
The article aims to underline the importance of the reorganization plan for both the debtor in insolvency, as well as for its creditors, by considering, also, whether the opportunity of the measures adopted should be considered. The analysis, without claiming to be exhaustive, highlights the legal concepts in this field like debtor, creditors, debts, reorganization plan and turns to relevant jurisprudence that offer different views on the opportunity of the application of the measures agreed in the reorganization plan. In view of the above, by analyzing the legal provisions and the case-law, the article emphasizes the practical importance of an efficient reorganization plan.
Keywords: Romanian law, reorganization plan, insolvency, debtor, creditor
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