Preventive proceedings in the vision of the code on preventinve proceedings of insolvency and of insolvency - a first step for the harmonization of the eu member state's legislations in this area

• Author: Elise-Nicoleta Vâlcu/Lavinia Olah
• Position: Faculty of Law and Administrative Sciences, University of Pitesti, Pitesti, Romania/Faculty of Law and Administrative Sciences, University of Pitesti, Pitesti, Romania
• Pages: 184-189

AGORA International Journal of Juridical Sciences, www.juridicaljournal.univagora.ro

ISSN 1843-570X, E-ISSN 2067-7677

No. 1 (2014), pp. 184-189

184

PREVENTIVE PROCEEDINGS IN THE VISION OF THE CODE ON

PREVENTINVE PROCEEDINGS OF INSOLVENCY AND OF

INSOLVENCY - A FIRST STEP FOR THE HARMONIZATION OF THE

EU MEMBER STATE'S LEGISLATIONS IN THIS AREA

E.N. Vâlcu, L. Olah

Elise-Nicoleta Vâlcu

Faculty of Law and Administrative Sciences, University of Piteşti, Piteşti, Romania

* Correspondence: Elise-Nicoleta Vâlcu, Universit y of Piteşti, Faculty of Law and

Administrative Sciences, 71 Republicii Blvd., Piteşti, Argeş, 110014

E-mail: elisevalcu@yahoo.com

Lavinia Olah

Faculty of Law and Administrative Sciences, University of Piteşti, Piteşti, Romania

*Correspondenc e: Lavinia Ola h, Univers ity of Piteşt i, Facult y o f Law a nd Ad minist rative

Sciences, 71 Republicii Blvd., Piteşti, Argeş, 110014

E-mail: lavinia olah@yahoo.com

Abstract

In order to improve and accelerate the insolvency with cross border implications, the

Council has adopted the Council Reg ulati on (EC) No 1346/200 0 of 29 May 2000 on

insolvency proceedings establishing the common norms on the jurisdiction, recognition and

applicable law in this area, European norm which does not harmonizes the national material

law systems in the area of insolvency, thus it can be identified significant differences at a

national legi slative level regarding the insolvency in relation to fundamental considerations

of p olit ics , st ruct ure and content , in oth er wo rds, th ere are not u niq ue i nsol ven cy

proceedings, with applicability throughout the European union. Nevertheless we consider that

a first step in the achievement of a legislative uniformity was already taken, at least regarding

the unity regulation of certain preventive proceedings which will allow the avoidance of

insolvency of the debtor, mentioning in this respect Law No 381/2009 on the preventive

concordat and the ad-hoc mandate, whose provisions are taken from the new code on the

preve ntive proce eding s of in solve ncy an d of inso lven cy, code which ease s the direct

application of the Council Regulation (EC) No 1346/2000.

Keywo rds: financial difficulty, preventiv e concor dat, ad-h oc mandat e, recovery

plan, proce eding

Introduction

The preventive proceedings stated by the Law 381/20091 and inserted in the new code

on the preve nt iv e proce eding s of ins ol vency and of i ns olv en cy2 h ave as p ur pose the

1 Official Gazette No 870/14 October 2009.

2 With th e entrance into force of the new code the followings normative documents shall be abrogated: Law No

85/2006 on insolvency procedure, Law No 381/2009 on the on the preventive concordat and the ad-hoc mandate,

Government Ordinance No 10/2004 on the bankruptcy of credit institutions, Chapter 3 and 4 "The procedure of

insolvency for insurance undertakings" of the Law No 503/2004 on the financial recovery and bankruptcy of

insurance undertakings, Law No 637/2002 regulating the international Private law relations concerning

insolvency, published in the Official Gazette No 931/19 December 2002, as further a mended and supplemented.

Also, the Project of Law reiterates the actual legal provisions of transposing the EU Directive in the area of

bankruptcy for credit in stitutions: Directive No 2001/24/EC of th e European Parliament and of the Coun cil of 4