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, University 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

*Correspondence: Lavinia Olah, University of Piteşti, Faculty of Law and Administrative

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 Regulation (EC) No 1346/2000 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 ofinsolvency, thus it can be identified significant differences at a

national legislative level regarding the insolvency in relation to fundamental considerations

of politics, structure and content, in other words, there are not unique insolvency

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

preventive proceedings of insolvency and of insolvency, code which eases the direct

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

Keywords: financial difficulty, preventive concordat, ad-hoc mandate, recovery

plan, proceeding

Introduction

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

on the preventive proce edings ofinsolvencyandof insolvency2 have as purpose the

1 Official Gazette No 870/14 October 2009.

2 With the 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 institutions: Directive No 2001/24/EC of th e European Parliament and of the Coun cil of 4