LEGISLATION
1. What are the main regulations regarding insolvency and liquidation in Romania?
Different insolvency legal frameworks are in place for companies, financial institutions and public administrative bodies. Law No. 85/2006 regarding insolvency procedures regulates the insolvency and liquidation of companies and other legal entities that perform commercial activities; Government Emergency Ordinance No. 10/2004 (GEO 10/2004) applies for the bankruptcy of financial institutions, while Government Emergency Ordinance No. 46/2013 (GEO 46/2013) governs the insolvency of public administrative units. In April 2014, the Romanian Parliament passed the law regarding the prevention of insolvency and insolvency procedure (the 2014 Insolvency Law).