1. The organisers of the Conference thank the following for their support
Conference Sponsor
Conference Supporter
Academic Forum Sponsor
Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili

2. Reforms in Romanian Law Lavinia Iancu, Tibiscus University Timisoara

3. Romania 2010
Massive dismissals in the public system and 25% cuts of salaries
VAT quota increased from 19 to 24%
The pensions and all the types of benefits have been diminished

4. National Trade Registry Office
(in the first 11 months of 2010)
companies have been erased
new companies
Over companies in insolvency

5. The insolvency law was altered annually, this being also made in July 2010
The alterations are numerous, in order to speed up the insolvency procedure
The duration of solving cases by the Romanian courts surpasses by far the court dates in the EU countries

6. The main directions followed by the new law:
Restricting creditors' access to the initiation of the insolvency procedure
Accelerating the insolvency procedure
Protecting creditors' rights, particularly the secured ones

7. Restricting creditors' access to the initiation of the insolvency procedure:
Raising the threshold value from to ron
Raising the period from 30 to 90 days
Legal setoff for mutual debts

8. Accelerating the insolvency procedure:
Maintaining the jurisdiction of the first court
Reducing procedural terms
Settling certain demands in the counsel chamber
Cancelling the stage of admission in principle of the restructuring plan

9. Protecting creditors' rights:
Observing extrajudicial negotiations
Encouraging potential investors
The possibility to modify the restructuring plan

10. Problems:
Very short procedural terms - 10, 20, 40 days calculated from the day of the beginning of the insolvency procedure
Excessively protecting the secured creditors over the interest of the unsecured creditors

11. Great Depression 1929 – reorganization
Financial Crisis ?????

12. The organisers of the Conference thank the following for their support
Conference Sponsor
Conference Supporter
Academic Forum Sponsor
Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili

13. The organisers of the Conference thank the following for their support
Conference Sponsor
Conference Supporter
Academic Forum Sponsor
Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili

14. The organisers of the Conference thank the following for their support
Conference Sponsor
Conference Supporter
Academic Forum Sponsor
Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili

15. The organisers of the Conference thank the following for their support
Conference Sponsor
Conference Supporter
Academic Forum Sponsor
Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili