President Basescu promulgates Insolvency Law

President Traian Basescu signed yesterday the decree promulgating the law concerning the insolvency and insolvency prevention procedures, the Presidency informs. The Insolvency Law had been sent to the President for promulgation. After the signing of the decree the law will be published in the Official Gazette. Romania’s Constitutional Court decided in May that the law concerning the insolvency and insolvency prevention procedures is constitutional, and rejected the National Liberal Party’s appeal. The National Liberal Party had attacked several articles of the law adopted by the Lower Chamber on April 16.

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