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October 4, 2022

BNR: Insolvency industry should adjust itself, control costs

The insolvency industry must adjust itself and control its costs, because these are too high in the case of substantial insolvencies and affect the creditors’ interests, told a conference on the New Insolvency Code yesterday Bogdan Olteanu, Romania’s Central Bank’s (BNR) Deputy Governor, Agerpres reports. He also underscored that it is necessary for the insolvency procedure to ensure protection for creditors, if we want a system in which credit should work. ‘I think that this insolvency procedure, of course oriented to save the value created in the economy, must preserve the creditors’ interests, because the alternative risk that we have faced, unfortunately, in the insolvency regime still in effect, which is a favorable regime to debtors, discourages credit,’ said Olteanu.

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