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May 18, 2021

Senators tacitly approve personal insolvency law

The personal insolvency draft law which had received a positive opinion from the Government reached the term for tacit approval at the Senate on Monday and will move to the Chamber of Deputies for debates.

The procedure is that the Senate takes note of the maturity of the term for adoption during its meeting next week and refers it to the Chamber of Deputies.

It is the only proposed legislation in the field of insolvency of individuals that has received a positive opinion from the Government. In the last two years, the Executive has rejected several similar initiatives.

The draft law states that Romanians who have debts or bank loans must benefit from clear and consistent regulations designed to protect individual debtors with good intentions from default.

Romania is the only country in the European Union that has no such law.


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