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April 16, 2021

Head of the EC Representation in Romania Angela Filote: Romania needs personal bankruptcy law, IMF agrees

Head of the European Commission Representation in Romania Angela Filote stated, on Wednesday evening, in Ploiesti, that Romania needs a personal bankruptcy law, adding that the International Monetary Fund also agrees with the adoption of such a law that must be ‘very good.’

‘Romania needs this law. We work closely with the Monetary Fund, which agrees that this law is needed. However, since this law would be very important, we also need to make it very good, for I noticed laws in Romania tend often to be done in a hurry, in the context of certain realities or crises, which means that they are not of the best quality generating unpleasant legal effects and collateral victims,’ Filote stated, while at the Prahova Chamber of Commerce and Industry.

According to her, the main concern is related to the manner in which the law would be implemented.

‘Our main concern is not as much about the actual letter of the law, but has to do more with the manner in which the law would be implemented and we want to make sure that both the banking system in Romania and the consultancy system are prepared to implement a law like this […] Before making the law we need to make sure that we already have the structure ready for its implementation, so that it will be able to generate solutions,’ said Angela Filote quoted by Agerpres.

She showed that there already exist four drafts on this topic, the last of which is inspired from the experience of several other EU member states, which is ‘a win.’

Asked if Romania was, in her opinion, prepared for this law, Filote said that the infrastructure could be built simultaneously with the preparation of the draft.

‘Right now, this system is on the verge of being built and, in response to the latest crisis, including the Swiss franc crisis, there are some banks that are already proposing solutions to their clients and I believe that we can do it simultaneously, the law and the infrastructure for its implementation […] As far as we are concerned, what is important is that the law be good, so that it will generate those legal effects those who are facing a legislative void right now need,’ the official of the European Commission Representation said.


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