TEODORA STOIAN, ADVISOR TO THE MINISTRY OF JUSTICE:  "Transposing Directive 2019/1023 introduces a culture of prevention"

The draft law for amending and supplementing Law no. 85/2014, a legislative initiative that will transpose into national law the European directive 2019/1023 will introduce a culture of prevention through the pre-insolvency procedures included in the future normative act, says Teodora Stoian, advisor to the Minister of Justice.

"I think it's an innovative bill, which introduces a culture of prevention, where a distressed debtor can access these pre-insolvency procedures at any time, so as not to end up in insolvency, from which he can hardly get out following the judicial restructuring. The important thing for us, the Ministry of Justice, together with the consultants, was to define more broadly the situation of difficulty in which a debtor can request entering these pre-insolvency proceedings in order to allow as many debtor companies as possible to benefit from it. Regarding the restructuring procedures - the restructuring agreement and the creditor arrangement, we want them not to be cumbersome, impossible to access, but easy to access both for micro-enterprises and for national companies. These instruments are meant to come to their aid before they reach insolvency", stated Teodora Stoian.

The draft law was put up for public debate on March 12 by the Ministry of Justice, which will end on April 9.

"We want as many insolvency practitioners as possible to participate in this debate, to come up with concrete proposals on the bill. The public debate ends on April 9 and we want to have a discussion with insolvency practitioners later to see how best we can integrate in the future normative act the feedback received. The Ministry of Justice works with consultants and insolvency specialists. We wanted to have a wide range of stakeholders in the debate so that the project is as close as possible to the debtors' and practitioners' needs", said Teodora Stoian, advisor to the Minister of Justice.