The Principles of the Insolvency Procedure in Romania

The insolvency law in Romania is one with tradition, its first form being adopted in 1995. At that time, although no principles were expressly stipulated to govern this procedure, they could somehow be deduced from the interpretation of the legal norms. The legal consecration of the principles of the insolvency procedure can only be found in Law No. 85/2014, still in force today. It should be mentioned that Law no. 216/2022 amended the legal rules regarding the principles applicable to insolvency. These principles can be summarised as follows: encouraging negotiations regarding the prevention of insolvency, maximising the debtor's wealth, enabling effective restructuring, efficiency, reasonableness in the procedure, insolvency of the creditor mass, transparency and predictability, pro rata and pari passu rules, credit risk limitation, the superpriority of financing in the procedure, a representative and fairly assumed reorganisation plan, useful and efficient capitalisation, procedural coordination in the matter of the group of companies and legality control. Keywords: Insolvency; Principles; Rules.