The early warning defined by the provisions of art. 5 point 5 1 of the current form of Law no. 85/2014 regarding insolvency prevention and insolvency procedures (hereinafter referred to as ” Law no. 85/2014 “) as representing ” alerting on the existence of circumstances that could give rise to the debtor’s state of difficulty or insolvency and which may signal to him the need to act without delay and/or the provision, free of charge, of some information regarding recovery solutions” was introduced by Law no. 216/2022 for the amendment and completion of Law no. 85/2014 and other normative acts (hereinafter referred to as ” Law no. 216/2022 “).
Practically, the legislator sought to prevent the bankruptcy of debtors in financial difficulty by drawing up a system of rules likely to generate a preventive program that would allow the restructuring of the activities of businesses and entrepreneurs in the European Union.
The proposed new rules have been transposed into Romanian legislation as a result of their regulation by Directive (EU) 2019/1023 on preventive restructuring frameworks, debt forgiveness and forfeitures, as well as measures to increase the efficiency of restructuring, insolvency and remission procedures of debt and amending Directive (EU) 2017/1132 (hereinafter referred to as ” the Directive “ ).
The current form of Law no. 85/2014 details the means of early warning, referring to (i) the alert of the fiscal body in case of non-execution by professionals of certain obligations towards the state budget, towards the state social insurance budget or towards the unemployment insurance budget, (ii ) ) information and guidance through the websites of certain ministries, (iii) guidance and assistance offered through the telephone lines made available to professionals interested in accessing recovery solutions, etc.
Thus, the professionals, with the exceptions expressly provided by the special rule, are: Read more
