Romanian Economy Ministry publishes draft law simplifying insolvency process for individuals

Romanian economy minister Irineu Darău announced the launch in public consultation of a draft law aimed at simplifying the insolvency procedure for individuals on Thursday, April 16.

Among the main proposed measures are the reduction of the access threshold to the insolvency procedure and the protection of the family home.

“We reduce the access threshold from 15 to 10 minimum wages, so that more people in real difficulty can enter this procedure. We protect the family home, if it is the only one and meets legal standards, so that people are not removed from their own house. At the same time, we also provide access to those who can pay their debts, but need time and a clear repayment plan,” the official stated.

The minister emphasized that the purpose of the project is not to eliminate financial obligations, but to make them manageable.

“In this way, the procedure becomes functional, debts become manageable, and people have a fair chance to recover without losing everything. We are not talking about escaping obligations, but about making them manageable,” Darău also noted.

The draft law is currently in the approval and public consultation stage, and will reach the government after these procedures are completed.

(Photo source: Irineu Darau on Facebook)