Romania's personal bankruptcy law to bring 25,000 court cases

The personal bankruptcy law could trigger up to 25,000 court cases. It would not result in million of cases, as previously rumored, say insolvency and foreclosure experts, reports local Mediafax. They base their estimations on the relatively small number of foreclosures of real estate guarantees owned by individuals.These amount to about 50,000 cases, half of which have already entered payment procedures in stages. The total number of foreclosures amounts to 850,000 files. Nobody wants this law, except for the individuals and the National Authority for Consumer Protection, but its time has come, said Arin Stanescu, president of the Romanian National Association of Insolvency Practitioners. editor@romania-insider.com