Romania’s personal insolvency law, postponed again

The personal insolvency law, which allows Romanians with bank debts to declare their own insolvency, will not enter into force in August, as previously decided. The law’s implementation will be postponed again until January 1, 2018, according to a government emergency ordinance. The law will be amended in order to become operational, said lawyer Gheorghe Piperea, the prime minister’s honorary adviser. The amendments will include reformulating some rules on exclusion from the procedure insolvency and reducing time limits. The Parliament adopted the personal insolvency law in May 2015. It should have entered into force at the beginning of 2016. The former Government postponed the law until August 2017. The current Government has now asked ministries for proposals on this law. It will centralize them and submit them as amendments to the Parliament. How many Romanians are expected to declare their personal insolvency? editor@romania-insider.com