Insolvency proceedings can be initiated if the minimum threshold of 10 average wages on the economy is met. The provision was introduced in the Insolvency Law, IPN reports.
Under the amendments promoted in the final reading, the maximum time limit for the court to adopt the decision to initiate insolvency proceedings - from 20 days to 5 working days - has been reduced. This will be possible if the debtor declares in the opening petition that it is insolvent and expresses its intention to liquidate or restructure the business.
Similarly, claims related to compulsory state social security contributions have been put on the same footing as employees' salary claims. According to the authors of the draft, this will have a positive impact on the state social insurance budget because it will help to increase the recovery rate of these claims and ensure people's entitlement to social benefits.
The Chairman of the Committee on Economy, Budget and Finance, Radu Marian, said that the document was supplemented for the second reading. For example, the debtor will have the right to file the introductory application, regardless of the value of the claims.
According to the data of the Public Property Agency, there are currently 49 state-owned enterprises/trading companies in insolvency proceedings and 14 in liquidation proceedings.
