An absolute novelty under the Romanian legislation, Law no. 151/2015 on insolvency of natural persons ("Personal Insolvency Law") was adopted by the Romanian Parliament back in June 2015.

Romania's new residential real estate law introduces mandatory notarial registration, dedicated escrow accounts, and milestone-based payment schedules following high-profile developer insolvencies. The reforms fundamentally restructure how advance payments are protected and how sale promises must be documented, bringing Romanian practices closer to established European standards.

Once the restrictions are lifted, however, we expect not only tax audits to be resumed, but in fact expanded.

Since the enactment of the new insolvency law in 2006, its proceedings have been amended many times to improve and simplify bankruptcy.

Schoenherr has recently been involved in one of the most important insolvency cases in Romania.

The Romanian legal framework on insolvency procedure has been consistently improved following the enactment of Insolvency Law no. 85 (Law 85), which entered into force on 21 July 2006.

Many questions arise when a contractual partner enters into insolvency.

The new rules apply starting October 3, 2018

Many questions arise when a contractual partner enters into insolvency.

From an economic perspective, especially in the current business environment, contractual freedom is the best legal method to satisfy the legitimate interests of individuals...

The pandemic context and its economic implications prompted in 2020 and 2021 several legislative measures to alleviate fiscal burden both through tax facilities, such as amnesties...

8 May 2020 – During the current state of emergency, the Romanian government has adopted a series of measures aimed at reducing the negative effects of the COVID-19 pandemic

The primary legislation governing insolvency and restructuring proceedings is Law 85/2014 on preventing insolvency and insolvency proceedings (the "Insolvency Law").