Event focuses on Romania's progress in insolvency and creditor-debtor regime
BUCHAREST, May 28, 2014 — The Ministry of Justice, the Legal, Discipline, and Immunity Commission of the Chamber of Deputies, and the World Bank held a dissemination event for the Romania Insolvency and Creditor-Debtor Regimes Report on Observance of Standards and Codes, and a judges training workshop in Bucharest on May 27th and 28th. The event brought together Romanian judges, insolvency practitioners, lawyers, accountants, bankers, lawmakers, and officials from relevant ministries in Romania.
The event focused on progress made by Romania in the area of insolvency and the creditor-debtor rights regime. The participants discussed the issues in the regime which may require further monitoring or reform to improve the effectiveness of the insolvency and creditor rights framework, and they identified the new international developments relevant for Romania’s insolvency framework.
The Romania Insolvency and Creditor-Debtor Regimes Report, within the wider framework of Reports on the Observance of Standards and Codes, was delivered to the Romanian authorities in April 2014, and many of the recommendations, which were shared with the authorities in draft form, were taken on board in a newly enacted insolvency law.
“The Insolvency and Creditor-Debtor Rights Regime assessment in Romania, which is being presented today, was initiated as a technical assistance financed by the World Bank for the Ministry of Justice. We compared the insolvency and creditor-debtor regimes in Romania with international best practice, and complemented it with an assessment of the internal legislation on insolvency performed by the Insolvency Code Consortium. Both reviews were prerequisites for a sound reform of the insolvency legislation,” said Elisabetta Capannelli, World Bank Country Manager for Romania.
On May 28th, a judicial training event took place in Bucharest. Designed in collaboration with Ministry of Justice, the Insolvency Code Consortium, and PwC Romania, this session took stock of the findings and recommendations within the report, as well as the further developments in the new insolvency law recently enacted in Romania. The training aimed to build capacity in the judiciary to enhance their ability to deal with the complexity of insolvency cases, and to manage with greater skill and confidence restructuring proceedings. About 25 judges participated in this event, which focused on three key aspects: challenges for judges under the new insolvency law, economic principles applicable to insolvency proceedings, and case management techniques and skills.
For more information on the World Bank’s work in Romania, please visit: https://www.worldbank.org/en/country/romania