Changes in the law governing personal insolvency is postponed for another five months

The Romanian government has decided to postpone the effective date of a change in the law of personal insolvency by five months. The new effective date is 1 January 2018.

The change was scheduled to become effective on August 1, 2017. But the government decided to postpone the effective date because of the complexity of the domain regulated by this law and the need for a more extensive preparation of the administrative capacity of the courts of law that handle these proceedings.

Government Ordinance no. 6/2017 postponing Law no. 151/2015 on the insolvency procedure for natural persons was published in the Romanian Official Gazette, Part I, No. 614 on July 28, 2017 and became effective immediately.

Stratulat Albulescu - Attorneys at law