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COVID-19 Legal Insights
 
 
 
COVID-19 Legal Insights
COVID-19 Legal Insights is our response to the COVID-19 outbreak. We shall keep you informed on the various legal challenges posed by the coronavirus, thanks to a dedicated practice group comprising lawyers with different backgrounds, such as compliance/regulatory, corporate and commercial, insurance, labour and employment, litigation and arbitration, insolvency, public procurement, data privacy, tax and customs. In addition, our taskforce offers strategic advice on crisis-specific matters: corporate restructuring, review and (re)negotiation of agreements (including collective bargaining agreements and individual employment contracts), performance of the contracts which are affected by force majeure and hardship, unblocking pre-litigation relationships, etc.
COVID-19 Legal Insights is our response to the COVID-19 outbreak. We shall keep you informed on the various legal challenges posed by the coronavirus, thanks to a dedicated practice group comprising lawyers with different backgrounds, such as compliance/regulatory, corporate and commercial, insurance, labour and employment, litigation and arbitration, insolvency, public procurement, data privacy, tax and customs. In addition, our taskforce offers strategic advice on crisis-specific matters: corporate restructuring, review and (re)negotiation of agreements (including collective bargaining agreements and individual employment contracts), performance of the contracts which are affected by force majeure and hardship, unblocking pre-litigation relationships, etc.
Considering the economic and financial difficulties caused by the spread of the SARS-Cov-2 virus, Law No. 55/2020 concerning measures for preventing and fighting the effects of the COVID-19 pandemic was passed, which includes, in Section 8, a series of regulations applicable to insolvency matters. Said regulations consist of amendments to Law No. 85/2014 on insolvency prevention procedures and insolvency procedures, which shall apply during the state of alert and seek to protect debtors facing financial difficulties or insolvency and to limit the number of companies undergoing insolvency. Relevant highlights: Amendments to the conditions for opening the insolvency procedure; Extension of time-limits as regards preventive arrangements with creditors; Extension of time-limits in insolvency procedures; Regulations allowing enforcement proceedings for the recovery of current claims are suspended during the state of alert. To read the entire legal insight, please download the .pdf attached (English and Romanian).
Insolvency procedures during the state of alert (27 May)
 

Considering the economic and financial difficulties caused by the spread of the SARS-Cov-2 virus, Law No. 55/2020 concerning measures for preventing and fighting the effects of the COVID-19  pandemic was passed, which includes, in Section 8, a series of regulations applicable to insolvency matters.

Said regulations consist of amendments to Law No. 85/2014 on insolvency prevention procedures and insolvency procedures, which shall apply during the state of alert and seek to protect debtors facing financial difficulties or insolvency and to limit the number of companies undergoing insolvency.

Relevant highlights:

  • Amendments to the conditions for opening the insolvency procedure; 
  • Extension of time-limits as regards preventive arrangements with creditors;
  • Extension of time-limits in insolvency procedures;
  • Regulations allowing enforcement proceedings for the recovery of current claims are suspended during the state of alert.

To read the entire legal insight, please download the .pdf attached (English and Romanian).

Is the debtor's obligation to file for insolvency still in effect? Are such requests settled during the state of emergency? The President of Romania's Decree instituting the nationwide state of emergency sets forth a number of high-emergency measures with direct and immediate applicability in several fields, including justice. The purpose of this Legal Alert is to clarify the impact that certain measures ordered by the Decree may have on the insolvent debtor's obligation to file for insolvency, as currently provided under Law No. 85/2014 on insolvency prevention procedures and insolvency procedures, as well as the likelihood for a request to this effect to be settled by the court while the state of emergency is still effective. To read the entire legal insight, please download the .pdf attached (English and Romanian).
Insolvency proceedings during the state of emergency (20 March)
 

Is the debtor's obligation to file for insolvency still in effect? Are such requests settled during the state of emergency?

The President of Romania's Decree instituting the nationwide state of emergency sets forth a number of high-emergency measures with direct and immediate applicability in several fields, including justice.

The purpose of this Legal Alert is to clarify the impact that certain measures ordered by the Decree may have on the insolvent debtor's obligation to file for insolvency, as currently provided under Law No. 85/2014 on insolvency prevention procedures and insolvency procedures, as well as the likelihood for a request to this effect to be settled by the court while the state of emergency is still effective.

To read the entire legal insight, please download the .pdf attached (English and Romanian).



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