The draft proposes measures to make administrators more accountable, increase transparency in insolvency proceedings and reduce their duration.
Sanziana Georgescu
Current Affairs
sursa foto: facebook.com/ Ministerul Justiției
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The draft law aims to strengthen directors' liability, including a ban on founding companies for five years after sanction and clarifying financial reporting obligations. It regulates fraudulent sales to affiliates and introduces a presumption of no accounting in case of failure to file financial statements. Measures include notifying tax creditors, limiting affiliated creditors in the creditors' committee and shortening the duration of insolvency proceedings through regular audits and public auctions. The authorities believe these changes will improve the business climate and protect creditors' rights.
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