The bankruptcy procedure for credit institutions in Romania is subject to a special government ordinance that provides derogative provisions from the Insolvency Law in order to protect the banking system. Ordinary provisions of the Insolvency Law are applicable to credit institutions only where the special legislation regarding bankruptcy of credit institutions contains no relevant provisions.
According to the Insolvency Law, the judicial administrators, liquidators or creditors' committee of a company subject to an insolvency procedure are entitled to claim the cancellation of certain transactions concluded before the opening of the insolvency procedure. The applicable period varies from 120 days to three years before the opening of the insolvency procedure, depending on the type of transaction in question.
Under Romanian corporate law, company directors are usually held liable to the company only with respect to acts performed in the name of or on behalf of the company. However, the situation might change when the company becomes subject to insolvency procedures. In case of bankruptcy, the creditors of the insolvent company may file a direct legal action against the company's directors.
Including: Main laws and regulations; Entities subject to insolvency procedure; Mandatory conditions for the commencement of the insolvency procedure; Procedures.