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INSOLVENCY VERSUS BANKRUPTCY: ADVANTAGES AND DISADVANTAGES OF THE PROCEDURE

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Author(s): PAULINA DINA

Journal: Challenges of the Knowledge Society
ISSN 2068-7796

Volume: 3;
Issue: -;
Start page: 237;
Date: 2013;
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Keywords: Insolvency | bankruptcy | debtor | creditor | collective insolvency procedure | judicial reorganisation

ABSTRACT
The analysis of the development of the phenomenon in Romania has the role to highlight the trend that has been followed by the number of organisational entities that have been affected by the insolvency phenomenon in Romania, the distribution by counties and regions of the number of insolvency cases as well as the activity sectors that have been most affected by this phenomenon. At the same time, in order to provide an overall picture regarding the size of the insolvency phenomenon in Romania, organisational entities with extremely high turnovers have been given as examples, (legal entities) entities which, since 2008 up to the present moment, have been crossing one of the stages of the insolvency procedure. Some of them have been applied the simplified insolvency procedure, since they didn’t have the possibility to reorganise, and others, fewer in number, have used insolvency as a „rescue boat”, following the general insolvency procedure and entering a reorganisation process, in the attempt to avoid bankruptcy.
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