Law never stands still. To keep the book current, this book is a cumulative update for the first edition of the Romanian Insolvency Code, edited by Paul Lospa, Founder of Lospa Lawyers and insolvency.

Now in its second edition, this powerful tool is a popular first port of call for non-specialists and those new to the area of insolvency, whether in practice or whilst studying.

This second edition takes on board a host of changes that have subsequently changed the Law no. 85/2014 on insolvency prevention procedures and on insolvency procedure (the “Insolvency Law”), notably the amendments due to:

• Law no. 312/2015 on the recovery and resolution of credit institutions and investment firms, as well as on amending and supplementing some normative acts in the financial field;
• Law no. 1/2017 regarding the elimination of certain fees and duties;
• Law no. 62/2016 on amending art. 75 par. (2) of Insolvency Law.

Insolvency is an area of law of increasing importance not merely in its own right but because it impinges on a host of other sectors such as company, employment, tort, environmental, pension and banking law. It is essential, therefore, that the development of insolvency law proceeds with a sense of purpose. If this is lacking, this area of law is liable to be marked by inconsistencies of reasoning and failures of policy, with the result that related legal sectors will also be adversely affected.