Minimum debt for which creditors can ask for insolvency increases

The insolvency law will be modified so that the sum for which a creditor can ask for the insolvency of the debtor will be increased from approximately EUR 7,000 (RON 30,000) up to in excess of EUR 10,000 (RON 45,000), according to Mediafax.

The outstanding term will be expanded from 30 to 90 days, said Radu Ghetea, the president of the Romanian Bank Association, Radu Ghetea.

The insolvency law was promulgated in 2006 and since then has been modified several times.

Otilia Haraga

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