AMENDMENT OF INSOLVENCY LEGISLATION IN THE CONTEXT OF THE SARS-COV-2 PANDEMIC AND ITS IMPLICATIONS

Abstract

The health crisis generated by the COVID-19 pandemic that broke out in early 2020 in most economies of the world has forced measures to be taken that have had the effect of closing economic activities to varying degrees. In order to counteract the negative economic effects determined by the measures to limit the spread of COVID-19, it was necessary to amend some legal provisions in order to support companies facing financial difficulties (lack of liquidity, increase in debts, etc.), as well as those in proceedings. of pre-insolvency / insolvency.

In this paper we aim to identify and analyze the legislative changes that the Romanian authorities have operated in the field of insolvency while highlighting their implications on economic activity. Our scientific approach begins with defining and specifying the scope of insolvency as well as identifying legal provisions with an impact on insolvency. The center of gravity of the study is the presentation of the new regulations in the insolvency procedure. We note that some of these have limited applicability only during the alert state and others maintain their applicability even after the cessation of these circumstances.