PROCEDURE FOR THE RESTRUCTURING OF INSOLVENTIAL UNDERTAKINGS

Modern economic reality shows that companies can face difficulties, in this respect the legislator establishes the insolvency institution meant to remove the inefficient actors from the economic circuit, and those who experience temporary difficulties help them to revive their activity. Thus, in order to create remedies for the rehabilitation of the economic situation of economic agents, the institution of restructuring, which is characterized by the determination of a series of concrete actions included in an action plan accepted by the creditors' meeting, latter confirmed by the court, in the conditions in which the social reality demonstrates that the liquidation of the debtor's property, its removal from the active economic life was seen as necessary but extreme measures, it is more advantageous for each of the interested parties that the bankrupt debtor exists both as an economic agent and as a subject of law because the creditors have a better chance of to make claims in the situation where the debtor exists and generates income. Restructuring procedure is a modern solution for anticipating bankruptcy, being a distinctive feature of societies in the European area