Ordinance No. 10 on Reorganization and Winding-Up Proceedings of Credit Institutions

Romania

(enacted in 2004)

Ordinance No. 10 on Reorganization and Winding-Up Proceedings of Credit Institutions repealed (according to art. 65) the Bankruptcy Act of Romania of 1998 and its amendments. This ordinance defines the bankruptcy proceedings for credit institutions that have been set-up legally in Romania and are deemed insolvent.

The ordinance is structured as follows:

  • Title I Judicial reorganization and winding-up proceedings of credit institutions:
    • General provisions;
    • Participants in the judicial reorganization and winding-up proceedings of credit institutions
    • Proceedings;and
    • Responsibility of governing bodies, statutory auditors, senior executives and/or managers of insolvent credit institutions;
  • Title II Regulation of international private law relations concerning insolvent credit institutions:
    • Scope;
    • Judicial reorganization and winding-up proceedings of credit institutions Romanian legal persons and their branches established in other Member States; and
    • Judicial reorganization and winding-up proceedings applicable to branches operating in Romania of credit institutions in other Member States;
  • Title III General provisions:
    • Other provisions; and
    • Transitory and final provisions.

Law No. 278 which approves Ordinance No. 10 can be found under “Related Laws/Regulations.