Peculiarities of Romanian Insolvency System

For a company that has financial difficulties it is best to enter an insolvency procedure. This process offers the possibility to asses the viability of the company and to find the proper solution for its situation. This study examines the peculiarities of the insolvency procedure. The stages of this process present a high significance for all stakeholders, giving the fact that they are all involved in it and the effectiveness of the procedure affects the its final relation with the insolvent company. An entity that enters an insolvency procedure can be either reorganized either liquidated. Each of these solutions has its effect on the company, on its partners an on the economy in general.