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ROMANIAN INSOLVENCY LAW - SPECIAL LAW IN RELATION TO CIVIL LAW
Abstract
According to the provisions of Romanian Law no. 85/2014 on insolvency proceedings, the purpose of this procedure is the payment of the debts of the insolvent debtor to its creditors [1]. It is therefore a collective procedure involving all the known creditors of the insolvent debtor. Consequently, such a procedure is carried out under the conditions governed by the above-mentioned law, a law which determines both the ways in which insolvency proceedings are initiated and the conditions under which such proceedings are performed. In the case of damage caused to a creditor by acts committed in connection with the activity of the insolvent company, its recovery can be performed only through the procedure established by the Insolvency Law and not by general law. The law governing insolvency is, thus, a special law in relation to the provisions of the Civil Code, therefore, the principle „specialia generalibus derogant” applies.
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