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Romanian Cos File For Insolvency To... |
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Concursul International de Poezie STARPRESS http://www.valcea-turism.ro/j15/index.php?option=com_content&view=article&id=2383:concursul-international-de-poezie-starpress&catid=20:concurs-poezie&Itemid=36
 Romanian Cos File For Insolvency To Benefit From Law’s Advantages – Lawyer
Romanian companies with debts have distorted the very purpose of insolvency and very often resort to the measure for its advantages, to shield themselves from foreclosure and from paying debt penalties, said Wednesday Dan Costinescu, partner at law firm Schoenherr si Asociatii.
"If this procedure is used abusively, a debtor's claim for insolvency may be considered premature and may be rejected and is also drastically punishable," Costinescu said during a seminar organized by newspaper Ziarul Financiar.
He added in most cases, debtors filing for insolvency don't have plans to reorganize their business and are just looking to benefit from the bankruptcy law's advantages such as evading foreclosure and debt and penalty payments.
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