ANALIZÃ CRITICÃ A REGLEMENTÃRII MANDATULUI AD-HOC ŞI CONCORDATULUI PREVENTIV PRIN LEGEA NR. 381/2009

On 10 December 2009, the Parliament of Romania passed the Law no. 381/ 2009 regarding the introduction of the preventive concordat and the ad-hoc mandate. This paper examines the main features of these preventive instruments, designed to be used by the debtor in order to avoid the opening of the insolvency procedure, while restructuring its undertaking and its debts, as to provide satisfaction to the creditors. The author analyzes the categories of debtors that are eligible for such procedures, the role played by the judicial bodies, the proxy and the conciliator and the mechanism of implementation and the effects of the preventive concordat and the ad-hoc mandate. The final part is critically addressing the chances of these preventive instruments to satisfy the interests of both the debtor and the creditors.