Europe and Eurasia

Romania Bankruptcy Reform

Client: United States Agency for International Development

CARANA provided technical assistance to the Romanian Ministry of Justice and others in their effort to develop and strengthen the country's insolvency system so that it protects and promotes the rights of creditors and debtors and facilitates the orderly and legal exit of entrepreneurs and businesses from the market scene. We helped establish an effective legal framework, assisting in the preparation of the original bankruptcy law. We provided training to court clerks and assistance in the development of case management procedures and tools in order to create an institutional framework that would ensure proper insolvency proceedings. Extensive training was also provided to syndic, tribunal, and appellate judges in application of Romanian insolvency laws as well as to other key players in the Romanian insolvency system. In addition, CARANA organized a series of public education and media events on the role of insolvency proceedings in a market-oriented economy both in general and Romania particularly.