On 26 June 2015, Law no. 151/2015 regarding the insolvency of individuals (the “Law”) was published with the Official Gazette. The Law sets forth the legal framework for a collective procedure aimed at supporting the financial recovery of good-faith individuals, by means of covering their liabilities to the largest extent possible and having access to a residual debt discharge (as further detailed below).
![The New Law on the Insolvency of Individuals](https://www.leroylaw.ro/wp-content/uploads/2015/07/Leroy-si-Asociatii_Client-Brief_The-Law-on-the-Insolvency-of-Individuals_Romania_03-July-2015_EN-1.jpg)