The New Law on the Insolvency of Individuals

The New Law on the Insolvency of Individuals

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).

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