September 26, 2018

The Constitutional Court rejects new insolvency code

On Tuesday, the Constitutional Court ruled out some provisions of the government emergency ordinance (GEO no.9/2013) enforcing the new insolvency legislation are unconstitutional. The decision came after The Ombudsman filed a complaint against certain provisions in the new code on October 9. Under the GEO no.9/2013, broadcasters going into administration would be strapped of their audiovisual license until a reorganization plan would be passed by creditors. In addition, the reorganization program would contain measures forcing broadcasters to include certain programs on the air, pending approval from the audiovisual watchdog CNA. The Ombudsman also challenged the provision stipulating that all ongoing procedures would be ruled by the new insolvency code. “It’s obvious that in order to be applied in its full understanding, the bill has to be precise, predictable and in the same ensure the legal security of its recipients,” said the Ombudsman in a statement. The insolvency code was backed by a EUR 336,000 World Bank loan.

Source: Business-Review () While there probably won’t be any circles floating about in your research, statistics, which pops up on the gre, does factor into many graduate fields

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