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Theoretical and Applied Economics
No. 1 / 2008 (518)

The Regime of Contracts under Execution within the Insolvency Procedure

Cornelia Lefter
Ana Maria Lupulescu
Academia de Studii Economice, Bucuresti

Abstract. According to the Romanian law the debtor that faces financial difficulties of a certain extent can be the object of the insolvency procedure, regulated by Law no. 85/2006 concerning the insolvency procedure. Because the insolvent debtor is no longer trustworthy to its contractual partners and cannot execute the assumed obligations, there is a risk that these contracts cease, or the services that are incumbent on contractual parties are not executed. This is why, it is very important to know within the insolvency procedure and, especially during the judicial reorganization period, what will be the treatment of contracts concluded prior to the opening of this procedure and still not executed, the so-called “contracts under execution”. Also, after clarifying the concept of contract under execution, it is important to establish who has the right to opt between their continuation, or their cancellation. On the other hand, there are presented the special rules provided by Law no. 85/2006 for some categories of contracts concluded prior to the opening of the insolvency procedure, such as: labor, lease, commission contracts, master of netting agreement or contracts concluded intuitu personae or by a debtor that is the owner of a leased building, etc.

Keywords: contracts under execution; judicial reorganization; option right; labor contract; lease contract; commission contract; master of netting agreement; contract concluded intuitu personae by an insolvent debtor by a debtor that is the owner of a leased building.

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