JusMin announces adoption of GEO on insolvency procedure: We believe constitutional exigencies were met

The Government on Thursday adopted an emergency ordinance (GEO) on the modifications brought to the law regarding the insolvency procedure, Minister of Justice Tudorel Toader has made the announcement at the Victoria Palace, specifying that "the constitutional exigencies were met" by this normative act.

"We adopted the emergency ordinance regarding the modifications brought to the law regarding the insolvency procedure. (...) The economic, social, cultural life has a very fast dynamics. Which is why the legal, legislative dimension too needs to keep up with the social, economic, social benchmarks. (...) The Justice Ministry evaluated the juridical aspects, compliance with the fundamental law, the Constitution, and (...) me and my colleagues from the Ministry of Justice decided that the constitutional requirements, exigencies are met," said Toader.

According to the Minister of Justice, the legislation in force has been modified many times.

"At some point, the Law no. 85 was abrogated through an emergency ordinance, which ordinance in its turn was declared unconstitutional in its entirety so, then, (...) the Constitutional Court (...) established (...) that the unconstitutionality of a abrogating norm has the effect of reinforcing the former abrogated norm (...) Why was the Ministry of Justice the co-initiator of this emergency ordinance project? Because the insolvency issue as legislative initiative is our duty. Why are we co-initiators alongside the Ministry of Finance? Because insolvency has a financial dimension, an economic dimension, which dimension they develop and know the best," explained Tudorel Toader.