personal incolvency

Romanian authorities said they will not uphold certain draft laws, such as the draft personal insolvency law, in order to strengthen the country’s financial stability, according to the Memorandum of Understanding between Romania and the IMF and EU.

Romania’s personal insolvency law will work in favor of people who have overdue debts and to the detriment of good payers, as banks will set harsher loan conditions and increase interest rates, Association of Commercial Debt Management (AMCC) representatives said Thursday.