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The Law of Company Recovery

The new law company recovery, Law nr.11, 101, valid since February 8, 2005, brought great innovations when dealing with concordat. New conditions are now applicable for restructuring financial operations allowing for company recovery.

Compared to the previously existing concordat laws, where creditor’s payment had to be applied within a 2-year time frame, the new law doesn’t impose a specific set of parameters. Rather time limits and payment schedules are rather on a case by case basis based on a study performed on the company. This approach in legal innovation allows for a more efficient company turnaround.

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