Law of Insolvency vs. Law on Preventive Composition with Creditors and the Ad Hoc Mandate

The author, through the present paper, aims at providing a brief comparative overview of the legal mechanisms most used by commercial entities as remedies for acute financial problems or preventing such a financial state – the judicial reorganization procedure, the bankruptcy procedure, the preventive composition with creditors and the ad-hoc mandate. Main points analised in comparison: definitions, legal characteristics, subjects eligible for the procedures, main legal bodies engaged in the procedures, the specific legal effects the procedures give birth to