The new Insolvency Code has introduced sweeping changes with numerous new provisions, resulting in an entirely new Code that requires study and understanding from both practicing lawyers and judicial officials at all levels.

On a societal level, the new law brings several changes, as it for the first time allows individuals to declare insolvency for debts owed to the State, social security funds, or banks, through full liquidation of the debtor's assets, and the transfer of the vulnerable debtor's primary residence to banks and funds, making debtors tenants of their own homes. It also impacts employment rights, as claims of employees for wages are now considered insolvency claims.

The law also accelerates the electronic auction process, and within short timeframes, Article 164 provides that in case of a failed auction, the property is transferred back to the debtor or the State.

All these issues, along with insights from university professors and judicial officials of proven authority, are analyzed in this document, which contains the proceedings of the Online Conference of the Judges and Prosecutors Association held on March 20, 2021.