- Elgar Financial Law series
Edited by Frederique Dahan and John Simpson
Chapter 10: The Romanian Electronic Archive of Security Interests in Personal Property
10. The Romanian Electronic Archive of Security Interests in Personal Property Diana Lupulescu 10.1 HISTORIC CONSIDERATIONS During 50 years of communism, until 1990, Romania had a highly centralized economy, imposed by the Romanian Communist Party. The rules that governed the economy and the relationships between Romanian economic organizations or commercial companies were not based on economic fundamentals. Almost all Romanian companies were state-owned and their relationships were decided by ministries and other centralized state organizations. Romania has had a legal system strongly inﬂuenced by French law; commercial matters were mostly governed by the Civil Code and Commercial Code.1 However, although both Codes remained in force during the communist years, they were of very little practical use and therefore had not been developed or updated during the whole communist period. At the beginning of the 1990s, the national consensus was that Romania would develop a market-oriented economy. Romania started a profound and global reform to update its legal system, institutions, commercial relationships and, most importantly, mentality and human behavior. The long and tricky road of transition had started! It was an obvious struggle, not always going in the right direction, a long and diﬃcult journey, but essential to follow. A modern market economy has credit at its core. It is thus crucial to have in place a legal framework that encourages the granting of credit by enabling creditors to get the loan repaid, including by selling the assets of the debtor whenever necessary. 1 The Civil Code was adopted...
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