Acta Universitatis Danubius. Juridica, Vol 3, No 1 (2007)

Abstract

With the law no. 441/2006 the law giver intended to erect the rules applicable for the institution of separation as a particular proceeding for the society’s reorganization. The law leads to a major protection for the society’ creditors, who participate in the consolidation and in the separation. The creditors may participate also in a half separation. The law determines two forms for the institution of separation such as: separation for the benefit of shareholders or associates; separation for the society’s benefit. Also, the law defines the judicial effects of the two forms of separation.