With Law 4738, the framework for dealing with financial weakness, collective satisfaction of creditors and discharge from debt of any person, natural or legal, who undertakes economic activity is fundamentally reformed.
The procedures introduced by this law are also harmonized with the provisions of Directive 1023/2019 "on a framework for the preventive restructuring, relief from debts and incapacities or the discount of debtors, as well as on measures to improve these procedures, and amending Directive (EU) 2017/1132 (Restructuring and Insolvency Directive)" as long as it is ensured that viable businesses and; that the
The procedures introduced ensure that entrepreneurs in financial difficulty will have access to effective national preventive restructuring frameworks which will allow them to continue operating and that honest insolvent or over-indebted entrepreneurs will be able to fully discharge their debts after reasonable period which will give them a second chance and that the efficiency of restructuring, insolvency and debt relief procedures will be improved, in particular by limiting their duration.
Furthermore, a crucial role in the whole framework is acquired by the ability of all natural persons to be freed from debts within three years of the declaration of bankruptcy unless they are checked for fraudulent actions or refuse to cooperate with the bankruptcy authorities. In fact, in the event that natural persons who go bankrupt contribute items of significant value to the bankruptcy estate, such as e.g. their main residence, the discharge occurs faster, after one year has passed since the declaration of bankruptcy.

Therefore, the proposal is assessed as implemented.