Moldova’s Insolvency Law (No. 149/2012) provides for two categories of procedures that could apply to debtors facing financial distress: the bankruptcy procedure (including the simplified bankruptcy) and the restructuring procedure (including the accelerated restructuring). In 2020, the accelerated restructuring procedure was redesigned to make it more accessible for companies. Rather than facing the insolvency court within a formal and complex process, a company can quickly negotiate with its main creditors a restructuring plan aimed at preserving the business and paying creditors at least part of their claims. A modernized framework is intended to provide a second chance but carries the risk of being misused for opportunistic purposes.

While recoveries in Serbian insolvency proceedings vary, many cases deliver only partial satisfaction to creditors, highlighting the importance of effective asset tracing. One key reason is that assets are hidden, diverted, or transferred to related parties in the critical months before insolvency.

The insolvency legislation in Romania has undergone considerable improvements in recent years, with the introduction of pre-insolvency legislation, which, in turn, regulates the framework and mechanisms that, when analyzed comprehensively and implemented appropriately, can form the basis for restoring the economic viability of a business in distress.

Despite ongoing wartime conditions, bankruptcy proceedings remain an effective mechanism in Ukraine, allowing businesses to lawfully cease unprofitable operations and redistribute assets. At the same time, reforms have not yet produced the expected increase in efficiency, with proceedings remaining excessively lengthy and the level of creditor recovery remaining low.

In March 2025, Bosnia and Herzegovina adopted its long-awaited Law on Personal Data Protection, a piece of legislation that fundamentally reshapes the country’s privacy landscape. The law was adopted to bring domestic rules into alignment with the EU’s General Data Protection Regulation (GDPR) and to ensure a coherent data protection framework across both entities and Brcko District. After a 210-day vacatio legis, the law is set to take full effect in October 2025, giving businesses and public authorities a limited time to adapt.

Investing in real estate in Bosnia and Herzegovina (BH) can be a lucrative opportunity – especially considering its proximity to the European Union (EU), relatively low property prices (compared to more developed EU countries), favorable tax regimes, lower labor costs, and more. However, BH’s complex legal and regulatory landscape hides challenges that can quickly turn promising investments into costly liabilities.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.