This article aims to analyze the impact of the financial crisis on the corporate insolvency's evolution and the changes in the Romanian insolvency regime. The Romanian government was determined, as other European Union member states’ governments did, to improve its insolvency law in order to save the viable businesses and to stimulate the creation of new ones. We want to highlight Romania's position within the European Union in terms of time, cost of insolvency, recovery rate and dynamics of business insolvencies’ number and to propose specific measures to improve its situation.