The insolvency procedure in Romania and the procedure for filing bankruptcy in Romania can be initiated following a request filed to the Court by a debtor in Romania, one or more insolvency creditors, or by individuals or institutions expressly provided for by law.
According to the regulations in Law no. 85/2014, a debtor in a state of insolvency is obliged to submit a request to the court within a maximum of 30 days from the occurrence of insolvency. The debtor’s request to open the procedure of insolvency of company in Romania must also be accompanied by several essential documents to ensure that the insolvency procedure in Romania proceeds smoothly. Therefore, The Romanian Law Firm Pavel Mărgărit and Associates recommends contacting a lawyer specialized in litigation insolvency and bankruptcy procedure in Romania who can guide and assist you in the insolvency procedure in Romania in accordance with a reorganization plan based on the financial analysis results.
Non-compliance to submit the documents required by law in order to open the insolvency procedure by the debtor in Romania may lead to various sanctions depending on the nature of documents. Thus, the non-submission of documents such as the annual financial statement, the complete list of all debtor’s assets, and the list of names and addresses of creditors results in the rejection of the request to open the insolvency procedure of companie in Romania. On the other hand, the non-submission of a brief description of the methods for reorganizing the activity and statements made under one’s own responsibility indicating whether the company has previously get through a judicial reorganization procedure or if the administrators have not been finally convicted of certain offenses is sanctioned with the loss of the right to submit a reorganization plan. A lawyer specialized in litigation insolvency and bankruptcy procedure in Romania can provide legal assistance to debtors in Romania to ensure a proper entry into insolvency and the diligence to submit all necessary documents within the specified deadlines.
To be the basis for a request to open the insolvency procedure in Romania, the creditor’s claim in Romania against the debtor must be certain, liquid, and due, for more than 60 days, and must exceed a certain threshold value. In this regard, the submission of the creditor list and the registration of their claims in the debtor’s accounting records are necessary to comply with the legal conditions for opening insolvency procedure by the debtor in Romania.
An important point to note is that insolvency procedure in Romania cannot be requested for a debt that has not reached its due date or whose due date has been postponed or not determined. Likewise, the condition of the exigibility of the claim is not comply when the enforcement of the enforceable title is suspended or when the parties have signed an agreement regarding the payment of the debt, and for claims of low value, the legislator has provided that they must reach a certain threshold value. A lawyer specialized in litigation insolvency and bankruptcy procedure in Romania from Romanian Law Firm Pavel Mărgărit and Associates can provide legal assistance to individuals who are debtors in Romania in company insolvency process in Romania to ensure the protection of their legal interests and the correct management of activities in opening the insolvency procedure by the debtor in Romania, in accordance with legislative regulations.
The Romanian Law Firm Pavel Mărgărit and Associates invites you to confidently reach out to our services to assist you in opening the insolvency procedure by the debtor in Romania by completing the contact form through a simple access at the following address: https://www.avocatpavel.com/contact-us/ .
Pavel, Margarit and Associates Law Firm is one of the top law firms in Romania, providing high-quality legal services. The firm’s clients include multinational and domestic companies of great magnitude. In 2023, the law firm’s success stories brought it international recognition from the most prestigious international guides and publications in the field. As a result, Pavel, Margarit and Associates Law Firm ranked 3rd in Romania in the Legal 500’s ranking of business law firms with the most relevant expertise. The law firm is internationally recognized by the IFLR 1000 Financial and Corporate 2023 guide. Additionally, Pavel, Margarit and Associates Law Firm is the only law firm in Romania recommended by the international director of Global Law Experts in London in the Dispute Resolution practice area. All relevant information about Pavel, Margarit and Associates Law Firm can be found on the website www.avocatpavel.com.