According to the provisions of Law no. 85/2014, to acquire the status of a creditor in the insolvency procedure in Romania, several steps need to be followed, including: notifying the creditors from the list submitted by the debtor, filing the statement of claim within the fixed term established by the decision for opening the insolvency procedure in Romania, verifying the claims by the administrator or judicial liquidator, inclusion in the preliminary creditor’s table, resolution of any objections to the preliminary claim table and finalization of the table. In order to achieve the status of a creditor in the insolvency procedure in Romanian, it is necessary for the creditor to draft an admissible statement of claim, subsequently to be registered in the preliminary creditor’s table. Therefore, The Romanian Law Firm Pavel Mărgărit and Associates strongly recommend consulting a lawyer specialized in insolvency and bankruptcy litigation in Romania for legal assistance in understanding the details of the insolvency procedure in Romania, including the submission and drafting of the statement of claim in compliance with legal requirements.
The statement of claim must be made even if the claims are not established through a title, however, supporting documents of the statement of claim must be attached upon request in the term set for statement of claim admission. This should include the creditor’s name, domicile or registered office, the amount owed and any mentions regarding potential causes of preference. The statement of claim filed by creditors with claims prior to the date of the initiation of the insolvency procedure in Romania, other than employees, must be submitted at the Court, within the term set by the decision to open the insolvency procedure in Romania. For these reasons, a lawyer specialized in insolvency and bankruptcy litigation in Romania from Romanian Law Firm Pavel Mărgărit and Associates can guide you through this important stage of the insolvency procedure, aiming to ultimately acquire the status of a creditor in the insolvency procedure.
To obtain the status of a creditor in the insolvency procedure in Romania, it is essential for the holder of the debt claim to draft an appropriate statement, which, after verifications, should be registered in the preliminary creditors’ table. Therefore, The Romanian Law Firm Pavel Mărgărit and Associates recommends consulting a lawyer specialized in insolvency and bankruptcy litigation in Romania for legal assistance in the insolvency procedure in Romania, accessible through the contact form at https://www.avocatpavel.com/contact-us/.
Furthermore, the judicial administrator will conduct a thorough investigation to establish the legitimacy, exact value, and priority of each claim. As a result of the verifications made, the judicial administrator or liquidator will register to the court a preliminary table including all claims against the debtor’s assets. After publication, the creditors listed in the preliminary creditor’s table can participate in creditor’s meetings, and the debtor, creditors, and any other interested party can appeal the claims and rights included or not by the judicial administrator or liquidator in the preliminary creditor’s table. Finally, after all claims have been settled, the definitive table of all claims against the debtor’s assets will be published in the Official Gazette of Romania, allowing only those listed in the table to participate in voting on the reorganization plan or any distributions in the event of bankruptcy in the simplified procedure. The Romanian Law Firm Pavel Mărgărit and Associates strongly recommend engaging a lawyer specialized in insolvency and bankruptcy litigation in Romania to provide assistance in the submission and management of statement of claim, as well as in monitoring and participating in appealing of creditors debt, thus ensuring effective involvement of creditors in the legal procedure and representation of their interests in compliance with applicable regulations.
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.