Opening of insolvency proceedings in Romania. Why is the statement of claim important?

As provided for in the Romanian Law no. 85/2014 on insolvency prevention and insolvency procedures, insolvency in Romania means that state of the debtor’s patrimony which is characterized by the insufficiency of the available funds for the payment of certain, liquid and exigible debt in Romania and which is presumed when the debtor, after 60 days of maturity, did not pay his debt to the creditor in Romania. In order to acquire the title of creditor in Romania in insolvency proceedings in Romania, it is necessary to file the statement of claim in Romania, which will be subsequently registered in the preliminary creditors table in Romania. This article reviews insolvency at the request of the debtor in Romania, insolvency at the request of the creditor in Romania and other issues related to the statement of claim in Romania. The Romanian Law Firm Pavel, Margarit and Associates is internationally recognized for its extensive experience in insolvency proceedings in Romania and recommends contacting an insolvency lawyer, corporate lawyer, commercial law lawyer or an insolvency disputes lawyer in Romania who can provide you with specialized legal assistance regarding the opening of insolvency proceedings in Romania.

Insolvency lawyer in Romania. Insolvency at the request of the debtor in Romania

Insolvency at the request of the debtor in Romania is one of the ways to open insolvency proceedings in Romania. According to the regulations of the Romanian Law no. 85/2014 on insolvency prevention and insolvency procedures, within 30 days from the occurrence of the insolvency state, the debtor is obliged to apply to the court for the opening of insolvency proceedings in Romania. At the request addressed to the court will be attached the proof of notification of the competent fiscal body on the intention to open insolvency proceedings in Romania. If, after the registration of the debtor’s application, but before its settlement, claims in Romania are made for opening the insolvency proceedings in Romania by creditors, they will be registered directly at the request made by the debtor. To this end, the registry service will carry out checks ex officio on the date of registration of applications and will record the applications to the file related to the request made by the debtor. In this situation, the request of the debtor will be settled in non-contentious procedure. In case of its admission, the claims of the creditors will qualify as the statement of claim in Romania, and in case of its rejection, the claims of the creditors will be settled.

Corporate lawyer in Romania. Insolvency at the request of the creditor in Romania

The Romanian Law no. 85/2014 on insolvency prevention and insolvency proceedings establishes that any creditor in Romania can apply for the opening the insolvency proceedings in Romania by introducing a request against a debtor presumed in insolvency in Romania. Thus, the syndic judge may order, at the request of the debtor, the registration of a bail from the creditor in Romania to a bank. Moreover, within 10 days from the receipt of the request for the opening the insolvency proceedings in Romania, the debtor must either challenge or acknowledge the existence of insolvency proceedings in Romania. By insolvency at the request of the creditor in Romania, all judicial, extrajudicial actions or enforcement measures are suspended for the fulfillment of claims in Romania on the debtor’s patrimony, and the use of their rights can be made only in insolvency proceedings in Romania with legal entities, as well as in the bankruptcy of a firm, by submitting requests for the admission of claims in Romania.

An insolvency lawyer, corporate lawyer, commercial law lawyer or an insolvency disputes lawyer in Romania can provide you with the tailored legal assistance in insolvency proceedings in Romania, whether it is the opening the insolvency proceedings in Romania, the statement of claim in Romania, the preliminary creditors table in Romania, the appeal to the preliminary creditors table in Romania or any other aspect of insolvency in Romania.

Commercial law lawyer in Romania. The statement of claim in Romania

The statement of claim in Romania is the means by which a person acquires the status of creditor in Romania in insolvency proceedings in Romania. This is subsequently included in the preliminary creditors table in Romania on the debtor’s patrimony. The statement of claim in Romania must be made even if it is not established by a title. Claims in Romania arising after the opening the insolvency proceedings in Romania, during the observation period or in the judicial reorganization procedure will be paid according to the documents from which they result, and no registration at the creditors table is required. The provision shall apply accordingly to claims in Romania arising after the date of opening of bankruptcy proceedings. Where bankruptcy proceedings are opened after the observation or reorganization period, creditors will request the registration in the supplementary table for claims born after the date of opening the insolvency proceedings in Romania that have not been paid.

Insolvency disputes lawyer in Romania. The preliminary creditors table in Romania

According to the provisions of the Romanian Law no. 85/2014 on insolvency prevention and insolvency procedures, the preliminary creditors table in Romania includes all outstanding or non-resident claims in Romania, under the condition or in dispute, born before the date of opening the insolvency proceedings in Romania, accepted by the administrator following their verification. In the table will be mentioned both the amount requested by the creditor in Romania and the amount accepted and the priority rank. The preliminary creditors table in Romania will also be published in BPI. After publication, the creditors listed in the preliminary creditors table in Romania may participate in the meetings of creditors, and the debtor, creditors and any other interested party may appeal against the preliminary creditors table in Romania, with regard to past claims and rights or, where appropriate, not passed by the receiver or the judicial liquidator in the table. Finally, after all the claim disputes have been settled, the final table of all claims against the debtor’s patrimony will be published in BPI, and only those in the table can participate in the vote on the reorganization plan or any distribution of amounts in case of bankruptcy in the simplified procedure.

“It is essential to contact an insolvency lawyer, corporate lawyer, commercial law lawyer or an insolvency disputes lawyer in Romania to ensure that you follow all the steps required by law in insolvency proceedings in Romania, as well, for both the creditor and the debtor.”, declared Dr. Radu Pavel, the Managing Partner of the Romanian Law Firm Pavel, Margarit and Associates.

The Romanian Law Firm Pavel, Margarit and Associates has extensive experience in the field of insolvency proceedings in Romania, and its lawyers can assist you with the drafting of the application for opening insolvency proceedings, drafting the statement of claim or any other aspect related to insolvency in Romania.

In conclusion, insolvency in Romania is a complex procedure, whether it is insolvency at the request of the debtor in Romania or insolvency at the request of the creditor in Romania. The quality of creditor in Romania in insolvency proceedings in Romania is acquired by filing the statement of claim in Romania, and will be subsequently registered in the preliminary creditors table in Romania. Thus, the Romanian Law Firm Pavel, Margarit and Associates recommends contacting an insolvency lawyer, corporate lawyer, commercial law lawyer or an insolvency disputes lawyer in Romania who can provide you with specialized legal assistance regarding opening the insolvency proceedings in Romania.