Promissory note / Cheque / Bill of exchange financial instruments in Romania

Business relationships between professionals in Romania can bring a number of advantages, but often also various inconveniences. The latter are often caused by non-compliance with pecuniary obligations, which is why the parties involved may end up being enforced. In order to be enforced in Romania, it is necessary to go through some steps to obtain an enforceable title. To prevent this difficult procedure, any of the parties wishing to benefit from a guaranteed payment obligation in Romania can provide a guarantee by requesting a promissory note / cheque / bill of exchange from the other party and signing these enforceable titles by a guarantor debtor. Pavel Margarit and Associates Romanian Law Firm recommends using a lawyer specialized in commercial law and enforcement proceedings/ foreclosure in Romania to guide you in choosing a type of commercial guarantee suitable for your business, and may also offer you guidance in rejecting any foreclosure/ enforcement proceedings or cancellation of the summons received, by filing the enforcement appeal in the form of opposition to the summons in Romania. The bill of exchange, the cheque and especially the promissory note represent enforceable titles used by professionals in order to guarantee payment obligations in Romania. In most cases, the amounts provided by them are guaranteed by natural or legal persons who acquire the status of debtors guarantors report of payment obligation. Therefore, by guaranteeing these titles, a guarantee of the fulfillment of the obligations assumed by the persons in question is offered, the guarantor being able to be forced executed in Romania in order to pay the amount mentioned on the bill of exchange, cheque or promissory note. If you have established such a guarantee in Romania, it is possible that, in the event that the main debtor does not pay, for reasons such as lack of cash, you may be forced to act as a guarantor debtor. As in the case of common law enforcement, the enforcement of a bill of exchange begins with the transmission of a bill of exchange order, which precedes any act of enforcement. This must include the exact transcript of the bill of exchange / promissory note, as well as the other documents from which the amount due results. Considering the fact that Law no. 58/1934 on the bill of exchange and promissory note in Romania provides a very short term for the enforcement appeal, namely, 5 days, Pavel Margarit and Associates Romanian Law Firm recommend appealing to a lawyer specialized in commercial law and forced execution in Romania necessary defenses when the guarantor debtor is illegally executed in Romania and who can analyze if the issued executory title has been duly completed and within the legal term, in accordance with the special legal provisions in the matter in Romania. A lawyer specialized in commercial litigation and forced execution in Romania will be able to analyze the applicability of certain categories of defenses such as those regarding the nullity of the title, those arising from commercial relations before or after the issuance of the titles and any other procedural exceptions. Pavel, Margarit & Associates Romanian Law Firm is one of the top law firms in Romania, offering top legal advice. The Romanian law firm clients are foreign and top local companies and high worth individuals. In 2022, the success stories of the Romanian Law Firm have brought recognition from the most prestigious international guides and publications. The firm was ranked third place in Romania by the Legal 500 publication. The Romanian law firm is also recognized by IFLR 1000 Financial and Corporate Guide 2022. Pavel, Margarit & Associates Romanian Law Firm is also the only law firm in Romania recommended by the Global Law Experts Director in London in the Dispute Resolution area of Practice. All the relevant information regarding Pavel, Margarit & Associates Romanian Law Firm can be found on the website www.avocatpavel.ro.