Appealing the creditor’s table in Romania
Corporate lawyer in Romania. Preliminary creditors table in Romania
According to the provisions included in Law no. 85/2014, the preliminary creditors table in Romania is a document that contains all the claims in Romania accepted by a judicial administrator following verifications of the statement of claim in Romania submitted by each creditor in Romania.
The preliminary creditors table in Romania is prepared by a judicial administrator or judicial liquidator and includes all claims that arose before the date of the opening of the insolvency proceedings in Romania.
Following the registration of the claim in the preliminary creditors table in Romania, the party holding the status of creditor in Romania acquires the right to participate in the insolvency proceedings in Romania and to realize the right entered in the statement of claim in Romania, as a result of the finalization of the procedure. In addition to the claims in Romania accepted by the judicial administrator, the preliminary creditors table in Romania also includes the amounts initially requested by the creditor in Romania in the statement of claim in Romania, accompanied by their priority rank, if applicable. The preliminary creditors table in Romania thus obtained is published in the Insolvency Proceedings Bulletin in Romania.
The Romanian Law Firm Pavel Mărgărit and Associates is internationally recognized for its extensive experience in insolvency in Romania and recommends engaging an insolvency lawyer or insolvency litigation lawyer in Romania who can provide specialized legal assistance regarding the opening of insolvency proceedings in Romania and debt recovery in insolvency procedures in Romania.
Insolvency disputes lawyer in Romania. Appealing the creditor’s table in Romania
Once registered in the preliminary creditors table in Romania, a creditor in Romania acquires certain rights related to the insolvency proceedings in Romania they are participating in. They can attend the creditors’ meetings and may file an appeal to the preliminary creditors table in Romania. An appeal to the preliminary creditors table in Romania can also be filed by the debtor in Romania or any other interested party in the opening insolvency procedure in Romania, if there are claims in Romania that have been improperly included or omitted by the judicial receiver or liquidator.
According to the regulations in Law no. 85/2014, the party holding the status of creditor in Romania, the debtor in Romania, or any other interested party may file an appeal to the preliminary creditors table in Romania within 7 days from its publication in the Insolvency Proceedings Bulletin in Romania.
The appeal to the preliminary creditors table in Romania is submitted to the court that decided the opening insolvency procedure in Romania. The appeal must be accompanied by the original proof of payment of the judicial stamp duty and all necessary documents and evidence to support the appellant’s point of view. Failure to submit these documents will result in the dismissal of the application.
The Romanian Law Firm Pavel Mărgărit and Associates, through a insolvency lawyer in Romania, can assist you with filing the appeal to the preliminary creditors table in Romania and representing your interests before the courts responsible for opening insolvency procedure in Romania.
The party that filed the appeal is obligated to inform thejudicial receiver or liquidator, the creditor in Romania, as well as the special administrator, and failure to fulfill this obligation is sanctioned according to common law by a fine imposed ex officio by the insolvency judge.
To avoid sanctions, consulting a commercial lawyer in Romania or an insolvency disputes lawyer in Romania is an essential step, given the complexity of the procedures.
The Romanian Law Firm Pavel, Margarit and Associates provides legal advice and legal assistance services in the insolvency procedure, especially regarding assistance in appealing the creditor’s table in Romania. An insolvency disputes lawyer in Romania can support you in appealing the creditor’s table in Romania, having great experience in the insolvency proceedings in Romania. In order to benefit from our professional support and for corporate lawyer advice, we invite you to fill in the contact form available on our website https://avocatpavel.com/contact/.
Don’t navigate these challenges alone. Contact Us today for expert assistance tailored to your needs.
Insolvency lawyer in Romania. Settling the appeal
Parties interested in supporting the inclusion or exclusion of a claim from the preliminary creditors table in Romania may file an objection within 10 days from the date of receiving the appeal and supporting documents.
All objections filed will be resolved in a single ruling by the insolvency judge at the hearing scheduled according to the decision to open insolvency proceedings in Romania. If the resolution of objections requires the administration of evidence, such evidence will be temporarily recorded in full or in part in the table, depending on the judge’s decision handling the disputes arising from the insolvency proceedings in Romania. Creditors aiming for debt recovery in insolvency procedure in Romania whose claims are temporarily recorded in the preliminary creditors table in Romania cannot collect owed amounts but retain all other rights under Law no. 85/2014.
A corporate lawyer in Romania or insolvency disputes lawyer in Romania can guide you through the procedures necessary to ensure your inclusion in the creditor’s list.
Upon resolution of all objections, the final creditors table must be prepared by the judicial administrator or liquidator and published in the Insolvency Proceedings Bulletin in Romania. The final creditors table will detail the amount, priority and specific circumstances of each claim. Following the registration of the final creditors table, only holders of claims recorded in that table may participate in the vote on the reorganization or bankruptcy of a debtor undergoing insolvency proceedings in Romania.
It is important to note that the final creditors table cannot be contested for the same reasons as the preliminary creditors table, but only in cases where there is evidence of forgery, fraud or a significant error that influenced the acceptance of the claim, or if decisive documents were unknown until the time of the challenge. The final creditors table can be contested until the closure of the insolvency procedure in Romania.
The observation period evaluating the financial situation of a debtor in Romania and their potential for recovery lasts for a maximum of 12 months from the opening of the insolvency proceedings in Romania.Therefore, appealing the preliminary creditors table in Romania is a procedural tool available to creditors seeking debt recovery in insolvency procedure in Romania, the debtor or any interested parties concerned with the accuracy and legality of the creditors’ table, as it determines the order and proportions in which creditors will recover their claims in the insolvency procedure in Romania.
The Romanian Law Firm Pavel Mărgărit and Associates provides legal services to a high professional standard, recognized internationally for successful legal procedures in insolvency in Romania. Given the complexity of insolvency proceedings in Romania and the fact that they involve numerous specific rules and deadlines, an insolvency lawyer in Romania can assist you throughout the entire process to ensure that all documents are completed and submitted within the mandatory deadlines, and that the provisions of Law 85/2014 regarding appealing the creditor’s table in Romania are complied with.
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