Category: Insolvency, Restructuring and Bankruptcy

How can a Romanian insolvent company best value its asset

Romanian companies that have opened insolvency proceedings need liquidity to continue their business. One of the methods to obtain the necessary amounts is to capitalize the assets through sale by direct negotiation method, regulated by Romanian insolvency law nr. 85/2014. A Romanian lawyer specialized in restructuring and insolvency can help a company maximize the income […]

Radu Pavel, Romanian insolvency lawyer: Key elements to help you reorganize your business and re-enter in the economic circuit the insolvent company

In Romania, only a few companies manage to reorganize and restructure the activity after they have entered into the insolvency procedure. Although Romania’s economy is growing, in 2018 more than 8,000 companies have opened insolvency proceedings and many others have gone bankrupt. The companies either did not manage the financial resources well or they did […]

What is the required documentation for the opening of insolvency proceedings at debtor’s initiative

A company is insolvent if it fails to pay the debt to a creditor within 60 days of maturity. Law no. 85/2014, also called the insolvency law, imposes a value of the debt threshold for which insolvency can be claimed, namely 40,000 lei.   The insolvency procedure is based on an application submitted by the […]

Who can be held accountable for the company’s insolvency

Tens of thousands of Romanian companies are still in insolvency stage. Many companies opened the insolvency procedure due to the financial crisis and others due to management mistakes. Individuals or companies that must recover loans from an insolvent company must know that sometimes the managers or the administrators of the insolvent companies can be held […]

How to recover your debts from a company in insolvency, with the help of a Romanian insolvency lawyer. STATISTICS on insolvency files pending before the Romanian courts

Debt recovery is still a legal matter of interest in the Romanian business environment, as many companies face financial difficulties or simply refuse to pay their debts. Tens of thousands of Romanian companies are still in insolvency, benefiting from Insolvency law protection when it comes to paying debts. With the help of a Romanian debt […]

You’re the administrator of a company in Romania? How may a claim of personal liability be filed against you?

During and after crisis, more and more companies have entered into the insolvency procedure or bankruptcy procedure in front of the Romanian Insolvency Court, on different reasons. Some Romanian companies had financial instability due to the crisis, but management errors may also determinate a company’s insolvency or bankruptcy in Romania. According to Romanian Insolvency law, […]

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Insolvency of individuals. Part II. Start of insolvency proceedings.

Insolvency court cannot refuse to start exclusive insolvency proceedings on the grounds that the debtor has insufficient assets to cover the costs of the procedure, these will be borne by the Romanian state. These amounts will be refunded prior, from the income resulting from the execution of the insolvency procedure. Simultaneously with the commencement of […]