Insolvency, Restructuring and Bankruptcy Archives - Pavel, Margarit and Associates

Statement of claim in Romania

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 […]

By : May 15, 2024 Comments Off

Legal 500: Pavel, Margarit and Associates Romanian Law Firm ranked Tier 3 in 2024

Pavel, Margarit and Associates Romanian Law Firm ranked 3rd place in Romania in 2024 among the best romanian law firms according to Legal 500 London The Romanian Law Firm Pavel, Mărgărit and Associates is present in 2024 in top tier law firms in Romania, in the edition of one of the most representative international legal […]

By : Mar 29, 2024 Comments Off

Articles, Insolvency, Restructuring and Bankruptcy

Insolvency Lawyer. Restructuring Agreement in Romania

The Restructuring Agreement in Insolvency Procedure in Romania According to the new regulations, the restructuring agreement in Romania represents one of the latest insolvency prevention procedures in Romania introduced by the Insolvency Law 85/2014 in Romania, which allows for the restructuring of the activities of companies experiencing financial difficulties. The aim of concluding a restructuring […]

By : Mar 6, 2024 Comments Off

Articles, Insolvency, Restructuring and Bankruptcy

Insolvency prevention in Romania

Ways to prevent insolvency in Romania Insolvency in Romania is that state of a company in Romania when it is financially unable to pay its certain, liquid and exigible debts to creditors, regardless of whether they originate from commercial, labor or any other relations. By adopting the Romanian Law no. 85/2014 on insolvency prevention and […]

By : Jan 26, 2024 Comments Off

Articles, Insolvency, Restructuring and Bankruptcy

Statement of claim in Romania

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 […]

By : Jan 3, 2024 Comments Off

Articles, Insolvency, Restructuring and Bankruptcy

Recovery of claims in insolvency proceedings in Romania

According to the Romanian Law no. 85/2014 on insolvency prevention and insolvency proceedings, insolvency in Romania is that state of the debtor’s assets that is characterized by the insufficiency of the available funds for the payment of certain, liquid and enforceable debts. The insolvency in Romania is presumed when the debtor, after 60 days of […]

By : Dec 22, 2023 Comments Off

Articles, Insolvency, Restructuring and Bankruptcy

Procedure for filing bankruptcy in Romania

Any company in Romania is established to carry out economic activity in Romania, but when it fails to meet its commercial commitments, certain legal procedures may intervene aimed at the recovery of economic activity in Romania or the immediate liquidation of the company in Romania, when it is confirmed that there is no chance of […]

By : Oct 27, 2023 Comments Off

Articles, Insolvency, Restructuring and Bankruptcy

Opening the insolvency procedure by the debtor in Romania

The insolvency procedure in Romania and the procedure for filing bankruptcy in Romania can be initiated following a request filed to the Court by a debtor in Romania, one or more insolvency creditors, or by individuals or institutions expressly provided for by law. According to the regulations in Law no. 85/2014, a debtor in a […]

By : Oct 25, 2023 Comments Off

Articles, Insolvency, Restructuring and Bankruptcy

How to initiate insolvency procedure against a debtor in Romania?

The insolvency procedure in Romania can be initiated as a result of a request filed to the Court by a debtor in Romania, one or more creditors in Romania, or by individuals or institutions expressly provided by law. According to the regulations of Law No. 85/2014, any creditor in Romania entitled to request the initiation […]

By : Oct 13, 2023 Comments Off

Articles, Corporate Commercial and M&A, Dispute Resolution, Insolvency, Restructuring and Bankruptcy

Five ways a director (administrator) could be held personally liable in Romania – civil, criminal, debts, removal/dismissal or in case of insolvency

The Romanian legislation provides a series of rules and obligations on the Romanian administrator regarding the conduct of his activity. According to the legislation in force, in Romania, the directors (called administrators in Romania) are personally responsible and liable for the damages caused. On the other hand, the administrator will be personally and jointly and […]

By : Aug 25, 2023 Comments Off