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  • Category: Insolvency, Restructuring and Bankruptcy

    Insolvency in Romania

    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 […]

    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 […]

    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 […]

    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 […]

    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 […]

    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 […]

    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 […]

    The Romanian Law Firm Pavel, Mărgărit and Associates assisted an important company in the field of design and execution of electric and gas installations in order to conclude agreements with insolvent companies in Romania

    The Romanian Law Firm Pavel, Mărgărit and Associates assisted an important Romanian company in the field of design and execution of electric and gas installations in order to analyze the risks in regards to concluding agreements with insolvent companies in Romania. A lawyer specialized in insolvency, restructuring and bankruptcy in Romania can provide you with […]

    How can you assess the risks before opening the insolvency procedure for a company in Romania?

    Romanian legislation provides for a number of principles applicable to companies at insolvency risk in Romania. Thus, by means of the insolvency procedure in Romania, debtors are provided with a chance to recover the business efficiently, through the debtor’s effective access to early warning means, through insolvency prevention procedures or through the judicial reorganization procedure. […]

    What is the procedure of dissolution/liqudation of a company in Romania?

    According to Law 31/1990, companies can cease their existence by several ways, among which we mention the procedure of dissolution and liquidation in Romania, the expiry of the period for which the company was established, the bankruptcy of the company in Romania. The Romanian Law firm Pavel, Margarit and Associates recommends contacting a lawyer specialized […]