Creditors’ Table of Nordis Management SRL

What is the stage of the insolvency proceedings in Romania for Nordis Management SRL?

The beginning of this week starts with the publication of the preliminary debt table for the debtor, Nordis Management SRL, an essential document in the insolvency procedure in Romania that sets the amount and structure of the company’s debts towards creditors. This provides a clear picture of the financial obligations assumed by the debtor in Romania and represents an important step in determining the direction for reorganization or, in the event of failure of the recovery measures, for potential bankruptcy of a company in Romania. The Romanian Law Firm Pavel Mărgărit and Associates offers high-quality legal services in the insolvency procedure in Romania, assisting both creditors and debtors in the insolvency procedure in Romania for legal entities. In this article, we will analyze the main aspects related to the statement of claim in Romania and registration in the creditors’ table in the insolvency procedure in Romania, documents necessary for debt recovery in Romania for a company in insolvency procedure in Romania.

Insolvency lawyer in Romania. The insolvency procedure in Romania and bankruptcy of a company in Romania

The insolvency procedure in Romania for legal entities begins either at the request of the debtor in Romania or the creditor in Romania when a company can no longer pay its debts. This includes several stages, such as observation, reorganization, and, if necessary, bankruptcy. If recovery is not possible, bankruptcy of a company in Romania is initiated, at which point the company’s assets are liquidated to settle the debts. In this process, an insolvency lawyer in Romania can represent creditors to ensure that their rights are protected and that the debt recovery in Romania procedure is followed correctly.

Debt recovery in Romania. The statement of claim in Romania and registration in the creditors’ table in the insolvency procedure in Romania

A creditor wishing to recover debts, unpaid invoices, or any other type of debt collection in Romania from a debtor in Romania in the insolvency procedure in Romania must register in the creditors’ table by submitting a statement of claim in Romania within the deadline set by the judicial administrator. This document is essential for debt recovery in Romania and must contain all details regarding the amount owed, the nature of the claim, and supporting documents. Among the necessary documents for company insolvency to submit the statement of claim in Romania are commercial contracts, unpaid invoices, payment orders, and any other evidence proving the existence of the claim. An insolvency attorney in Romania can assist in correctly drafting the request for registration in the creditors’ table, thus avoiding the risk of rejection in the company insolvency file with debts.

Insolvency lawyer in Romania. Creditor’s table in insolvency proceedings.

After submitting the statements of claim in Romania for registration in the creditors’ table for a company in insolvency, the judicial administrator draws up the preliminary table, which lists the accepted and contested claims. This document is crucial for debt recovery in Romania and debt collection in Romania, as it determines the order of payment to creditors. If a creditor believes that their amount has been incorrectly registered or rejected, they can file an objection in court, where it is recommended to be represented by an experienced litigation lawyer in Romania. Nordis Management SRL’s total debts are approximately 728.9 million lei, of which more than 422 million lei are potential claims conditioned by the fulfillment of contractual obligations. The main categories of creditors are customers with sales-purchase promises, those who have abandoned projects, and current owners whose apartments are unfinished or not handed over.

Litigation lawyer in Romania. The creditors’ table and debt recovery in Romania

The creditors’ table represents all creditors registered in the debt table. This is essential for the debt recovery in Romania procedure, as it sets the payment priority of debts based on the category of each claim: secured, budgetary, salary, or unsecured. An insolvency lawyer in Romania can offer legal support to creditors to maximize their chances of debt collection in Romania, either through direct negotiations or by actively participating in the judicial procedure. An essential aspect of the insolvency procedure in Romania for companies is debt recovery in Romania and the recovery of unpaid invoices. Creditors must act quickly to register their claims in the insolvency procedure in Romania for companies and to cooperate with a debt recovery in Romania lawyer to protect their interests. Debt recovery in Romania within the insolvency procedure in Romania can be a complex process that requires the expertise of an insolvency lawyer in Romania. The Romanian Law Firm Pavel Mărgărit and Associates provides specialized legal support in debt recovery in Romania, ensuring that creditors’ rights are protected and that the insolvency procedure in Romania is followed correctly.

Litigation lawyer in Romania. Appealing the creditor’s table in insolvency proceedings.

A creditor in Romania can contest the preliminary table in several situations. These include unjustified exclusion of a claim, listing an amount lower than requested, incorrect classification of a claim in a certain category, or the acceptance of unfounded claims. It is essential that each creditor in Romania carefully analyzes the preliminary table to check if the listed amount corresponds to reality and if their rights are respected.

The deadline for submitting an objection is 7 days from the publication of the table in the Insolvency Procedure Bulletin. Exceeding this deadline may result in the loss of the right to contest the claim’s registration, which is why prompt action is recommended for creditors interested in contesting. After analyzing the objection, the court may decide either to admit and modify the preliminary table or reject the request and maintain the initial registration. In some cases, the reevaluation of the claim may lead to an intermediate amount, depending on the evidence submitted. Regardless of the solution, creditors must be prepared to support their case with solid arguments and conclusive documents regarding the insolvency proceedings in Romania of the legal entity.

Given the complexity of the insolvency procedure in Romania and the legal implications of contesting the preliminary debt table, it is essential for creditors to be assisted by an insolvency lawyer in Romania when dealing with a company in insolvency. This lawyer can provide legal support in drafting and supporting the objection, thus maximizing the chances of recovering the debts.

“It is important for creditors to consult an insolvency lawyer in Romania in a timely manner, who can provide specialized legal assistance for debt recovery in Romania, minimizing the risks associated with the insolvency procedure in Romania,” stated the Managing Partner of The Romanian Law Firm Pavel Mărgărit and Associates, Dr. Radu Pavel.

The Romanian Law Firm Pavel Mărgărit and Associates offers legal advice and representation for both creditors and debtors in company insolvency in Romania and company bankruptcy in Romania procedures. With a well-thought-out strategy and a proactive approach, creditors can efficiently protect their rights and ensure the recovery of amounts owed within these procedures. For personalized legal advice and assistance with objections to the preliminary debt table and in insolvency proceedings in Romania, contact an insolvency lawyer in Romania from our firm.

Pavel, Margarit and Associates Law Firm is one of the top law firms in Romania, providing high-quality legal services. The firm’s clients include multinational and domestic companies of great magnitude. In 2024, the law firm’s success stories brought it international recognition from the most prestigious international guides and publications in the field. As a result, Pavel, Margarit and Associates Law Firm ranked 3rd in Romania in the Legal 500’s ranking of business law firms with the most relevant expertise. The law firm is internationally recognized by the IFLR 1000 Financial and Corporate 2024 guide. Additionally, Pavel, Margarit and Associates Law Firm is the only law firm in Romania recommended by the international director of Global Law Experts in London in the Dispute Resolution practice area. All relevant information about Pavel, Margarit and Associates Law Firm can be found on the website www.avocatpavel.com.