Insolvency & Bankruptcy Advisory in Romania
Bankruptcy and insolvency lawyer in Romania. Insolvency proceedings in Romania
According to the provisions of the Insolvency Law no. 85/2014, insolvency and liquidation in Romania refer to the state of a debtor’s assets characterized by insufficient available funds to pay certain, liquid, and due debts. According to the same provisions, a debtor in a state of corporate insolvency in Romania is obliged to file an insolvency request with the court in order to initiate insolvency proceedings in Romania.
Thus, after following all the stages deriving from the initiation of insolvency proceedings in Romania, the debtor may follow either successively or separately the judicial reorganization procedure and/or the procedure for entering into bankruptcy of a company, this being the general corporate bankruptcy liquidation in Romania. On the other hand, the simplified liquidation procedures in Romania involve the direct entry into bankruptcy without following a reorganization process.
Entering into bankruptcy is the final stage of liquidation procedures in Romania, aimed at liquidating the debtor’s assets to cover liabilities and removing the company from the register in which it was established, either by the legal representative or with the assistance of an insolvency solicitor in Romania.
The bankruptcy procedure for a company is also a form of corporate liquidation in Romania, being a collective and equal procedure, considering that the debtor’s patrimonial assets are realized to satisfy the claims of multiple creditors.
Our team of insolvency lawyers in Romania provides professional legal assistance for businesses facing financial difficulties. With extensive experience, our insolvency lawyers in Romania guide companies through insolvency procedures, ensuring compliance with legal regulations.
We offer company insolvency advice in Romania to help businesses evaluate their financial situation and explore viable solutions. Through tailored company insolvency advice in Romania, we support companies in making informed decisions about restructuring or liquidation procedures in Romania.
A skilled restructuring lawyer in Romania is essential for companies seeking financial recovery. A restructuring lawyer in Romania can develop effective strategies to stabilize businesses and restore financial health while protecting stakeholders’ interests.
The Romanian Law Firm Pavel Mărgărit and Associates invites you to seek assistance from an insolvency lawyer in Romania or bankruptcy and insolvency lawyer in Romania to help you draft and file an insolvency or bankruptcy request and to determine which party is entitled to request the simplified company insolvency services in Romania or bankruptcy procedure, as well as how the provisions of the Insolvency Law no. 85/2014 will take effect.
Don’t go through these challenges alone. Contact us today for expert support tailored to your needs.
Restructuring lawyer in Romania. Liquidation procedures in Romania
As previously mentioned, a debtor in a state of corporate insolvency in Romania is obliged to file an insolvency request with the court to initiate insolvency proceedings in Romania regulated by the Insolvency Law no. 85/2014, within a maximum of 30 days from the occurrence of the state of insolvency. Additionally, if the creditor’s claim is certain, liquid, and due for more than 60 days, they are entitled to request company insolvency services in Romania for the debtor.
The bankruptcy procedure is carried out by analyzing the document called a bankruptcy petition, filed by the debtor or one of the creditors. A bankruptcy petition must include all identification details of the creditors and debtor, all information regarding claims, or other relevant data for insolvency and liquidation in Romania.
Entering bankruptcy is based on the ruling or decision issued by the syndic judge when the debtor has expressed the intention to enter directly into the simplified liquidation procedures in Romania, when they have not declared an intention for reorganization, or when none of the interested parties propose a reorganization plan. Also, if a plan is proposed but not accepted and confirmed, it cannot produce legal effects.
The Romanian Law Firm Pavel Mărgărit and Associates, through an insolvency solicitor in Romania, can provide the necessary support to easily prepare the case file and ensure that all procedures comply with the provisions of Insolvency Law no. 85/2014.
Expert guidance is essential for businesses facing insolvency and liquidation in Romania. Our team of insolvency lawyers in Romania provides company insolvency advice in Romania, assisting with restructuring, corporate liquidation in Romania, and corporate bankruptcy liquidation in Romania.
An experienced insolvency solicitor in Romania or bankruptcy and insolvency lawyer in Romania ensures proper legal representation, compliance with Insolvency Law no. 85/2014, and protection of creditor and debtor rights. Our company insolvency services in Romania help businesses navigate financial distress effectively, whether through reorganization or liquidation procedures in Romania.
Therefore, insolvency proceedings in Romania represent a complex legal mechanism strictly regulated by Insolvency Law no. 85/2014, with the primary goal of protecting creditors’ interests and ensuring either the restructuring or, if necessary, the corporate liquidation in Romania of a financially distressed company. The choice between judicial reorganization and the corporate bankruptcy liquidation in Romania depends on the debtor’s specific situation and the real prospects of business recovery.
The Romanian Law Firm Pavel Mărgărit and Associates provides high-standard legal services in various practice areas, including drafting and filing insolvency or bankruptcy applications. Our team demonstrates a deep understanding of the regulations concerning corporate insolvency in Romania, offering clear and efficient legal solutions to all clients who require company insolvency advice in Romania from an insolvency lawyer in Romania.
Articles from the practice area
Methods of debt collection in Romania The procedure of debt recovery in Romania can be a significant challenge in legal relations between parties, aiming to protect the rights and interests of creditors. This process is governed by the Romanian Civil Procedure Code or applicable legislation, depending on the source of the damage. When dealing with […]
Legal strategies to prevent conflicts and protect your business from costly lawsuits Given the evolving legislative framework and the constantly changing business environment, many companies in Romania find themselves involved in legal disputes that can impact their operations and stability. Most often, these disputes involve commercial debt recovery in Romania from commercial conflicts, tax issues, […]
How to enforce judgements more easily in Romania? One of the most significant legislative changes proposed at the end of 2024 is the removal of Court’s approval for forced execution in Romania when it involves court decisions. This change promises to streamline the process of civil enforcement proceedings in Romania and reduce the duration of […]
Stamp tax in light of the new provisions of Law no. 268/2024 In the context of the new regulations introduced by the Law on stamp tax in Romania, the calculation and payment of stamp taxes for various actions, such as partition, including judicial partition in Romania or partition upon divorce in Romania, have become key considerations for those seeking […]
Legal assistance in litigation and enforcement procedures in Romania According to the Civil Procedure Code, persons interested or harmed by the forced execution procedure in Romania may file an appeal against an enforcement notice in Romania, against the minutes of the proceedings concluded by the bailiff, challenge against enforcement in Romania as well as in […]
The Romanian legislation establishes a series of conditions regarding the conclusion of sales agreements in Romania. The Romanian Civil Code requires a certain form of conclusion of the sales agreement in Romania depending on the nature of the good whose property is transmitted. The law confers the title of agreement under private signature in Romania […]
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 […]
In the business field, the emergence of a dispute in Romania can represent a significant challenge as it affects the Romanian company’s reputation, its financial resources and time. Therefore, it is essential for companies in Romania to focus on preventing litigation in Romania rather than dealing with them later, which is why a lawyer specialized […]
Being a common financial payment instrument in the relations between professionals, promissory notes in Romania play an important role in discharging from the contractual obligation arising from the contract concluded between the two parties, with the purpose of guaranteeing the payment obligations in Romania. The biggest advantage of the promissory note in Romania is the […]
In the last few years in Romania, there have been various external events such as the Covid-19 pandemic, the war in Ukraine or the Suez Canal crisis, which have determined various economic imbalances which have led to the non-fulfillment of the contractual obligations due to the hardship, force majeure or unforeseeable circumstances, in Romania. In […]
Given the fact that in practice various errors may occur when drafting the civil status documents, Pavel, Margarit and Associates Romanian Law Firm recommends contacting a specialized lawyer in Litigation, Dispute resolution and Family law in Romania who can advise you on the legal means that one may employ with the aim of obtaining the […]
The agreement signed between the parties creates rights and obligations, producing effects for the established period of time. In general, the contractual obligations assumed by a contractual partner are settled by their voluntary performance, i.e. by the remission of a sum of money or by the performance of the object of the obligation. However, there […]