The Law Firm Pavel, Margarit & Associates, specialized in commercial litigation and insolvency, successfully assisted and represented a Croatian construction company in the insolvency moratorium procedure in Romania. Given that the company was not mentioned in the list of unsecured creditors, the law firm appealed the list of creditors, which was accepted by the insolvency practitioner named in insolvency moratorium procedure, and the companys certain, liquid and due debt was registered in the list of creditors. The Romanian insolvency moratorium procedure promoted by the debtor company was managed by a well-known Romanian insolvency practitioner in order to manage the procedure.
The scope of the insolvency moratorium procedure in Romania is to afford the debtors company to get the possibility to obtain time from creditors in order to prepare a plan for restructuration in Romania. The pre moratorium debts or moratorium debts in Romania are taken into consideration only if registered by the insolvency practitioner in the list of creditors in Romania.
We have experience in insolvency moratorium procedure in Romania, as well as in Insolvency, Restructuring and Bankruptcy in many industries, and we are happy to be recognized on the third place in Romania by the Legal 500, UK, London in the Insolvency and Restructuring area of practice in Romania., said Radu Pavel, the Managing Partner of Pavel, Margarit & Associates Romanian Law Firm.
The legal assistance consisted in the analysis of the documents attesting the fact that the creditor company represented by the Romanian Law Firm Pavel, Margarit and Associates has a certain, liquid and due debt, this having supporting documents proving the amount of the requested debt. Although the creditor company was included in the debtor’s accounts with that debt, the debtor in bad faith failed to submit to the insolvency practitioner the documents relating to its claim to be registered in the list of creditors. Therefore, Pavel, Margarit and Associates Romanian Law Firm promoted the appeal against the list of creditors, this being admitted, increasing the chances for the creditor to recover the debt in Romania.
The Romanian Law Firm Pavel, Margarit & Associates recommends using a lawyer specialized in the insolvency moratorium procedure in Romania to analyze the opportunity to use any legal remedy to obtain the registration of claims in the list of creditors and to recover the debt from an insolvent company in Romania.
Pavel, Margarit and Associates Romanian Law Firm is one of the top law firms in Romania, offering top legal advice. The Romanian law firm clients are foreign and top local companies and high worth individuals. In 2022, the success stories of the Romanian Law Firm have brought recognition from the most prestigious international guides and publications. The firm was ranked third place in Romania by the Legal 500 publication. The Romanian law firm is also recognized by IFLR 1000 Financial and Corporate Guide 2022. Pavel, Margarit & Associates Romanian Law Firm is also the only law firm in Romania recommended by the Global Law Experts Director in London in the Dispute Resolution area of Practice. All the relevant information regarding Pavel, Margarit & Associates Romanian Law Firm can be found on the website www.avocatpavel.ro.
The insolvency moratorium procedure in Romania is designed to provide a debtor company with the opportunity to obtain time from creditors to prepare a restructuring plan. During this period, the debtor company is granted certain protections to help facilitate the development of a plan for reorganization. Creditors’ claims, known as pre-moratorium debts or moratorium debts in Romania, are considered in the procedure only if they are registered by the insolvency practitioner in the list of creditors in Romania.
If a creditor’s claim is not initially included in the list of creditors during the insolvency moratorium procedure in Romania, they can take legal action to appeal the list of creditors. This allows the creditor to provide evidence that they have a certain, liquid, and due debt that should be registered. The success of such an appeal can increase the chances of the creditor recovering the debt from the insolvent company.
Seeking legal assistance from a lawyer specialized in the insolvency moratorium procedure in Romania is essential because this legal process can be complex and requires a deep understanding of insolvency laws and procedures. These lawyers can assess the creditor’s situation, analyze the opportunity to use legal remedies, and navigate the process of appealing the list of creditors to ensure that the creditor’s claims are properly registered and considered in the insolvency proceedings. Their expertise can significantly increase the creditor’s chances of recovering the debt from an insolvent company in Romania.