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 maturity, has not paid his debt to the creditor. The main objective of creditors in such a situation is the recovery of claims in Romania. Pavel, Margarit & Associates Romanian Law Firm recommends contacting a lawyer specialized in debt recovery and insolvency proceedings in Romania who can assist and represent you if you are pursuing the recovery of your certain, liquid and enforceable claims against a company in insolvency in Romania.
Insolvency procedure in Romania may be opened both at the request of the creditor and at the request of the debtor who is unable to cover the liability. The jurisdiction to settle this request belongs to the court in whose district the headquarters of the debtor is located. The decisions of the syndic judge are enforceable, and according to the Romanian Law no. 85/2014 on insolvency prevention and insolvency procedures, they can be challenged by appeal only.
All ongoing trials and all enforcement procedures are legally suspended once insolvency proceedings in Romania have been opened against the debtor.
The court also appoints an official receiver in Romania to ensure that the interests of creditors are safeguarded so that they obtain the recovery of claims in Romania. The official receiver will notify the creditors about the insolvency of the debtor and the initiation of insolvency proceedings in Romania.
A lawyer specialized in debt recovery and insolvency proceedings in Romania can represent you in the insolvency proceedings of the debtor in order to recover the claim in Romania, providing legal assistance of the highest level and tailored advice.
The recovery of the claim in the insolvency proceedings in Romania is done by a request to be added to the list of creditors, the verification of the claims being verified by the official receiver in Romania. According to the Romanian Law no. 85/2014 on insolvency prevention and insolvency procedures, the creditor entitled to participate in the insolvency procedure in Romania is that holder of a right of claim on the debtor’s assets, who has filed the registration of the claim. If admitted, the creditor acquires the rights and obligations regulated by law at each stage of the proceedings. The quality of creditor ceases as a result of non-registration or removal from the tables of creditors, as well as by closing the insolvency proceedings in Romania. The employees have also the capacity of creditor, even without personally submitting the debt statements.
In order to be able to introduce the request for opening insolvency proceedings in Romania, it is necessary that the minimum amount of the claim is 50,000 lei, and for employees the minimum value is 6 gross average salaries in the economy.
The last stage in the insolvency proceedings in Romania is the liquidation of the debtor’s assets and the amounts obtained from the liquidation of the assets will be distributed to the creditors.
In conclusion, Pavel, Margarit and Associates Romanian Law Firm has extensive experience in the field of insolvency in Romania, being internationally recognized for complex projects in which they obtained the recovery of valuable claims. You can contact one of our lawyers specialized in debt recovery and insolvency proceedings in Romania through the contact form on our website https://www.avocatpavel.com/contact-us/.
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 2023, 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 2023 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.