Insolvency of individuals Archives - Pavel, Margarit and Associates

Insolvency of individuals. Part III

By the moment the plan is confirmed by the insolvency Court, the debtor is obliged to: a) use its income and assets in accordance with the approved plan; debtor must refrain from any transactions or behaviors that could lead to failure of the plan; b) to undertake appropriate activities generating revenue, and in case of […]

By : Jun 11, 2017 No Comment

Insolvency of individuals. Part II. Start of insolvency proceedings.

Insolvency court cannot refuse to start exclusive insolvency proceedings on the grounds that the debtor has insufficient assets to cover the costs of the procedure, these will be borne by the Romanian state. These amounts will be refunded prior, from the income resulting from the execution of the insolvency procedure. Simultaneously with the commencement of […]

By : Jun 11, 2017 No Comment