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Tag: insolvency procedure in Romania

Statement of claim in Romania

According to the provisions of Law no. 85/2014, to acquire the status of a creditor in the insolvency procedure in Romania, several steps need to be followed, including: notifying the creditors from the list submitted by the debtor, filing the statement of claim within the fixed term established by the decision for opening the insolvency […]

Recovery of claims in insolvency proceedings in Romania

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 […]

Procedure for filing bankruptcy in Romania

Any company in Romania is established to carry out economic activity in Romania, but when it fails to meet its commercial commitments, certain legal procedures may intervene aimed at the recovery of economic activity in Romania or the immediate liquidation of the company in Romania, when it is confirmed that there is no chance of […]

Opening the insolvency procedure by the debtor in Romania

The insolvency procedure in Romania and the procedure for filing bankruptcy in Romania can be initiated following a request filed to the Court by a debtor in Romania, one or more insolvency creditors, or by individuals or institutions expressly provided for by law. According to the regulations in Law no. 85/2014, a debtor in a […]

How to initiate insolvency procedure against a debtor in Romania?

The insolvency procedure in Romania can be initiated as a result of a request filed to the Court by a debtor in Romania, one or more creditors in Romania, or by individuals or institutions expressly provided by law. According to the regulations of Law No. 85/2014, any creditor in Romania entitled to request the initiation […]

How can you assess the risks before opening the insolvency procedure for a company in Romania?

Romanian legislation provides for a number of principles applicable to companies at insolvency risk in Romania. Thus, by means of the insolvency procedure in Romania, debtors are provided with a chance to recover the business efficiently, through the debtor’s effective access to early warning means, through insolvency prevention procedures or through the judicial reorganization procedure. […]

Why an insolvent company shall hire a lawyer?

According to Romanian Law no. 85/2014, insolvency is a process by which a company does not have the payment means to pay certain, liquid and exigible debts in Romania. This situation can be solved by involving all creditors in the process and by carrying out the  procedures provided by the law. Therefore, the company may […]

How do you choose a Romanian law firm if you want to open the insolvency procedure for the firm in Romania

Many Romanian companies have to open the insolvency procedure in Romania, given the fact that, amid the financial crisis and other difficulties, they fail to pay their debts to suppliers or customers in Romania. On the Romanian business market there are insolvency and reorganization lawyers, which can help companies overcome this situation in the best […]