insolvency Archives - Page 2 of 2 - Pavel, Margarit and Associates

What is the required documentation for the opening of insolvency proceedings at debtors initiative

A company is insolvent if it fails to pay the debt to a creditor within 60 days of maturity. Law no. 85/2014, also called the insolvency law, imposes a value of the debt threshold for which insolvency can be claimed, namely 40,000 lei. The insolvency procedure is based on an application submitted by the […]

By : Nov 27, 2018 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