The debtor Archives - Pavel, Margarit and Associates

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 unemployment, to seek to achieve revenue, concomitantly, he cannot refuse any income opportunity; c) to submit to the judicial administrator the amounts from legacies, donations or as compensation for damages caused by events, that occur after triggering of the insolvency procedure, following the cancellation of a judicial relation, as well as by exploitation of any property of the debtor mentioned in the list of assets owned or generated by them. Revenues and other income thus obtained will be used to make payments for reimbursement of debts, above the level stipulated in the plan, with respect of the reimbursement order established by law. d) to send to the Court and to the judicial administrator an overview of its revenue in the last 6 months; e) not to hide a part of its income and file a tax statement at the request of the court or the judicial administrator; f) not to deliver any particular advantage to any of the creditors On expiry of the period stipulated in the plan for achievement, the judicial administrator will submit its final report to the insolvency court. Insolvency court will confirm the decision, implementing the plan, or will declare its failure. With confirmation of the realization of the plan, the Court will declare closing of the insolvency procedure, although the procedure for suspension of enforcement actions will continue to be applied until the court will decide on the release of insolvency of the debtor's debts or until the expiration period in which the debtor may submit an application for debt. In the event that objections to the plan are raised, that are not replaced by an approval of the court, or if the plan is canceled, the insolvency court will issue an injunction on further insolvency proceedings through liquidation of the debtor's assets. Liquidation proceedings will be conducted under the provisions regarding liquidation of Law no. 85/2014. In the event that the judicial administrator cannot liquidate an asset within 2 years after the triggering of the liquidation, he will inform all creditors in writing, giving them the option of acquiring ownership of the property in question. If the debtor fulfills all obligations properly and on time as planned, or if the liquidation of the debtor's assets is completed, the insolvency court will issue a court ruling that will relieve the debtor of payment of other debts submitted in final table of outstanding receivables and not paid. All information relating to the insolvency proceedings initiated against the debtor will be deleted from the Insolvency Proceedings Bulletin, in 5 years from the date of finalizing these procedures. The debtor who initiated, or against whom was initiated, or completed the insolvency procedure, will not be able, for a period of 5 years from the closing of the procedure, to hold the status of sole shareholder in a limited liability company. Provision during insolvency proceedings of false information or statements or concealment of assets and documents relevant to the insolvency proceedings, shall be punished with imprisonment from 1 to 5 years.

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Tag: The debtor

Insolvency of individuals. Part III

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