Due to contemporary economic realities, businesses do not always evolve according to the initial plan. Sometimes, a company may no longer have the necessary funds to pay its debts, leading to insolvency.<\/b><\/p>\n
We offer our expertise in this legal practice area, assisting both creditors seeking to recover debts from an insolvent company and debtors undergoing this procedure through:<\/b><\/p>\n If your business is facing financial difficulties and insolvency proceedings are necessary, our team of insolvency lawyers can assist you throughout the entire process, from the pre-insolvency stage to the closure of the procedure.<\/p>\n Law 85\/2014 defines insolvency as the state of a debtor\u2019s assets characterized by the inability to pay certain, liquid, and due debts, as follows:<\/p>\n We will analyze the viability of your company to determine its insolvency status, assessing whether it is clearly unable to pay its debts or whether there are possibilities for restructuring and continuing operations under a different model. If insolvency proceedings are necessary, we will assist in preparing the necessary file for submission to the competent court, including all mandatory documents.<\/p>\n Whether your business is facing insolvency or you are a creditor with a claim against an insolvent company, we will represent you throughout the proceedings and guide you through every necessary step.<\/p>\n Insolvency proceedings can be general or simplified, and the request to initiate insolvency can be filed by either the debtor or one or more of its creditors.<\/p>\n If your company becomes insolvent, you should know that you can voluntarily request the initiation of proceedings. The primary effect is the suspension of enforcement actions initiated by creditors, and some penalties for late debt payments may no longer apply. From this point, the company is under court protection, ensuring the legal and fair administration of the process.<\/p>\n Additionally, according to Law 85\/2014, any creditor holding a valid, liquid, and due claim exceeding the legal threshold may file an insolvency request against a debtor presumed to be insolvent.<\/p>\n Our team will provide specialized consultancy to develop a restructuring plan for debt repayment and represent you in negotiations regarding payment commitments.<\/em><\/p>\n Reorganization is a phase of insolvency proceedings where a debtor company can achieve financial recovery. This procedure is overseen by a court-appointed judicial administrator or liquidator.<\/p>\n Judicial reorganization applies to insolvent debtors aiming to repay their debts based on a creditor-approved and court-confirmed reorganization plan. The execution of the reorganization plan cannot exceed three years from the date of court confirmation.<\/p>\n If the reorganization plan is not fulfilled, not approved by creditors, or not confirmed by the court, the debtor enters the general bankruptcy procedure.<\/p>\n Our services include assistance for creditors seeking to recover debts after insolvency proceedings are initiated.<\/em><\/p>\n To receive payments, creditors must prove their claims either in court or before the appointed administrator or liquidator responsible for handling the debtor\u2019s assets.<\/p>\n It is crucial to meet the deadline set by the judge for submitting a claim admission request to avoid losing the right to recover debts. We will assist in drafting and timely submitting your claim to ensure its acceptance and inclusion in the creditors\u2019 list.<\/p>\n Once insolvency proceedings officially begin, creditors can no longer take individual recovery actions. This ensures equality among creditors and protects the debtor\u2019s assets.<\/p>\n If you seek to hold individuals accountable for causing a company\u2019s insolvency, we will assist in drafting the legal action and gathering the most conclusive evidence, with the support of our specialized insolvency lawyers.<\/em><\/p>\n As a general rule, under the principle of liability for one\u2019s obligations, a company\u2019s debts are covered by its assets, not by the personal assets of its shareholders or members.<\/p>\n However, Law 85\/2014 establishes an exception, allowing for the liability of company directors and any individuals who contributed to the company\u2019s insolvency.<\/p>\n To hold responsible parties liable, a legal action must be initiated by the judicial administrator or liquidator, supported by evidence proving their contribution to the company\u2019s financial distress.<\/p>\n —<\/p>\nConsultation in Pre-Insolvency Procedures in Romania<\/strong><\/h2>\n
What is Insolvency in Romania? – Law 85\/2014<\/strong><\/h3>\n
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Legal Representation in Insolvency Proceedings in Romania<\/strong><\/h2>\n
Consultation on Corporate Reorganization in Romania<\/strong><\/h2>\n
What is Corporate Reorganization?<\/strong><\/h3>\n
Debt Recovery through Registration in the Creditors\u2019 List in Romania<\/strong><\/h2>\n
Legal Representation in Litigation for Liability of Those Who Caused Insolvency in Romania<\/strong><\/h2>\n