According to the law, insolvency represents that state of the patrimony of a company characterized by the insufficiency of the available money funds for the payment of certain, liquid and receivable obligations.
Law no. 85/2014 underlines a very important fact: if the certain, liquid and receivable obligation of more than 60 days exceeds the threshold value of 40,000 lei, the debtor may require the opening of the insolvency procedure.
Insolvency is imminent when it is proven that the debtor will not be able to fulfill their obligations on maturity.
It applies to natural or legal persons, without distinguishing whether they carry out activities aimed at obtaining profit or not, and therefore regardless of the nature of their civil or commercial activity, except for the holders of liberal activities.
The procedure is opened on the basis of an application submitted to the court by the persons expressly provided by law. Law no. 85/2014, Art. 65.