Insolvency

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.

We offer you the following insolvency services:

  • legal advice for creditors;
  • legal advice for debtors;
  • assistance and consultancy;
  • analysis of debtors’ solvency;
  • drafting the application to open the insolvency procedure;
  • drafting the application to open the insolvency procedure;
  • drafting and submitting appeals of any kind;
  • representation and legal assistance of the debtor company/ creditors in court, in general procedure, judicial reorganization, bankruptcy;
  • liquidation of the company’s assets;
  • incurring administrator’s responsibility;
  • judicial reorganization;
  • drawing up the reorganization plan and supervising its compliance, studying the market to identify potential clients, in order to capitalize the assets of the insolvent company;
  • composition with creditors;
  • ad-hoc mandate;
  • preparing company analysis reports required to determine the causes having led to the state of cessation of payment, as well as the other reports required by the insolvency law;
  • management/ supervision of the company’s activity during the observation, judicial reorganization or bankruptcy period;

Do you need help?

Call us at: +40 728 297 522

Or fill out the form and we will contact you as soon as possible.