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Ministry of Justice
National Trade Register Office

August 14, 2022

 

BULETINUL PROCEDURILOR DE INSOLVENȚĂ

 

          In Romania, the insolvency of legal persons (professionals, associations, foundations, agricultural companies etc.) is regulated, in the present, by the dispositions of Law no. 85/2014 on insolvency prevention and insolvency proceedings (http://www.bpi.ro/?page_id=43 Legal references which regulates BPI).
          The insolvency proceeding may be general or simplified.
          The general insolvency proceeding includes the observation period, the judicial reorganisation and the bankruptcy.
          The observation period is the period covered by the opening date of the insolvency proceeding and the confirmation date of the reorganisation plan or, as appropriate, of going bankrupt.
          The judicial reorganisation is a procedure applicable to the debtor in insolvency for paying its debts in compliance with a program for paying the debts included in a reorganisation plan, voted by the creditors and confirmed by the syndic judge. The execution of the reorganisation plan may not exceed 3 years, calculated from its confirmation date by the syndic judge.
          In case the reorganisation plan is not fulfilled or there have not been proposed a reorganisation plan or, even if a plan has been proposed, it has not been voted by the creditors or confirmed by the syndic judge, the debtor shall go into the general proceeding of bankruptcy.
          The simplified insolvency proceeding represents the insolvency proceeding through which the debtor that fulfils the conditions provided for by the law goes directly into the bankruptcy proceeding, either in the same time with the opening of the insolvency proceeding, or after the observation period of maximum 20 days, period when there is analysed the fulfilment of the legal conditions.
          In the bankruptcy proceeding takes place the liquidation of the debtor’s fortune in order for the debts to be covered, followed by the debtor’s strike off from the register where it is incorporated.
          The application for opening the insolvency proceeding may be formulated both by the debtor in insolvency and by one or more creditors or by the persons and by the institutions especially provided for by the law, the threshold level of the debt in order to be able to introduce the application for opening the insolvency proceeding is of 50 000 lei, and for the employee is of 6 average gross salaries in the economy/employee.
          Together with the opening of the insolvency proceeding of the debtor, the syndic judge shall appoint a temporary judicial administrator/liquidator from the insolvency practitioners registered within the Table of the National Union of Insolvency Practitioners in Romania. With the occasion of the first meeting of the creditors, these shall confirm or replace the temporary judicial administrator/liquidator appointed by the syndic judge. Among the first measures provided for by the law to be carried out by the judicial administrator/liquidator is that regarding the temporary table of debts, as the result of the registration, verification and admission of the applications of registration the debts formulated by the creditors of the debtor entered into insolvency. The only debts registered into the table, ex officio, without being necessary the formulation of an application for registration at the credit table are the salary debts (those resulted from the employment relationships and the assimilated relationships between the debtor and its employees).
          The debtor may continue carrying out the current activities during the observation period under the management of the special administrator and the supervision of the judicial administrator, if the right of administration was not raised from the debtor, or under the management of the judicial administrator, if the right of administration was raised from the debtor.
          During the period of execution the reorganisation plan, the debtor carries out its activity under the management of a special administrator and the supervision of a judicial administrator.
          Within the insolvency proceeding, the judicial administrator or the judicial liquidator formulates an action in render patrimonial liability when he identifies the guilty persons about the insolvency status of the debtor (the members of the management and/or supervising bodies of the company, as well as any other persons which contributed to the insolvency status of the debtor). This action may be also introduced by the committee of the creditors, by the creditor who holds more than 30% of the value of the debts recorded to the credit table or by the creditor appointed by the assembly of creditors. The person against which was pronounced a final decision of render liability may not be appointed as administrator or, if the person is administrator in other companies, he or she shall be deprived of his right for a period of ten years from the date when the final decision shall rest final.
          The communication of citations, as well as of any other proceeding documents issued within the insolvency proceeding shall be realised through the Insolvency Proceedings Bulletin, publication edited electronically by the National Trade Register Office, whose purpose is the publication of citations, convocations, notifications and communications of the proceeding documents carried out by the courts of law, the judicial administrator/liquidator after the opening of the insolvency proceeding provided for by the present law, as well as of other documents which, pursuant to the law, have to be published (http://www.bpi.ro/?page_id=38 About us)
The access to the Insolvency Proceedings Bulletin, as well as to the information from the Insolvency Proceedings Bulletin is available on the online services portal of NTRO, https://portal.onrc.ro and on the website www.bpi.ro.

 

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