Despre AVF INSOLVENCY IPURL

With an experience of more than 6 years in insolvency, we offer viable solutions and relevant winding voluntary arrangement procedure in step pre-insolvency and insolvency proceedings - judicial reorganization and bankruptcy.

The legislative activity is provided by Law no. 85/2006 on insolvency proceedings, Law no. 32/2000 amended and supplemented, the insurance companies and insurance supervision Government Ordinance no. 10/2004 bankruptcy of credit institutions, no. 1346/2000 European Council Regulation on insolvency proceedings, Law no. 31/1990 on commercial law.

Insolvency proceedings under Law no. 85/2006 , relating to companies in insolvency, ie companies whose patrimonies is characterized by shortage of funds available for the payment of certain, liquid and due .

The role of the judicial administrator in the insolvency procedure in the period of legal observation and reorganization is governed by the following principl:

  • The principle crisis management that comprises of taking all the necessary measures with the purpose of identifying the debtor’s legal and financial issues and assuring all the necessary means to develop the activities, in this period will be drawn up the reports concerning the causes that led to insolvency and the administrator’s position regarding the possibility of continuing the activity in reorganization or entering into bankruptcy.
  • The principle of making a well based and viable reorganization plan.
  • The identification of the debtor’s company creditors and drawing up de debts table.
  • To presiding of the Creditors’ Meetings.
  • The conclusion of transactions, keeping or terminating some of the creditor’s contracts, discharging the fidejussors, waving real warranties.
  • Collecting the debts, actions for annulment of forged documents made by the debtor before the procedure is opened.
  • The legal administrator, if he/she considers that the company’s recovery is possible, may draw up himself/herself the reorganization plan or may collaborate with the creditors or the debtor to make it.

The role of the judicial liquidator in the bankruptcy procedure is governed by the following principles:

  • to lead the debtor’s activity.
  • to inventory the assets from the debtor’s possessions.
  • to sell the assets from the debtor’s possessions.
  • to distribute the resulted amounts to the creditors registered in the table of debts in the order settled by the law.

The admission in composition with creditors procedure, as well as the ad-hoc mandate are insolvency prevention procedures by which it is being sought the safeguarding of the company that is in difficulty with the purpose of continuing its activity, keeping the working places and covering the debts, by amiable procedures of debts’ renegotiations or of their conditions, or by concluding an admission in composition with creditors.

The liquidation of the trade companies supposes a range of judicial and economical operations consisting of finalizing the commercial steps in development of the company, the transformation into money of its assets and collecting the debts with the purpose of paying the debts to the creditors and diving among the shareholders or associates the remaining assets.