CONSIDERATIONS REGARDING THE ON-GOING CONTRACTS AFTER THE INSOLVENCY PROCEDURE HAS BEEN INSTITUTED
The main purpose of the article is to highlight new aspects regarding contracts that a legal person had perfected before the insolvency procedure is opened. Once the syndic judge rules in favour of opening the procedure the judicial administrator, named in that case, has a special power, a right to...
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| Format: | Article |
| Language: | English |
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Nicolae Titulescu University Publishing House
2015-07-01
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| Series: | Challenges of the Knowledge Society |
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| Online Access: | http://cks.univnt.ro/uploads/cks_2015_articles/index.php?dir=02_privat_law%2F&download=CKS+2015_privat_law_art.041.pdf |
| Summary: | The main purpose of the article is to highlight new aspects regarding contracts that a legal person had perfected before the insolvency procedure is opened. Once the syndic judge rules in favour of opening the procedure the judicial administrator, named in that case, has a special power, a right to opt, to either permit the contract to run its course or to denounce it thus ending its effects. Sometimes, due to the special nature of some contracts, the right of option is conditioned and certain procedures must be enforced. Also, due to an obvious possibility that the respective contract might create an unbalance to the debtors’ accounts and other sectors, the judicial administrator must take special consideration and can also modify the articles of the contract, rendering new significance or substituting the content of the provisions. Nonetheless, a combination of these possibilities may be preferable to the judicial administrator, partially changing the contracts or keeping in effect only what is in the debtors favour. |
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| ISSN: | 2068-7796 2068-7796 |