INITIATION OF INSOLVENCY PROCEEDINGS AND ITS EFFECTS IN ROMANIAN LAW
Under Romanian law, insolvency shall be initiated at the request of the persons entitled, usually the debtor or the creditor. After checking the fulfilment of the legal conditions, the syndic judge will order the opening of insolvency proceedings as well as the measures to be taken to know precisel...
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| Format: | Article |
| Language: | English |
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ADJURIS – International Academic Publisher
2019-12-01
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| Series: | Perspectives of Law and Public Administration |
| Subjects: | |
| Online Access: | http://www.adjuris.ro/revista/articole/an8nr2/6.%20Cristina%20Cojocaru%202019_EN.pdf |
| _version_ | 1818362488354242560 |
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| author | Cristina Cojocaru |
| author_facet | Cristina Cojocaru |
| author_sort | Cristina Cojocaru |
| collection | DOAJ |
| description | Under Romanian law, insolvency shall be initiated at the request of the persons entitled, usually the debtor or
the creditor. After checking the fulfilment of the legal conditions, the syndic judge will order the opening of insolvency proceedings as well as the measures to be taken to know precisely the financial situation of the debtor, the causes that led to the situation of insolvency and the way forward, i.e. the general or simplified procedure. The judicial administrator draws up a report based on which the syndic judge shall decide either the continuation of the general procedure in order to observe the chances of recovery of the debtor on the basis of a reorganization plan or the transition to the simplified procedure: the bankruptcy procedure. In the first case – that of the general procedure – a reorganization plan will be applied, leading to the improvement of the debtor's activity and the payment of the debts to its creditors; in the second case, there are some steps that will lead to the liquidation of the debtor's estate to cover the claims of the creditors. Without claiming to analyses the topic extensively, the article aims to underline the most important aspects about entering the insolvency procedure. |
| first_indexed | 2024-12-13T21:33:23Z |
| format | Article |
| id | doaj.art-e910b525907f454c91e7040a7ac2cec1 |
| institution | Directory Open Access Journal |
| issn | 2601-7830 2601-7830 |
| language | English |
| last_indexed | 2024-12-13T21:33:23Z |
| publishDate | 2019-12-01 |
| publisher | ADJURIS – International Academic Publisher |
| record_format | Article |
| series | Perspectives of Law and Public Administration |
| spelling | doaj.art-e910b525907f454c91e7040a7ac2cec12022-12-21T23:30:45ZengADJURIS – International Academic PublisherPerspectives of Law and Public Administration2601-78302601-78302019-12-0182224229INITIATION OF INSOLVENCY PROCEEDINGS AND ITS EFFECTS IN ROMANIAN LAWCristina Cojocaru0Department of Law, Bucharest University of Economic StudiesUnder Romanian law, insolvency shall be initiated at the request of the persons entitled, usually the debtor or the creditor. After checking the fulfilment of the legal conditions, the syndic judge will order the opening of insolvency proceedings as well as the measures to be taken to know precisely the financial situation of the debtor, the causes that led to the situation of insolvency and the way forward, i.e. the general or simplified procedure. The judicial administrator draws up a report based on which the syndic judge shall decide either the continuation of the general procedure in order to observe the chances of recovery of the debtor on the basis of a reorganization plan or the transition to the simplified procedure: the bankruptcy procedure. In the first case – that of the general procedure – a reorganization plan will be applied, leading to the improvement of the debtor's activity and the payment of the debts to its creditors; in the second case, there are some steps that will lead to the liquidation of the debtor's estate to cover the claims of the creditors. Without claiming to analyses the topic extensively, the article aims to underline the most important aspects about entering the insolvency procedure.http://www.adjuris.ro/revista/articole/an8nr2/6.%20Cristina%20Cojocaru%202019_EN.pdfromanian business lawinsolvencyinsolvency proceedingsinitiation of insolvency |
| spellingShingle | Cristina Cojocaru INITIATION OF INSOLVENCY PROCEEDINGS AND ITS EFFECTS IN ROMANIAN LAW Perspectives of Law and Public Administration romanian business law insolvency insolvency proceedings initiation of insolvency |
| title | INITIATION OF INSOLVENCY PROCEEDINGS AND ITS EFFECTS IN ROMANIAN LAW |
| title_full | INITIATION OF INSOLVENCY PROCEEDINGS AND ITS EFFECTS IN ROMANIAN LAW |
| title_fullStr | INITIATION OF INSOLVENCY PROCEEDINGS AND ITS EFFECTS IN ROMANIAN LAW |
| title_full_unstemmed | INITIATION OF INSOLVENCY PROCEEDINGS AND ITS EFFECTS IN ROMANIAN LAW |
| title_short | INITIATION OF INSOLVENCY PROCEEDINGS AND ITS EFFECTS IN ROMANIAN LAW |
| title_sort | initiation of insolvency proceedings and its effects in romanian law |
| topic | romanian business law insolvency insolvency proceedings initiation of insolvency |
| url | http://www.adjuris.ro/revista/articole/an8nr2/6.%20Cristina%20Cojocaru%202019_EN.pdf |
| work_keys_str_mv | AT cristinacojocaru initiationofinsolvencyproceedingsanditseffectsinromanianlaw |