MAZARS ROMANIA S.R.L.

  |  2014-02-04

Changes to the insolvency law

Law No 85 / 2006, regarding insolvency proceedings, (hereinafter “Law 85 / 2006”) has been amended as an outcome of the entry into force of the following legislative acts:

1. Law No 255 / 2013 on the application of Law No 135 / 2010, regarding the Code of Criminal Procedure, and the amendment of legislative acts comprising provisions relative to criminal justice, published in Monitorul Oficial al Romaniei, Part I, No 515 of 14 August 2013 (hereinafter “Law 255 / 2013”);

 

and

 

2. Law No 187 / 2012 on the application of Law No 286 / 2009, regarding the Penal Code, published in Monitorul Oficial al
Romaniei, Part I, No 757 of 12 November 2012 (hereinafter “Law 187 / 2012”).

 

All amendments shall become effective as of 1 February 2014 covering, inter alia, the following aspects:

 

I. Changes to Law 255 / 2013:

  • Article 36 of Law 85 / 2006 introduces an exception according to which, at the date on which insolvency proceedings are initiated, all judicial and extra-judicial actions or enforcement measures towards recovering debts shall be suspended, except for the actions undertaken during a criminal suit.
  • Likewise, Article 53 of Law 85 / 2006 stipulates that the assets alienated by a receiver or liquidator while exercising his / her prerogatives shall be acquired free of any encumbrances such as mortgage, security interest or conservatory measures of any nature, except for specific liens or preventive measures instituted during a criminal suit.

II. Changes to Law 187 / 2012:

  • One of the main prerogatives of the delegated judge, referring to judgement of petitions whereby executive bodies should be held liable for contributing to debtor’s insolvency has been amended, as official receivers may now refer the respective case to prosecution bodies when evidence exists that a crime has been committed.
  • The insolvent debtor’s petition to the Tribunal shall be accompanied by an affidavit, either authenticated by a notary public or certified by a lawyer, evidencing that such debtor is neither incapable nor has s / he been convicted for any crime specified by the relevant law.
  • Further conditions shall be fulfilled by a debtor that wishes to carry out a reorganisation plan, as such debtor is required to demonstrate not only its capacity to implement the plan but also that it has never been subject to any punishment specified by law.
  • Several criminal offences provided by Law 85/2006, which might be committed by executive bodies, have been abrogated and will be included in the Penal Code.

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