Antohi Laurențiu Law Office
Insolvency — opening the proceedings, filing claims with the insolvency estate, and reorganization or bankruptcy.
Whether your company can no longer pay its debts, or you’re a creditor of a company in that situation, insolvency proceedings have strict deadlines and steps that can’t be skipped. I’ll help you open the proceedings, file your claim with the insolvency estate, or challenge a claims table.
At the request of the debtor or the creditors.
The debtor’s request
When debts that are certain, liquidated and due for over 60 days exceed the legal threshold, a debtor in insolvency is required to request the opening of proceedings within 30 days of the insolvency arising — a delay of more than 6 months can trigger criminal liability for simple bankruptcy.
The creditor’s request
A creditor with a certain, liquidated and due claim, unpaid for over 60 days and exceeding the legal threshold, can themselves request the opening of proceedings against the debtor — an effective route when notices and demands have had no result.
The observation period
Once proceedings are opened, the observation period follows, during which the debtor’s activity continues under the supervision of the judicial administrator, and all individual creditor actions to recover claims are automatically suspended.
Filing with the insolvency estate and the claims table.
Declaring the claim
Creditors must file their claim admission request within the deadline set by the opening decision — a deadline that, if missed, can mean losing the right to take part in the proceedings for that claim.
Verification and the preliminary table
The judicial administrator verifies each declared claim and draws up the preliminary claims table, with the amount and distribution priority ranking of each creditor.
Challenging the table
If a claim was recorded incorrectly, rejected, or undervalued, any interested party can file a challenge against the preliminary table, before it becomes final.
The creditors’ meeting and committee
Creditors on the table take part in and vote on the important decisions of the proceedings at the creditors’ meeting — from appointing the judicial administrator to approving a reorganization plan.
Reorganization or bankruptcy.
If the company still has a real chance of recovery, a reorganization plan can be proposed, restructuring the debts into a payment schedule while the business continues operating. If the plan isn’t viable or isn’t approved by the creditors, the proceedings move to bankruptcy — liquidating the assets and distributing the proceeds to creditors in the priority order set by law.
Send me the documents before we talk.
Fill in the form below, selecting “Insolvency” as the type of issue. Upload the latest financial statements, the list of creditors, or, if you’re a creditor, proof of the claim and correspondence with the debtor.