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Law No. 64 Of 22 June 1995 (Republished) On The Procedure To Reorganise And Bankruptcy

Original Language Title:  LEGE nr. 64 din 22 iunie 1995 (*republicată*) privind procedura reorganizării judiciare şi a falimentului

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LEGE no. 64 64 of 22 June 1995 (* republished *) (** updated) on the procedure of judicial reorganisation and bankruptcy ((updated until 31 July 2005 * *)
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_____________ * *) Republicated pursuant to the provisions art. VIII para. ((1) of Law no. 149/2004 to amend and supplement Law no. 64/1995 on the procedure of judicial reorganization and bankruptcy, as well as other normative acts with incidence on this procedure, published in the Official Gazette of Romania, Part I, no. 424 of 12 May 2004, giving the texts a new numbering. Law no. 64/1995 was also republished in the Official Gazette of Romania, Part I, no. 608 of 13 December 1999 and was rectified in the Official Gazette of Romania, Part I, no. 89 89 of 28 February 2000, and subsequently amended by Government Ordinance no. 38/2002 to amend and supplement Law no. 64/1995 on the procedure of judicial reorganization and bankruptcy, published in the Official Gazette of Romania, Part I, no. 95 of 2 February 2002, approved with amendments and additions by Law no. 82/2003 , published in the Official Gazette of Romania, Part I, no. 194 194 of 26 March 2003. --------------- **) The initial text was published in the OFFICIAL GAZETTE no. 1.066 1.066 of 17 November 2004. This is the updated form of S.C. "Territorial Center of Electronic Computing" S.A. Piatra Neamt until July 31, 2005, with the amendments and additions made by: RECTIFICATION no. 64 64 of 22 June 1995 ; LAW no. 249 249 of 22 July 2005 . + Chapter I General provisions + Article 1 (1) This Law shall apply to the following categories of persons in insolvency and shall be hereinafter referred to as debtors: a) traders: 1. companies; 2. consumer cooperatives and handicraft cooperatives, hereinafter referred to as cooperative organizations, territorial associations of consumer and craft cooperatives, constituted according to Decree-Law no. 66/1990 on the organisation and functioning of the craft cooperation, as amended, respectively Law no. 109/1996 on the organisation and functioning of the consumer cooperation and credit cooperation, as amended, as well as cooperative societies; 3. individuals acting individually or in family associations; b) agricultural companies; c) groups of economic interest. d) any other legal person of private law who also carries out economic activities. (2) The insolvency means that state of the debtor's patrimony, characterized by the manifest inability to pay the debts due with the amounts of money available. ---------------- Letter d) a par. ((1) art. 1 1 was introduced by section 4.2. 1 1 of the single article of LAW no. 249 249 of 22 July 2005 , published in MONITORUL OFFICIAL no. 678 678 of 28 July 2005. + Article 2 The purpose of the law is to establish a procedure for covering the liabilities of the insolvent debtor, either by reorganizing its activity or by liquidating some goods from his estate until the liability is extinguished, or through bankruptcy. + Article 3 Within the meaning of the present law, the debtor's estate includes the totality of its assets and patrimonial rights-including those acquired during the procedure established by this law-which may be the subject of a forced execution, under the conditions Code of civil procedure. + Article 4 (1) All expenses related to the procedure established by this law shall be borne by the debtor's property. ((2) The payments will be made from an account opened at a unit of a bank, on the basis of provisions issued by the debtor or, as the case may be, by the administrator, and in the course of bankruptcy, by the liquidator. (3) The cash availability will be able to be kept in a special bank deposit account. (4) In the absence of availability in the debtor's account, the liquidation fund shall be used, consisting of the fees paid by the individuals and/or legal entities of the trade register for the services provided by him. (5) The Fund provided in par. (4) will be constituted by the 10% increase of the fees charged by the offices of the trade register. + Chapter II Participants in the procedure of judicial reorganisation and bankruptcy + Article 5 (1) The bodies applying the procedure are: the courts, the syndic judge, the administrator and the liquidator. (2) The bodies referred to in par. (1) must ensure the expeditious performance of the acts and operations provided by this law, as well as the realization under the law of the rights and obligations of the other participants in these acts and operations. + Section 1 The courts + Article 6 All the procedures provided for by this law, except for the appeal provided for in art. 8, are of exclusive competence of the tribunal in whose territorial area the debtor's seat is located, as it appears in the trade register, respectively in the register of agricultural companies, and are exercised by a designated judge-syndic by the president of the court 9. + Article 7 (1) The citation of the parties, as well as the communication or notification of any other procedural document shall be made, as a rule, under the conditions provided in 85 85-94 of the Code of Civil Procedure. (2) By exception, the performance of the acts referred to in (1) will be made by advertising, in the cases expressly provided by law. + Article 8 (1) The appeal court will be the appeal court, for the decisions given by the syndic judge, based on art. 11. (2) The term of appeal shall be 10 days from the communication of the judgment, unless the law provides otherwise. (3) The appeal will be judged by specialized panels, within 30 days from the registration of the file to the court of appeal. The citation of the parties is advertised. In order to settle the appeal, they shall be sent to the court of appeal in certified copy, under the signature of the chief clerk of the tribunal, only the acts that interest the resolution of the appeal. (4) By derogation from the provisions of art. 300 300 para. 2 and 3 of the Code of Civil Procedure, with subsequent amendments and completions, the decisions of the syndic judge will not be suspended by the court of appeal. (5) Provisions of para. ((4) shall not apply to the judgment of the appeal against the following judgments of the syndic judge: a) the decision to reject the debtor's appeal, made pursuant to art. 38 38 para. ((5); b) the decision to decide the bankruptcy, handed down under the conditions of art. 106 106; c) the decision to settle the appeal to the plan for the distribution of funds obtained from liquidation and from the collection of claims, made pursuant to art. 121. (6) For all requests for appeal made against judgments rendered by the syndic judge in the open proceedings against a debtor, a single file shall be constituted. + Section 2 Syndic Judge + Article 9 The syndic judge is nominated, in each case, in accordance with the provisions Law no. 304/2004 on judicial organization, with subsequent amendments and completions, among the judges appointed as judge-sindices, pursuant to art. 50 50 of this law. ---------------- Article 9 has been amended by section 6.6. 2 2 of the single article of LAW no. 249 249 of 22 July 2005 , published in MONITORUL OFFICIAL no. 678 678 of 28 July 2005. + Article 10 In the performance of his duties the syndic judge will be able to designate, by conclusion, specialized persons, establishing their retribution. The fees will be paid in accordance with art. 4. + Article 11 (1) The main tasks of the syndic judge, within the framework of this law, are: a) the opening decision of the proceedings; b) to judge the debtor's appeal against the application of the creditors for the commencement of the c) the appointment of the administrator or the liquidator, the establishment of their duties, the control over their activity and, if applicable, their replacement. The designation is provisional until the first meeting of creditors, which may decide to maintain or change the administrator or liquidator appointed by the syndic judge. For the provisional designation, the syndic judge shall take into account any requests of the applicant creditors and may reject these requests only motivated; d) the adjudication of requests to raise the debtor the right to conduct his/her activity; e) to judge the actions introduced by the administrator or liquidator for the cancellation of transfers of a patrimonial nature, prior to the opening of the f) to judge the appeals of the debtor or creditors against the measures taken by the administrator or the liquidator; g) confirmation of the reorganization plan or, as the case may be, liquidation, after its vote by creditors; h) the decision to continue the activity of the debtor, in case of reorganization; i) settlement of objections to the administrator or liquidator's reports; j) authentication of legal acts concluded by the liquidator, for whose validity the authentic form is necessary; k) giving the decision to close the procedure. (2) If the examination of the matters subject to deliberation in the court hearings presided over by the syndic judge cannot be completed in a single day, the deliberation shall continue by right on the first working day following, without further notice, proceeding so continue until all matters are resolved. ---------------- Points c) and i) of par. ((1) art. 11 11 have been amended by section 3 3 of the single article of LAW no. 249 249 of 22 July 2005 , published in MONITORUL OFFICIAL no. 678 678 of 28 July 2005. + Article 12 The judgments of the syndic judge are final and enforceable. They can be attacked separately with appeal. + Article 13 At any stage of the proceedings, the tribunal may replace one judge-syndically with another, by reasoned conclusion, given in the Board Chamber. + Section 3 Creditors meeting. Creditors Committee + Article 14 (1) The creditors ' assembly shall be convened and chaired by the administrator or, as the case may be, by the liquidator, if the law or the syndic judge does not have otherwise; the secretariat of meetings of the meetings of creditors shall be the responsibility of its administrator, where applicable, of the liquidator. (2) The known creditors will be summoned by the administrator or liquidator in the cases provided by law and whenever necessary. (3) The creditors ' meeting shall also be convened at the request of creditors holding claims amounting to at least 30% of their total value. + Article 15 (1) Convocation of creditors will have to include the agenda of the meeting. ((2) Any deliberation on an issue not included in the convocation shall be void, unless the holding is attended by the holders of all claims. ((3) Creditors may be represented in the assembly by authorized persons, for each assembly, with special and legalized power of attorney or, in the case of budgetary creditors and other legal entities, with delegation signed by the head of the unit. (4) The written statements sent by creditors shall not be taken into account, except in cases where the law admits the vote by adhesion. Where postal voting is permitted, creditors may submit their vote by an electronic document which has been incorporated, attached or associated with an extended electronic signature, based on a valid qualified certificate. (5) 2 delegates of the debtor's employees will attend the meetings of the creditors ' meeting, voting for the receivables representing salaries and other money rights. (6) If the examination of matters subject to the deliberation of creditors cannot be completed in a single day, the deliberation will continue on the right on the first working day following, without further notice, thus proceeding further until the resolution is resolved. All matters. (7) The minutes of the meeting of creditors will be signed by the sitting president and will include in summary the debates held, the vote of creditors for each issue and the decisions adopted. + Article 16 (1) During the meetings of the meeting of creditors they shall be able to appoint a committee of creditors and shall have the right to analyze the debtor's situation, the reports prepared by the creditors ' committee, the measures taken by the administrator or the liquidator their effects and to propose, motivated, and other measures. (2) Unless the law requires a special increase, the meetings will take place in the presence of claims holders amounting to at least 30% of the total amount of claims against the debtor's estate, and the decisions of the creditors ' meeting shall be adopted with the vote of the holders of a majority, by value, of the claims present. (3) Calculation of the total amount of receivables referred to in (2) against the debtor's wealth will be determined by reference to the following criteria: a) subsequent to the display of the definitive table and until the confirmation of a reorganization plan, as evidenced by the definitive table; b) subsequent to the confirmation of the reorganization plan and until the consolidated definitive table is displayed, as evidenced by the reorganization plan confirmed; and c) subsequent to the display of the consolidated definitive table, as evidenced by its contents. (4) The reorganization plan will be submitted to the vote of the creditors ' meeting, under the conditions established in 99. + Article 17 (1) The syndic judge shall designate, if necessary, in relation to the proportions of the case, a committee consisting of 3-7 creditors among those with the guaranteed receivables and the largest chirographs, by value, registered in the list provided in art. 33, 39 and art. 40. (2) The designation will be made either by the opening decision or after the submission or drawing up of the list of creditors, if the list is not available at the opening date. (3) During the first meeting of the meeting of creditors they will be able to elect a committee consisting of 3-7 creditors among those with guaranteed receivables and the chirographers, who volunteer; the committee thus appointed will replace the previously designated committee of the syndic judge. (4) If the necessary majority is not obtained, the syndic judge will be able to designate the committee according to the criteria provided in par. ((1) or may maintain the previously designated committee. (5) In the course of his activity the syndic judge will be able to request the assistance of the committee of creditors or a delegate thereof. + Article 18 (1) The creditors ' committee shall be among those entitled as, when the debtor has not declared his intention of reorganization under the conditions of art. 33, respectively art. 39, or it was not proposed by the debtor or a reorganization plan was not confirmed, to ask the syndic judge to raise the debtor the right of administration. (2) The creditors ' committee may be authorized by the syndic judge to introduce actions for the cancellation of transfers of a patrimonial nature-made by the debtor in the fraud of creditors-, when such shares have not been entered by administrator or liquidator. + Section 4 General meeting of members or associates/shareholders. Representative of members or associates/shareholders + Article 19 (1) During the period of the procedure provided by this law, the general meeting of the associates/shareholders shall be convened whenever deemed necessary and shall be chaired by the administrator or liquidator, if the law or the syndic judge does not otherwise. (2) The general meeting of the associates/shareholders shall be convened and at the request of the associates/shareholders representing at least 10% of the share capital or a smaller share, if in the articles of association it is so provided. (3) The provisions of par. ((1) and (2) shall apply accordingly to the general meeting of the members of the groups of economic interest and of the cooperative societies, respectively; in the case of these legal persons, the percentage provided in par. ((2) relate to the number of their members. (4) Members or, as the case may be, associates/shareholders will be notified, under the law, on a mandatory basis: a) the decision to open the procedure; b) the proposal for carrying out acts, operations and payments that exceed the usual conditions for exercising the current activity; c) the request for bankruptcy, as well as the decision of the debtor-syndic bankruptcy court; d) proposal for sale in block or sale of buildings; e) the final report and the general balance sheet drawn up by f) the decision to close the procedure. + Article 20 (1) During the meetings of the general meeting of the members or, as the case may be, of the associates/shareholders, they shall designate, at their expense, a representative, natural or legal person, to represent their interests and shall have the right to analyze the situation of the debtor, the reports prepared by the representative of the members or, as the case may be, of the associates/shareholders, the measures taken by the administrator or the liquidator and their effects and to propose, reasoned, and ((2) Unless the law requires a special majority, the meetings will take place in the presence of associates/shareholders representing at least half of the share capital, and decisions shall be adopted by simple majority, relative to the capital social represented. In all cases, however, decisions are adopted only with the vote of associates/shareholders representing at least one third of the share capital. (3) For groups of economic interest and cooperative societies, respectively, the percentages provided in par. ((2) relate to the number of their members. (4) The communication or notification of any procedural document to members or, as the case may be, associations/shareholders shall be made against the representative of the members or, as the case may be, of the associates/shareholders, chosen by him. (5) The representative of the members or, as the case may be, of the associates/shareholders is empowered to exercise any rights or duties that the individual debtor may exercise, except in cases where the law provides that they will be exercised by members or, where appropriate, associations/shareholders, individually or under other conditions. (6) In the cases provided in art. 19 19 para. ((4) lit. b), c), d) and e), the representative of the members or, as the case may be, of the associates/shareholders will be able to object under the conditions established by law, but will not participate in the exercise of the vote to approve those measures, if such a vote is provided by law. + Article 21 (1) The syndic judge shall designate a representative from the top 3 associations/shareholders of the largest shares/shares, by value. (2) The designation will be made either by the decision to open the procedure or subsequently. (3) During the first meeting of the general meeting of the associates/shareholders or subsequently, they will be able to choose, at their expense, a representative, natural or legal person; the representative thus appointed will replace the previously designated representative of the syndic judge. (4) In the course of his activity the syndic judge will be able to request the assistance of the representative of the associates/shareholders or a delegate thereof. (5) Provisions of para. ((1)-(4) shall apply, as appropriate, to the designation of the representative of the members of the economic interest group or, as the case may be, of the cooperative societies. + Article 22 The representative of the members or, as the case may be, of the associates/shareholders may perform a) the proposal to appoint an administrator; b) consultation with the administrator or liquidator on the conduct and administration of the procedure; c) examination of the acts committed by the debtor, administrator or liquidator, the activity and financial situation of the debtor, as well as the possibility of continuing its activity; d) the formulation and negotiation of a reorganization plan, as well as the information and advice of the members or, as the case may be, of the associates/shareholders regarding the content of any other proposed plan; e) performing any other activities necessary to protect the interests of members or, as the case may be, of associates/shareholders. + Section 5-a Administrator + Article 23 (1) At the first meeting of the meeting of creditors or subsequently, creditors holding at least 50% of the total value of the claims may decide to appoint an administrator-a natural person or a company-, also establishing their remuneration, in compliance with the criteria approved by Government decision. (2) Dissatisfied creditors may challenge the decision provided in par. (1), within 3 days from the pronouncement, to the syndic judge, who will resolve the emergency and suddenly all appeals through a conclusion by which he will designate the administrator proposed by the creditors or, as the case may be, maintain the designated administrator by the decision to open the procedure in the event that the administrator chosen by the creditors does not meet the legal conditions to be appointed or is in a case of incompatibility. (3) If within the time limit set in par. (2) the decision of the creditors ' meeting is not challenged, the syndic judge, by a conclusion, will designate the administrator proposed by the creditors, while having the termination of the duties of the administrator he appointed by the opening decision of procedure. (4) The administrator, natural person or company, including its representative, must have the status of a practitioner in reorganization and liquidation, under the law. (5) The natural person who cannot be a founder, administrator, director, censor or representative of a commercial company cannot be appointed administrator or liquidator, according to art. 6 6 para. ((2) and art. 138 138 of Law no. 31/1990 on companies, republished. (6) In situations provided for in art. 149 149 of Law no. 31/1990 , republished, the administrator/liquidator has an obligation to abstain. In the event of non-compliance, the person concerned may initiate the recusal procedure, in accordance with the provisions of the Civil Procedure Code, which shall apply accordingly (7) Before its appointment the administrator must provide proof that he is insured for professional liability, by underwriting a valid insurance policy covering any damage caused in the performance of his or her duties. The insured risk must represent the consequence of the administrator's activity during the exercise of its quality (8) It is forbidden to the administrator, under the sanction of revocation from office and to repair any damage caused, to reduce, directly or indirectly, the amount of the amount insured by the insurance contract. ---------------- Alin. ((2) art. 23 23 has been amended by section 4 4 of the single article of LAW no. 249 249 of 22 July 2005 , published in MONITORUL OFFICIAL no. 678 678 of 28 July 2005. + Article 24 The main tasks of the administrator, under this law, are: a) the examination of the debtor's activity in relation to the factual situation and the preparation of a detailed report on the causes and circumstances that led to the occurrence of the state of insolvency, with the mention of persons to whom it would be imputable, as well as on the actual possibility of effective reorganization of the debtor's activity or of the reasons that do not allow the reorganization and submission of that report to the syndic judge within a deadline set by him, but which will not be able to exceed 60 days after the appointment the administrator; b) preparation of the acts provided for in 33 33 para. (1), if the debtor has not fulfilled that obligation within the legal deadlines, as well as the verification, correction and completion of the information contained in the respective acts, when they were presented by the debtor; c) elaboration of the plan of reorganization of the debtor's activity, depending on the content of the report mentioned in lett. a) and under the conditions and deadlines provided in art. 91 91; d) supervision of the debtor's assets management operations; e) the full management, respectively, of the debtor's activity, with the express stipulation, in this case, of his duties and the conditions for making payments from the account of the debtor's estate; f) determining the dates of meeting of creditors; g) the introduction of actions for the cancellation of fraudulent acts concluded by the debtor at the expense of creditors ' rights, as well as transfers of patrimonial nature, commercial operations concluded by the debtor and the establishment of guarantees granted by him, liable to prejudice the rights of creditors; h) the application of seals, the inventory of goods and the taking of appropriate measures for their conservation; i) the emergency complaint of the syndic judge if it finds that there are no assets in the debtor's estate or that they are insufficient to cover the administrative expenses; j) maintaining or denouncing contracts concluded by the debtor; k) verification of claims and, where appropriate, the formulation of objections thereto; l) tracking the collection of claims relating to the assets of the debtor's property or to the amounts of money transferred by the debtor before the opening of the procedure; m) subject to confirmation by the syndic judge, the conclusion of transactions, the discharge of debts, the discharge of the fidejusors, the renunciation of real guarantees; n) referral of the syndic judge in relation to any problem that would require a resolution by him; o) any other attributions established by conclusion by the syndic judge, except those provided by law in its exclusive competence. + Article 25 (1) The administrator shall submit to the case file a monthly report, including the description of the manner in which he was acquitted of his duties, as well as the justification of the expenses incurred under the conditions of art 120 120 para. ((1) and art. 122. (2) The individual debtor, the representative of the members or associates/shareholders, any of the creditors, as well as any other person concerned may appeal against the measures taken by the administrator. (3) The appeal must be registered within 5 days from the submission of the report provided in par. ((1). (4) The syndic judge will settle the appeal, within 10 days from its registration, in the Board Chamber, with the citation of the objector and the administrator, being able, if he considers it necessary, to suspend the execution of the contested measure. + Article 26 (1) The syndic judge will sanction with a judicial fine from 5,000,000 lei to 10,000,000 lei the refusal, without thorough reasons, of the practitioner in reorganization and liquidation to accept the appointment as administrator. (2) In the exercise of the control attribution provided in art. 11 11 para. ((1) lit. c) the syndic judge can abolish the illegal measures taken by the administrator, even if they have not been challenged, being able, if they consider it necessary, to quote in the Board Room the administrator and the interested persons. (3) At any stage of the procedure, for thorough reasons, the syndic judge may order, by conclusion, the replacement of the administrator. (4) In order to adopt the measure referred to in paragraph (3), the syndic judge shall quote the administrator and the committee of creditors in the Board Chamber. (5) The syndic judge will sanction the administrator with a judicial fine from 5,000,000 lei to 20,000,000 lei if he, at fault or in bad faith, does not meet or delay his duties provided by law or established by the syndic judge. (6) If by the act provided in par. (5) the administrator has caused injury, the syndic judge will be able, at the request of any interested party, to compel the administrator to cover the damage caused. (7) In the case of fines and compensation provided in par. ((1), (5) and (6), the provisions of art. 108 108 ^ 4 and 108 ^ 5 of the Code of Civil Procedure. + Article 27 In order to fulfill his duties the administrator will be able to designate specialized persons. The appointment and level of retribution of these persons will be subject to the approval of the syndic judge + Section 6 Liquidator + Article 28 (1) If it orders the transition to bankruptcy, the syndic judge will designate a liquidator, applying, accordingly, art. 23, 25, 26, 27 and art. 101 101 para. ((5). (2) The administrator's duties shall cease at the time of determining the liquidator's duties by the syndic judge. (3) The liquidator and the previously designated administrator may be appointed. + Article 29 The main duties of the liquidator, under this law, are: a) the examination of the debtor's activity in relation to the factual situation and the preparation of a detailed report on the causes and circumstances that led to insolvency, with the mention of the persons to whom it would be imputable, and the submission of that report the syndic judge within a period set by him, but which shall not be able to exceed 60 days after the appointment of the liquidator, if a report with this object had not been previously drawn up by the administrator; b) directing the debtor's activity; c) the introduction of actions for the cancellation of fraudulent acts concluded by the debtor at the expense of creditors ' rights, as well as of transfers of a patrimonial nature, of commercial operations concluded by the debtor and of the establishment of guarantees granted by him, liable to prejudice the rights of creditors; d) application of seals, inventory of goods and taking appropriate measures for their conservation; e) maintaining or denouncing contracts concluded by the debtor; f) the verification of claims and, where appropriate, the formulation of objections thereto; g) tracking the collection of debts from the debtor's property, resulting from the transfer of goods or money made by him before the opening of the procedure; h) receipt of payments on account of the debtor and their record in the account of the debtor's estate; i) sale of goods from the debtor's property in accordance with the provisions of this law j) the conclusion of transactions, the discharge of debts, the discharge of fidejusors, the renunciation of real guarantees provided confirmation by the trade union judge; k) referral to the syndic judge with any problem that would require a resolution by him; l) any other duties established by conclusion by the syndic judge. + Article 30 (1) The acts concluded by the liquidator, for whose validity the authentic form is necessary, shall be subject to the authentication of the syndic judge. (2) The syndic judge will pronounce an authentication conclusion, on the basis of which the act will be able to be entered in the advertising registers. + Chapter III Procedure + Section 1 Introductory applications + Article 31 (1) The procedure will begin on the basis of a request made to the court by the debtor or by creditors. (2) The National Bank of Romania, the National Securities Commission and the Insurance Supervisory Commission will be able to apply against legal entities under their supervision and control, which, according to the data of which the respective authorities have, meet the criteria laid down by the special legal provisions for the start of the procedure provided for in § § 1. Debtor's request + Article 32 (1) The debtor in the state of insolvency is obliged to apply to the tribunal an application to be subject to the provisions of this law, within a maximum of 30 days from the occurrence of the state of insolvency. (2) He will be able to apply to the tribunal an application to be subject to the provisions of this law and the debtor where the appearance of the state of insolvency is imminent (3) The applications of legal entities will be signed by persons who, according to the constituent acts or statutes, have the quality to represent them. (4) The premature introduction and the bad faith by the debtor of an application for the opening of proceedings shall entail the patrimonial liability of the debtor natural person or legal representatives of the debtor legal entities, for damages pricinuit. + Article 33 (. The request of the debtor shall be accompanied by the following acts: a) the balance sheet and copies of the current books; b) a complete list of all the debtor's assets, including all accounts and banks through which the debtor runs his funds; for the encumbered goods the data from the advertising registers will be mentioned; c) a list of the names and addresses of the creditors, however their claims are: certain or under condition, liquid or illiquid, due or not present, uncontested or contested, showing the amount, the cause and the rights of preference; d) a list of payments and patrimonial transfers made by the debtor in the 120 days prior to the formulation of the application; e) the profit and loss account for the year before the application; f) a list of the members of the economic interest group or, as the case may be, of the associates with unlimited liability, for the companies in collective names and those in the order; g) a declaration by which the debtor shows his intention to enter bankruptcy or reorganization, according to a plan, by restructuring the activity or by liquidating, in whole or in part, the wealth, in order to extinguish his debts; if this declaration will not be submitted until the expiry of the deadline set out in paragraph (2), it is presumed that the debtor agrees with the start of bankruptcy; h) a declaration on his own responsibility or a certificate from the register of agricultural companies or, as the case may be, the office of the trade register in whose territorial area the professional domicile/registered office is located, showing whether he has been subjected before the procedure provided for by this Law within a period of 5 years before the application of the application. (2) If the debtor does not dispose at the time of registration of the request for any of the information provided in ((1) lit. a)-f) and h), he will be able to register that information in court, within 10 days; if he does not, his application will be rejected. + Article 34 (1) In the case of a request introduced by a company in the collective name or in the order, that request will not be considered as made by associations with unlimited liability or, under the conditions of art. 36-38 36-38, and against them. (2) A request made by an associate with unlimited liability or against him for his debts shall be without legal effect on the company in the collective name or in the order of which it belongs. (3) The provisions of par. (1) and (2) shall apply, accordingly, in respect of applications brought by economic interest groups or their members. + Article 35 Requests for reorganization of debtors will not be received by the court, which in the last 5 previous years have made such a request or have been the subject of such a request introduced by creditors. § § 2. Applications of creditors + Article 36 (1) Any creditor who has one or more certain, liquid and chargeable claims may bring to the court an application against a debtor who is presumed to be insolvent due to the termination of payments to him for at least 30 days, in a) if the claims arise from employment relationships or civil obligation relationships, they must have an amount higher than the sum of 6 average salaries on economy, established under the law and calculated at the date of application introductory; b) in the other cases the claims must have an amount higher than the equivalent in lei of the amount of 3,000 euros, calculated at the date of the application of the introductory application; c) in the case of a creditor holding claims from both categories mentioned in lett. a) and b), the total amount of receivables must be superior to the sum of 6 average salaries on economy, established under the law and calculated at the date of application of the introductory application. (2) If between the moment of the application by a creditor and that of the judgment of this request by the syndic judge are made requests by other creditors, the syndic judge will order their connection and establish the fulfilment the conditions provided in par. ((1) relating to the minimum amount of receivables in relation to the summed value of the claims of all creditors who have made applications. (3) If a procedure has been opened in a case, the other possible cases pending, with the same object, will be related to the first file. + Article 37 After the registration of an introductory request, the president of the tribunal will immediately nominate the syndic judge, according to art. 9. + Section 2 Opening of proceedings and effects of opening + Article 38 (1) If the debtor's request corresponds to the conditions set out in 32, 33 and 35, the syndic judge will pronounce an opening conclusion of the procedure, and if by the declaration provided in art. 33 33 para. ((1) lit. g) the debtor will show his intention to enter bankruptcy, the syndic judge will pronounce an opening conclusion of the bankruptcy procedure. The closures will be notified under the conditions of art. 75. If creditors oppose the opening of the proceedings within 15 days of the publication of the notice, the syndic judge will, within 10 days, hold a meeting to which the debtor and creditors who oppose the opening will be quoted. the procedure, as a result of which it will, at once, settle all the oppositions. (2) Within 48 hours from the registration of the creditors ' request, the syndic judge will communicate the request, in copy, to the debtor and will order the display of a copy at the court door. (3) If, within 5 days from the receipt of the copy, the debtor disputes that he would be in a state of insolvency, under the conditions established in art. 36, the syndic judge will hold, within 10 days, a meeting at which the debtor and creditors who entered the application will be quoted. (4) At the request of the debtor, the syndic judge may oblige the creditors who have entered the application to record, within 15 days, at a bank, a bail of no more than 10% of the value of the receivables. Bail will be returned to creditors if their application is upheld. If the application is rejected, bail can be used to cover the damage suffered by the debtor. If the bail is not recorded, the application will be rejected. (5) If the syndic judge determines that the debtor is in a state of insolvency, he will reject his appeal and open the procedure by a sentence. (6) If the syndic judge determines that the debtor is not insolvent, he rejects the creditors ' request and orders that the sentence be displayed at the court door. In the event of the rejection of the application, it shall be regarded as devoid of any effect from its registration itself. (7) If the debtor does not contest within the period provided in par. (3) that it would be in a state of insolvency, the syndic judge will give a sentence of opening the procedure. If the debtor does not contest the state of insolvency and requests the opening of the bankruptcy procedure, the syndic judge will pronounce a decision to open the bankruptcy procedure. ---------------- Alin. ((1) and (7) of art. 38 38 have been amended by section 5 5 of the single article of LAW no. 249 249 of 22 July 2005 , published in MONITORUL OFFICIAL no. 678 678 of 28 July 2005. + Article 39 Within 10 days of the opening of the procedure, according to art. 38 38 para. (5) or (7), the debtor is obliged to submit to the case file the documents and information provided in art. 33 33 para. ((1). + Article 40 If the debtor has not presented the information provided in art. 33 33 para. ((1) lit. b), c), d), e) and h) or improperly presented them, the administrator may, at the expense of the debtor's estate, hire, under the law, one or more expert experts who, using the balance sheet, the books and the accounting and extracontable documents of the debtor, prepare them or, as the case may be, correct them with a maximum urgency. + Article 41 By the decision to open the procedure the syndic judge will designate, under the conditions of art. 11 11 para. ((1) lit. c), an administrator, establishing his duties, according to art. 24, as well as remuneration, in accordance with the criteria approved by Government decision. If the syndic judge pronounces the opening of the bankruptcy procedure, he will appoint by the same conclusion a liquidator, establishing his remuneration in accordance with the criteria approved by Government decision. ---------------- Article 41 has been amended by section 6.6. 6 6 of the single article of LAW no. 249 249 of 22 July 2005 , published in MONITORUL OFFICIAL no. 678 678 of 28 July 2005. + Article 42 From the date of opening of the procedure all judicial or extrajudicial actions for the realization of claims on the debtor or his assets shall be suspended. + Article 43 (1) The titular creditor of a debt-guaranteed claim, pledge or other real security or retention of title, of any kind, may request the syndic judge to lift the suspension referred to in art. 42 42 with regard to its claim and immediate recovery, within the procedure, of the good on which it bears the guarantee or the right of retention, in one of the following situations: A. a) where the value of the object of the guarantee is fully covered by the total amount of claims and parts of claims secured by that item; and b) the object of the guarantee does not represent a vital importance for the success of a reorganization which, in the concrete case, would have an effective chance of B. where there is no adequate protection of the claim secured against the subject-matter of the guarantee, due to: -diminishing the value of the object of the guarantee or the existence of a real danger that it will suffer appreciable diminution -the reduction of the value of the guaranteed part of a lower-ranking debt, as a result of the accumulation of interest, increases and penalties of any kind in a higher-ranking secured claim; -lack of insurance of the object of the guarantee against the risk of destruction or damage. (2) In the cases provided in par. ((1) lit. B the syndic judge will be able to reject the request for lifting the suspension made by the creditor, if the administrator/debtor proposes instead the adoption of one or more measures aimed at providing adequate protection to the guaranteed claim of the creditor, such as: a) making periodic payments in favour of the creditor, in order to cover the reduction of the value of the guarantee or the value of the guaranteed part of a lower-ranking claim; b) making periodic payments in favour of the creditor, for the satisfaction of interest, increases and penalties of any kind and, respectively, for the reduction of the capital of the claim under the share of diminishing the value of the guarantee or value the guaranteed part of a lower-ranking claim; c) the novation of the guarantee obligation by setting up an additional guarantee, real or personal, or by substituting the object of the guarantee with another object. (3) The applicant in a request for lifting the suspension must provide proof of the fact provided in par. ((1) lit. A. a), remaining to the debtor/administrator or other party concerned the task of producing proof to the contrary and the other elements, respectively. + Article 44 The opening of the procedure suspends any limitation periods of actions provided for in 42. The terms will restart to run after 30 days from the closure of the procedure. + Article 45 No interest, increase or penalty of any kind or expense will be added to the claims born prior to the opening of the procedure and unsecured by mortgage, pledge or other real security or retention of title, of any kind, or the non-guaranteed parts of the claims secured by such guarantees, from the date of the opening of the procedure, unless, through the payment schedule of the claims contained in the reorganization plan, the above provisions are derogated from. + Article 46 (1) After the opening of the procedure was ordered according to art. 38, it is forbidden to the administrators of legal persons debtors, under penalty of nullity, to dispose, without the consent of the syndic judge, the shares or their social or interest parties, held at the debtor *) that is the subject of this procedure. (2) The syndic judge will order the preservation of shares or social parts or interest, according to par. (1), in special records or in electronically registered accounts. --------------- * *) RECTIFICATION no. 64 64 of 22 June 1995 , published in MONITORUL OFFICIAL no. 251 251 of 25 March 2005 provides: " --in art. 46 46 para. (1), instead of: "... held by the debtor ..." shall be read: "... held at the debtor ...". + Article 47 The debtor has the obligation to make available to the administrator or, as the case may be, the liquidator all the information required by him regarding his activity and wealth, as well as the list comprising the payments and patrimonial transfers made by him in the 120 days prior to opening the procedure. + Article 48 (1) After the irrevocable stay of the opening decision, all documents and correspondence issued by the debtor, administrator or liquidator shall include, on a mandatory basis and with visible characters, in Romanian, English and French, the words 'in insolvency'. (2) After entering into judicial reorganization or bankruptcy, the documents and correspondence will bear, under the conditions mentioned in par. ((1), the words "in judicial reorganization" or, as the case may be "in bankruptcy". (3) Prejudice suffered by good faith third parties, as a result of non-compliance with the obligation mentioned in par. ((1) and (2), will be repaired exclusively by persons who have concluded the acts as legal representatives of the debtor, without having reached the debtor's fortune. + Article 49 (1) In addition to the cases provided by this law or those authorized by the syndic judge, all acts, operations and payments made by the debtor after the opening of the procedure are void. (2) The debtor and/or, as the case may be, the administrator shall be obliged to draw up and keep regularly a list of all the acts and operations concluded after the opening of the procedure, specifying their nature and value and the data of identification of the co-contractors. + Article 50 (1) The opening of the procedure raises the debtor the right of administration-consisting in the right to conduct his activity, to manage his assets and to dispose of them-, if he has not declared himself, under the conditions of art. 33 33 para. ((1) lit. g) or, as the case may be, art. 39, the intention of reorganization. (2) Except as expressly provided by law, the provisions of par. (1) are also applicable to the goods which the debtor would acquire after the opening of the proceedings (3) The syndic judge will be able to order the removal, in whole or in part, of the debtor's right of administration with the appointment of an administrator, while indicating the conditions for its exercise. (4) The right of administration of the debtor shall cease by right on the date on which the commencement of bankruptcy is ordered. (5) Creditors, the creditors 'committee or the members' representative or, as the case may be, of the associates/shareholders may at any time the address of the syndic judge a request to raise the debtor right of administration, having as justification the continuous losses from the debtor's estate or the lack of probability of realization of a rational plan of activity. (6) The syndic judge shall examine within 15 days the application referred to in par. (5), in a meeting to which the debtor, creditors, administrator, creditors ' committee and the representative of the members or, as the case may be, of the associates/shareholders will be quoted. + Article 51 (1) The syndic judge shall give provisions to all banks to which the debtor has available in the accounts not to dispose of them without an order of his or the administrator/liquidator. (2) Violation of the provisions of the syndic judge, referred to in par. (1), attracts the liability of banks for the damage created, as well as a judicial fine from 4,000,000 lei to 10,000,000 lei. + Article 52 (1) During the period during which the debtor or/and the administrator exercises the right of administration, he/she can perform any acts and operations-including the use, sale and rental of goods-and may make payments, if all this falls under the usual conditions for exercising the current activity. ((2) Acts, operations and payments exceeding the conditions referred to in par. (1) may be authorized by the trade union judge; it shall convene a meeting within a maximum of 20 days from the date of receipt of the request, notifying the creditors of the possibility to file reasoned appeals at least 5 days before date of convocation (3) During the meeting provided in par. (2), the syndic judge will settle all appeals and will decide, by conclusion, on the request made by the debtor/administrator. (4) In the case of proposals for the alienation of goods from the debtor's wealth encumbered by guarantees, the provisions of art. 43 43 relating to the granting of protection corresponding to the guaranteed claim. + Article 53 If at the time of opening the procedure a legal act had not become opposable to third parties, the entries, transcripts, intabulations and any other specific formalities necessary for this purpose, carried out after the opening date of the procedure, are without effect creditors, unless the application or referral, legally worded, has been received by the court, the competent authority or institution at the latest on the day before the opening decision. + Article 54 The opening of insolvency proceedings does not affect the right of a creditor to invoke the compensation of his claim with that of the debtor on him, when the conditions laid down by law in the matter of legal compensation are met on the opening date procedure. + Article 55 The goods disposed of by the administrator or liquidator, in the exercise of his duties provided for by this law, are acquired free of any tasks, such as mortgages, real securities or retention rights, of any kind, or measures Insurers. + Article 56 (1) The administrator shall draw up and submit to the syndic judge, within the time limit set by the syndic judge, but which shall not be able to exceed 60 days after the appointment of the administrator, a detailed report on the causes and circumstances that led to the occurrence of the debtor's insolvency, with the mention of persons to whom it would be imputable (2) The report will indicate whether there is a real possibility of effective reorganization of the debtor's activity or, as the case may be, the reasons that do not allow the reorganization and, in this case, the proposal for bankruptcy. (3) The report proposing the bankruptcy of the debtor will be subject to the approval of the general meeting of creditors at its first meeting. (4) The syndic judge will order, within 48 hours from the receipt of the report provided in par. (3), the publication of an announcement regarding the report in the Official Gazette of Romania, Part IV, and in two newspapers with wide dissemination, with the indication of the date of the meeting of the creditors ' meeting and the fact that the voting by letter is admissible, with the legalization the creditor's signature by the notary public, communicated by any means and registered with the court at least 3 days before the date fixed for the expression of the vote. (5) The administrator will ensure the possibility of consulting the report at its premises, at the applicant's A copy of the report will be submitted to the court Registry and the trade register or, as the case may be, to the register of agricultural companies and will be communicated to the debtor. + Article 57 (1) During the first meeting of the creditors ' meeting, the administrator shall inform the creditors present about the valid votes received in writing on the report proposing the bankruptcy of the debtor. (2) The creditors ' meeting shall approve the report referred to in ((1) by vote of the holders of at least two thirds of the receivables present in the vote. ((3) Based on the decision of the meeting of creditors approving the report provided in par. (1), the syndic judge will decide, by conclusion, the bankruptcy of the debtor under the conditions of art. 106. (4) The provisions of par. ((1)-(3) shall not apply if, until the date of the first meeting of the meeting of creditors, a reorganization plan has been accepted by the syndic judge. + Section 3 Situation of legal acts of the debtor + Article 58 The actions introduced by the administrator in application of the provisions of this Section shall be exempt from stamp duty All actions and applications brought by the judicial liquidator are exempt from the stamp duty payment. + Article 59 The measures provided for in this Section shall apply both in cases of reorganisation or winding-up under a plan and in bankruptcy. + Article 60 The administrator or, as the case may be, the liquidator may introduce to the syndic judge actions for the cancellation of fraudulent acts concluded by the debtor at the expense of creditors ' rights, in the 3 years prior to the opening + Article 61 (1) The administrator or, as the case may be, the liquidator may introduce to the syndic judge actions for the cancellation of the constitutions or transfers of patrimonial rights to third parties and for their restitution of the transmitted goods and of the value other benefits executed, made by the debtor by the following acts: a) free transfer documents, carried out in the 3 years prior to the opening of the procedure; sponsorships for humanitarian purposes are exempted; b) commercial operations in which the debtor's performance exceeds the one received, carried out in the 3 years prior to the opening of the procedure; c) completed acts, in the 3 years preceding the opening of the procedure, with the intention of all parties involved in them to evade goods from the pursuit by creditors or to deny them in any other way the rights; d) acts of transfer of ownership to a creditor for extinguishing a previous debt or for its benefit, carried out in the 120 days prior to the opening of the procedure, if the amount that the creditor could obtain in case of bankruptcy of the debtor is less than the value of the transfer act; e) the establishment or completion of a real guarantee for a claim that was chirographic, in the 120 days prior to the opening of the procedure; f) early payments of debts, made in the 120 days preceding the opening of the procedure, if their maturity had been set for a date after the opening of the procedure ((2) The following operations, concluded in the year before the opening of the procedure, with persons in legal relations with the debtor, will also be able to be cancelled and the benefits recovered, if they are in the damage of creditors: a) with an associate or an associate holding at least 20% of the capital of the company or, as the case may be, the voting rights in the general meeting of the associates, when the debtor is the respective company in the order, respectively agricultural society, collectively or with limited liability; b) with a member or administrator, when the debtor is a group of economic interest; c) with a shareholder holding at least 20% of the debtor's shares or, as the case may be, the voting rights in the general meeting of the shareholders, when the debtor is the respective joint-stock company; d) with an administrator, director or member of the supervisory bodies of the debtor, cooperative society, joint stock company, limited liability or, as the case may be, agricultural company; e) with any other natural or legal person, holding a dominant position on the debtor or his/her activity; f) with a coindiviary on a common good. + Article 62 (1) The action to cancel a patrimonial transfer, according to art. 60 or 61, may be introduced by the administrator/liquidator within one year from the expiry date of the deadline set for the preparation of the report provided for in art. 24 lit. a), but not later than 18 months after the opening date of the procedure. (2) The syndic judge may authorise the committee of creditors to introduce such an action, if the administrator/liquidator does not. + Article 63 By exception to the provisions of art. 61, it will not be possible to request the cancellation of a transfer of patrimonial character, made by the debtor during the normal conduct of his activity. + Article 64 (1) The land acquirer in a patrimonial transfer, cancelled according to art. 62, will have to refund the property of the debtor the transferred good or, if the good no longer exists, its value from the date of the transfer made by the debtor. (2) The acquirer land, which returned to the debtor's estate the good or value of the good that had been transferred to him by the debtor, will have against the estate a claim of the same value, provided that the third party accepted the transfer in good faith and without the intention to prevent them, delay or deceive the debtor's creditors. (3) The acquirer land free of charge of good faith will return the goods in the state in which they are found, and in the absence thereof, will return the difference of value with which it was enriched. In case of bad faith, the third party will, in all cases, return the entire value, as well as the fruits perceived. + Article 65 (1) The administrator, the liquidator or the creditors ' committee will be able to take action to recover from the subacquirer the good times the value of the good transferred by the debtor only if the undertaker has not paid the corresponding value of the good and knew or had to know that the initial transfer was likely to be cancelled. ((2) If the subacquirer is a spouse, relative or afin up to the fourth degree including the debtor, it is relatively presumed that he has known the circumstance referred to in par. ((1). + Article 66 (1) The application for the cancellation of a transfer of a patrimonial nature will be noted, ex officio, in the related advertising registers. ((2) A person obtaining a title or acquiring a guarantee or other real right on that property, after making such a notaries, shall have the title or his right or conditional right to be recovered the property. + Article 67 (1) In order to increase the debtor's wealth to the maximum, the administrator/liquidator may maintain or denounce any contract, non-expired rentals or other long-term contracts, as long as these contracts will not have been fully or substantially executed by all parties concerned. The administrator/liquidator must respond, within 30 days, to a notice of the contractor, asking him to opt for the maintenance or termination of the contract; in the absence of such an answer, the administrator/liquidator will not he could still ask for the execution of the contract, which was counted (2) In case of denunciation of a contract, an action for compensation may be brought by the contractor against the debtor. (3) The administrator/liquidator will be able to maintain the credit agreements and will be able, with the agreement of the co-contractors, to modify their clauses, so that they ensure the equivalence of the future benefits of the debtor. The changes will be subject to the approval of the syndic judge, who will consider whether they are both for the benefit of the debtor's estate and in that of creditors ' wealth. (4) If the seller of an immovable property has retained the title until the full payment of the sale price, the sale will be considered executed by the seller and will not be subject to the provisions of par. ((1). (5) A contract of employment or rental, as a lessee, can be denounced only in compliance with the legal notice periods. (6) In a contract providing periodic payments from the debtor, the maintenance of the contract will not oblige the administrator/liquidator to make outstanding payments for the periods prior to the opening of the procedure. Requests against the debtor may be made for such payments. + Article 68 If a movable property, sold to the debtor and not paid by it, was in transit at the time of the opening of the procedure and the good is not yet available to the debtor and no other parties have acquired rights on him, then the seller can take back his good. In this case all expenses will be borne by the seller and he will have to refund the debtor any advance in the price. If the seller admits that the good will be delivered, he will be able to recover the price by enrolling his claim in the debt table. If the administrator/liquidator requires the good to be delivered, he will have to take measures to pay from the debtor's wealth the entire price due under the contract. + Article 69 If the debtor is part of a contract providing for the transfer of certain goods, representative securities of goods or financial assets, listed on a regulated commodity, services and derivatives market, on a given date or within a specified period of time, and the maturity falls or the period ends after the opening date, the difference between the purchase price and the quoted price, on the date mentioned above, on that regulated market or on the spot markets delivery times, if the place cannot be established, at the nearest regulated market, will must be paid to the debtor's estate, if it is creditor, and will be entered in the debt table, if it is an obligation of the debtor's estate. + Article 70 If a commission, which holds securities for goods to be received or for the goods, becomes the subject of an introductory application, the principal will be entitled to take back its titles or merchandise or ask for their value to be paid by to the errand. + Article 71 (1) If a debtor holds the goods as a consignor or any other property belonging to another, at the date of registration of the introductory application, the expiry of the period for challenging the creditor's request by the debtor or the rejection of the appeal the debtor against this request, the owner will have the right to recover his good, if such a contract is allowed, unless the debtor has a valid right of guarantee on the good. (2) If on one of the data referred to in par. (1) the goods are not in the debtor's possession and he cannot recover it from the current holder, the owner will be entitled to have the claim registered in the debt table, with the value that the goods had on that date. If the debtor is in possession of the goods at that time, but subsequently lost possession, the owner may require that the entire value of the goods be entered in the debt table. + Article 72 The fact that an owner of a rented building is debtor in this procedure will not abolish the lease, unless it has been stipulated in this way. However, the administrator/liquidator may refuse to provide the provision of any services owed by the landlord to the tenant during the rental. In this case the tenant can evacuate the building and introduce an action or still hold the property, falling from the rent that the cost of the services owed by the owner pays. If the tenant chooses to continue to own the property, he will not be entitled to any action in compensation against the debtor, but will only have the right to decrease the rent he pays the cost of the services owed by the owner. + Article 73 The administrator/liquidator may denounce a contract by which the debtor has obliged to carry out certain specialized or strictly personal services, unless the creditor accepts the performance by a person designated by the administrator/liquidator. + Article 74 (1) If an associate in an agricultural company, a company in the collective name, a company in the order or with limited liability or the shareholder of a stock company is a debtor in a procedure provided for by this law and if the debtor's involvement in such a procedure does not entail the dissolution of that company, the administrator/liquidator may ask for the liquidation of the debtor's rights in that company, according to the last approved financial situation, or may propose that the debtor be kept as Associate, if the other associates agree. (2) Provisions of para. ((1) shall apply, as appropriate, to members of cooperative societies and groups of economic interest. + Section 4 First measures + Article 75 (1) Following the opening of the procedure, the administrator will send a notification to all creditors mentioned in the list submitted by the debtor in accordance with art. 33 33 or art. 39 or, as appropriate, drawn up under the conditions of art. 40, to the debtor and the office of the trade register or, as the case may be, to the register of agricultural companies where the debtor is registered, to make the mention. (2) If creditors with their domicile abroad have representatives in the country, the notification will be sent to the latter. (3) The notification provided in par. (1) shall also be published, at the expense of the debtor's estate, in a newspaper of wide circulation. + Article 76 ((1) The notification shall include: a) the deadline for submission, by creditors, of the oppositions to the opening decision of the procedure, delivered as a result of the request made by the debtor, under the conditions of art. 38 38 para. ((1), as well as the term of settlement of the oppositions, which shall not exceed 10 days from the date of expiry of the deadline for their submission; b) the deadline for the registration of the application for admission of claims on the debtor's estate, which will be a maximum of 60 days from the opening of the procedure, as well as the requirements for a registered claim to be considered valid; c) the term of verification of claims, preparation, display and communication of the preliminary table of receivables, which will not exceed 30 days from the expiry of the term provided in lett. b); d) the deadline for finalizing the table of receivables, which will not exceed 30 days from the expiry of the term provided in lett. c); e) the place, date and time of the first meeting of the creditors (2) The meeting meeting of the meeting of creditors shall be convened at a deadline within the first 10 days from the expiry of the term provided in par. ((1) lit. d). (3) Depending on the circumstances of the case and for thorough reasons, the syndic judge will be able to decide an increase of the deadlines provided in par. ((1) lit. b), c) and d) not more than 30, 15 and 15 days respectively. + Article 77 If the debtor has goods subject to transcription, inscription or registration in the advertising registers, it will be sent to the courts, authorities or institutions holding these registers a copy of the opening decision of the procedure, to the make mention. + Article 78 ((1) With the exception of employees whose claims will be registered by the administrator according to the accounting records, all other creditors, whose claims are prior to the opening date of the procedure, will submit the application for admission of claims in the deadline set out in the opening decision; the statements of claims will be recorded in a register which will be kept at the Registry of the Tribunal. (2) Provisions of para. ((1) shall apply, accordingly, to holders of bearer shares. (3) The application for admission of claims must be made even if they are not established by a title. (4) The outstanding claims or under condition at the time of the opening of the proceedings will be provisionally admitted to the credit table and will be entitled to participate in distributions of amounts to the extent permitted by this law. ((5) They are considered under the condition and those claims which can be capitalized against the debtor only after the execution of a principal co-debtor. + Article 79 (1) The application shall include: the name/name of the creditor, the domicile/headquarters, the amount due, the basis of the claim, as well as mentions of any rights of preference or guarantees. (2) The supporting documents of the claim and the instruments of incorporation of guarantees will be attached to the application. (3) The owners of securities to the order or bearer may request the administrator to return the original titles and keep some copies certified by him on file. The administrator will mention the original about their presentation. The originals will be presented again to any distribution of amounts between creditors, as well as to the exercise of the vote in the meeting of creditors. + Article 80 (1) All claims will be subject to the verification procedure provided for by this Law, except for receivables found by enforceable securities. (2) The budgetary claims resulting from an undisputed enforceable title within the time limits provided by special laws shall not be subject to this procedure (3) By budgetary claims, for the purposes of this law, it is understood the claims arising from taxes, taxes, contributions, fines and other budgetary revenues, as well as their accessories, namely interest, penalties and late penalties. (4) All claims submitted for admission and registered at the court Registry will be presumed valid and correct if not challenged by the debtor, administrator or creditors. + Article 81 (1) The administrator shall immediately proceed to the verification of each application and the submitted documents and will be able to carry out a thorough research to establish the legitimacy, the exact value and the priority of each claim. (2) In order to fulfill the attribution provided in par. (1), the administrator will be able to request explanations from the debtor, he will be able to hold discussions with each creditor, asking him, if he considers it necessary, additional information and documents. + Article 82 The unsecured claims and the unsecured parts of the secured claims, which are not due on the date of registration of the application for admission, will be entered in the debt table with their entire value, but in the course of bankruptcy, any distribution of the amount for such claims will be made with the observation of the provisions of art. 124. + Article 83 (1) The claims consisting of obligations, which were not calculated in monetary value or whose value is subject to change, will be calculated by the administrator and entered in the table of receivables with the nominal value they had on the date opening procedure. The syndic judge will decide on any challenge against the calculation made by the administrator for such claims. (2) The receivables expressed in foreign currency will be recorded at their value in lei, at the rate of the National Bank of Romania existing at the opening date. + Article 84 A claim of a creditor with several joint debtors will be entered in all the debt tables of the debtors with the face value, until it is completely covered. No reduction in the amount of the claim set out in the debt table will be made in any of the debtors ' debt tables, until the creditor has been fully satisfied, in cash or in goods. If the total amounts distributed to the creditor, in all shares with debtors, exceed the total amount due to him, he will have to refund the amounts received in addition, which will be reentered as funds in the debtors ' wealth, proportional to the amounts each of the debtors paid over what was due. + Article 85 (1) A creditor who, prior to the registration of an application for admission, has received a partial payment for his claim from a co-debtor or from a debtor's fidejusor may have the claim entered in the debt table only for the part he has not received. Still got it. (2) A co-debtor or a fidejusor, which is entitled to restitution or compensation from the debtor for the amount paid, will be listed in the table of claims with the amount he paid to the creditor. In this case, the common creditor has the right to ask to be paid, until the full payment of his claim, the quota due to the co-debtor or fidejusor, remaining his creditor only for the unpaid amount. (3) The debtor or the debtor's fidejusorul, which in order to ensure its regression has on its goods a guarantee right, compete at the credit table, in order to make it possible to achieve its guarantee, but the price obtained from the sale of the goods encumbered will be attributed to the creditor, falling from the amount that is due. + Article 86 (1) As a result of the checks made, the administrator shall draw up and register at the court a preliminary table containing all claims against the debtor's estate, stating that they are: chirography, guaranteed, with priorities, under condition or non-cadences and showing for each name/name of the creditor, the amount for which the verification was requested and the amount with which it was passed in the table. (2) At the claims guaranteed with a right of preference shall be shown the title from which the preference arises, its rank and the reasons for which the claims or rights of preference were partially passed in the painting or were removed. (3) The preliminary table will also be displayed by the Registry at the door of the court, drawing up in this regard a record of display, and will be communicated to the debtor. (4) With the display of the table, the administrator will immediately send notifications to creditors, whose claims or preference rights have been partially passed in the preliminary or removed table, while also stating the reasons. + Article 87 (1) The debtor, creditors and any other interested party will be able to appeal against claims and rights of preference passed by the administrator in the preliminary table of receivables. ((2) Appeals must be filed in court at least 10 days before the date set, by the opening sentence of the procedure, for the completion of the debt table. (3) At the time limit set by the opening sentence of the procedure for the finalization of the debt table, the syndic judge will settle at once, by a single sentence, all appeals, even if for the resolution of some it would be necessary administration of evidence; in the latter case, the syndic judge may, in whole or in part, admit the receivables, provisionally, at the credit table, both in terms of deliberations and repartitions. (4) If the claim is admitted without the right preference, it will participate in the distribution of the amounts obtained from the valorisation of the unencumbered goods of guarantees. (5) Of the amounts that would be obtained from the valorization of the goods subject to the right of preference challenged will be recorded the part that would be due to that claim. + Article 88 (1) After all appeals to claims have been resolved, the administrator shall immediately register with the court and take care to display at its headquarters the definitive table of all claims against the debtor's estate, showing the amount, the priority and the situation-guaranteed or unsecured-of each claim. (2) After the registration of the definitive table, only the holders of the receivables registered in the definitive table may participate in the vote on the reorganization plan, the meetings of the creditors and any repartitions of amounts in case of bankruptcy. + Article 89 (1) After the expiry of the deadline for filing appeals, provided for in art. 87 87 para. ((2), and until the closure of the proceedings, any interested party may appeal against the passage of a claim or a right of preference in the definitive picture of the claims, in case of discovery of the existence of a false, dol or essential errors which determined the admission of the claim or the right of preference, as well as in the case of discovery of decisive and until then unknown titles. (2) The judgment of the appeal will be made by the syndic judge, after summoning the objector and the other interested parties. (3) Until the irrevocable judgment of the appeal, the syndic judge will be able to declare the claim or the right of preference challenged as admitted only provisionally. + Article 90 ((1) Unless the notification of the opening of the procedure was made in violation of the provisions of art. 7, the holder of claims prior to the opening of the procedure, which does not submit the application for admission of claims until the expiry of the term provided 76 76 para. ((1) lit. b), as far as those claims are concerned, of the following rights: 1. the right to participate and to vote in the meeting of creditors; 2. the right to participate in the distributions of amounts under reorganization and bankruptcy; 3. the right to realize its claims against the debtor or members or members or associates with unlimited liability of the debtor legal person, after the closure of the procedure, subject to the debtor not being convicted of the simple bank or fraudulent or not to have been established liability for making payments or fraudulent transfers. (2) The decoration may be invoked at any time, by any interested party, by way of action or exception. + Section 5-a Plan + Article 91 (1) The following categories of persons will be able to propose a reorganization plan under the following conditions: a) the debtor, with the wording of his application or subsequently, until the final table of the receivables is displayed, if he has presented his intention to reorganize under the conditions provided in art. 33, respectively art. 39 39; b) the administrator, from the date of its designation and until the end of a period of 30 days from the date of display of the definitive table of receivables; c) the committee of creditors, the representative of the members or, as the case may be, of the associates/shareholders, within 30 days from the date of the display of the definitive table of (2) At the request of any interested party, the syndic judge may shorten, for thorough reasons, the periods provided in par. ((1). (3) The plan will provide for the reorganization and continuation of the debtor's activity, or the liquidation of some assets from its wealth. (4) They will not be able to propose a plan to reorganize the debtor who, in a period of 5 years prior to the formulation of the introductory requests, was also the subject of the procedure established under this law and neither the debtor who was definitively convicted for: fraudulent banknote, fraudulent management, abuse of trust, deception, embezzlement, false testimony, crimes of forgery or crimes provided for in Competition law no. 21/1996 , with subsequent amendments and completions. (5) Failure to comply with the deadlines provided in par. (1) leads to the decline of the respective parties from the right to submit a reorganization plan and, as a result, to the passage, from the disposition of the syndic judge, to bankruptcy. + Article 92 (1) The reorganization plan will indicate the prospects for recovery in relation to the possibilities and specifics of the debtor's activity, with the financial means available and with the market demand compared to the debtor's offer and will include measures the interests of creditors and members or associates/shareholders, as well as with public order, including the manner of selection, designation and replacement of directors and directors. (2) The reorganization plan will indicate the modality and deadlines at which the total or partial liquidation of the liability is made for each creditor enrolled in the final debt picture. (3) The execution of the reorganization plan will not be able to exceed 2 years, counted from the date of confirmation. (4) The reorganization plan will mention: a) the categories of claims that are not disadvantaged; b) treatment of categories of disadvantaged claims; c) if and to what extent the debtor, members of the economic interest group, associations from companies in collective names and associations ordered from the companies in the order will be discharged from liability; d) what compensation is to be offered to the holders of all categories of claims, compared to the estimated value that could be received by distribution in case of bankruptcy; the estimated value will be calculated at the date of the plan proposal. (5) The plan will specify appropriate measures for its implementation, such as: A. the preservation, in whole or in part, by the debtor, of the management of his activity, including the right of disposition on the goods of his fortune, with the supervision of his activity by an administrator designated under the law; B. obtaining financial resources to support the implementation of the plan and their sources of origin; C. the transmission of all or some of the goods of the debtor's estate to one or more natural or legal persons, previously constituted or after the confirmation of the plan; D. merger of the debtor, under the law; E. the liquidation of all or some of the goods of the debtor's estate, separately or in block, free of any tasks, or their distribution to the debtor's creditors, in the account of the receivables they have against the debtor's wealth; F. modification or extinguishing of real guarantees, with mandatory granting, for the benefit of the guaranteed creditor, of an equivalent guarantee or protection, under the conditions provided by art. 43 43 para. ((2) lit. c); G. the extension of the due date, as well as the modification of the interest rate, penalty or any other clause in the contract or other sources of its obligations; H. modification of the constitutive act of the debtor, under the law; I. issuance of securities by the debtor or any of the persons referred to in lett. C and D under the conditions laid down by Law no. 31/1990 on companies, republished, and Law no. 297/2004 on the capital market. For the registration of a securities issue, the express, written consent of the creditor who is to receive the securities issued, an agreement that will be given before the admission of the plan by the syndic judge, is required in writing. compliance with art. 97 97 para. ((3). J. insertion in the constitutive act of the debtor-the legal person-or of the persons mentioned in lett. C. and D. of some provisions; a) prohibitions the issuance of shares without the right to vote; b) determination, in the case of different categories of ordinary shares, of an appropriate distribution of voting between these categories; and c) in the case of categories of preferential shares with priority dividend against other categories of shares, the satisfactory regulation of the appointment of administrators representing the respective categories of shares in the event of non-payment of the payment obligation of dividends. ((6) Abrogat. (7) For the non-payment of budgetary obligations due both before and after the opening of the judicial reorganization procedure, the debtor owes late increases and late penalties according to the special law in the matter, until the date their payment or, as the case may be, until the date of entry into bankruptcy. ------------------ Letters D, H and I of para. ((5) art. 92 92 have been amended by section 7 7 of the single article of LAW no. 249 249 of 22 July 2005 , published in MONITORUL OFFICIAL no. 678 678 of 28 July 2005. Alin. ((6) art. 92 92 has been repealed by section 6.6. 8 8 of the single article of LAW no. 249 249 of 22 July 2005 , published in MONITORUL OFFICIAL no. 678 678 of 28 July 2005. + Article 93 ((1) Abrogat. ((2) The plan will establish the same treatment for each claim in a separate category, unless the holder of a claim in that category consents to less favourable treatment for his claim. ------------------ Alin. ((1) art. 93 93 has been repealed by section 6.6. 9 9 of the single article of LAW no. 249 249 of 22 July 2005 , published in MONITORUL OFFICIAL no. 678 678 of 28 July 2005. + Article 94 (1) Compliance with art. 92, the reorganization plan will be able to: a) disadvantage any category of chirographic or guaranteed receivables; b) maintain or denounce, under the conditions of art. 67-74, any contract to which the debtor is a party; c) provide for the realization of a transaction with regard to the debtor's claims against third parties; d) provide for the total or partial sale of the goods from the debtor's estate and the distribution of the amounts of money obtained e) amend the rights of holders of guaranteed or chirographic claims or leave unchanged the rights attached to any category of claims. (2) If the debtor is a natural person, the proposed plan may not provide for the use, in any form, or the alienation of its assets, exempted, in whole or in part, from forced execution, except under the conditions of legal provisions. + Article 95 (1) It is presumed that a category of claims is disadvantaged by the plan if, for any of the claims of that category, the plan provides for a modification of either the claim or the conditions for its achievement. (2) It is not considered a modification of the claim or the conditions for its realization in which the proposed plan provides for the return to the conditions of realization of the previous claim of the events that led to the modification of the conditions such as the non-payment of one or more due rates of a loan, at the time limits and under the conditions stipulated in the contract, which leads to the acceleration of the payment of the entire remainder of the loan. + Article 96 Repealed. ------------------ Article 96 has been repealed by point (a). 10 10 of the single article of LAW no. 249 249 of 22 July 2005 , published in MONITORUL OFFICIAL no. 678 678 of 28 July 2005. + Article 97 (1) How many a copy of the proposed plan will be submitted to the court Registry and to the trade register or, as the case may be, to the register of agricultural companies and will be communicated to the debtor, administrator, committee of creditors and representative of the members or, as the case may be, of associates/shareholders. (2) The syndic judge will convene a meeting, within 20 days from the registration of the plan to the court, to which those who proposed the plan and the persons mentioned in par. ((1) and in which the plan will be admitted or rejected by the syndic judge, after hearing the persons cited. (3) The syndic judge will be able to accept a plan proposed by the legally entitled parties, which contains all the information and denotes objective chances of achievement. The syndic judge can ask the opinion of a practitioner expert in reorganization and authorized liquidation, confirming the possibility of carrying out the plan, before his admission. The payment of the expert will be borne from the debtor's estate. (4) If several plans have been proposed and admitted at relatively short intervals of time, the syndic judge will seek to put them together to vote in the assembly of creditors. + Article 98 (1) After the admission of the plan, the syndic judge will order the convocation of the meeting of creditors within a period of between 30 and 45 days, but not earlier than the display of the definitive table of claims. The debtor and administrator will be summoned. (2) The syndic judge will order, within 48 hours of admission, the publication of an announcement regarding the proposal of the plan in the Official Gazette of Romania, Part IV, and in two newspapers with wide spread, with the indication of the one who proposed it, the date when it will be voted on the plan and the fact that the voting is admissible by letter, with the legalization of the creditor's signature by the notary public, communicated by any means and registered with the court at least 5 days before the date fixed for the expression of the vote as well as the date of confirmation of the plan, which will take place in maximum 15 days from the date of the vote on the plan. (3) Shareholders and creditors with bearer securities will have to submit the originals to the administrator at least 5 days before the date fixed for the expression of the vote, under penalty of forfeiture of the right to vote. (4) From the moment of publication, all interested parties will be considered to be aware of the plan and the date of expression of the vote. In all cases, the debtor will ensure the possibility of consulting the plan at its premises, at the applicant's expense + Article 99 (1) At the beginning of the voting session the judicial administrator shall inform the creditors about valid votes cast in writing. (2) The following categories of creditors shall vote separately: a) secured debt creditors; b) budgetary creditors; c) chirographic creditors. A plan will be considered accepted by a category of creditors if the holders of the majority of the claims in that category vote in favour of the plan. ((2 ^ 1) Creditors who, directly or indirectly, control, are controlled or are under joint control with the debtor, within the meaning of the capital market legislation, may attend the meeting, but may vote on the plan only if it grants them less than they would receive in the case of bankruptcy. (3) They will not be included in the quorum and will not participate in the voting on the reorganization plan, proposed by the debtor the individual, the claims whose holder is husband, relative or afin, up to the fourth degree inclusive, with the debtor. (. Each claim shall benefit from a right to vote, which its holder shall exercise in the category of claims to which that claim belongs. ((5) Abrogat. (6) The claims of the following categories of persons will be distinct categories of claims and will participate in the vote, if their holders are entitled to vote according to par. ((2): a) the holders of each category of subordinated claims, in accordance with the provisions of art. 122 122 section 9 9; b) members, associations and shareholders, for residual rights deriving from their quality. (7) A plan shall be deemed accepted by a category of claims if the plan is accepted under the following cumulative conditions: a) by a majority of two thirds of the value of the claims in that category; b) by at least half of the number of claims in that category. ((8) Abrogat. ((9) If the plan provides that, for claims in a given category, nothing will be received, they are deemed to have rejected the plan and it is not necessary to vote on the plan by the claims of that category. ---------------- Alin. ((1) and (2) of art. 99 99 have been amended by section 11 11 of the single article of LAW no. 249 249 of 22 July 2005 , published in MONITORUL OFFICIAL no. 678 678 of 28 July 2005. Alin. ((2 ^ 1) of art. 99 99 has been introduced by section 12 12 of the single article of LAW no. 249 249 of 22 July 2005 , published in MONITORUL OFFICIAL no. 678 678 of 28 July 2005. Alin. ((5) and (8) of art. 99 99 have been repealed by point 13 13 of the single article of LAW no. 249 249 of 22 July 2005 , published in MONITORUL OFFICIAL no. 678 678 of 28 July 2005. + Article 100 On the date fixed, a plan will be confirmed by the syndic judge, if the following conditions are met: A. at least two of the categories of claims referred to in art. 99 99 para. (2) accept the plan; B. if there are only two categories of creditors, the plan is accepted by creditors holding two thirds of the value of the credit mass; C. if there is only one category of creditors, the plan is accepted by creditors holding 75% of the value of the credit mass. ---------------- Article 100 has been amended by section 14 14 of the single article of LAW no. 249 249 of 22 July 2005 , published in MONITORUL OFFICIAL no. 678 678 of 28 July 2005. + Article 101 (. When the decision confirming a plan takes effect, the debtor's activity shall be reorganized accordingly; the claims and rights of creditors and other interested parties shall be amended as set out in the plan. In the case of a foreclosure, the confirmed plan will be counted as a final judgment against the debtor. ((2) Creditors preserve their shares, for the entire value of receivables, against debtors ' co-debtors and fidejusors, even if they voted to accept the plan. (3) If no plan is confirmed and the deadline for proposing a plan, under the conditions of art. 91, has expired, the syndic judge will order the immediate start of the bankruptcy procedure, under the conditions of art. 106 106 and the following. (4) The remuneration of persons employed pursuant to art. 10 10, of art. 23 23 para. (1), of art. 27 27, of art. 28 28 and art. 97 97 para. (3) and other administrative expenses will be paid at the time provided, as the case may be, by law, except in cases where the interested parties would accept, in writing, other payment terms. The plan must state how this payment will be ensured. (5) The payment can be made quarterly, based on legal documents. + Section 6 Reorganisation + Article 102 (1) Following the confirmation of a reorganization plan, the debtor will conduct his activity under the supervision of the administrator and in accordance with the confirmed plan, until the syndic judge has, reasoned, that the reorganization cease and go bankrupt, under the conditions of art. 106 106 and the following. (2) In case of reorganization of a legal person, it will be led by the legally empowered persons to represent it, under the supervision of the administrator. Shareholders, associations and members with limited liability do not have the right to intervene in the management of the activity or in the administration of the debtor's estate, except also within the limits of the express and limiting cases provided for in the law and in the reorganization plan. (3) The debtor shall be obliged to fulfill, without delay, the changes in the structure provided for in the plan. + Article 103 (1) Any service provider-electricity, natural gas, water, telephone services or the like-does not have the right, during the reorganization period, to change, refuse or temporarily interrupt such a service to the debtor or to the wealth the debtor. (2) By way of derogation from paragraph (1), the syndic judge may, at the request of the supplier, order the debtor to deposit a bail at a bank, as a condition for the supplier's duty to provide him with his services, during the conduct of the procedure provided for in this law. Such bail will not be able to exceed 30% of the cost of services rendered to the debtor and unpaid. + Article 104 (1) If the debtor does not comply with the plan or carry out the activity it brings losses to its wealth, the administrator, the creditors ' committee or any of the creditors, as well as the representative of the members or, as the case may be can always request the syndic judge to approve the bankruptcy, under the conditions of art. 106 106 and the following. ((2) Registration of the application referred to in paragraph (1) does not suspend the continuation of the debtor's activity until the syndic judge decides on it, through a conclusion. ((3) Abrogat. ---------------- Alin. ((3) art. 104 104 has been repealed by section 6.6. 15 15 of the single article of LAW no. 249 249 of 22 July 2005 , published in MONITORUL OFFICIAL no. 678 678 of 28 July 2005. + Article 105 (1) The debtor or, as the case may be, the administrator shall submit, quarterly, reports to the syndic judge on the financial situation of the debtor's estate. The reports will be recorded at the court Registry and the debtor or, as the case may be, the administrator will notify it to all creditors, with a view to (2) The administrator will also present the situation of expenses incurred for the smooth running of the activity, in order to recover them, according to art. 101 101 para. ((4). On this request the syndic judge will rule by conclusion. (3) Creditors will be convened at the end of each quarter to listen to the report and the accounting report. + Section 7 Bankruptcy + Article 106 (1) The syndic judge will decide, by conclusion, to enter bankruptcy in the following cases: A. a) the debtor declared his intention to go bankrupt or declared his intention to reorganize; and b) none of the other entitled subjects proposed a reorganization plan, under the conditions provided in art. 91, or none of the proposed plans have been accepted and confirmed; B. a) the debtor declared his intention to reorganize, but did not propose a reorganization plan or the plan proposed by him was not accepted and confirmed; and b) none of the other entitled subjects proposed a reorganization plan, under the conditions provided in art. 91, or none of the proposed plans have been accepted and confirmed; C. the payment oblibations and the other assumed tasks are not fulfilled, under the conditions stipulated by the confirmed plan, or the activity of the debtor during the reorganization brings losses to its wealth; D. was approved the report of the administrator proposing the bankruptcy of the debtor, according to art. 57. (2) By the conclusion by which the bankruptcy is decided, the syndic judge shall pronounce the dissolution of the debtor company and shall have: a) the lifting of the debtor's right of administration; b) the appointment of a liquidator, as well as the establishment of his duties and remuneration, in accordance with the criteria approved by Government decision; c) the maximum term of delivery of the management of the wealth from the debtor/administrator to the liquidator, together with the list of acts and operations carried out after the opening of the procedure, referred to in 49 49 para. ((2); d) preparation and delivery to the liquidator, within a maximum of 10 days from the bankruptcy, of a list containing the names and addresses of creditors and all their claims on the date of bankruptcy, with the indication of those born after opening the procedure e) notification of bankruptcy. (3) The conclusion will also indicate the deadlines provided for in art. 107 107 para. ((2). (4) The provisions of art. 45 45 shall apply accordingly in respect of claims existing on the date of entry into bankruptcy. (5) After the bankruptcy, the provisions of art. 75-90 will be applied, if necessary, accordingly, in respect of claims born between the date of opening of the procedure and the date of entry into bankruptcy, as well as the procedure for their admission. + Article 107 (1) The liquidator will send a notification to all the creditors mentioned in the list submitted by the debtor/administrator, referred to in art. 106 106 para. ((2) lit. d), to the debtor and the office of the trade register or, as the case may be, to the register of agricultural companies where the debtor is registered, to make the mention. Provisions of paragraph ((2) and (3) of art. 75 75 shall apply accordingly. (2) The notification shall include: a) the deadline for registration of the application for admission of claims referred to in par. (3), with a view to drawing up the additional table, which will be a maximum of 45 days from the date of entry into bankruptcy, as well as the requirements for a registered claim to be considered valid; b) the term of verification of the claims referred to in paragraph ((3), preparation, display and communication of their preliminary table, which will not exceed 30 days from the expiry of the term provided for in lett. a); c) the deadline for submission to the court of appeals, which will be at least 10 days before the date set, by the conclusion of bankruptcy, for the completion of the additional table; d) the deadline for finalizing the additional table of the claims referred to in par. ((3) and for the preparation of the consolidated definitive table, which shall not exceed 30 days from the expiry of the term provided for in lett. b). (3) All claims on the debtor's estate, born after the opening date of the procedure, will be subject to verification. (4) The receivables admitted in the definitive table of claims, under the conditions of art. 88, will no longer be subject to verification; the holders of these claims will be able to formulate appeals regarding the claims and rights of preference passed by the administrator in the preliminary table provided in par. ((2) lit. b). (5) The consolidated definitive table will include the totality of the receivables admitted against the debtor's estate, existing on the date of bankruptcy, in compliance with the provisions of 108. (6) Titulations of claims born after the opening of the procedure, which do not submit the application for admission of receivables within the period provided in par. ((2) lit. a), the provisions of art. 90. + Article 108 In the case of bankruptcy after the confirmation of a reorganization plan, the holders of the receivables participate in distributions with their value, as presented in the confirmed plan, less the share collected during the reorganization. + Article 109 The real and personal guarantees constituted for the fulfilment of the obligations assumed by the reorganization plan shall remain valid in favour of creditors for the payment of the amounts due to them according to the + Article 110 ((1) Creditors are not obliged to refund the amounts collected during the reorganization. (2) The free acts, carried out between the date of confirmation of the reorganization plan and the bankruptcy, will be cancelled. ((3) The other acts carried out in the period mentioned in paragraph (2), except for those made in compliance with the provisions of art. 52 52 para. ((1) and (2) and those expressly permitted by the reorganization plan, are presumed to be in the fraud of creditors and will be annulled, unless the co-contractor proves his good faith at the time of the conclusion of the act. § § 1. Pre-liquidation measures + Article 111 (1) They shall be placed under the seals: shops, stores, warehouses, offices, commercial correspondence, archive, storage and information processing devices, contracts, goods and any other movable property belonging to the debtor's estate. (2) They shall not be placed under the seals: a) objects that will need to be harnessed urgently, to avoid their material deterioration or loss of value; b) accounting records; c) bills and other securities due or to be due shortly, as well as shares or other securities of the debtor, which will be taken by the liquidator to be collected or to perform the activities of required conservation; d) the cash that the liquidator will deposit with the bank in the account of the debtor's estate. (3) When the debtor has assets in other counties, the syndic judge will send notifications to the courts of those counties, in order to urgently seal the goods. (4) The documents drawn up by other courts, certifying that the seals were applied, will be sent to the syndic judge. (5) During the sealing action, the liquidator will take the necessary measures for the preservation of the goods. + Article 112 (1) If the debtor's estate can be completely inventoried in a single day, the liquidator will be able to proceed immediately to the inventory, without applying the seals. In all other cases he will proceed to inventory as soon as possible. The debtor will have to be present and assist in the inventory, if the syndic judge thus has. If the debtor does not appear, he will not be able to challenge the data in the inventory. (2) The liquidator, as the inventory takes place, takes possession of the goods, becoming their judicial depository. + Article 113 (1) The inventory shall describe all the goods of the debtor, even those not placed under seal, and indicate their approximate value on the date of the inventory. At the request of the committee of creditors or liquidator, the syndic judge may appoint an expert, at the expense of the debtor's estate, for the valuation of the goods (2) The inventory act will be signed by the liquidator, the debtor and the expert, if any. § 2. Making liquidation + Article 114 (1) The liquidation of the goods from the debtor's property shall be effected by the liquidator under the control of the syndic judge. (2) Except as expressly provided by law, the liquidation will begin immediately after the completion by the liquidator of the inventory of the goods from the debtor's estate. The goods will be able to be sold in the block-as an assembly in working order or individually. If the goods cannot be sold by public auction, they will be sold through direct negotiation. ((3) The liquidator will hire on behalf of the debtor an assessor, natural or legal person, who will assess the goods from the debtor's estate, in accordance with the international assessment standards. (4) Depending on the circumstances of the case and as far as possible, the goods in the debtor's estate will be assessed both individually and in block; by block, as a functional ensemble, one or all of the debtor's assets, necessary for the conduct of the a business, for which a buyer offers an unbroken price on the component goods. ---------------- Alin. ((2) art. 114 114 has been amended by section 16 16 of the single article of LAW no. 249 249 of 22 July 2005 , published in MONITORUL OFFICIAL no. 678 678 of 28 July 2005. + Article 115 (1) In case of necessity or utility invederata of the sale in block, the liquidator will present to the syndic judge a report in which the goods to be sold together will be indicated, described and evaluated, stating the tasks of which, Possibly, they are encumbered, accompanied by proposals aimed at selling ways. A copy of the report will be filed at the court's Registry, where it will be able to be studied by any interested party. (2) The report provided in par. (1) will include proposals on how to sell in block, as follows: a) sale by direct negotiation to a buyer already identified, specifying the minimum conditions of the contract, such as price and method of payment; b) sale by direct negotiation, without identified buyer, with the stipulation of the proposed minimum price. In this case, the liquidator can negotiate the concrete price of the sale of the goods, and if the minimum price cannot be obtained, the creditors ' meeting will meet again to decide whether the original minimum price drops or is expected to pass on sale individual goods; c) sale at auction. (3) The syndic judge will convene the meeting of creditors within a maximum of 20 days from the date of receipt of the liquidator's complaint, notifying the creditors about the possibility of studying the report. (4) If the block sale is not necessary and the buyer is not firmly identified by the report, the creditors ' meeting may fix a minimum price at which the goods can be sold en bloc. If this price is not obtained, and the creditors ' meeting does not decide otherwise, the goods will be sold individually. (5) If the meeting of creditors approves the report, the syndic judge shall, by a conclusion, provide the liquidator to carry out the liquidation acts and operations, under the conditions proposed in the report. (6) Provisions of para. ((1)-(5) shall apply, accordingly, also for the authorization of the sale in block of claims held by the debtor against third parties. ---------------- Letter c) a par. ((2) art. 115 115 has been amended by section 4.2 17 17 of the single article of LAW no. 249 249 of 22 July 2005 , published in MONITORUL OFFICIAL no. 678 678 of 28 July 2005. + Article 116 (1) The furniture will be able to be sold directly, following the proposal of the liquidator, approved by the syndic judge. (2) The liquidator's proposal will have to identify the property through the situation on the ground and through the data in the real estate advertising registers and show the tasks it is encumbered. (3) The syndic judge will convene a meeting, within a maximum of 20 days from the date of receipt of the request, notifying the proposal of the debtor and creditors with real guarantees on the good and notifying them about the possibility to file appeals reasoned at least 5 days before the date of the convocation. (4) During the meeting provided in par. (3), the syndic judge will settle all appeals and will decide, by conclusion, on the proposal made by the liquidator; the conclusion will be notified to those mentioned in par. (3), if they did not follow the citation, displayed at the building to be sold and published in two local newspapers of wide broadcast. (5) The sale can be made, under penalty of nullity, only after 20 days from the date of the last publication in the newspaper. + Article 117 Income from the administration of buildings or other assets of the debtor's estate will be deposited in the account of its wealth and will be divided to creditors at the same time as the price obtained from the sale of those goods. + Article 118 Securities will be sold under the terms Government Emergency Ordinance no. 28/2002 * *). __________ *) See the note from art. 92. + Article 119 The liquidator will conclude sales contracts; the amounts made from sales will be deposited in the account provided in art. 4 4 para. (2) and the reefs shall be handed over to the syndic judge. + Article 120 ((1) The funds obtained from the sale of the goods from the debtor's estate, encumbered, in favor of the creditor, by mortgages, pledged or other real securities or retention rights, of any kind, will be distributed in the following order: 1. taxes, stamps and any other expenses related to the sale of the respective goods, including the expenses necessary for the preservation and administration of these goods, as well as the payment of the fees of persons employed under the 28 28; 2. the claims of secured creditors, including all capital, interest, increases and penalties of any kind, as well as expenses. (2) If the amounts made from the sale of these goods would be insufficient for the payment in full of the respective guaranteed claims, the creditors will have, for the difference, the chirographic claims that will come in the contest with those contained in the corresponding category, according to their nature, provided in art. 122, and will be subject to art. 45. If after payment of the amounts provided in par. (1) results in an additional difference, it will be submitted, through the care of the liquidator, to the account of the debtor's estate. (3) A creditor with a guaranteed claim is entitled to participate in any distribution of the amount, made before the sale of the property subject to his guarantee. The amounts received from this kind of distributions will be deducted from those that the creditor would be entitled to subsequently receive from the price obtained by selling the good subject to his guarantee, if it is necessary to prevent such creditor to receive more than it would have received if the good subject to his guarantee had been previously sold to the distribution. § § 3. Distribution of amounts resulting from liquidation + Article 121 (1) Every 3 months, calculated from the date of commencement of liquidation, the liquidator shall submit to the syndic judge a report on funds obtained from liquidation and receivables collection and a plan of distribution among creditors. The report will also provide for the payment of its fee and the other expenses, referred to in art. 122 122 section 1. (2) For thorough reasons, the syndic judge may extend by no more than one month or may shorten the term of presentation of the report and of the distribution plan. The distribution plan will be registered at the court Registry and the liquidator will notify it to each creditor. A copy of the report and a copy of the distribution plan will be displayed at the courthouse door. (3) Any creditor may submit appeals to the report and plan, within 10 days of the display. A copy of the appeal shall be communicated, urgently, to the liquidator and the debtor. (4) Within 20 days of the display, the syndic judge shall hold with the liquidator, the debtor and the creditors a meeting in which he will settle, at once, by sentence, all appeals. + Article 122 The claims will be paid, in the case of bankruptcy, in the following order: 1. fees, stamps and any other expenses related to the procedure established by this law, including the expenses necessary for the preservation and administration of goods from the debtor's estate, as well as the payment of the remuneration of persons Art. 10 10, art. 23 23 para. ((1), art. 27 27, art. 28 28 and art. 97 97 para. (3), subject to those provided in art. 101 101 para. ((4); 2. receivables representing loans, interest and related expenses, granted by credit institutions after the opening of the procedure, as well as claims resulting from the continuation of the debtor's activity after the opening of the procedure; 3. receivables arising from employment relationships, for no more than 6 months prior to the opening of the procedure; 4. budgetary claims; 5. the claims representing the amounts due by the debtor to third parties on the basis of maintenance obligations, allowances for minors or payment of periodic amounts intended to ensure the means of existence; 6. the claims representing the amounts set by the syndic judge for the maintenance of the debtor and his family, if he is a natural person; 7. receivables representing bank loans, with related expenses and interest, those resulting from deliveries of products, services or other works, as well as from rents; 8. other chirographic receivables; 9. subordinated claims, in the following order of preference: a) loans granted to the debtor legal person by an associate or shareholder holding at least 10% of the share capital, respectively of the voting rights in the general meeting of the associates, or, as the case may be, by a member of the interest group economic; b) receivables arising from free acts; 10. repealed. ---------------- Point 10 of art. 122 122 has been repealed by section 6.6. 18 18 of the single article of LAW no. 249 249 of 22 July 2005 , published in MONITORUL OFFICIAL no. 678 678 of 28 July 2005. + Article 123 The amounts to be distributed among creditors in the same priority rank will be awarded in proportion to the amount allocated for each claim, by the table referred to in art. 107 107 para. ((2) lit. d). + Article 124 (1) The holders of claims in a category will be able to distribute amounts only after the full indestulation of the claims holders in the upper hierarchical category, according to the order provided in art. 122. ((2) In the case of insufficient amounts necessary to cover the full value of claims with the same rank of priority, their holders will receive a bankrupt share, representing the amount proportional to the percentage that their claim holds in the category those claims. + Article 125 If the assets that make up the wealth of a group of economic interest or of a company in the collective name or in the order are not sufficient to pay the receivables recorded in the consolidated definitive table of receivables, against the group or to the company, the syndic judge will authorize the enforcement, under the law, against the members with unlimited liability or, as the case may be, to the members, ruling a final and enforceable sentence, which will be executed by the liquidator, by bailiff. + Article 126 On the occasion of partial distributions the following amounts will be recorded: 1. proportional amounts due to creditors whose claims are subject to a suspensive condition that has not yet been achieved; 2. proportional amounts, due to owners of securities to the order or bearer and having the originals of the securities, but have not presented them; 3. proportionate amounts, due to provisionally admitted claims; 4. reserves intended to cover the future expenses of the debtor's estate. + Article 127 For creditors with claims entered in the table of receivables, who have been allocated amounts only partially, or with claims under suspensive condition and who have taken part in the distribution, the amounts due will be kept at the bank, in a special deposit account, until their situation is clear. + Article 128 (1) After the goods in the debtor's estate have been liquidated, the liquidator will submit to the syndic judge a final report together with a general balance sheet; copies thereof will be communicated to all creditors and the debtor and will be displayed at the door Tribunal. The syndic judge will convene the creditors ' meeting within a maximum of 30 days from the display of the final report. Creditors may object to the final report at least 5 days before the date of the convocation. (2) On the date of the hearing, the syndic judge shall, by conclusion, settle all objections to the final report, approve it or order, if appropriate, its corresponding amendment. (3) The claims that at the date of registration of the final report will still be under condition will not participate in any distribution. + Article 129 After the syndic judge approves the final report of the liquidator he will have to make the final distribution of all funds from the debtor's estate. The funds not cleared within 90 days by those entitled to them will be deposited by the liquidator at the bank, in the account of the debtor's estate, and the statement of account, at the court. They can be used under the conditions of art. 4 4 para. ((4). + Section 8 Closing procedure + Article 130 At any stage of the procedure provided for by this law, the syndic judge will be able to give a closing sentence of the procedure, if it is found that there are no assets in the debtor's estate or that they are insufficient to cover the expenses administrative and no creditor shall offer to advance the corresponding amounts. + Article 131 (1) A reorganization procedure by continuing the activity or liquidation on the basis of the plan will be closed, by a sentence, following the fulfillment of all the payment obligations assumed in the confirmed plan. If a procedure begins as reorganization, but then becomes bankrupt, it will be closed in accordance with para. ((2). (2) A bankruptcy procedure will be closed when the syndic judge has approved the final report, when all funds or assets in the debtor's estate were distributed and when the unsecured funds were deposited with the bank. Following a request by the liquidator, the syndic judge will pronounce a sentence, closing the procedure, and in the case of legal entities also having their deletion. + Article 132 The syndic judge will pronounce a closing sentence of the proceedings even before the assets in the debtor's estate have been fully liquidated, if the claims have been completely covered by the distributions made. + Article 133 (1) In the case of the open procedure following the wording of the application by the debtor, under the conditions of art. 32, if the syndic judge finds, at the expiry of the deadline for the registration of claims for admission of claims, that no application has been filed, he will pronounce a sentence of closing the procedure and revoking the opening decision of the procedure. (2) In the case provided in par. (1), the closure of the procedure does not produce the effects provided 136 136. However, the administration operations, legally made on the debtor's estate, will produce their effects, and the rights acquired until revocation remain untouched. + Article 134 The closing sentence of the procedure will be notified by the debtor's syndic judge, all creditors, members or, as the case may be, associates/shareholders, the territorial direction of public finances and the trade register office or, as the case may be, the register of agricultural companies where the debtor is registered, for the performance of the claim, and will be displayed in the extract at the court premises. + Article 135 By closing the procedure of the syndic judge, the administrator/liquidator and all persons who assisted them are discharged from any duties or responsibility regarding the procedure, debtor and his wealth, creditors, holders of guarantees, shareholders or associates. + Article 136 (1) By closing the bankruptcy procedure, the individual debtor will be discharged by the oblibations he had before the bankruptcy, but subject to not being found guilty of the fraudulent bank or payments or transfers. fraudulent; in such situations it will be discharged by obligations only to the extent that they have been paid in the course of the procedure, except as provided in art. 90 90 para. ((1) pt. 3. (2) Do not benefit from the discharge of obligations provided in par. (1) the debtor natural person who benefited, in a previous reorganization or bankruptcy procedure, of a similar measure, intervened no more than 5 years prior to the opening of the subsequent procedure. ((3) On the date of confirmation of a reorganization plan, the debtor shall be discharged from the difference between the value of the obligations it had before the plan was confirmed and that provided for in the plan, unless cumulatively met a) the reorganization plan of the debtor the natural person provides for the total or substantial liquidation of the goods from the debtor's estate; b) the plan provides that the debtor will no longer continue commercial activity after the execution of the plan; c) at the time of the confirmation of the plan, the debtor would not benefit from the measure of discharge if it were in a bankruptcy procedure. (4) The discharge of the debtor's obligations does not entail the discharge of the fidejusor or the main co-debtor. + Chapter IV Liability of members of governing bodies + Article 137 (1) The syndic judge may order that part of the debtor's liability, the legal person, who has become insolvent, shall be borne by the members of the governing bodies-administrators, directors, censors and any other person-who have contributed to the debtor's arrival in this situation, through one of the following facts: a) have used the goods or credits of the legal person for their own benefit or in that of another person; b) have made acts of trade for personal interest, under the cover of the legal person; c) ordered, for personal interest, the continuation of an activity that manifestly led the legal person to the cessation of payments; d) they kept a fictitious accounting, made some accounting documents disappear or did not keep the accounting in accordance with the law; e) have hijacked or hidden part of the asset of the legal entity or have, fictitious, increased its liabilities; f) have used ruinous means to procure the legal person funds, in order to delay the cessation of payments; g) in the previous month the cessation of payments paid or ordered to be paid with the preference of a creditor, at the expense of the other creditors. (. Application of the provisions of paragraph ((1) does not remove the application of criminal law for acts constituting crimes. + Article 138 Amounts submitted according to art. 137 137 para. (1) will enter into the debtor's estate and will be intended, in case of reorganization, to complete the funds necessary to continue the debtor's activity, and in case of bankruptcy, to cover the liability. + Article 139 In order to take the measures provided for in 137, the syndic judge will order precautionary measures, ex officio or upon referral made by the administrator/liquidator, by any of the creditors, members or, as the case may be, associations/shareholders. + Article 140 (1) Enforcement against persons referred to in art. 137 137 para. (1) shall be carried out by the bailiff according to the Code of Civil Procedure. (2) After the bankruptcy proceedings are closed, the amounts resulting from the forced execution will be distributed by the bailiff, in accordance with the provisions of this law, pursuant to the consolidated definitive table made available to him by liquidator. ---------------- Article 140 has been amended by section 6.6. 19 19 of the single article of LAW no. 249 249 of 22 July 2005 , published in MONITORUL OFFICIAL no. 678 678 of 28 July 2005. + Chapter V Offences and penalties + Article 141 (1) It constitutes the crime of simple bank and shall be punished with imprisonment from 3 months to one year or with fine non-introduction or late introduction, by the debtor natural person or legal representative of the debtor legal person, the request for the opening of the procedure within the period laid down 32. (2) It constitutes the offence of fraudulent banknote and is sanctioned with the punishment provided for in art. 282 282 of Law no. 31/1990 on companies, republished, the act of the person who: a) falsifying, evading or destroying the records of the debtors referred to in art. 1 1 para. ((1) lit. a) section 2 2 and 3, lit. b) and c) or hide part of the asset of their wealth; b) depicts non-existent debts or presents in the books of debtors referred to in art. 1 1 para. ((1) lit. a) section 2 2 and 3, lit. b) and c), in another act or in the financial situation, amounts not due, each of these acts being committed in order to diminish the value of the assets; c) alienates, in the fraud of creditors, in case of insolvency of the debtors referred to in art. 1 1 para. ((1) lit. a) section 2 2 and 3, lit. b) and c), a significant part of the assets. + Article 142 (1) The fraudulent management offence, provided for in art. 214 214 para. 1 of the Criminal Code *), is punishable by imprisonment from 3 to 8 years, when committed by the administrator or liquidator of the debtor's estate, as well as by any representative or prepus thereof. (2) The fraudulent management offence, provided for in art. 214 214 para. 2 of the Criminal Code *), is punishable by imprisonment from 5 to 12 years, when committed by the administrator or liquidator of the debtor's estate, as well as by any representative or prepus thereof, if the act does not constitute an offence more serious. ___________ * *) In accordance with the provisions Law no. 301/2004 -Criminal Code, published in the Official Gazette of Romania, Part I, no. 575 of 29 June 2004, which will enter into force within one year from the date of publication in the Official Gazette of Romania, Part I, the seat of the matter for the crime of fraudulent management is art. 258. (3) The attempt of the crimes provided in par. ((1) and (2) shall be punished. + Article 143 (1) The removal, use or trafficking by the administrator or the liquidator of the debtor's estate, as well as by any representative or preposed thereof of money, values or other goods that he manages or manages constitute the crime of embezzlement and is punishable by imprisonment from one year to 15 years and the prohibition of some rights. (2) If the embezzlement has had particularly serious consequences, the sentence is imprisonment from 10 years to 20 years and the prohibition of some rights. (3) The attempt of the crimes provided in par. ((1) and (2) shall be punished. + Article 144 The act of the person who, in his own name or through interposed persons, requests the registration of a request for admission of a non-existent claim on the debtor's estate is punishable by imprisonment from 3 months to one year or with a fine. + Article 145 Refusal of the debtor natural person or administrator, director, executive director or legal representative of the debtor, legal person, to make available to the syndic judge, administrator or judicial liquidator, in the conditions provided in art. 39, the documents and information provided in art. 33 33 para. ((1) lit. a)-f) or preventing them, in bad faith, to draw up the respective documentation is punishable by imprisonment from one year to 3 years or with a fine. + Article 146 The offences provided in art. 141-145 is judged in the first court by the court, expeditiously. + Chapter VI Transitional and final provisions + Article 147 The provisions of this law shall be supplemented, in so far as their compatibility, with those of the Code of Civil Procedure and the Romanian Commercial Code. + Article 148 Amount of fine * *) set out in art. 51 51 para. (2) will be amended periodically by Government decision, depending on the inflation index. ___________ ** **) Article 148, former art. 128 ^ 1, as introduced by Government Ordinance no. 38/2002 , unchanged, had the following wording: " The amount of fines set out in art. 32 32 para. ((2) and art. 40 ^ 2 para. (2) and (4) will be amended periodically by Government decision, depending on the inflation index ". Alin. ((2) of art. 32 32, which imposed a fine on the debtor, was repealed by the provisions of the art. I section 45 45 of Law no. 149/2004 . Art. 32 has become by renumbering art. 39. Alin. ((2) of art. 40 ^ 2, which established a fine in charge of post offices, railway stations, warehouses, port warehouses and other storage places in the constituency in which the debtor has his professional domicile/registered office or branches or branches, has been repealed by the provisions art. I section 53 53 of Law no. 149/2004 . Art. 40 ^ 2 has become by renumbering art. 51. + Article 149 The procedure applicable to autonomous regions in the state of insolvency will be established by special law. + Article 150 (1) The present law shall enter into force on the date of its publication in the Official Gazette of Romania, Part I, and shall apply 60 days from the date of its entry into force * **). __________ *** ***) Law no. 64/1995 was published in the Official Gazette of Romania, Part I, no. 130 130 of 29 June 1995. (2) On the date of application of this Law, the --art. 695-888 (Book III-On bankruptcy) and art. 936-944 (Special provisions of bankruptcy procedure) of the Romanian Commercial Code; --art. 34-38 (Provisions relative to bankruptcy) of the Regulation for the implementation of the Romanian Commercial Code, published in the Official Gazette no. 126 of 10 September 1887. + Article 151 Open bankruptcy proceedings until the date of implementation of this law will continue to be administered and liquidated according to the provisions of the Romanian Commercial Code. _______________