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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Law No. 64 of 22 June 1995 (republished) (* updated *) on judicial procedure of reorganization and bankruptcy (updated until 31 July 2005 *) ISSUER PARLIAMENT _ _ _ _ _ _ _ _ _ _ _ *) the Republished pursuant to art. VIII, para. (1) of law No. 149/2004 for the modification and completion of the law #. 64/1995 on judicial procedure of reorganization and bankruptcy, as well as other normative acts with the impact of this procedure, as published in the Official Gazette of Romania, part I, no. 424 of 12 May 2004, giving it a new texts.
Law No. 64/1995 was also republished in the Official Gazette of Romania, part I, no. 608 of 13 December 1999 and was honed in the Official Gazette of Romania, part I, no. 89 of 28 February 2000, and was subsequently amended by order No. 38/2002 modifying and completing law No. 64/1995 on judicial procedure of reorganization and bankruptcy, as published in the Official Gazette of Romania, part I, no. 95 of 2 February 2002, approved with modifications and additions to law No. 82/2003, published in the Official Gazette of Romania, part I, no. 194 of 26 March 2003.
— — — — — — — — — — — — — — — *) originally was published in MONITORUL OFICIAL nr. November 17, 2004 1,066. This is the updated form of S.C. "territorial Center of Electronic Computing" Piatra Neamt until 31 July 2005, with edits and additions to: RECTIFICATION No. 64 of 22 June 1995; Law No. 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 which will be referred to as the borrowers: a) retailers: 1. companies;
2. consumer cooperatives and craft cooperatives, hereafter referred to as cooperative organizations, territorial associations of consumer cooperatives and craft, established according to Decree-Law No. 66/1990 on the Organization and functioning of cooperatives of the craft and its subsequent amendments, i.e. the law No. 109/1996 concerning the Organization and operation of consumer cooperatives and credit cooperatives, with subsequent amendments, as well as cooperative societies;
3. individuals acting alone or in family associations;

b agricultural societies);
  

c) economic interest groups.
  

(d) any other person) private-law legal person carrying out economic activities.
  

(2) by that State shall mean insolvency of the debtor's patrimony, characterized by obvious inability to pay debts due to the amounts of money available.
  

— — — — — — — — — — — — — — — —) (d) of paragraph 1. (1) of article 1. 1 was inserted by section 1 of article in law No. 249 of 22 July 2005, published in Official Gazette No. 678 of 28 July 2005.


Article 2 Purpose of the law is to establish a procedure for covering the liabilities of the debtor in insolvency, or by reorganizing its activity or through liquidation of property from his wealth up to extinguish liabilities, either through bankruptcy.


Article 3 for the purposes of this Act, the debtor shall comprise the entirety of the property and its economic rights-including those acquired during the procedure laid down in this law-which may be the subject of judicial enforcements, under the code of civil procedure.


Article 4 (1) All expenses related to the procedure established by this law shall be borne by the debtor.
  

(2) payments shall be made from an account at a unit of a bank on the basis of regulations issued by the debtor or, where appropriate, by an administrator, and in the course of bankruptcy, liquidator.
  

(3) cash Availability could be kept in a special account of bank deposit.
  

(4) if there is no availability in the debtor will utilize the Fund liquidation, made up of taxes paid by individuals and/or legal trade register for services rendered by him.
  

(5) the Fund referred to in paragraph 1. (4) will be set up by 10% increase in charges for trade register offices.
  


Chapter II participants of the judicial reorganization proceedings and bankruptcy Article 5 (1) which apply to the procedure are: judicial courts, judge-appointed manager and liquidator.
  

(2) the bodies referred to in paragraph 1. (1) must promptly to ensure laws and transactions referred to in this law, and in accordance with the law of the rights and obligations of the other participants in these acts and operations.
  


Judicial Courts Article 1 section 6 all procedures provided for in this law, with the exception of the appeal referred to in art. 8, are the exclusive competence of the Court in whose area the debtor's registered office is situated, as listed in the commercial register in the register of agricultural societies, and are pursued by a trustee appointed by a judge-President of the Tribunal, pursuant to article. 9. Article 7 (1) the attendance of the parties, and any other communication or notification procedure act shall be made, as a rule, the conditions laid down in article 21. 85-94 of the code of civil procedure.
  

(2) Notwithstanding, the fulfillment of the laws mentioned in paragraph 2. (1) will be done through advertising, in the cases expressly provided for by law.
  


Article 8 (1) the appellate court will be the Court of appeal, judge data for decisions-trustee, pursuant to article 13. 11. (2) the time limit for appeal is 10 days from the communication of the judgment, if the law does not stipulate otherwise.
  

(3) the notice of appeal will be tried by specialized completuri, within 30 days of the registration dossier to appellate court. The attendance of the parties is done through advertising. In order to solve the appeal, shall be sent to the Court of appeal certified copy, under the signature of the Registrar of the Tribunal, but the acts that are interested in resolving the appeal.
  

(4) by way of derogation from the provisions of art. 300 para. 2 and 3 of the civil procedure code, as amended and supplemented, the decisions of the judge appointed will not be suspended by the Court of appeal.
  

(5) the provisions of paragraphs 1 and 2. (4) does not apply in the case of an appeal against the following decisions of the judge appointed: the rejection of) a judgment debtor's appeal, made pursuant to art. 38 para. (5);
  

b) judgment by which we decide the entry into bankruptcy, given pursuant to article. 106;
  

c) for settlement of the judgment of the opposition to the plan for the distribution of the funds obtained from the liquidation and payment of the receivable from, made pursuant to art. 121. (6) For all claims of recourse against judgments pronounced for judge-trustee in the proceedings opened against a debtor shall constitute a single file.
  


Section 2-the Judge-the judge-appointed trustee article 9 is nominated, in each case, in accordance with the provisions of law No. 304/2004 on the organisation of the judiciary, as amended and supplemented, of the judges appointed as judges-sindici, pursuant to art. 50 of this law.
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Art. 9 was amended by section 2 of article in law No. 249 of 22 July 2005, published in Official Gazette No. 678 of 28 July 2005.


Article 10 in the fulfillment of his judge-appointed; we can designate, through closing, people, fixing them up and remuneration. Retributiile will be paid in accordance with article 5. 4. In article 11 (1) the main duties of the judge appointed under this law are: to) the judgment opening the proceedings;
  

(b) the judgment debtor) against the opposition demand of creditors to begin introductory procedure;
  

c) administrator or liquidator's appointment, establishing their powers, control over their work and, if necessary, replace them. The appointment of a provisional nature pending the first meeting of the creditors, who may decide to maintain or change the administrator or liquidator appointed by the judge-trustee. To describe the provisional judge-appointed taking into account any claims of creditors can reject those petenti and requests only motivated;
  

d) prosecuting applications to raise the debtor the right to even drive business;
  

e) judgment of actions brought by the liquidator or administrator canceling patrimonial character transfers, previous opening;
  

judgment debtor addendum f) times of creditors against the measures taken by the administrator or liquidator;
  

g) confirming the reorganization plan or, where appropriate, liquidation, after voting by creditors;
  

h) resolve to continue the activity of the debtor in case of reorganization;
  

resolving the objections I) reports to the administrator or liquidator;
  

j) authentication of legal acts concluded by the liquidator, for whose validity is necessary in an authentic form;
  

k) putting the decision closing the proceedings.
  

(2) If examination of the issues subject to the deliberation in the sessions of the Court are presided over by judge-appointed cannot be completed in a single day, the deliberations will continue straight on the first business day following, without a new notice, it continued procedandu is still pending resolution of all the issues.
  

— — — — — — — — — — — — — — — — the letters c) and paragraphs 1 and 2 of them). (1) of article 1. 11 were modified by point 3 of article in law No. 249 of 22 July 2005, published in Official Gazette No. 678 of 28 July 2005.


Article 12 decisions of the judge are final and enforceable trustee. They may be subject to separate appeal.


Article 13


At any stage of the proceedings, the Court may replace a judge-appointed another, through the closing date in the room motivated by the Council.


Section 3 of the creditors. The creditors ' Committee in article 14 (1) creditors ' meetings will be convened and chaired by the administrator or, if appropriate, by the liquidator, if the law or the judge-appointed otherwise; meetings of creditors meetings secretariat is the responsibility of the Manager or, where appropriate, to the liquidator.
  

(2) Creditors known will be convened by the administrator or liquidator in the cases provided for by law, whenever necessary.
  

(3) creditors ' meetings will be convened and at the request of creditors with debts amounting to at least 30% of the total.
  


Article 15 (1) Convening the creditors will have to include in the agenda of the session.
  

(2) Any deliberation over a matter included convening is null, except that at the meeting be attended by holders of all claims.
  

(3) Creditors may be represented in the Assembly by Trustees for each congregation, with power of Attorney and a certified or, in the case of creditors and of any other State legal persons, signed by the head of delegation with the unit.
  

(4) No account shall be taken of statements by sent by creditors, except in cases where the law recognizes the vote by adhesion. Where is permitted correspondence voting creditors to transmit the vote through a document in electronic form which was incorporated in, attached to or associated electronic signature, an extended based on a qualified certificate valid.
  

(5) At the meeting of creditors meetings will be attended by 2 delegates by voting for the employees of the debtor, debts and other rights representing money wages.
  

(6) If the examination of the issues subject to the deliberation of creditors cannot be completed in a single day, the deliberations will continue straight on the first business day following, without a new notice, it continued procedandu is still pending resolution of all the issues.
  

(7) the minutes of the meeting of creditors will be signed by the Chairman of the session and will feature in the debates held, voting of creditors for each matter and decisions taken.
  


Article 16 (1) In the framework of the meeting of creditors meetings they will be able to appoint a Committee of creditors and will have the right to study the situation of the debtor, the creditors Committee prepared reports, measures taken by the administrator or liquidator and their effects and propose, motivated, and other measures.
  

(2) except where the law requires a special increase, meetings will take place in the presence of policyholders ' claims totaling at least 30% of the total value of the claims against the estate of the debtor, the creditors ' meeting and decisions shall be adopted by a majority vote of the holders, by value, to the present claims.
  

(3) the calculation of the total value of the claims referred to in paragraph 1. (2) against the debtor will determine the property by reference to the following criteria: (a) displaying the definitive table) at a later date and to confirmation of a reorganization plan, as it is clear from the table of contents;
  

b) subsequently confirm reorganization plan and to display the table permanently strengthened, as evidenced by the reorganization plan is confirmed; and (c) permanently display table) subsequently strengthened, as evidenced by its contents.
  

(4) the plan of reorganization will be subject to a vote of creditors, meeting the conditions laid down in article 21. 99. Article 17 (1) the trustee shall designate the judge-if necessary, in relation to the dimensions of the case, a Committee comprised of 3-7 among those creditors with unsecured claims and backed the biggest, by value, enrolled in the list provided for in article 10. 33, 39, i.e. art. 40. (2) the designation will be made either by the judgment opening the proceedings, either after presentation or preparing the list of creditors, if the list is not available at the time of the opening of proceedings.
  

(3) at the first meeting of the creditors ' meeting they will be able to choose a Committee of 3-7 among those creditors with secured and unsecured debt, which is offered on a voluntary basis; the Committee thus appointed will replace the previous Committee appointed judge-trustee.
  

(4) If you will get the required majority, judge-appointed will be able to designate the Committee according to the criteria laid down in paragraph 1. (1) the Committee will be able to maintain or designated above.
  

(5) in the course of its work the judge-appointed will be able to ask for the assistance of the Committee of creditors or a delegate.
  


Article 18 (1) the Committee of creditors is part of the justified, when the debtor has not declared its intention to revamp the article. 33 respectively art. 39, or has not been proposed by the debtor or was not confirmed a reorganization plan, ask judge appointed to raise the borrower's right of administration.
  

(2) creditors ' Committee may be authorised by the judge-appointed to bring actions for the annulment of a patrimonial character transfers-made by the debtor in fraud of creditors, when such actions were not entered by the administrator or liquidator.
  


Section 4 of the general meeting of members or shareholders/shareholders. The representative of the members or shareholders/shareholders in article 19 (1) during the procedure provided for in this law, the general meeting of shareholders/shareholders will be convened whenever necessary will be considered and will be presided over by an administrator or liquidator, if the law times judge-appointed otherwise.
  

(2) the general meeting of shareholders/shareholders will be convened and at the request of shareholders representing at least shareholders/10% of the share capital or a smaller share, if the articles of incorporation shall be so specified.
  

(3) the provisions of paragraphs 1 and 2. (1) and (2) shall apply accordingly to the General Assembly of the members of the economic interest groups and cooperative societies you; in the case of these legal entities, the percentage referred to in paragraph 1. (2) relates to the number of their members.
  

(4) members or, where applicable, associates/shareholders shall notify, in accordance with the law, necessarily: a) a judgment opening the proceedings;
  

(b) of the proposal) acts, operations and payments that exceed the usual conditions for the exercise of the activity;
  

(c) the request for entry), and the judgment of the judge appointed by the bankruptcy of debtor entry;
  

d) proposal for a bulk sale or sale of real estate;
  

e) final report and balance sheet prepared by the general practitioner;
  

f) closing judgment proceeding.
  


Article 20 (1) In the framework of the sessions of the General Assembly of the members or, if necessary, of shareholders/shareholders, they will designate, at their expense, a representative, person or company, to represent the interests and will have the right to study the situation of the debtor, the reports prepared by the representative of the members or, as applicable, of the shareholders/shareholders, actions taken by the administrator or liquidator and their effects and propose , motivated, and other measures.
  

(2) except where the law requires a special majority, the sessions will take place in the presence of shareholders/Shareholders representing at least half of the share capital, and decisions are taken by simple majority, tied to the share capital represented. In all cases, however, decisions shall be taken only by vote of the shareholders/Shareholders representing at least one-third of the share capital.
  

(3) economic interest groups and cooperative societies, the percentages referred to in paragraphs 1 and 2. (2) relates to the number of their members.
  

(4) Communication or notification of any acts of procedure to members or, where applicable, associates/shareholders is performed at representative times members, as appropriate, of the shareholders/shareholders, chosen by him.
  

(5) the members of the Representative or, where appropriate, of the shareholders/shareholders is entitled to exercise any rights times you can powers exert individual debtor, except where the law provides that they shall be exercised by the members or, if necessary, assign/shareholders, individually or in other conditions.
  

(6) in the cases referred to in article 1. 19 para. (4) (a). b), c), (d)) and e), the representative of the members or, if necessary, associates/shareholders will be able to formulate objections under the conditions fixed by law, but will not participate in the exercise of the vote approving the measures concerned, if such a vote is required by law.
  


Article 21 (1) the trustee shall designate the judge-a representative of the first 3 Associates/shareholders who hold social parties/actions the biggest, by value.
  

(2) the designation may be done either by the judgment opening the proceedings or later.
  

(3) at the first meeting of the general meeting of shareholders/shareholders or later, they will be able to choose, at their expense, a representative, person or company; representative so designated will replace the previously designated representative-appointed judge.
  

(4) in the course of its work the judge-appointed will be able to ask for the assistance of a representative of shareholders/shareholders or its delegate.
  

(5) the provisions of paragraphs 1 and 2. (1) to (4) shall apply, as appropriate, regarding the appointment of the representative of the members of the economic interest group or, where appropriate, cooperative societies, you.
  


Article 22 members of Representative or, where appropriate, of the shareholders/shareholders can perform the following tasks:


the proposal to nominate) an administrator;
  

b) consulting with the administrator or liquidator concerning the conduct and administration of the procedure;
  

c) examination of the debtor acts committed, an administrator or liquidator, activity and financial situation of the debtor, as well as the possibility of continuation of its activity;
  

(d) the formulation and negotiation of a) restructuring plan, as well as information and advice to members or, where applicable, of shareholders/shareholders with respect to the contents of any other plan proposed;
  

(e) the performance of other activities) necessary to protect the interests of the members or, if necessary, of the shareholders/shareholders.
  


Section 5-the Administrator article 23 (1) at the first meeting of the creditors ' meeting or later, creditors who hold at least 50% of the total value of the claims administrator may require the appointment of a person-or company-fixing and remuneration, in accordance with the criteria approved by the Decree of the Cabinet of Ministers.
  

(2) Creditors unhappy may challenge the decision referred to in paragraph 1. (1) within 3 days of the pronouncement, the trustee, that judge-will be solved urgently and suddenly all complaints through a closing administrator will designate proposed by creditors or, where applicable, will keep the administrator designated by the judgment opening the proceedings in a situation where the administrator chosen by the creditors do not fulfill the legal conditions to be called or be in a case of incompatibility.
  

(3) If within the time limit laid down in paragraph 1. (2) the decision of the meeting of creditors is not contested, the judge-appointed, by a closing administrator will designate proposed by lenders, providing also the termination of the powers of the administrator which appointed him or her through the judgment opening the proceedings.
  

(4) the administrator, person or company, including its representative must have the quality of practitioner in the reorganisation and winding-up proceedings in accordance with the law.
  

(5) may not be appointed administrator or liquidator induvidual that can't be founder, administrator, director, trustee or representative of a company, according to art. 6 paragraph 1. (2) and article 3. 138 of the law nr. 31/1990 on the companies, republished.
  

(6) in the cases referred to in article 1. 149 of the law nr. 31/1990, republished, the administrator/liquidator has the obligation of obtaining. In the case of neconformarii, the interested person can initiate the procedure under recuzarii of the code of civil procedure, which is applied properly.
  

(7) before his appointment the administrator must prove that he is insured for professional liability, by subscribing to a valid insurance policies to cover any damage caused in the fulfilment of its duties. Insured risk must be the consequence of the Administrator's activity period of carrying on its quality.
  

(8) the administrator is prohibited, under penalty of revocarii and repair eventual damages caused to diminish, directly or indirectly, the amount secured by the insurance contract.
  

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Alin. (2) of article 9. 23 was amended by paragraph 4 of article in law No. 249 of 22 July 2005, published in Official Gazette No. 678 of 28 July 2005.


Article 24 the main tasks of the administrator under this law are: the examination of debtor's activity) in relation to the facts and preparing a detailed report on the causes and circumstances that led to the emergence of a State of insolvency, with mention of the persons for whom they would be imputabila, and the real possibility of the effective reorganization of the business of the debtor or the reasons for not allowing the reorganization and submission of that report to the judge-appointed within a period determined by the latter but that may not exceed 60 days from the appointment of the administrator;
  

b drawing up acts). 33 para. (1) where the debtor has not fulfilled that obligation for legal deadlines here and checking, correcting and supplementing the information contained in those provisions, when they were presented by the debtor;
  

c) drafting the reorganization plan of activity of the debtor, depending on the contents of the report mentioned in (b). the terms and conditions) and the time-limits laid down in article 21. 91;
  

d) supervision of the management operations of the debtor's patrimony;
  

e) full leadership, in part, of the business of the debtor, with the express, in this case, of its duties and the conditions for making payments from the account of the debtor's property;
  

f) establishing data Assembly meetings of creditors;
  

g) introduction of actions for annulment of fraudulent acts concluded at the expense of the debtor, creditors ' rights and patrimonial character transfers, commercial operations concluded by debtor and establishment of guarantees granted by it, likely to be prejudicial to the rights of creditors;
  

h) application of seals, inventorying and taking the appropriate measures for their conservation;
  

I) emergency referral to judge where the practitioner ascertains that there is property in the debtor or as they are insufficient to cover administrative costs;
  

j) maintenance or termination of contracts signed by the borrower;
  

k) verifying claims and, where appropriate, the formulation of any objections to them;
  

l) tracking payment claims relating to assets of the debtor or the amount of cash transferred by the debtor before commencement;
  

m) provided confirmation by the judge-appointed, conclusion of transactions, download fidejusorilor, download debt, waiver of guaranties;
  

the appeal judge) trustee in respect of any problem that would require a resolution by the latter;
  

a) any other powers established by the conclusion of the judge-appointed, except as provided by law, the exclusive jurisdiction thereof.
  


Article 25 (1) the administrator shall submit a report to the case file on a monthly basis, including a description of how it has been acquitted of his duties, as well as justification for the expenditure incurred pursuant to article. 120 para. (1) and art. 122. (2) the debtor of the individual members or representative of shareholders/shareholders, any of the creditors, as well as any other interested person may do the opposition against measures taken by the administrator.
  

(3) the notice of opposition must be registered within 5 days of submission of the report referred to in paragraph 1. (1) and (4) the judge will declare the opposition-appointed, within 10 days after its registration, the Council Chamber, with the attendance of contestatorului and the administrator, can, if it considers it necessary, suspend the execution of the contested measure.
  


Article 26 (1) Judge-trustee in bankruptcy will fine sanctiona de la 5,000,000 lei la 10,000,000 lei refusal, without reasonable grounds, of the practitioner in the reorganization and liquidation of accepting appointment as administrator.
  

(2) in the exercise of atributiei control. 11(2). (1) (a). c) judge-practitioner can disband the illegal measures taken by the administrator, even if they have not been challenged, can, if it considers it necessary, to cite in the Chamber Council administrator and interested persons.
  

(3) at any stage of the proceedings, for good reasons, the judge may order the trustee-through the closing Administrator's replacement.
  

(4) in order to adopt measure mentioned in paragraph 1. (3) the judge shall quote-appointed in the Council Chamber on the administrator and creditors ' Committee.
  

(5) the trustee will Judge sanctiona-administrator with fine judicial de la 5,000,000 lei la 20,000,000 Lions where he drank, or in bad faith, cannot fulfill or meets with delay tasks provided by law or determined by the judge-trustee.
  

(6) if the Act referred to in paragraph 1. (5) the administrator has caused injury, will be able to judge-appointed, at the request of any interested party, to force him to cover for damage on the administrator.
  

(7) in the case of fines and compensation provided for in paragraph 1. (1), (5) and (6), to properly apply provisions of art. 108 108 ^ ^ 4 and 5 of the code of civil procedure.
  


Article 27 in order to fulfill its duties the administrator will be able to appoint people. The appointment of these persons and the retributiilor will be subject to approval by judge appointed.


Section 6 of the liquidator (1) of article 28 where has the move to bankruptcy, the judge will appoint a trustee-liquidator, aplicandu, accordingly, art. 23, 25, 26, 27 and article. 101 paragraphs 1 and 2. (5). (2) the duties of the administrator ceases at the time of establishing the powers of the liquidator by the judge-trustee.
  

(3) may be appointed liquidator and the administrator designated above.
  


Article 29 the main tasks of the liquidator under this law are: the examination of debtor's activity) in relation to the facts and preparing a detailed report on the causes and circumstances that led to insolvency, with mention of the persons for whom they would be imputabila, and the submission of that report to the judge-appointed within a period determined by the latter, but which may not exceed 60 days from the appointment of the liquidator If a report with this object had not been drawn up previously by the administrator;
  

b) debtor's activity leadership;
  


c) action introduction the annulment of fraudulent acts signed by the borrower at the expense of creditors ' rights and patrimonial character transfers, commercial operations concluded by debtor and establishment of guarantees granted by it, likely to be prejudicial to the rights of creditors;
  

d) applying seals, inventorying and taking the appropriate measures for their conservation;
  

e) maintenance or termination of contracts signed by the borrower;
  

f) verifying claims and, where appropriate, the formulation of any objections to them;
  

g) enforced the payment claims of the debtor as a result of the transfer of property or sums of money made by it ahead of the opening of proceedings;
  

h) receipt of payments on account of the debtor and their consignation on behalf of the estate of the debtor;
  

I goods from sale) debtor in accordance with the provisions of this law;
  

j) conclusion of transactions, download of debt, download fidejusorilor, quitting guaranties provided confirmation by the judge-trustee;
  

k) referral to judge with any problem which receiver would require a resolution by the latter;
  

it) any other powers established by the conclusion of the judge-trustee.
  


Article 30 (1) the liquidator Acts signed, for whose validity is necessary in an authentic form, will be subject to authentication judge appointed.
  

2. the judge will pronounce a trustee-conclusion, on the basis of which the Act will be inscribed in the registers.
  


Chapter III Procedure Article 1 introductory Applications Section 31 (1) the procedure will start on the basis of a request by the Court made upon the debtor or the creditors.
  

(2) the National Bank of Romania, the National Securities Commission and the insurance supervisory Commission will be able to enter the request against legal persons under their supervision and control, which, according to the data of the respective authorities have to meet the criteria laid down by specific legal provisions for starting the procedure provided for in this law.
  

§ 1. The application of the debtor in article 32 (1) 30.09.2002 Debtor insolvency is obliged to notify the Court of first instance an application to be subject to the provisions of this law, within a period not exceeding 30 days after the occurrence of the State of insolvency.
  

(2) will be able to address a request to the Tribunal to be subject to the provisions of this law and the debtor in case of insolvency the condition of appearance which is imminent.
  

(3) applications for legal persons will be signed by the persons who, under the Constitution or statute, have to represent quality.
  

(4) the introduction of premature and in bad faith by the debtor of a request for proceedings against the debtor's patrimonial liability of lures or legal representatives of legal persons for damage caused to the debtor,.
  


Article 33 (1) the application of the debtor will have to be accompanied by the following documents: a) and on balance the books;
  

b) a complete list of all the debtor's assets, including all accounts and banks through which the debtor runs its funds; for goods subject to will mention the data in the registers of advertising;
  

(c) a list of names) and addresses of the creditors, whatever their claims: certain or under condition, liquid or illiquid due or nescadente, uncontested or contested, showing amounts, cause and rights of preference;
  

d) a list including payments and transfers of property made by the borrower in the 120 days preceding the introductory wording of the request;
  

s) profit and loss account per year before submission of the application;
  

(f) a list of the members) of the Group of economic interest or, where appropriate, of the unlimited liability shareholders, the societies and limited by;
  

g) a declaration that the debtor has its entrance in the intent look bankruptcy or reorganization, according to a plan by restructuring or through liquidation, in whole or in part, of property in order to extinguish its debts; If this statement will not be filed until the expiry of the period laid down in paragraph 1. (2) the debtor is presumed that agrees with the commencement of the bankruptcy;
  

h) a Declaration on honour or a certificate from the register of agricultural societies of the time, where appropriate, trade register Office in whose territorial RADIUS is an important professional domicile/registered office, indicating whether there has ever been subject to the procedure laid down in this law, within a period of 5 years prior to the formulation of the request started.
  

(2) if the debtor does not have at the time of registration of the application for any of the information referred to in paragraph 1. (1) (a). a)-f) and (h)), he will be able to record that information in court within 10 days; unless he does, his application will be rejected.
  


Article 34 (1) where an application made by a company in the limited by that application will not be deemed to have been made and the unlimited liability associations or, pursuant to article. 36-38, and against them.
  

(2) an application for an associate introduced with unlimited liability for the debts against it or its going to be without legal effect with respect to the society in limited by the.
  

(3) the provisions of paragraphs 1 and 2. (1) and (2) shall apply, as appropriate, with respect to requests made by economic interest groups or their members.
  


Article 35 will not be received by the Court on applications for reorganization of the debtors, who in the past 5 years past have never made such a claim, or have been the subject of such requests made by lenders.
§ 2. Creditors ' claims in article 36 (1) every creditor who has one or more claims which may be required by certain, liquid and may introduce in court a claim against a debtor who is presumed in insolvency due to cessation of payments toward it for at least 30 days, in the following circumstances: a) if buyer is born of employment relationships, or relationships of civil obligationale they must have a higher value for respiration rate of average salaries per economy 6, determined in accordance with the law and calculated from the date of the grant application to get started;
  

b) in all other cases the buyer should have a higher rate of the equivalent in MDL of 3,000 euros, calculated at the earliest opportunity the introductory application;
  

c) in the case of a lender that owns claims in both categories referred to. the a and b)), the total amount of the claims must be the value of the average wages of 6 for respiration, established in accordance with the law and calculated from the date of the grant of the application started.
  

(2) If the application for the wording between the time a lender and the jurisdiction of this request by the judge-appointed are determined by the other creditors, the judge shall order their receiver linkage and will determine the fulfillment of conditions set out in paragraph 1. (1) regarding the minimum amount of claims in relation to the summary value of claims of all creditors who have filed claims.
  

(3) If a proceeding opened in a file, other possible dossiers pending, the same object, will be joined in the first file.
  


Article 37 After registering an application started, President of the Tribunal will be nominated as soon as judge-appointed according to art. 9. Section 2 of the initiation of the proceeding and the effects of the opening of proceedings Article 38 (1) If the debtor's application corresponds to the conditions laid down in articles 81 and 82. 32, 33 and 35, appointed judge will pronounce-conclusion of the proceedings, and whether the statement referred to in article 1. 33 para. (1) (a). g) borrower will look for entry into bankruptcy, the judge will pronounce a trustee-termination of bankruptcy proceedings. Incheierile will be notified pursuant to article. 75. Where the creditors oppose the opening of proceedings within 15 days of publication of the notification, the judge-trustee will keep you within 10 days, a session that will be called the debtor and creditors who oppose the opening of proceedings, as a result of which will be solved, suddenly, through a sentence, all oppositions.
  

(2) within 48 hours after the registration of the application, the judge-appointed creditors will communicate the request, in the review, and will become available to the debtor with a copy to display usa Court.
  

(3) If, within 5 days of receipt of the copy, the debtor contesting as would be in a State of insolvency, subject to the conditions laid down in article 21. 36, judge-trustee will keep you within 10 days, a session that will be called the debtor and creditors who entered the request.
  

(4) at the request of the debtor, the trustee may judge-oblige lenders who introduced his application record within 15 days, a Bank, a bail of more than 10% of the value of claims. Surety will be refunded if the request their creditors will be admitted. If the application will be rejected, the surety may be used to cover damages sustained by the debtor. If it is not recorded within the application intro surety will be rejected.
  

(5) If the judge determines that the debtor-practitioner is in a State of insolvency, will reject the opposition and will open the proceedings through a sentence.
  

(6) If the judge determines that the trustee-the debtor is not in a State of insolvency, rejects the request of creditors and that the verdict should be displayed on the door of the Court. In case of rejection of the application, it will be considered as devoid of any effect even from registering them.
  


(7) if the debtor does not contest the time limit referred to in paragraph 1. (3) as it would be in a State of insolvency practitioner, judge-will give a decision opening the proceedings. If the debtor does not contest the status of insolvency and bankruptcy proceedings, request the judge-practitioner will pronounce a judgment opening insolvency proceedings.
  

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Alin. (1) and (7) of article 22. 38 have been amended by paragraph 5 of article in law No. 249 of 22 July 2005, published in Official Gazette No. 678 of 28 July 2005.


Article 39 within 10 days from the opening of the procedure, according to art. 38 para. (5) or (7), the debtor is obliged to submit the dossier of the case documents and particulars referred to in article 1. 33 para. (1) if the debtor. Article 40 has not submitted the information prescribed in article 21. 33 para. (1) (a). b), c), (d)), s) and h) or presented in a manner unfit, the administrator may, at the expense of the debtor's property, to enter into commitments, in accordance with the law, one or more specialized experts who, using the balance sheet, the books and records of the debtor, and extracontabile to make them or, if necessary, to correct it with the maximum urgency.


Article 41 the decision opening the proceedings shall designate the judge-appointed, pursuant to article. 11(2). (1) (a). c), an administrator, settling her powers, under art. 24, as well as remuneration, in accordance with the criteria approved by the Decree of the Cabinet of Ministers. Where the judge-trustee in bankruptcy proceedings, acted will appoint a liquidator by the same conclusion, which i stated in accordance with the criteria approved by the Decree of the Cabinet of Ministers.
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Art. amended 41 of section 6 of article in law No. 249 of 22 July 2005, published in Official Gazette No. 678 of 28 July 2005.


Article 42 of the date of the opening of proceedings shall suspend all legal or extralegal actions for achieving advances debtor or his property.


Article 43 (1) Creditor of a debt secured by mortgage, pledge or other real movable guarantee right of retention times, of any kind, may request the judge appointed for the lifting of the suspension referred to in art. 42 with regard to claims and valuing immediate proceedings, property over which the gate guarantee or lien, in one of the following situations: a. a) when the value of the object of the warranty is fully covered by the total value of receivables and receivables-backed parties that object; and b) object of the warranty do not have a vital importance for the success of a reorganization during which, in the case of concrete, you have chances of achievement;
  

B. when there was no adequate protection of secured debt in relation to the subject of the warranty, due to:-guarantee or diminish the value of the object to the existence of a real threat that it undergo a remarkable decrease;
-decreasing the value of the secured party from a debt with lower rank as a result of the accumulation of interest, penalties and payments of any kind to a debt guaranteed with higher rank;
-lack of an insurance guarantee against the risk of destruction or deterioration.

(2) in the cases referred to in paragraph 1. (1) (a). (B) the trustee will be able to judge-reject the application to lift the suspension was formulated by the lender, if the admin/debtor proposes instead to adopt one or several measures intended to provide adequate protection for secured debt to the creditor, such as a) periodic payments in favour of the creditor, in order of decreasing the value of the warranty cover the object or the value of the secured party from a debt with lower rank;
  

b) periodic payments in favour of the creditor, in order to meet expenses, penalties and penalties of any kind and, respectively, to reduce the debt under capital write-down of share value times the value of the object's warranty guaranteed party from a debt with lower rank;
  

(c) the warranty obligation novatia) through the provision of additional guarantees, real or personal, or by substitution of the object with another object of the warranty.
  

(3) the applicant in an application for lifting of the suspension must make the proof referred to in paragraph 1. (1) (a). A. a), remaining borrower/administrator or other interested parties the task of producing a proof to the contrary, and other items.
  


Article 44 proceedings suspend any deadlines for prescription of actions referred to in article 1. 42. The deadlines will begin to flow after 30 days of the termination of the proceeding.


Article 45 no interest, or a penalty of any kind times will not be at the expense of added claims arisen earlier initiation of the proceeding and unsecured mortgage, pledge or other real movable guarantee right of retention times, of any kind, or unsecured receivables from secured such warranties, from the date of the opening of proceedings, except where through the program for payment of claims contained in the plan of reorganization, shall derogate from the provisions above.


Article 46 (1) after the opening of proceedings ordered under art. 38 administrators is prohibited, borrowers (legal entities), under penalty of nullity, to alienate without the agreement of the judge-practitioner, social actions or parts of their times, the debtor owned *) which is the subject of such proceedings.
  

(2) the judge shall order the unavailability of trustee-shares or interest or social parties, pursuant to paragraph 1. (1) in the books of the book-keeping or special accounts recorded electronically.
  

— — — — — — — — — — — — — — — *) CORRECTION No. 64 of 22 June 1995, published in MONITORUL OFICIAL nr. 251 of 25 March 2005 States: "-the art. 46 para. (1) instead of "held by the debtor ' shall read:" held at the debtor '.


Article 47 of the debtor is required to make available to the administrator or the liquidator, as appropriate, all information requested by it with respect to its activity and wealth, and the list including payments and transfers of property made by him in the 120 days prior to the opening of proceedings.


Article 48 (1) irrevocable judgment After staying for the opening of the procedure, all documents and correspondence issued by the debtor, or liquidator shall contain compulsory and visible in the Romanian, English and French, the words "the insolvency".
  

(2) after entering the reorganization or bankruptcy, documents and correspondence shall bear, on the conditions referred to in paragraph 1. (1) the words "in the reorganization," or as appropriate "in bankruptcy".
  

(3) the losses suffered by third parties of good faith, as a result of reliance on the obligation referred to in paragraph 1. (1) and (2), shall be repaired exclusively by persons who have completed acts as legal representative of the debtor without the debtor being touched.
  


Article 49 (1) in addition to the cases provided for in this law or those authorised by the judge-appointed, all statements, transactions and payments made by the debtor after the opening of proceedings are void.
  

(2) the debtor and/or, where applicable, the administrator are required to make and keep a list on a regular basis including all acts and transactions concluded after initiation of the procedure, with an indication of the nature and value of data and identification of cocontractantilor.
  


Article 50 (1) proceedings the debtor the right to raise administration consisting of the right to work, to lead and manage the assets of the estate and to dispose of them, if not declared, pursuant to article. 33 para. (1) (a). g) or, where appropriate, of article 23. 39, the intent of the reorganization.
  

(2) except as expressly provided for by law, the provisions of paragraphs 1 and 2. (1) shall apply to assets that the debtor would achieve after the opening of the proceeding.
  

(3) the trustee will be able to Judge-ordered clearance, in whole or in part, of the right of management of the debtor together with the appointment of an administrator, indicating at the same time and the conditions for its exercise.
  

(4) the right of management of the debtor ceases from the date the law ordering the start of bankruptcy.
  

(5) creditors, creditors ' Committee members ' designee, or times where appropriate, of the shareholders/shareholders may at any time address a request to the judge appointed to raise debtor the right administration, with the justification of continuous losses of the debtor or the default probability of achieving a rational plan.
  

(6) the judge shall examine the trustee-within 15 days of the request referred to in paragraph 1. (5) in a session that will be called the debtor, the creditors, the creditors Committee Administrator and representative of the members or, if necessary, of the shareholders/shareholders.
  


Article 51 (1) Judge-practitioner will give you prescriptions for all banks at which the borrower has available in its accounts do not dispose of it without an order of the administrator/liquidator or.
  

(2) infringement of the provisions of the trustee, the judge referred to in paragraph 1. (1) liability for banks, injurious, as well as a fine judicial from lei lei 4,000,000 10,000,000.
  


Article 52 (1) during the period in which the borrower and/or the administrator exercise the right of administration, it can perform any acts and operations-including the use, sale and lease of goods-and can make payments, if they all fall under the usual conditions of exercise of the current task.
  


(2) Acts, operations and payments that exceed the conditions mentioned in paragraph 1. (1) may be authorized by the judge-trustee; It will convene a meeting no later than 20 days after the receipt of the application, instiintandu the lenders about the possibility of submitting a reasoned appeals at least 5 days before the date of convocation.
  

(3) in the context of the session specified in paragraph 2. (2), the judge will declare all-appointed appeals and will decide, through discharge, upon application made by the debtor/administrator.
  

(4) in the case of alienation of property of the debtor subject to guarantees, account shall be taken of the provisions of art. 43 concerning the granting of appropriate protections guaranteed debt.
  


Article 53 If the date of the opening of proceedings a legal act became enforceable against third parties, no registrations, transcriptions, intabularile and any other formalities required for that purpose, made after the date of the opening of proceedings, are without effect towards the mass of creditors, unless the request or referral, the legally significant, was received by the institution, authority or court jurisdiction at later in the day before the judgment opening the proceedings.


Article 54 of the insolvency proceedings shall not affect the right of creditors to demand the set-off the debt of the debtor, where the conditions laid down by law in terms of legal compensation are met at the time of the opening of proceedings.


Article 55 Goods administrator or liquidator alienated, in exercise of his powers under this Act, are acquired free of any burdens, such as mortgages or securities, guaranties the lien rights, of any kind, or precautionary measures.


Article 56 (1) the administrator shall draw up and submit to the judge-appointed, within the time limit set by the judge-appointed, but who will not be able to exceed the 60 days of the appointment of the administrator, a detailed report on the causes and circumstances that led to the occurrence of insolvency of the debtor, with the indication of the persons for whom they would be imputabila.
  

(2) the report will indicate whether there is a real possibility of the effective reorganization of the business of the debtor or, as the case may be, the reasons for not allowing the reorganization and, in this case, the proposed entry into bankruptcy.
  

(3) the ratio by which it seeks entry into bankruptcy the debtor will be subject to approval by the general meeting of creditors at the first session.
  

(4) the judge shall order, receiver-within 48 hours of receipt of the report referred to in paragraph 1. (3) the publication of a notice of the report in the Official Gazette of Romania, part IV, and in two newspapers with wide dissemination, with indication of the date of the session of the meeting of creditors and the fact that it is permissible to the vote by letter, with the legalization of signature by the notary public creditor, communicated by any means and registered with the tribunal not later than 3 days before the date fixed for the vote.
  

(5) the administrator will ensure consultation report at the headquarters or at the expense of the applicant. A copy of the report will be submitted to the registry of the Tribunal and to the commercial register or, where appropriate, to the register of agricultural societies and will be communicated to the debtor.
  


Article 57 (1) at the first meeting of the creditors ' meeting, the administrator will inform the creditors present about valid votes received in the writing of the report whereby it seeks entry into the bankruptcy of the debtor.
  

(2) creditors will approve the report referred to in paragraph 1. (1) by a vote of the holders of at least two thirds of the debts.
  

(3) the decision of the creditors ' meeting for the approval of the report referred to in paragraph 1. (1), the judge will decide, trustee-by closing the entrance to the bankruptcy of the debtor, pursuant to article. 106. (4) the provisions of paragraphs 1 and 2. (1) to (3) shall not apply where, before the date of the first meeting of the creditors ' meeting, he entered a restructuring plan by the judge-trustee.
  


Section 3 of the legal Situation of the debtor Article 58 Actions introduced by the administrator pursuant to the provisions of this section shall be exempt from stamp duties. All actions and claims brought by the liquidator shall be exempt from judicial stamp duty payment.


Article 59 the measures provided for in this section shall apply both in cases of reorganization or liquidation in accordance with a plan, and in the bankruptcy.


Article 60 the administrator or liquidator, as the case may be appealed from judge-appointed actions for annulment of fraudulent acts signed to the debtor at the expense of creditors ' rights, in the 3 years prior to the initiation of the proceeding.


Article 61 (1) the administrator or liquidator, as the case may be appealed to the judge to set aside action-receiver constituirilor or transfers of property rights by third parties and return by them of goods and the value of other services performed by the debtor by the following acts: acts of transfer) free of charge, over the 3 years prior to the initiation of the proceeding; exempted humanitarian sponsorizarile;
  

(b) commercial operations) on the performance of the debtor that outweighs the obvious received, over the 3 years prior to the initiation of the proceeding;
  

c) paperwork, in the 3 years prior to the opening of proceedings, with the intention of all parties involved in them to steal goods from the pursuit by the lenders or to otherwise infringe on rights;
  

d) acts of transfer of ownership by a creditor to extinguish a debt or for the benefit of the latter, performed in the 120 days prior to the opening of proceedings, if the amount that the lender could get a steal in the event of bankruptcy of the debtor is smaller than the amount of the transfer;
  

(e) establishment of a completion of the fold) guaranties for a debt that was chirografara in the 120 days prior to the opening of proceedings;
  

f) anticipated payments of debts incurred in the 120 days prior to the opening of proceedings, though their maturity had been set for a later date of the opening of proceedings.
  

(2) the following operations, concluded in the year before the opening of proceedings, with persons in legal relationships with the debtor, may also be canceled and benefits are recovered, if the damage to the creditors: a) with an associated full partners or with an associated owning at least 20% of the capital of commercial companies or, as the case may be, of the voting rights in the general meeting of shareholders When the debtor is limited by the management company in a bylaw, the limited liability company;
  

b) with a member or administrator, where the debtor is an economic interest group;
  

c) with a shareholder owning at least 20% of the shares of the debtor or, as applicable, of the voting rights in the general meeting of shareholders, where the debtor is a joint stock company;
  

d) with an administrator, director, or a member of the supervisory bodies of the debtor, the cooperative society, joint stock company, limited liability company or, where appropriate, the Bylaw;
  

e) with any other person having a legal times physics a dominant position upon the debtor or his business;
  

f) with a coindivizar of a common good.
  


Article 62 (1) the action for cancellation of a lucrative transfer, under art. 60 or 61, may be introduced by the administrator/liquidator, within one year from the date of expiration of the term set for drawing up the report referred to in article 1. 24 lit. It has), but not later than 18 months from the date of initiation of the proceeding.
  

(2) the judge may authorize the trustee-creditors ' Committee to introduce such an action, if the administrator/liquidator does not a make.
  


Article 63 Through an exception to the provisions of art. 61, won't be able to ask for the annulment of a transfer with a patrimonial character, made by the borrower in the course of carrying out its normal activity.


Article 64 (1) Tertul dobanditor heritage under a transfer pursuant to article 17, cancelled 62, will have to be returned to the debtor's property or the property transferred, whether property no longer exists, its value at the date of the transfer by the debtor.
  

(2) Tertul dobanditor, who has returned to the debtor's property or property the value of the property that had been transferred by the debtor, will have a claim against the estate of the same value, provided that the transfer tertul to be accepted with good faith and without intent to hinder, delay times defraud creditors of the debtor.
  

(3) Tertul dobanditor free good-faith will refund the goods in the condition in which they are found, and failing that, will receive a refund of the difference in value with which it was enriched. In case of bad-faith, tertul will refund in all cases, the total amount, as well as the fruits perceived.
  


Article 65 (1) the administrator, liquidator or creditors ' Committee will be able to take legal action to recover the value of the property subdobanditor good times transferred by the debtor only if subdobanditorul has not paid the corresponding value of the asset and knew, or ought to know the fact that initial transfer is likely to be canceled.
  

(2) where subdobanditorul is the husband, relative or Bilberry up to and including the fourth degree of a debtor, it shall be presumed that the relatively known circumstance mentioned in paragraph 1. (1) Article 66 (1) the request for cancellation of a patrimonial character transfer will note, ex officio, in advertising.
  


(2) a person obtaining a title or acquiring a guarantee of rights in rem or over shall, after making such paralegal, will have the title or right or subject to being reclaimed the property.
  


Article 67 (1) In order to increase the value of the debtor's property, the administrator/liquidator may maintain or denunte any unexpired contract, rentals or other long term contracts, as long as these contracts will not have been executed entirely by all times substantially involved. The administrator/liquidator must respond within 30 days, notice to the contractor, through which it is required to opt for maintaining the times exposing the contract; in the absence of such a response, the administrator/liquidator will no longer be able to ask for performance of the contract, which is considered terminated.
  

(2) in the case of a contract, shall be reimbursed, action for damages may be introduced by the contractor against the debtor.
  

(3) the administrator/liquidator will be able to maintain its credit agreements and with the consent of cocontractantilor, to change the terms, so as to ensure equivalent of debtor's future performance. The changes will be subject to approval by the judge, to be appointed, and in particular if they are both for the benefit of the estate of the debtor and the creditors of the estate.
  

(4) If the seller of an immovable property has retained the title until full payment of the sale price, the sale shall be deemed executed by the seller and shall not be subject to the provisions of paragraph 1. (1) and (5) an employment contract or lease as a lessee, will be terminated only with the timeliness of legal notice.
  

(6) in a contract providing regular payments from the debtor, the maintenance contract will not oblige the administrator/liquidator to make outstanding payments for previous periods the opening of proceedings. Such payments may be made against the debtor requests.
  


Article 68 If a debtor's movable, sold and unpaid by him, was in transit at the time of the opening of the procedure and is not yet available to the debtor and any other parties have acquired his rights, then the seller can take back the property. In this case, all costs will be borne by the seller and he will have to repay any advance on the price to the borrower. If the seller acknowledges that the property to be delivered, it will be able to recover the price by entering its claim in the receivable. If the administrator/liquidator requires that the property to be delivered, he will have to take measures to pay the debtor from the entire price due under contract.


Article 69 if the debtor is a party to a contract providing transfer of certain goods, in connection with securities or financial assets, goods quoted on a regulated market of goods, services and financial instruments such as derivatives, at a given date or during a period of time, and the due date falls on or after the date period ending the opening of proceedings, the difference between the purchase price and the price quoted at the time mentioned above regulated market or markets of the respective place of delivery times, unless it can be established, at the nearest market regulated, will need to be paid to the estate of the debtor to the creditor, if it is, and will be included in the table of debts, whether it is an obligation of the debtor's property.


Article 70 where a Commission agent, who holds titles for goods to be received for the subject goods, gets requests started, the principal will be entitled to take back the goods or times headlines wax as their value to be paid by the Commission.


Article 71 (1) If a borrower owns their wares as the consignee or any other good that belongs to another person, the date of registration of the application, the introductory expiration for challenging the application of the debtor or the creditors of the debtor's appeal against the rejection of such a request, the landlord shall have the right to recover the property, if it is permitted by the contract, unless the debtor has a right to warranty valid over the goods.
  

(2) If one of the data referred to in paragraph 1. (1) the goods are not in the debtor's possession and he is unable to recover from its current owner, the owner will be entitled to have bonds registered in the table amounts with the value that the goods he had at that time. If the debtor is in possession of the goods at that time, but subsequently lost possession, the landlord may require the full amount of goods to be entered in the claims table.
  


Article 72 the fact that an owner of a building rented by this procedure is not the borrower will disband the lease, unless you have been stipulated. However, the administrator/liquidator may refuse to insure the provision of any services due by the tenant during the lease owner. In this case, the tenant can evacuate the building and may introduce an action or maybe still owns the building, dropping from the rent that you pay the cost of services due to the owner. If the tenant chooses to continue to have rental property, he shall not be entitled to any action for damages against the debtor, but will only have the right to drop from the rent that you pay the cost of services due to the owner.


Article 73 the administrator/liquidator may denunte a contract whereby the debtor was obliged to perform certain specialized services or strictly personal nature, except for cases where the creditor accepts carrying out of by a person designated by the administrator/liquidator.


Article 74 (1) where an associate from an agricultural society, the society, the society of the time limited by limited liability or joint stock companies a shareholder is the borrower in a procedure provided by this Act and whether the debtor's involvement in such a procedure does not involve the dissolution of that firm, the administrator/liquidator may request the liquidation of the debtor's rights in society, according to the last financial statements approved , or it may propose that the debtor should be preserved as associated if other associates disagree.
  

(2) the provisions of paragraphs 1 and 2. (1) shall apply, as appropriate, in the case of members of the cooperative companies and economic interest groups.
  


Section 4-the first steps in article 75 (1) following the initiation of the proceeding, the administrator will send a notice to all the creditors mentioned in the list filed by the debtor in accordance with art. 33 or art. 39 times, as appropriate, established pursuant to article. 40, debtor and the trade register Office or, where appropriate, the registry of agricultural societies, where the debtor is registered, for making the statement.
  

(2) If lenders headquartered or domiciled abroad have representatives in the country, the notification will be sent to the latter.
  

(3) the notification referred to in paragraph 1. (1) shall be published at the expense of the debtor's property, in a newspaper of wide circulation.
  


Article 76 (1) notification will include: a) the time limit for the submission by the creditors, the opozitiilor at the judgment opening the proceedings, rendered as a result of an application made by the debtor, the conditions under art. 38 para. (1) the term for settlement of opozitiilor, which shall not exceed 10 days from the date of expiration of the term for submission thereof;
  

b) deadline for registering the lodgement of claims on the debtor's property, which will be a maximum of 60 days from the initiation of the proceeding, as well as the requirements for a claim to be registered to be considered valid;
  

c verification of the term), preparation, display and communication of preliminary table of claims which do not exceed 30 days from the expiry of the period referred to in subparagraph (a). b);
  

d) finalization of the table claims, which shall not exceed 30 days from the expiry of the period referred to in subparagraph (a). c);
  

e) place, date and time of the first meeting of the creditors ' meeting.
  

(2) meeting of the session will be convened creditors meeting a deadline set in the first 10 days of the expiry of the period referred to in paragraph 1. (1) (a). d). (3) depending on the circumstances of the case and the judge for special reasons, the trustee will be able to decide-an increase of the time limits referred to in paragraph 1. (1) (a). b), c) and (d)) with a maximum of 15, 30, 15 days.
  


Article 77 if the debtor has goods subject to transcriptiei, the inscription or registration in the registers, will be sent directly to the courts, authorities or institutions which maintain such records a copy of the judgment opening the proceedings, to make the statement.


Article 78 (1) except in the case of employees whose claims will be registered by the administrator in accordance with today's accounting, all the other creditors, whose claims are prior to the date of initiation of the procedure, shall submit an application for admission to the claims within the time limit fixed in the judgment opening the proceedings; statements, claims will be registered in a registry that will store in the registry of the Tribunal.
  

(2) the provisions of paragraphs 1 and 2. (1) shall apply, as appropriate, the holders of bearer shares.
  

(3) the application for admission of claims must be done even if they are not determined by a title.
  

(4) the buyer of nescadente or under the condition on the date of the opening of proceedings will be admitted provisionally on the mass credala and will be entitled to participate in the distribution of amounts to the extent ingaduita by the present law.
  


(5) are considered under the condition and those claims that can be harnessed against the debtor only after executing a codebitor.
  


Article 79 (1) the request shall contain: name/the name of the creditor, domicile/headquarters, amount due, by virtue of the debt, as well as indications regarding any rights of preference or warranties.
  

(2) The application shall be attached to the supporting documents of the claim and of the acts of incorporation of guarantees.
  

(3) holders of securities or debentures to bearer securities may request a refund of the original administrator and maintaining the files of some copies of it. The administrator will make the endorsement on the original about their presentation. The originals will be presented again to any apportionment of amounts between the creditors and the creditors exercise the vote.
  


Article 80 (1) All claims shall be subject to the procedure laid down in this law, except for claims established through enforceable.
  

(2) are not subject to this procedure the budgetary debts resulting from an enforceable timelines in special laws.
  

(3) for the purposes of budgeting, debt of this Act, means the debts sprung from taxes, fees, fines, contributions and other income, and their accessories, namely interest rates, penalties and penalties for delay.
  

(4) All claims presented to be admitted and registered at the registry of the Tribunal will be presumed to be valid and correct if not disputed by the debtor, or creditors.
  


Article 81 (1) the administrator will proceed immediately to check each application and the documents submitted and will be able to conduct a thorough research in order to establish the legitimacy of the exact value and priority of each receivable.
  

(2) in order to fulfill the atributiei specified in paragraph 2. (1) the administrator may request explanations from the debtor will be able to wear with each creditor, asking him, if you deem it necessary, additional information and documents.
  


Article 82 unsecured Debts and unsecured parts of guaranteed claims, which are not due on the date of registration of the application for admission, shall be registered in the table with the full value of their claims, however, during the bankruptcy, any distribution of the amount of such debt shall be done with the observation of the provisions of article 3. 124. Article 83 (1) Claims that the obligations entered into have not been calculated in monetary value or the value of which is subject to modification, will be managed by the administrator and registered in the receivable with nominal value which they had from the date of initiation of the proceeding. New judge appointed to decide-any appeals against the calculation made by the administrator for such claims.
  

(2) Debts denominated in foreign currency are to be recorded at their value in MDL at the National Bank of Romania at the time of the opening of proceedings.
  


Article 84 a debt to a creditor with more borrowers in solidarity will be included in all tables of the debtors of the receivables with the nominal value, up will be completely covered. No reduction of the amount of the debt referred to in the table, claims will not be made in any of the tables of the debt of borrowers until the lender has been fully satisfied in cash or goods. If the total amounts distributed in all actions of the creditor, with debtors, will exceed the total amount that is due, it will have to repay the amounts received in addition that will be reinscrise as funds in proportion to the wealth of debtors the amounts of each of the borrowers it has paid more than what was due.


Article 85 (1) A creditor who, prior to the registration of an application for admission, received a partial payment for claims from a codebitor or a debtor may have fidejussor claims entered in the table, claims only for the part that has not received it yet.
  

(2) A codebitor or a fidejussor who is entitled to a refund or compensation from the debtor for the amount paid, will be past in the table with the amount of debt paid a creditor. In this case, the lender has the right to common demands i pay, up to the full payment of its debt, the share due to codebitorului or creditor of fidejussor, its only remaining for the amount outstanding.
  

(3) Codebitorul or fidejusorul of the debtor, that to ensure regress or the assets thereof a right of warranty, compete in the mass credala, to make it possible to achieve its guarantee, but the price obtained from the sale of the encumbered assets will be assigned to the creditor, it is the case-what is due.
  


Article 86 (1) as a result of the checks made, the administrator will be prepared and will be before the tribunal a preliminary table including all claims against the debtor's property, saying they are guaranteed: unsecured, with priorities, under the condition or nescadente and looking for each name/the name of the creditor, the amount for which it was requested and the amount by which the verification was past in the table.
  

(2) The claims secured by a right of preference shall show the title from which it springs, its rank preference and reasons for claims or rights of preference were passed partly in pictures or have been removed.
  

(3) preliminary Table will be also displayed the graft court, intocmindu in this sense, the minutes display, and will be communicated to the debtor.
  

(4) once the display table, the administrator will immediately send notices to the creditors, whose claims or rights of preference were passed partly in the preliminary or removed, stating at the same time and the reasons why.
  


Article 87 (1) of the debtor, creditors and any other interested party will be able to submit appeals regarding claims and rights of preference administrator table past the preliminary claims.
  

(2) Complaints must be submitted to the Court at least 10 days before the date set, by the sentence of the opening of proceedings, scorecard for finalizing claims.
  

(3) the time limit laid down in the decision opening the proceedings for the completion of the table of debts, judge-appointed will be solved at once, in a single sentence, all appeals, even if for some it would take control of samples; in the latter case, the judge may admit-trustee, in whole or in part a bad debt, on a provisional basis, to the credala table, both in terms of deliberations and repartitiile.
  

(4) If it is recognized the right of preference claims without those rights, it will participate in the repartitiile of the amounts obtained from the sale of unencumbered assets secured.
  

(5) the amount which would be obtained from the sale of the asset covered by the right of preference will be challenged the record it is necessary that debts.
  


Article 88 (1) after the receivable all the complaints were resolved, the administrator will register, without delay, to the tribunal and will take care to be displayed at the headquarters of its final table of all claims against the estate of the debtor, showing the amount, and the situation-guaranteed or broadband-of each receivable.
  

(2) After registration table, only holders of claims entered in table permanently may participate in the vote on the reorganization plan, the creditors ' meetings and at any repartitii amounts in the event of bankruptcy.
  


Article 89 (1) After expiry of the period for the submission of the addendum, referred to in art. 87 para. (2) until the termination of the proceeding, any interested party may make a claim against the passage of opposition or of a right of preference in the definitive text of the claims, in the event of the discovery of the existence of a fake, dol or essential error which led to the admission of the claim or of the right of preference, as well as in the event of the discovery of evidence of decisive and until then unknown.
  

(2) a judgment of the appeal will be made by the judge-appointed, after summoning contestatorului and other stakeholders.
  

(3) pending the judgment of the appeal judge irrevocable-practitioner will be able to declare the right of preference or disputed as accepted only provisionally.
  


Article 90 (1) except where notification of the opening of proceedings was made with violating the provisions of art. 7, the previous holder of the opening of proceedings, claims that do not submit the application for admission of claims until the expiry of the period provided for in art. 76 para. (1) (a). b), is both a bad debt concerns become depraved in question, of the following rights: 1. the right to participate and vote in the meeting of creditors.
2. the right to participate in distributions of amounts under the reorganization and bankruptcy;
3. the right to realize a bad debt against the debtor or members times unlimited liability company associates of the person responsible for legal proceedings, subsequently closing, provided that the debtor not have been convicted of fraudulent bankruptcy or simple times not having established the responsibility for making payments of fraudulent transfers times.

(2) Waiver may be invoked at any time, by any interested party, on the way of action or exception.
  


Section 5-the Plan Article 91 (1) the following categories of people will be able to propose a reorganization plan in conditions below: a) the debtor, together with the introductory wording of its application or later, up to the final table display, though it introduced the intent of reorganizing under the conditions laid down in article 21. 33 respectively art. 39;
  


b) administrator, from the date of his appointment until the fulfillment of a period of 30 days from the date of the final table display claims;
  

(c) a representative of the creditors Committee) members or, where applicable, of the shareholders/shareholder within a period of 30 days from the date of the final table display.
  

(2) at the request of any interested party, the judge may shorten-trustee, for good reasons, the periods laid down in paragraph 1. (1) and (3) the plan will provide for either reorganization and continuation of the activity of the debtor, either liquidate some of its goods.
  

(4) will not be able to propose a plan of reorganization of the debtor that, over a period of 5 years prior to the formulation of requests started, has been subject to the procedure established on the basis of the present law and any debtor who was sentenced in order to: fraudulent bankruptcy, fraudulent management, abuse of confidence, fraud, embezzlement, false testimony, false crimes, offences provided for in the law times no. 21/1996, as amended and supplemented.
  

(5) failure to observe the time limits provided for in paragraph 1. (1) lead to the corruption of the parties concerned the right to file a reorganization plan and as a result, the passage, the order of the judge, the bankruptcy trustee.
  


Article 92 (1) a reorganisation Plan will indicate the prospects of recovery in relation to the possibilities and the peculiarity of the debtor, with the financial resources available and with market demand towards the debtor's offer and will include measures consistent with the interests of creditors and of the members or shareholders/shareholders and with public order, including regarding the manner in which the selection, nomination and replacement of Trustees and directors.
  

(2) a reorganisation Plan shall indicate the manner and terms of the total or partial liquidation of liabilities for each creditor enrolled into the final claims.
  

(3) execution of the reorganization plan will not exceed 2 years, reckoned from the date of the transaction.
  

(4) the reorganisation Plan will include: a) the categories of claims that are not disadvantaged;
  

b the categories of receivables) treatment of the underprivileged;
  

c) whether and to what extent the debtor, members of associations of economic interest, the companies and associations comanditati from companies will be limited by the download of liability;
  

d) what compensation will be offered to holders of all categories of debt, compared with the estimated amount that could be received through distribution in the event of bankruptcy; estimated value will be calculated from the date of the proposal plan.
  

(5) the plan will specify appropriate measures for its implementation, such as: a. the preservation, in whole or in part, by the borrower, management of its work, including the right of disposition over the property of his estate, with the supervision of its activity by an administrator appointed under the law;
B. getting the financial resources to support the achievement of the plan and the sources of their origin;
C. transmission of all or part of the debtor's property assets to one or more natural or legal persons, whether before or after the confirmation of the plan;
D. merger debtor according to the law;
E. liquidation of all or part of the debtor's property assets, separately or in bulk, free of any burdens, or their distribution to the creditors of the debtor, claims in that they have towards the debtor;
F. modification or extinguishment of real guarantees, granting the compulsory exploitation right, the benefit of a guaranteed lender guarantees or equivalent protections, under the conditions provided for in art. 43 para. (2) (a). c);
G. extension of the due date, and changing the rate of interest, or any other penalty clauses in the contract or other sources of his duties;
H. amendment of the articles of incorporation of the debtor, in accordance with the law;
I. issuance of securities by the debtor or any of the persons referred to in (b). C and D, in conditions stipulated by the law. 31/1990 on the companies, republished, and law No. 297/2004 on the capital market. To enroll in the plan of a broadcast of securities is required express consent, in writing, of the creditor to receive securities issued, the agreement will be given prior to the acceptance of the plan by the judge-appointed in accordance with the provisions of art. 97 para. (3) j. Insert the Constitutive Act of the debtor-legal entity-or people referred to. C. and d. provisions;

the prohibire of issue) of shares without voting rights;
  

b) determining, for different classes of ordinary shares, of a proper vote distributions within those categories; and c) in the case of categories of preferred stock with a dividend on a priority over other classes of shares, regulators prior to the appointment of Directors representing classes of shares in question under the assumption of the obligation to pay neonorarii dividends.
  

(6) Repealed.
  

(7) For non-budgetary obligations owed both before and after the commencement of reorganization, debtor owes increases delay and delay penalty according to law, special until the date of payment thereof or, where appropriate, until the date of entry into bankruptcy.
  

— — — — — — — — — — — — — — — — — — the letters D, H and I of paragraph 1. (5) article. 92 have been amended point 7 of article in law No. 249 of 22 July 2005, published in Official Gazette No. 678 of 28 July 2005.
Paragraphs 1 and 2. (6) article. 92 was repealed by section 8 of article in law No. 249 of 22 July 2005, published in Official Gazette No. 678 of 28 July 2005.


Article 93 (1) Repealed.
  

(2) the plan shall determine in the same manner for each claim within a distinct categories, except in the case where the holder of a claim in category that agrees a less favourable treatment for its debt.
  

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Alin. (1) of article 1. 93 was repealed by point 9 of article in law No. 249 of 22 July 2005, published in Official Gazette No. 678 of 28 July 2005.


Article 94 (1) compliance with the provisions of art. 92 reorganization plan will be able to: a) any category of receivables unfavourably unsecured or secured;
  

b) maintaining or denunte, according to art. 67-74, any contract to which the debtor is a party;
  

(c) provision for the establishment of a transactions) in respect of the debtor's debts towards third parties;
  

d) provide total or partial sale of the assets of the debtor and the distribution of the sums of money obtained by lenders;
  

(e) rights holders) amended claims are preferential or unsecured or leave unchanged the rights attaching to any categories of receivables.
  

(2) where the debtor is a natural person, the proposed plan cannot provide for the use, in any form, or disposing of its assets, exempted, in whole or in part from the enforced than in the conditions of the legal provisions.
  


Article 95 (1) shall be presumed as a category of claims is poor part of plan if, for any of the debts incurred by the category plan provides for an alteration of either the debt or the conditions for its realization.
  

(2) shall not be considered amending the claim or conditions for its realization the situation where the proposed plan provides for the restoration of the conditions of implementation of previous failures, claim the events that led to the amendment of the respective conditions, such as failure to pay one or more installments of a loan, due to the time limits and under the conditions stipulated in the contract, which lead to speeding up the payment of the entire rest of the loan.
  


Article 96 Repealed.
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Art. 96 was repealed by paragraph 10 of article in law No. 249 of 22 July 2005, published in Official Gazette No. 678 of 28 July 2005.


Article 97 (1) a copy of the proposed plan will be submitted to the registry of the Court of first instance and the commercial register or, where appropriate, to the register of agricultural societies and will be communicated to the debtor, the creditors ' Committee, administrator and representative of the members or, if necessary, of the shareholders/shareholders.
  

2. the judge will convene a trustee in-session, within 20 days after the registration of the plan, which will be called those who proposed the plan and persons referred to in paragraph 1. (1) and the plan will be accepted or rejected by the judge-appointed, after having heard the persons quoted.
  

(3) the trustee will be able to Judge-admits a plan proposed by the parties legally entitled, which contains all the information and who demonstrate the chances of achieving objectives. Judge-practitioner is able to wax your an expert practitioner in reorganization and liquidation, confirming the possibility of implementing the plan, prior to his admission. The payment Wizard will be supported from debtor.
  

(4) If several plans were proposed and accepted for relatively short intervals of time, judge-appointed will submit them together to vote in creditors ' meetings.
  


Article 98 (1) after the acceptance of the plan, the judge shall order-appointed convening of creditors within a period of between 30 and 45 days, but not before displaying table final claims. The obligor and administrator will be convened.
  


(2) the judge shall order, receiver-within 48 hours of admission, publication of a notice of the plan proposal in the Official Gazette of Romania, part IV, and in two newspapers with wide spreading, with an indication of the person who proposed it, the date when it will vote on the plan and the fact that it is permissible to the vote by letter, with the legalization of signature by the notary public creditor , communicated by any means and registered with the tribunal at least 5 days before the date fixed for the vote, and the date of confirmation of the plan, which will take place within 15 days from the date of expiration, the vote on the plan.
  

(3) Shareholders and creditors with bearer securities will be required to submit the originals to the administrator with at least 5 days before the date fixed for the vote, under penalty of law will vote.
  

(4) from the time of its publication, all stakeholders will be counted as having knowledge about the plan and the date of the vote. In all cases, the borrower will ensure consultation plan at Headquarters or at the expense of the applicant.
  


Article 99 (1) at the beginning of the voting session, the Judiciary Administrator will inform the creditors about valid votes expressed in writing.
  

(2) the following categories of creditors will vote separately: a) lenders holding debt secured;
  

b) creditors budget;
  

c) lenders chirografari.
  

A plan will be considered accepted by the creditors if a category of holders of a majority of the claims in that category to vote in favor of the plan.
(2 ^ 1) Lenders who, directly or indirectly, controlling, controlled, or are under common control with the debtor for the purposes of capital market legislation, can participate in the session, but may vote on the plan only if it granted less than it would receive in the event of bankruptcy.

(3) will not be included in the quorum and shall not participate in voting on the reorganization plan proposed by the individual debtor, debts whose holder is husband, relative or bilberry, up to the fourth degree inclusive, with the debtor.
  

(4) Each claim a right to vote, its holder to exercise it in the category of debt-the debt.
  

(5) Repealed.
  

(6) the receivables following categories of persons will constitute distinct categories of receivables and will participate in the vote, where the holders are entitled to vote in accordance with paragraph 1. (2): a) the holders of every category of subordinated debt, in accordance with the provisions of art. 122 item 9;
  

b) members, associates and shareholders, for the residual rights arising from their membership.
  

(7) a plan will be considered accepted by a category of receivables if the respective category plan is supported in the following cumulative conditions: (a)) by a majority of two-thirds of the value of claims in that category;
  

b) by at least half the number of the holders of the respective category of receivables.
  

(7) Repealed.
  

(9) where the plan provides that, for the buyer in a certain category, it won't get anything, it is believed that they have rejected the plan and it is not necessary to vote on the plan by the buyer of the relevant category.
  

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Alin. (1) and (2) of article 3. 99 were modified by pct article 11 in the law. 249 of 22 July 2005, published in Official Gazette No. 678 of 28 July 2005.
Paragraphs 1 and 2. (2 ^ 1) of art. 99 was introduced by item 12 of article in law No. 249 of 22 July 2005, published in Official Gazette No. 678 of 28 July 2005.
Paragraphs 1 and 2. (5) and (8) of article 1. were repealed by 99 point 13 of article in law No. 249 of 22 July 2005, published in Official Gazette No. 678 of 28 July 2005.


The date set in article 100, a plan will be confirmed by judge-appointed, if the following conditions are met: a. at least two of the three categories of receivables listed in article 1. 99 para. (2) accept the plan;
B. in the event that there are only two categories of creditors, the plan is accepted by creditors who hold two-thirds of the value of the credale mass;
C. If there is only one class of creditors, the plan is accepted by creditors holding 75 percent of the value of the mass credale.
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Art. 100 was modified by pct article 14, in accordance with law No. 249 of 22 July 2005, published in Official Gazette No. 678 of 28 July 2005.


Article 101 (1) When a judgment confirming a plan takes effect, the debtor's activity is reorganized accordingly; claims and rights of creditors and other stakeholders shall be amended as set out in the plan. In the event of a confirmed plan enforcements will be counted as a final judgment against the debtor.
  

(2) creditors of their actions, in order to preserve the full amount of claims against the debtor's codebitorilor and fidejusorilor, even though he voted for acceptance of the plan.
  

(3) where no plan is not confirmed and the deadline for proposing a plan, pursuant to article. 91, has expired, the judge will order the commencement-trustee as soon as the procedure of bankruptcy, according to art. 106 and following.
  

(4) the Remuneration of persons engaged pursuant to art. 10, art. 23 para. (1) of article 1. 27, art. and of article 28. 97 para. (3) administrative and other expenses will be paid at the time laid down, as appropriate, by the law, except in cases in which stakeholders would accept, in writing, other payment terms. The plan should specify how it will be assured.
  

(5) payment will be made quarterly on the basis of legal acts.
  


Section 6-the reorganization of Article 102 (1) following the confirmation of a reorganization plan, the debtor shall rule the activity under the supervision of the Manager and in accordance with the plan confirmed, until the judge appointed will become available-motivated as the reorganization to cease and to move the bankruptcy, according to art. 106 and following.
  

(2) in case of reorganization of a legal person, it will be headed by persons legally empowered to represent it, under the supervision of the administrator. Shareholders, associates and members of the limited liability company are not entitled to interfere in the conduct of the activity or in wealth management and the debtor, except within the limits of the cases expressly provided for in the law and limiting and reorganisation plan.
  

(3) the borrower will be required to complete, without delay, the changes to the structure set out in the plan.
  


Article 103 (1) every provider of services-electricity, gas, water, telephone service or the like-not entitled during the period of reorganization, to change, to refuse or to discontinue temporarily such a service by the debtor or the debtor.
  

(2) by way of derogation from paragraph 1. (1) the judge may, at the receiver-application provider, to provide that the debtor to seek bail at a Bank as a condition for the supplier's obligation to provide its services, during the procedure laid down in this law. Such indemnification shall not exceed 30% of the cost of the services rendered to the debtor and not paid.
  


Article 104 (1) if the debtor is not complying with the plan or activity brings its wealth losses, the administrator, or any of the creditors Committee of creditors, as well as representative members of the times, if necessary, can request the shareholders/Associates anytime judge appointed to approve entry into bankruptcy, according to art. 106 and following.
  

(2) the registration of the request mentioned in paragraph 1. (1) does not suspend the continuation of the activity of the debtor until the judge decides on the not-her trustee, by means of a discharge.
  

(3) Repealed.
  

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Alin. (3) art. 104 has been repealed by point 15 article in the law. 249 of 22 July 2005, published in Official Gazette No. 678 of 28 July 2005.


Article 105 (1) the debtor or, where applicable, the administrator will have to submit quarterly reports to the judge-appointed financial situation of the debtor's property. These reports shall be recorded at the registry of the Tribunal and the debtor or, where applicable, the administrator will notify it of all creditors, for consultation reports.
  

(2) the administrator shall submit the expenses incurred for the smooth running of the activity, in order to recover them, under art. 101 paragraphs 1 and 2. (4) on any such request judge.-receiver will pronounce through closing.
  

(3) creditors will be convened at the end of each term in order to listen to the report and entry of accounting.
  


Section 7-the Bankruptcy Article 106 (1) Judge-trustee will decide, through the conclusion, entry into bankruptcy in the following cases: a. the debtor) has declared its intention to enter into bankruptcy or declared its intention to revamp; and b) none of the other topics not justified has proposed a reorganization plan, under the conditions laid down in article 21. 91, or none of the plans proposed was not accepted and confirmed;
  

B. a) debtor declared intention of reorganizing, but did not propose a plan of reorganization plan proposed by the times it was not accepted and confirmed; and b) none of the other topics not justified has proposed a reorganization plan, under the conditions laid down in article 21. 91, or none of the plans proposed was not accepted and confirmed;
  

C. oblibaţiile and other tasks undertaken are not fulfilled, the conditions stipulated by the plan confirmed, or activity of the debtor during the reorganization of its wealth losses bring;

D. report of the Manager was approved whereby it seeks entry into the bankruptcy of the debtor, under art. 57. (2) by reaching through the deciding entry into bankruptcy, the judge will pronounce the dissolution-trustee company debit and will possess: a) the lifting of the right of management of the debtor;
  

(b) the appointment of a liquidator), as well as establishing duties and royalties in accordance with the criteria approved by the Decree of the Government;
  

(c) the maximum period of instruction) of the management of property from the debtor to the liquidator/administrator, along with the list of documents and transactions carried out after commencement, mentioned in article 9. 49 para. (2);
  

(d) the preparation and delivery of) the liquidator shall, within 10 days after entering into bankruptcy, a list containing the names and addresses of creditors and all their debts at the date of entry into bankruptcy, with an indication of those born after the initiation of the proceeding;
  

e) notification entry into bankruptcy.
  

(3) the Conclusion and the time limits specified in article 1. 107 para. (2) and (4) the provisions of art. 45 shall apply accordingly in respect of the receivables existing at the date of entry into bankruptcy.
  

(5) after entering the bankruptcy provisions of art. 75-90 will be applied, if necessary, in an appropriate manner, in terms of claims arising between the date of the opening of proceedings and the entry into bankruptcy, and the procedure for admission.
  


Article 107 (1) the liquidator shall send a notice to all the creditors mentioned in the list filed by debtor/administrator, mentioned in article 9. 106 paragraph 1. (2) (a). (d)), the debtor and the trade register Office or, where appropriate, the registry of agricultural societies, where the debtor is registered, for making the statement. The provisions of paragraph 1. (2) and (3) of art. 75 shall apply accordingly.
  

(2) the notification shall contain: (a) the deadline for) registering the lodgement of claims referred to in paragraph 1. (3) in order to draw up an additional table, which will be a maximum of 45 days from the date of entry into bankruptcy, as well as the requirements for a claim to be registered to be considered valid;
  

b) verification of the claims referred to in paragraph 1. (3) preparing, displaying and communicating the preliminary table of which shall not exceed 30 days from the expiry of the period referred to in subparagraph (a). a);
  

c) within a period of court challenges, which will be at least 10 days before the date set, by the conclusion of the entry, for the completion of the table;
  

d) finalization of additional table of claims referred to in paragraph 1. (3) drafting table and permanently strengthened, which shall not exceed 30 days from the expiry of the period referred to in subparagraph (a). b). (3) will be subject to review all claims on the debtor's property, were born after the date of initiation of the proceeding.
  

(4) the buyer accepted the definitive table of claims under the terms of art. 88, will no longer be subject to verification; These debt holders will be able to submit appeals regarding claims and rights of preference administrator table passed preliminary referred to in paragraph 1. (2) (a). b). (5) will feature Table permanently consolidated the totality of claims against the debtor's property, admitted in existence at the date of entry into bankruptcy, while respecting the provisions of article 3. 108. (1) the holders of claims arising after the opening of the procedure, which did not submit my application for the acceptance of the claims within the time limit referred to in paragraph 1. (2) (a). a), shall apply, as appropriate, the provisions of art. 90. Article 108 entry into bankruptcy In the case of confirmation of a plan of reorganization, the holders of claims participate in distributions with their value, as set out in the plan confirmed, less share received in the course of reorganization.


Article 109 of the personal and real Guarantees established for fulfilment of the obligations assumed by the plan of reorganization remain valid in favour of creditors for the payment of the sums due to them according to the reorganization plan.


Article 110 (1) Creditors are not obliged to repay the amounts received in the course of reorganization.
  

(2) the acts for free, made between the date of the reorganisation plan confirmation and entry into bankruptcy, will be cancelled.
  

(3) other acts performed in the range mentioned in paragraph 1. (2) except those made in compliance with the provisions of article 3. 52 para. (1) and (2) those expressly permitted reorganisation plan, are presumed as in fraud of creditors and will be void, unless that proves his good faith cocontractantul at the time of conclusion of the Act.
  

§ 1. Measures preceding liquidation Article 111 (1) will be placed under seals: the shops, stores, warehouses, offices, commercial correspondence, archives, storage devices, and processing of information, contracts, goods and all other movable property belonging to the estate of the debtor.
  

(2) will not be placed under seals: a) objects that will need to be harnessed urgently, in order to avoid damage to or loss of their material value;
  

(b) accounting registers);
  

c) bills of Exchange and other securities due or to be due shortly, as well as actions or other securities of the debtor's stake, which will be considered by the liquidator to be received or to carry out conservation activities;
  

d) cash which the liquidator shall submit to the Bank for the account of the debtor's property.
  

(3) where the debtor has assets in other counties, the judge will send notifications-appointed courts in those counties, in order to sigilarii emergency goods.
  

(4) documents prepared by other courts, certifying that the seals have been applied, shall be sent to the judge-trustee.
  

(5) during the action of sealing, the liquidator will take measures necessary for the conservation of the goods.
  


Article 112 (1) if the debtor can be inventariata completely 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 assess the inventory in the shortest possible time. The debtor will have to face and to assist in inventory, if judge-appointed so provides. If the debtor will not be present, he will not be able to dispute the data in the inventory.
  

(2) the liquidator, as deployment of inventory, take possession of the goods, becoming their depository.
  


Article 113 (1) Inventory will need to describe all the debtor's assets, even those not enacted under seal, and to indicate their approximate value at the date of the inventory. At the request of the Committee of creditors or the liquidator appointed judge-may appoint an expert, at the expense of property of the debtor, for property valuation.
  

(2) the Act of inventory will be signed by the debtor and the liquidator, of an expert if necessary.
  

§ 2. Conducting liquidation Article 114 (1) liquidation of the assets of the debtor will be made by liquidator appointed under the control of the judge.
  

(2) except as expressly provided for by law, liquidation will begin immediately after the completion of the liquidator of the assets of the debtor's inventory. The goods may be sold in bulk as a whole in the operating state or individually. If the goods may not be sold by public auction, they will be sold through direct negotiation.
  

(3) the liquidator will engage an appraiser on behalf of the debtor, individual or company that will assess the assets of the debtor, in accordance with international financial reporting standards.
  

(4) depending on the circumstances of the case and the possible cause of the debtor's assets will be assessed both individually and collectively; through the block as a whole functional means all or part of the debtor's assets which are necessary for the conduct of a business, for which a buyer offers a price nedefalcat property components.
  

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Alin. (2) of article 9. 114 was amended by paragraph 16 of article in law No. 249 of 22 July 2005, published in Official Gazette No. 678 of 28 July 2005.


Article 115 (1) In case of necessity or utility invederata to the sale in bulk, the liquidator shall submit a report to the judge appointed will be indicated as described and evaluated the assets to be sold together, presents and loads of which eventually are encumbered, accompanied by proposals regarding the modalities for sale. A copy of the report will be submitted to the registry of the Court, where it will be reviewed by any interested party.
  

(2) the report referred to in paragraph 1. (1) will include proposals on the manner in which the sale block, as follows: a) for sale by direct negotiation by a buyer already identified, specifying the minimum requirements of the contract such as the price and method of payment;
  

b) for sale through direct negotiation, without the buyer identified stating minimum price proposed. In this case, the liquidator may negotiate the sale price of the concrete goods, and if the reserve price cannot be obtained, the creditors will meet again to decide whether the minimum price initially falls or is going to move from selling individual assets;
  

c) auction sale.
  

(3) the judge shall convene-appointed creditors no later than 20 days after the date of receipt of the appeal the liquidator, instiintandu's creditors about the possibility of studying the report.
  


(4) where the selling block is not required, and the buyer is not firmly identified through reports, creditors may fix a minimum price at which the goods can sell in bulk. If this price is not achieved, and the creditors decides otherwise, goods will be sold individually.
  

(5) If creditors approve the report of the judge-trustee will be given through a closing provision liquidator to perform the acts and operations of the proposed liquidation, according to the report.
  

(6) the provisions of paragraphs 1 and 2. (1) to (5) shall apply, as appropriate, and to authorise the sale of bulk receivables owned by the debtor against a third person.
  

— — — — — — — — — — — — — — — — c) of paragraph 1. (2) of article 9. 115 was changed from point 17 of article in law No. 249 of 22 July 2005, published in Official Gazette No. 678 of 28 July 2005.


Article 116 (1) Buildings may be sold directly, as a result of the liquidator's proposal, approved by judge-trustee.
  

(2) the proposal of the liquidator will have to identify the property by situation on the ground and through the data from the register of real estate advertising and to show tasks which is encumbered.
  

(3) the judge will convene a trustee in-session, no later than 20 days after the receipt of the application, the debtor and the creditors ' proposal notificand with real guarantees over the goods and instiintandu them of the possibility to lodge appeals reasoned with at least 5 days before the date of convocation.
  

(4) in the context of the session specified in paragraph 2. (3), the judge will declare all-appointed appeals and will decide, through discharge, upon proposal by the liquidator; the conclusion will be notified of those referred to in paragraph 1. (3) unless you have given the following quote, which are displayed the property being sold and published in two local newspapers of wide dissemination.
  

(5) the sale will be made, under penalty of nullity, but after 20 days from the date of the last publication in the newspaper.
  


Article 117 gains from the administration buildings or other property of the debtor's property will be deposited into the account of the latter's property and will be distributed to the creditors at the same time as the price obtained from the sale of those goods.


Article 118 the securities will be sold under the terms of the Government Emergency Ordinance nr. 28/2002 *).
_ _ _ _ _ _ _ _ _ _ *) see note to art. 92. Article 119 the liquidator will conclude contracts of sale and purchase; amounts arising from sales shall be deposited into the account referred to in article 1. "". (2) receipts and will be handed over to the judge-trustee.


Article 120 (1) the funds derived from the sale of the assets of the debtor, the creditor continues to be in favour, mortgages, pledges or other movable guaranties of rights retention times, of any kind, will be distributed in the following order: 1. fees, stamps and any other expenses incurred in selling the goods in question, including the expenses necessary for the conservation and management of such property, and the payment of retributiilor persons engaged pursuant to article. 28;
2. secured creditors claims, including all interest, capital increases and penalties of any kind, and expenses.

(2) where the amounts realized from the sale of these goods would be insufficient to pay in full the debt, creditors will have guaranteed, unsecured claims for difference, which will come into competition with those contained in the corresponding category, according to their nature, referred to in art. 122, and will be subject to the provisions of art. 45. If after the payment of the amounts referred to in paragraph 1. (1) results in a difference in addition, it will be filed, by the liquidator on behalf of the estate of the debtor.
  

(3) a lender with guaranteed debt is entitled to participate in any distribution of the sales amount, made before the asset subject to the warranty's. The sums received in this way of working will be greatly reduced from the creditor would be entitled to receive them later from the price obtained by selling the asset subject to its guarantee, if this is necessary to prevent such a creditor to receive more than they would have received if the property subject to its guarantee would have been sold previously distributed.
  

§ 3. Distribution following liquidation amounts made in article 121 (1) every 3 months, calculated from the date of commencement of liquidation, the liquidator shall submit a report to the judge appointed in respect of funds obtained from liquidation and collection of receivables from and a plan of distribution among creditors. The report will include the payment of retributiei and other expenses, as referred to in art. 122 section 1.
  

(2) For serious reasons, judge-appointed may extend by not more than one month or perhaps shorten the deadline for submission of the report and plan of distribution. The distribution plan will be registered at the registry of the Court and the liquidator shall notify this to each creditor. A copy of the report and a copy of the distribution plan will be posted on the door of the Court.
  

(3) any creditor may make appeals to the report and the plan within 10 days of the posting. A copy of the notice of opposition shall be notified to the liquidator, emergency, and the debtor.
  

(4) within 20 days after the posting, judge-appointed liquidator will you, with the debtor and creditors with a session in which it will be solved, suddenly, through the verdict, all appeals.
  


Article 122 the receivables will be paid in the event of bankruptcy, in the following order: 1. fees, stamps and any other expenses incurred in the procedure established by this law, including the expenses necessary for the conservation and management of the assets of the debtor, as well as payment of the remuneration of persons engaged pursuant to article. 10, art. 23 para. (1), art. 27, art. 28 and of art. 97 para. (3) subject to the provisions set forth in article 1. 101 paragraphs 1 and 2. (4);
2. receivables representing loans, with interest rates and charges provided by the credit institution after the opening of the procedure, as well as the receivables resulting from the continuation of the debtor after the commencement of the activity;
3. receivables originating employment relationships, not more than 6 months prior to the opening of proceedings;
4. budgetary debts;
5. receivables representing amounts owed by the debtor to third parties on the basis of maintenance obligations, family allowances or payment of periodic amounts intended to ensure the means of existence;
6. receivables representing amounts fixed by the judge-appointed for the maintenance of the debtor and his family, if he is a natural person;
7. receivables representing Bank loans, with interest thereon, costs and those resulting from the delivery of products, services or other works, as well as rental;
8. other debts unsecured;
9. subordinated debts, in the following order of preference: a) loans to the legal entity responsible for payment by a member or a shareholder owning at least 10% of the share capital, respectively, of the voting rights in the general meeting of shareholders or, where appropriate, by a member of the economic interest group;
  

b) receivables from acts springing free of charge;
  

10. repealed.
— — — — — — — — — — — — — — — — paragraph 10 of article 10. 122 was repealed by article item 18 in law No. 249 of 22 July 2005, published in Official Gazette No. 678 of 28 July 2005.


Article 123 monies distributed among creditors in the same priority ranking will be awarded proportionally to the amount allocated for each claim, by the table mentioned at art. 107 para. (2) (a). d). Article 124 (1) debt holders of a category will be able to distribute amounts only after full indestulare to holders of debt classified hierarchically superior, according to the order laid down in article 21. 122. (2) in case of insufficiency of the amounts required to cover the full value of the claims with the same priority rank, holders will receive a broken listing, representing the amount in proportion to the percentage that claim their respective claims in category owns.
  


Article 125 where the assets which make up the wealth of a group of economic interest of society in the limited by are insufficient to pay the claims listed in table permanently consolidated claims, against the group or the company will authorize judge-appointed enforced the law against unlimited liability shareholders or, as the case may be, the members, pronuntand a final enforceable sentence that will be enforced by the liquidator, by the bailiff.


Article 126 on the occasion of distribuirilor following partial sums will be recorded: 1. the proportional amounts owed to creditors whose claims are subject to a condition precedent which has not been achieved yet;
2. amounts owed to the owners of proportional, titles to order, or to bearer, and having the originals, but not titles you have submitted;
3. proportional amounts owed debts provisionally;
4. intended to cover expenditure reserves of debtor's property.


Article 127 For creditors with claims submitted in the table of debts, which have been allocated monies only in part, or with claims under suspensiva condition and who took part in the distribution, the amounts due will be kept at the Bank, in a special deposit account until their situation will be enlightened self-interest.


Article 128


(1) after the debtor assets were liquidated, the liquidator will submit a report to the judge the final receiver along with a balance sheet; copies of these will be communicated to all the creditors and the debtor and will be posted at the courthouse door. Judge-appointed creditors will convene at a maximum period of 30 days after the posting of the final report. Creditors may bring such complaints at its final report at least 5 days before the date of convocation.
  

(2) the date of the session, judge-appointed will be solved through closing, all obiectiunile the final report, it will approve, or will have, if necessary, amend it.
  

(3) Claims that from the date of the final report will still be under the condition will not participate in any distribution.
  


Article 129 once appointed judge-approve the final report of the liquidator it will need to make the distribution of all funds of the debtor. Go unreported funds within 90 days by those entitled to them will be deposited by the liquidator to the Bank, on behalf of the estate of the debtor, and the bank statement, at the courthouse. They will be able to be used in the article. "". 4. Section 8 termination Article 130 at any stage of the procedure provided for in this law, the trustee will be able to judge-give a verdict closing the proceedings, if it is found that there is no property in the debtor or as they are insufficient to cover administrative expenses and no creditor has not offers to move the corresponding amounts.


Article 131 (1) a reorganisation procedure by continuing or winding-up proceedings on the basis of the plan will be closed through a sentence, following the fulfillment of all obligations assumed in the plan confirmed. If a reorganization procedure begins, but then becomes bankrupt, it will be closed in accordance with paragraph 1. 2. (2) an insolvency proceedings will be closed when the judge-trustee approved the final report, when all funds or assets of the debtor have been distributed and when funds were secured to go unreported. Following a request from the liquidator appointed judge-will pronounce a verdict closing the procedure, and in the case of legal persons having their termination.
  


Article 132-appointed Judge will pronounce a verdict closing the proceedings even before the debtor assets have been liquidated in its entirety, if the receivables were fully covered by distributions made.


Article 133 (1) in the case of open procedure following the introductory wording of the application by the debtor, the conditions under art. 32 if the judge appointed to ascertain-expiry of the time for registration applications for admission to the claims that there has been no application, will pronounce a verdict closing the proceedings and revocation of the decision opening the proceedings.
  

(2) in the case referred to in paragraph 1. (1) termination does not produce the effects mentioned in article 1. 136. However, legal administration, operations made on the debtor's property, they will take effect, and the rights acquired up to cancel remain untouched.
  


The closing Sentence of article 134 of the procedure shall be notified by the trustee, debtor's judge-all creditors, members or, where applicable, associates/shareholders territorial Department of public finance and trade register Office or, where appropriate, the registry of agricultural societies, where the debtor is registered, for making the statement, and it will display the excerpt on the premises of the Tribunal.


Article 135 Through termination of the proceeding judge-appointed liquidator/administrator and all the people that i have witnessed are of any charge or download accountability with regard to procedure, the debtor and his creditors, the Fortune trained guarantees, shareholders or associates.


Article 136 (1) by closing the opening of insolvency proceedings, the debtor person will be downloaded oblibaţiile that you have before entering into bankruptcy, but the subject of not being found guilty of fraudulent bankruptcy or fraudulent transfers of payment times; in such situations it will be downloaded only obligation to the extent that they were paid under the procedure, except in the case provided for in article 10. 90 para. (1) section 3.
  

(2) do not benefit from downloading the obligations laid down in paragraph 1. (1) a natural person debtor who has benefited, in a procedure of reorganization or bankruptcy earlier, a similar measure, occurred not more than 5 years prior to the opening of proceedings consequential.
  

(3) on the date of confirmation of a plan of reorganization, debtor is downloaded by the difference between the value of the obligations which they have before confirmation of the plan and that provided for in the plan, except where the following conditions are cumulatively met: a plan of reorganization) debtor's individual provides substantial or total liquidation of the assets of the debtor;
  

b) provides that the debtor's plan will not continue after the execution plan for the commercial activity; and (c)) at the time of confirmation of the plan, the debtor would not benefit from the discharge of obligations to measure where they are in bankruptcy.
  

(4) the debtor's obligation to Discharge does not involve any obligation to discharge fidejussor codebitorului. or
  


Chapter IV Liability of the members of the management organs Article 137 (1) the judge may order that the trustee-a portion of the debtor's liabilities, legal person, arrived in a State of insolvency, to be supported by the members of the management organs-administrators, directors, auditors ' and any other person who contributed to the finding of a debtor in this situation, through one of the following facts: a) have used goods or loans on behalf of the legal person or of another person;
  

b) did acts of Commerce for personal purposes, under cover of the legal person;
  

c) may, for personal, continuing an activity that led the way regarding the statutory cessation of payments;
  

d) held a fictitious accounting to disappear, they did some accounting documents or have not kept the accounts in accordance with the law;
  

e) embezzled or hid part of the assets of the legal person times have increased, fictionally, liabilities;
  

f) have used ruinatoare to purchase assets of the legal person, in order to delay termination payments;
  

g) in previous month termination payments paid or were willing to pay the creditor's preference, at the expense of other creditors.
  

(2) the provisions of paragraphs 1 and 2. (1) do not remove the application of the criminal law for the acts that constitute offences.
  


Article 138 the amounts secured under art. 137 para. (1) the debtor will enter into and will be the subject, in the case of reorganization, filling in the necessary funds to continue the activity of the debtor, and in case of bankruptcy, to cover liabilities.


Article 139 in order to take measures under article 4. 137, judge-trustee will have precautionary measures ex officio or referral made by the administrator/liquidator, by any of the lenders, members or, where applicable, associates/shareholders.


Article 140 (1) enforced against the person referred to in art. 137 para. (1) shall be made by the bailiff in accordance with the code of civil procedure.
  

(2) upon termination of the bankruptcy, the amounts resulting from the enforced collection shall be distributed by the bailiff, in accordance with the provisions of this law, pursuant to the definitive consolidated table provided by the liquidator.
  

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Art. 140 has been modified by pct article 19 in accordance with law No. 249 of 22 July 2005, published in Official Gazette No. 678 of 28 July 2005.


Chapter V Crimes and punishments Article 141 (1) constitutes the crime of simple bankruptcy and is punished with imprisonment from three months to one year or with fine failure or late introduction, by a natural person debtor times the legal representative of the legal person responsible for payment of the application opening the proceedings within the time limit provided for in art. 32. (2) constitutes the crime of fraudulent bankruptcy and be sanctioned with punishment provided for in art. 282 of the Act No. 31/1990 on the companies, republished, the Act of the person: a) falsify, destroy evidence or escape of debtors referred to in art. 1 (1). (1) (a). the) point 2 and 3. b) and (c)) or hide part of their property assets;
  

b) depicts or nonexistent debt shows in the books of debtors referred to in art. 1 (1). (1) (a). the) point 2 and 3. b) and (c)), in another act or in the accounts, the amounts unduly paid, each of these acts being committed for the purpose of decreasing the apparent value of assets;
  

c) fraud, the alienator creditors, in the event of the insolvency of debtors referred to in art. 1 (1). (1) (a). the) point 2 and 3. b) and (c)), a significant portion of assets.
  


Article 142 (1) the crime of fraudulent management, referred to in art. 214 paragraph 1. 1 of the Criminal Code), punishable with imprisonment from 3 to 8 years old, when it is committed by the debtor's property manager, liquidator times and by any representative or servant thereof.
  

(2) the crime of fraudulent management, referred to in art. 214 paragraph 1. 2 of the penal code), punishable by imprisonment from 5 to 12 years old, when it is committed by the debtor's property manager, liquidator times and by any representative or servant thereof, if the deed does not constitute an offence more serious.
  

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*) In accordance with the provisions of the law No. 301/2004-penal code, published in the Official Gazette of Romania, part I, no. 575 of 29 June 2004, which will come into force within a period of one year from the date of its publication in the Official Gazette of Romania, part I, the headquarters for the matter of fraudulent management is art. 258. (3) the crime under paragraph 1 Attempt. (1) and (2) shall be punished.
  


Article 143 (1) Learning, use or trafficking of administrator of estate of the debtor, the liquidator times and by any representative or servant thereof for money, or other property values that you manage or manage them constitutes the crime of embezzlement and shall be punished with imprisonment from one year to 15 years and the prohibition of certain rights.
  

(2) where the embezzlement had particularly serious consequences, the punishment is imprisonment from 10 years to 20 years and the prohibition of certain rights.
  

(3) the crime under paragraph 1 Attempt. (1) and (2) shall be punished.
  


Article 144 the Act of the person who, on his own behalf or through frontmen persons, require the registration of an application for admission to a non-existent claims over property the debtor is punished with imprisonment from three months to one year or by a fine.


Article 145 of the debtor or Refusal of the administrator, Director, Executive Director or legal representative of the debtor, a legal entity, to provide the judge or administrator appointed, the liquidator, subject to the conditions laid down in article 21. 39, the documents and information referred to in article 1. 33 para. (1) (a). a)-f) or stop them, in bad faith, to draw up the respective documentation shall be punished with imprisonment from one year to three years or by a fine.


Article 146 Offences referred to in articles. 141-145 is the first judge in the Court of the Court, promptly.


Chapter VI transitional and final Provisions Article 147 provisions of this law are completed, as far as their compatibility with those of the civil procedure code and the commercial code.


Article 148 of the fine Amount *) set out in art. 51 para. (2) will change periodically to the Government decision, depending on the inflation index.
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**) Art. 148, was art. 128 ^ 1, as it was introduced by order No. 38/2002, unchanged thereafter, have the following wording: "the amount of fines laid down in art. 32 para. (2) and article 3. 40 ^ 2 (2). (2) and (4) will also be changed periodically by the Government, according to the index of inflation ".
Paragraphs 1 and 2. (2) of article 9. 32, which established a fine owed by the debtor, was repealed through the provisions of art. I, section 45 of the law nr. 149/2004. Art. 32 became art by renumbering. 39. Paragraphs 1 and 2. (2) of article 9. 40 ^ 2, which established a fine payable by postal offices, railway stations, warehouses, port deposit and other storage places in Vienna where the debtor has his place of business/administrative offices or branches, subsidiaries times was repealed through the provisions of art. I, section 53 of the Act nr. 149/2004. Art. 40 ^ 2 has become art by renumbering. 51. Article 149 the procedure governing the autonomous public corporations that are in a State of insolvency is determined by special law.


Article 150 (1) this law shall enter into force on the date of its publication in the Official Gazette of Romania, part I, and apply it to 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 of 29 June 1995.

(2) on the date of application of this law are repealed:-art. 695-888 (Book III-About bankruptcy) and art. 936-944 (Dispozitiuni special procedure of bankruptcy) of the commercial code English;
-art. 34-38 (Dispozitiuni relating to bankruptcy) of the Regulation for the implementation of the commercial code, published in Monitorul Oficial nr. 126 of 10 September 1887.


Article 151 the bankrupt Proceedings opened until the date of implementation of this law will continue to be administered and disposed of according to the provisions of the commercial code.
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