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Law No. 85 Of 5 April 2006 On Insolvency Proceedings

Original Language Title:  LEGE nr. 85 din 5 aprilie 2006 privind procedura insolvenţei

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LEGE no. 85 85 of 5 April 2006 (* updated *) on insolvency proceedings ((updated on 1 February 2014 *)
ISSUER PARLIAMENT




---------- The Romanian Parliament adopts this law + Chapter I General provisions + Article 1 (1) The general procedure provided for by this law shall apply to the following categories of debtors in insolvency or impending insolvency, except those provided in par. ((2) lit. c) and d): 1. companies; 2. cooperative societies; 3. Cooperative organizations; 4. agricultural companies; 5. groups of economic interest; 6. any other legal person of private law who also carries out economic activities. (2) The simplified procedure provided for by this Law shall apply to debtors in the state of insolvency, which fall within one of the following categories: a) traders, individuals, acting individually; b) family associations; c) debtors belonging to the categories provided in par. (1) and meet one of the following conditions: ------------ The introductory part of the letter c) of par. ((2) of art. 1 1 has been amended by section 4.2 1 1 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 of 26 November 2008, with a new point. 1. do not hold any good in their heritage; 2. the constituent acts or the accounting documents cannot be found; 3. the administrator cannot be found; 4. the premises no longer exist or do not correspond to the address of the trade register d) debtors belonging to the categories provided in par. (1), which did not submit the documents provided for in art. 28 28 para. ((1) lit. a)-f) and h) within the period prescribed by law; ------------ Lit. d) a par. ((2) of art. 1 1 has been amended by section 4.2 1 1 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 of 26 November 2008, with a new point. e) companies previously dissolved in the formulation of the application; f) debtors who have declared by their application the intention of entry into bankruptcy or who are not entitled to benefit from the judicial reorganization procedure provided by this law. + Article 2 The purpose of this law is to establish a collective procedure to cover the liabilities of the insolvent debtor. + Article 3 Within the meaning of the present law, the following terms and expressions have the following meanings: 1. insolvency is that state of the debtor's patrimony which is characterized by the insufficiency of funds available for the payment of certain debts, liquids and chargeable: ------------ The introductory part of section 1 1 of art. 3 3 has been amended by section 4.2 1 1 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 of 26 November 2008, with a new point. a) insolvency is presumed to be manifest when the debtor, after 90 days after maturity, has not paid its debt to the creditor; the presumption is relative; -------------- Lit. a) 1 1 of art. 3 3 has been amended by section 4.2 1 1 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. b) insolvency is imminent when it turns out that the debtor will not be able to pay at maturity the chargeable debts committed, with the funds available at the due date; 2. the debtor's estate represents the totality of his patrimonial assets and rights-including those acquired during the insolvency proceedings-, which can be the subject of forced execution, under the conditions regulated by the Code of Civil Procedure; 3. the collective procedure is the procedure in which the recognized creditors participate together in the pursuit and recovery of their claims, in the ways provided by this law; 4. the opening date of the procedure a) in the case of the request of the opening debtor of the procedure, the date of delivery of the conclusion provided 32 32 para. ((1); b) in the case of the creditor's request for the opening of the procedure, the date of delivery of the sentence of the syndic judge, provided 33 33 para. ((4) or (6); 5. the debtor is the natural person or legal person of private law, who is part of one of the categories provided in art. 1 1 and which is in a state of insolvency; ------------ Item 5 of art. 3 3 has been amended by section 1 1 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 of 26 November 2008, with a new point. 6. by the creditor entitled to request the opening of insolvency proceedings shall be understood the creditor whose claim against the debtor's patrimony is certain, liquid and chargeable for more than 90 days. Creditors, including the state employees, will be able to request the opening of insolvency proceedings only if, after the compensation of mutual debts, of any nature, the amount due to them will exceed the amount provided for in item 12 12; -------------- Item 6 of art. 3 3 has been amended by section 2 2 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. 7. the creditor means the natural or legal person who holds a right of claim on the debtor's estate and who has expressly requested the court to be registered its claim in the definitive table of receivables or in the definitive table consolidated by receivables and which can provide proof of its claim to the debtor's patrimony, under the terms of this law. They have the status of creditor, without personally submitting the statements of claim, the employees of the debtor; 8. the creditor entitled to participate in the insolvency proceedings is that creditor who formulated and to whom he was admitted, in whole or in part, an application for registration of his claim on the debt tables against the debtor drawn up in the procedure and which has the right to participate and vote in the assembly of creditors, including a judicial reorganization plan upheld by the syndic judge, to be designated as a member of the creditors ' committee, to participate in the distributions of funds resulting from the judicial reorganisation of the debtor or the liquidation of the estate to the debtor, to be informed or notified of the conduct of the procedure and to participate in any other procedure governed by this law. They have the status of creditor entitled to participate in the insolvency procedure, without personally submitting the statements of claim, the employees of the debtor; ------------ Item 8 of art. 3 3 has been amended by section 1 1 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 of 26 November 2008, with a new point. 9. the guaranteed claims are the claims of persons who benefit from a real guarantee on the assets of the debtor's patrimony, regardless of whether it is the main debtor or third party guaranteed to the beneficiary persons of the real guarantees; 10. salary claims are the claims that arise from employment relationships between the debtor and its employees. These claims are registered ex officio in the debt table by the judicial administrator/liquidator; 11. the budgetary claims represent the claims consisting of taxes, duties, contributions, fines and other budgetary revenues, as well as their accessories; 12. the threshold value represents the minimum amount of the claim, in order to be introduced the creditor's request. This is 45,000 lei, and for employees, of 6 gross average salaries on economy/per employee; -------------- Item 12 of art. 3 3 has been amended by section 2 2 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. 13. the chirographic creditors are the creditors of the debtor who have not constituted guarantees to the debtor's patrimony and who do not have privileges accompanied by retention rights, whose claims are current at the time of the opening of the proceedings, as well as new claims, related to current activities during the observation period; 14. the current activities represent those facts of trade and financial operations proposed to be carried out by the debtor during the observation period, in the normal course of his trade, such as: a) continuation of contracted activities, according to the activity object; b) performing the operations of receipts and payments thereof; c) ensuring the financing of working capital within current limits; 15. the period of observation shall be the period between the date of opening of the procedure and the date of confirmation of the plan or, where applicable, 16. the preliminary table of claims includes all claims born before the date of opening of the current procedure, due, under condition or in dispute, accepted by the judicial administrator following their verification. In the table will be mentioned both the amount requested by the creditor and the accepted amount and the preference rank. In the case of the simplified procedure, in this table the claims born after the opening of the procedure will also be registered until the time of entry into bankruptcy; 17. the definitive table of receivables means the table comprising all claims on the debtor's wealth at the date of opening of the procedure, accepted in the preliminary table and against which no appeals were filed in accordance with the provisions art. 73, as well as receivables admitted following the resolution of appeals. This table shows the amount requested, the amount admitted and the priority rank of the claim; 18. the supplementary table includes all claims born after the opening date of the general procedure and until the date of commencement of the bankruptcy procedure, accepted by the liquidator following their verification. In the table will be mentioned both the amount requested by the creditor and the accepted amount and the preference rank; 19. The consolidated definitive table will include the totality of the receivables listed as admitted in the definitive table of receivables and those in the uncontested supplementary table, as well as those resulting from the resolution of appeals to the supplementary table. In the event that the bankruptcy was ordered after the confirmation of a reorganization plan, a updated version of the consolidated definitive table is to be drawn up, in accordance with the debt payment program, contained in the reorganization, and with the deduction of the amounts paid during its deployment; 20. judicial reorganization is the procedure that applies to the debtor, the legal person, in order to pay his debts, according to the payment schedule of the receivables. The reorganization procedure involves the preparation, approval, implementation and compliance with a plan, called a reorganization plan, which can provide, together or separately: a) the operational and/or financial restructuring of the debtor; b) corporate restructuring by changing the social capital structure; c) restriction of activity by liquidating some assets from the debtor's property; 21. the category of disadvantaged claims is presumed to be the category of claims for which the reorganisation plan provides at least one of the following changes for any of the claims of that category: a) a reduction in the amount of the claim; b) a reduction of guarantees or other accessories, such as the rescheduling of payments over the creditor; c) the value updated with the reference interest of the National Bank of Romania, if it is not established otherwise by the respective debt or special law contract, is less than the value at which it was entered in the definitive table of receivables; 22. the payment schedule of the receivables means the table of claims mentioned in the reorganization plan that includes the amount of the amounts that the debtor undertakes to pay to the creditors, by reference to the definitive table of receivables and to cash flows related to the reorganisation plan, and comprising: a) the amount of the amounts due to creditors according to the definitive table of claims that the debtor undertakes to pay to them; b) the terms at which the debtor is to pay these amounts; 23. the bankruptcy procedure means the collective and egalitarian insolvency procedure that applies to the debtor in order to liquidate its wealth to cover the liability, being followed by the removal of the debtor from the register in which is registered; 24. the general procedure is the procedure provided for by this law, whereby a debtor who meets the conditions provided in art. 1 1 para. (1), without simultaneously fulfilling those of art. 1 1 para. (2), shall enter, after the period of observation, successively, in the procedure of judicial reorganization and in the procedure of bankruptcy or, separately, only in judicial reorganization or only in bankruptcy proceedings; 25. the simplified procedure is the procedure provided for by this law, whereby the debtor who meets the conditions provided in art. 1 1 para. (2) enter directly into the bankruptcy procedure, either with the opening of the insolvency procedure or after an observation period of maximum 50 days, during which the elements provided in art. 1 1 para. ((2) lit. c) and d); -------------- Item 25 of art. 3 3 has been amended by section 2 2 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. 26. the special administrator shall be the representative appointed by the general meeting of the debtor's shareholders/associates, the legal person, empowered to carry out on his behalf and on his account the necessary administration documents during the periods of procedure when the debtor is allowed to operate and represent their interests in the procedure during the period during which the debtor has been raised the right of administration. The general meeting of shareholders, associates or members of the legal person will be convened by the judicial administrator or liquidator for the appointment of the special administrator, within a maximum of 10 days from the opening of the procedure or, after case, from the lifting of the debtor's right to manage his wealth. The general meeting will be chaired by the judicial administrator or liquidator, as the case may be. If the assembly of associates/shareholders convened according to this point does not appoint a special administrator, the debtor will be raised the right of administration, if it has not been raised, and the debtor, respectively the associations/shareholders are deprived of the rights recognised by the procedure and which are exercised by the special administrator. If a special administrator has not been appointed, for the resolution of the actions provided in art. 46 and those regulated by art. 79 and 80, the debtor shall be represented by a specially designated curator of the statutory governing bodies in the performance of the function at the time of the opening of the proceedings. The designation will be made by the syndic judge in the council chamber and without summoning the parties. If the assembly of the associates/shareholders chooses a special administrator, it shall take over the procedure at the stage in which it is found at the date of designation; -------------- Item 26 of art. 3 3 has been amended by section 2 2 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. 27. the judicial administrator is the compatible natural or legal person, insolvency practitioner, authorized under the law, appointed to exercise the duties provided in art. 20 during the observation period and during the reorganization procedure; the representative of S.P.R.L. or I.P.U.R.L. will have to meet the conditions provided above; ------------ Item 27 of art. 3 3 has been amended by section 1 1 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 of 26 November 2008, with a new point. 28. the liquidator is the natural or legal person, insolvency practitioner, authorized under the law, appointed to lead the debtor's activity and to exercise the duties provided in art. 25 in the framework of the bankruptcy procedure, both in the general and simplified procedure; 29. The bulletin of insolvency proceedings is the publication published by the National Trade Register Office, which aims to publish the citations, summons, notifications and communications of the procedural documents carried out by the courts the court, the judicial administrator/liquidator after the opening of insolvency proceedings provided by this law; ------------ Item 29 of art. 3 3 has been amended by section 1 1 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 of 26 November 2008, with a new point. 30. the mandate of the statutory administrators shall cease from the date of removal of the right of administration or from the date of designation of the special administrator The special administrator's mandate is limited to representing the interests of shareholders/associates from the date of lifting the right of administration. Termination of the mandate requires the obligation to surrender management. ------------ Item 30 of art. 3 3 has been amended by section 1 1 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 of 26 November 2008, with a new point. 31. a qualified financial contract means any contract having as its object operations with derivatives made on regulated markets, assimilated markets or markets to good understanding, as regulated; 32. captive consumer means the consumer who, for technical, economic or regulatory reasons, cannot choose the supplier; 33. the bilateral clearing operation (netting) involves the realization, in connection with one or more qualified financial contracts, of one or more of the following operations: a) the termination of a qualified financial contract and/or the acceleration of any payment or fulfillment of an obligation or achievement of a right on the basis of one or more qualified financial contracts with the basis of a bilateral netting agreement ((netting); b) the calculation or estimation of a clearing value, market values, liquidation values or replacement values of any of the obligations or rights to which point is referred. a); c) conversion into a single currency of any value, calculated according to lit. b); d) compensation, until a net amount (off-set) is obtained, of any values calculated according to lit. b) and converted according to the provisions of letter c); 34. by bilateral netting agreement (netting agreement) is understood: a) any agreement or clause in a qualified financial contract between two parties, providing for a netting of payments or a fulfilment of obligations or an achievement of present or future rights resulting from or having connection with one or more qualified financial contracts ("master netting agreement"); b) any master netting agreement between two parties, providing for netting between two or more master netting agreements ("master-master netting agreement"); c) any understanding of the subsequent guarantee or in relation to one or more master netting agreements; 35. through the guarantee agreement means any contract/instrument to guarantee a netting agreement or qualified financial contracts, including without limitation: gajuri, letters of guarantee, personal guarantees and the like. + Article 4 (1) All expenses related to the procedure established by this law, including those regarding the notification, convocation and communication of procedural documents made by the judicial administrator and/or liquidator, shall be borne by the debtor's estate. ((2) The payments will be made from an account opened at a unit of a bank, on the basis of provisions issued by the debtor or, as the case may be, by the judicial administrator, and in the course of bankruptcy, by the liquidator. (3) The cash availability will be able to be kept in a special bank deposit account. (4) In the absence of availability in the debtor's account, the liquidation fund will be used, payments to be made in accordance with the provisions art. 37 37 para. (4) of Government Emergency Ordinance no. 86/2006 on the organisation of the activities of insolvency practitioners, approved with amendments and additions by Law no. 254/2007 , with subsequent amendments and completions, based on a forecast budget. -------------- Alin. ((4) of art. 4 4 has been amended by section 3 3 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. ((5) Abrogat. -------------- Alin. ((5) of art. 4 4 has been repealed by section 6.6. 4 4 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (6) The Fund provided in par. (4) will be constituted by: a) the application of a percentage of 50% to the fees payable at the office of the trade register for the authorization of establishment persons subject to registration in the commercial register, with the changes of their acts, deeds and mentions, and all records in the commercial register, authorization of operation and issuance of specific documents, verification and/or reservation, transmission/obtaining/issuance of documents and/or information provided by law; -------------- Lit. a) a par. ((6) of art. 4 4 has been amended by section 4.2 5 5 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. b) repealed. -------------- Lit. b) a par. ((6) of art. 4 4 has been repealed by section 6.6. 6 6 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. c) the takeover of 2.0% of the amounts recovered in insolvency proceedings, including from the funds obtained from the sale of assets from the debtor's estate, the amount that will be included in the category of expenses related to the procedure in the meaning of ((1). ------------ Lit. c) a par. ((6) of art. 4 4 has been amended by section 4.2 2 2 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, amending section 1 1 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. (7) The amounts referred to in par. ((6) lit. a) will be transferred by the offices of the trade register, through the National Trade Register Office, to the account of the National Union of Insolvency Practitioners in Romania, hereinafter referred to as the U.N.P.I.R., the amounts provided in par. ((6) lit. b) will be paid at any bank unit, in the said account, and the amounts provided in par. ((6) lit. c) will be transferred to the account of the U.N.P.I.R. branch that includes the judicial administrator or, as the case may be, the liquidator who transmits the amount. ------------ Alin. ((7) of art. 4 4 has been amended by section 3 3 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, amending section 2 2 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. (8) U.N.P.I.R. will communicate to the National Trade Register Office and the courts in addition to which the register of agricultural companies operates, namely the register of associations and foundations, the account number and the unit to which it is open and any subsequent changes thereto. ((9) The amounts referred to in par. ((1) will be considered liquidation expenses in accordance with art. 121 121 and art. 123 123 section 1 1 and will be paid at the time of availability in the debtor's account. ------------ Alin. ((9) of art. 4 4 has been amended by section 4 4 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 2 2 ^ 1. ((10) The amounts of the winding-up fund may not be subject to precautionary measures or foreclosure. ------------ Alin. ((10) of art. 4 4 has been introduced by section 4 4 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 2 2 ^ 2. + Chapter II Participants in insolvency proceedings + Article 5 (1) The bodies applying the procedure are: the courts, the syndic judge, the judicial administrator and the liquidator. (2) The bodies referred to in par. (1) must ensure the expeditious performance of the acts and operations provided by this law, as well as the realization under the law of the rights and obligations of the other participants in these acts and operations. + Section 1 The courts + Article 6 (1) All the procedures provided for by this law, except for the appeal provided in art. 8, are within the jurisdiction of the tribunal in whose constituency the debtor is based. If a special insolvency section or a complete insolvency specialist has been created in the tribunal, its/it belongs to the competence for carrying out the procedures provided for by this law. ------------- Alin. ((1) of art. 6 6 has been amended by section 1 1 of art. 59 of LAW no. 76 76 of 24 May 2012 published in MONITORUL OFFICIAL no. 365 365 of 30 May 2012. (1 ^ 1) The debtor's office is the one with which it appears in the commercial register, respectively in the register of agricultural companies or in the register of associations and foundations. -------------- Alin. ((1 ^ 1) of art. 6 6 has been introduced by section 8 8 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. ((2) Abrogat. -------------- Alin. ((2) of art. 6 6 has been repealed by section 6.6. 9 9 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (3) The Tribunal or, as the case may be, the commercial court, in whose territorial constituency the debtor has its seat on the date of referral to the court with an application for the opening of insolvency proceedings, remains competent to settle the case regardless of Subsequent changes of the debtor's premises. -------------- Alin. ((3) of art. 6 6 has been introduced by section 10 10 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. -------------- Article 6 has been amended by section 6. 4 4 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 2 2 ^ 3. + Article 7 *) (1) The citation of the parties, as well as the communication of any procedural documents, of the convocations and notifications shall be made by the Bulletin of insolvency proceedings. The communication of the citations, of the convocations and notifications to the participants in the process, whose headquarters, domicile or residence is abroad, is subject to the provisions of the Code of Civil Procedure, with subsequent amendments and completions. The bulletin of insolvency proceedings will also be carried out in electronic form. ((1 ^ 1) In order to support the expenses of publishing and broadcasting the Bulletin of insolvency proceedings, the fund provided for art. 17 of Government Decision no. 460/2005 on the content, stages, conditions of financing, publication and distribution of the Bulletin of insolvency proceedings, with subsequent amendments and completions, shall be increased, representing a rate of 10% applied to the fees charged by the offices the trade register of the courts for registration operations. ------------ Alin. ((1 ^ 1) of art. 7 7 has been introduced by section 4 4 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 2 2 ^ 4. (2) In the contentious proceedings governed by this law shall be cited as parties only persons whose rights or interests are subject to the resolution of the syndic judge, in conditions of contradictoriality. In all other cases, the provisions of the Code of Civil Procedure relating to the non-contentious procedure shall apply, insofar as they do not contravene express provisions provided for by this Law. (3) By exception to the provisions of par. (1) the communication of procedural documents prior to the opening of the procedure and the notification of the opening of the procedure will be communicated in accordance with For creditors who could not be identified in the list provided for in art. 28 28 para. ((1) lit. c), the procedure of the notification provided in 61 will be considered fulfilled if it was carried out through the Bulletin of insolvency proceedings. (3 ^ 1) By exception to the provisions of par. (1), the first citation and the communication of procedural documents to persons against whom an action is introduced, pursuant to the provisions of this law, after the opening of insolvency proceedings, will be carried out, according to the Code of Civil Procedure, and The Bulletin of insolvency proceedings. The courts will transmit the procedural documents in question, ex officio, for publication in the Bulletin of insolvency proceedings. -------------- Alin. (3 ^ 1) of art. 7 7 has been amended by section 11 11 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (4) If the debtor is a company traded on a regulated market, the syndic judge shall communicate to the National Securities Commission the decision to open the procedure. (5) The format and the framework content of the acts to be published in the Bulletin of insolvency proceedings and of the proof of the fulfillment of the citation procedure, convening, notification and communication shall be established by order of the Minister of Justice and shall be necessarily used by all participants in the procedure. ((6) Notification, unless the task of the notification belongs to other bodies applying the procedure, and the summons provided by this law fall on the task of the judicial administrator or the liquidator, as the case may be. (7) Creditors who have registered applications for admission of receivables are presumed to be aware of the deadlines provided in art. 62 62 times in art. 107, 108 or 109, as the case may be, and will no longer be cited. (8) In order to publish the citations, summons and notifications of procedural documents carried out by the courts, after the opening of the procedure provided for by this law, the Bulletin of insolvency proceedings, published by National Trade Register Office. (9) The publication of procedural documents or, as the case may be, of judgments in the Bulletin of insolvency proceedings shall replace, from the date of their publication, the summoning, summoning and notification of procedural documents carried out individually to participants in the process, which are presumed to be fulfilled on the date of publication. + Article 8 (1) The appellate court shall be the appellate court for judgments rendered by the syndic judge pursuant to art. 11. The decisions of the court of appeal are final. (2) The call will be judged by specialized, emergency complete. The citation of the parties on appeal and the communication of the decisions rendered are made according to the provisions of the The courts will transmit the procedural documents in question, ex officio, for publication in the Bulletin of insolvency proceedings. In order to settle the appeal, they shall be sent to the court of appeal, in certified copy, by the chief clerk of the tribunal, only the acts that interest the resolution of the appeal, selected by the syndic judge. If the appellate court deems necessary and other acts from the substantive file, it will consider the interested parties to file them in certified copy. (3) By way of derogation from the provisions of the Code of Civil Procedure, the decisions of the syndic judge shall not be suspended by the appellate court. (4) The provisions of par. ((3) shall not apply to the judgment of the appeal against the following judgments of the syndic judge: a) the sentence of rejection of the debtor's appeal, introduced pursuant to art. 33 33 para. ((4); b) the sentence by which the entry into the simplified procedure is decided; c) the sentence by which the bankruptcy is decided, handed down under the conditions of art. 107 107; d) the sentence of resolution of the appeal to the plan for the distribution of funds obtained from liquidation and from the collection of receivables, introduced pursuant to art. 122 122 para. ((3). (5) For all appeals against judgments rendered by the syndic judge in the proceedings, a single file shall be constituted. The appellate panel to which the first appeal was randomly assigned shall be the one to settle all subsequent appeals concerning the same procedure, exercised against the same judgment or the successive judgments rendered by the syndic judge in the the same insolvency file. (6) The Court of Appeal vested with the resolution of the declared appeal against the judgment of the syndic judge by which the application for the opening of insolvency proceedings was rejected, admitting the appeal, will annul the judgment and send the case to the syndic judge for the opening of insolvency proceedings. ----------- Article 8 has been amended by section 6.6. 2 2 of art. 59 of LAW no. 76 76 of 24 May 2012 published in MONITORUL OFFICIAL no. 365 365 of 30 May 2012. + Section 2 Syndic Judge + Article 9 The distribution of cases having as object the procedure provided for by this law to the judges designated as judge-sindices is carried out art. 53 53 of Law no. 304/2004 on judicial organisation, republished, randomly, in computerised system. + Article 10 Repealed. ------------ Article 10 has been repealed by point (a) 6 6 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, amending section 5 5 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. + Article 11 (1) The main tasks of the syndic judge, within the framework of this law, are: a) the reasoned delivery of the opening decision and, as the case may be, the bankruptcy of both the general procedure and the simplified procedure; b) to judge the debtor's appeal against the application of the creditors for the commencement of the proceedings; c) the reasoned designation, by the opening sentence of the procedure, of the compatible insolvency practitioners who have submitted the offer of services in this regard to the case file, the provisional judicial administrator or, as the case may be, the liquidator who administer the procedure until the confirmation or, as the case may be, its replacement by the meeting of creditors or the creditor holding at least 50% of the value of the claims, the fixing of the remuneration in accordance with the criteria established by the the business of insolvency practitioners as well as its tasks for this period. The syndic judge shall designate the provisional judicial administrator or the provisional liquidator requested by the creditor who requested the opening of the proceedings or by the debtor, if the request belongs to him. If the one who has entered the application for the opening of the procedure does not require the appointment of a judicial administrator or liquidator, the appointment will be made by the syndic judge among the practitioners who have submitted bids to the case file. In case of connection, the creditors ' requests will be taken into account in order of the size of the receivables or the debtor's request, if there is no request from a creditor; ------------ Lit. c) a par. ((1) of art. 11 11 has been amended by section 4.2 7 7 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, amending section 6 6 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. d) the confirmation, by conclusion, of the judicial administrator or liquidator appointed by the meeting of creditors or by the creditor holding more than 50% of the value of the receivables, as well as of the negotiated fee. If there are no appeals against the decision of the creditors ' meeting or the decision of the creditor holding more than 50% of the value of the claims, the confirmation shall be made in the council chamber, without citing the parties, within 3 days of publication in the Bulletin of insolvency proceedings of the decision of the creditors ' meeting or, as the case may be, of the decision -------------- Lit. d) a par. ((1) of art. 11 11 has been amended by section 4.2 13 13 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. e) replacement, for thorough reasons, by the end, of the judicial administrator or the liquidator; f) the adjudication of requests to raise the debtor the right to conduct his/her activity; g) the adjudication of requests to attract the liability of the members of the governing bodies who contributed to the insolvency of the debtor, according to art. 138, or referral to prosecution bodies when there is data on the commission of a crime; ---------- Lit. g) a par. ((1) of art. 11 11 has been amended by section 4.2 1 1 of art. 175, Title II of LAW no. 187 187 of 24 October 2012 , published in MONITORUL OFFICIAL no. 757 757 of 12 November 2012. h) judgment of the actions introduced by the judicial administrator or liquidator for the cancellation of fraudulent acts and some constitutions or transfers of a patrimonial nature, prior to the opening of the procedure; i) to judge the appeals of the debtor, the committee of creditors or any person concerned against the measures taken by the judicial administrator or the liquidator; j) admission and confirmation of the reorganization plan or, as the case may be, liquidation, after its vote by creditors; k) the resolution of the request of the judicial administrator or the committee of creditors to interrupt the procedure of judicial reorganization and bankruptcy; l) the resolution of appeals made to the reports of the judicial administrator or liquidator; m) to judge the action in the annulment of the decision n) delivery of the decision to close the procedure. (2) The duties of the syndic judge are limited to the judicial review of the activity of the judicial administrator and/or the liquidator and to the processes and requests of a judicial nature related to the insolvency proceedings. The managerial duties belong to the judicial administrator or to the liquidator or, exceptionally, to the debtor, if he has not been raised the right to manage his wealth. Managerial decisions can be controlled in terms of opportunity by creditors, through their bodies. + Article 12 (1) The decisions of the syndic judge are enforceable and can be appealed, separately, only with appeal. ------------- Alin. ((1) of art. 12 12 has been amended by section 3 3 of art. 59 of LAW no. 76 76 of 24 May 2012 published in MONITORUL OFFICIAL no. 365 365 of 30 May 2012. (2) Provisions art. 40 40 para. (1) of the Civil Procedure Code on incompatibility are not applicable to the syndic judge who successively pronounces judgments in the same case, except for the situation of retrial, after the annulment of the judgment on appeal. ------------- Alin. ((2) of art. 12 12 has been amended by section 3 3 of art. 59 of LAW no. 76 76 of 24 May 2012 published in MONITORUL OFFICIAL no. 365 365 of 30 May 2012. (3) The decisions rendered by the syndic judge shall be reasoned by him within 10 days from the date of delivery of the judgment. -------------- Alin. ((3) of art. 12 12 has been introduced by section 14 14 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. + Section 3 Creditors meeting. Creditors Committee + Article 13 (1) The creditors 'meeting shall be convened and presided over by the judicial administrator or, as the case may be, by the liquidator, if the law or the syndic judge does not have otherwise; the secretariat of meetings of the creditors' meetings is in charge judicial or, where applicable, the liquidator. (2) The known creditors will be summoned by the judicial administrator or liquidator in the cases expressly provided by law and whenever necessary. (3) The creditors 'meeting may also be convened by the creditors' committee or at the request of creditors holding claims amounting to at least 30% of their total value. + Article 14 (1) Convocation of creditors will have to include the agenda of the meeting. ((2) Any deliberation on an issue not included in the convocation shall be void, unless the holding is attended by the holders of all claims. ((3) Creditors may be represented in the assembly by authorized special power of attorney or, in the case of budgetary creditors and other legal entities, with delegation signed by the head of the unit. (4) If the law does not expressly prohibit, creditors will also be able to vote by correspondence. The letter expressing its vote, signed by the creditor, or the electronic document that has been incorporated, attached or associated with the extended electronic signature, based on a valid certificate, can be communicated by any means, until the day fixed for the expression of voting, judicial administrator or liquidator. ------------ Alin. ((4) of art. 14 14 has been amended by section 8 8 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, amending section 7 7 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. (5) At the meetings of the meetings of creditors, the employees of the debtor shall be represented by a delegate from among them, who shall vote for the entire value of the receivables representing salaries and other monetary rights. ------------ Alin. ((5) of art. 14 14 has been amended by section 8 8 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, amending section 7 7 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. (6) Deliberations and decisions of the creditors 'meeting will be contained in a minutes, which will be signed by the sitting president, members of the creditors' committee, as well as by the judicial administrator or liquidator, as the case may be. The minutes will be submitted, through the care of the judicial administrator/liquidator, to the case file, within two working days from the date of the creditors ' meeting. (7) The decision of the creditors ' meeting may be abolished by the syndic judge for illegality, at the request of the creditors who voted against taking the respective decision and made it record in the minutes of the assembly, as well as at the request of the creditors entitled to participate in the insolvency proceedings, which were absent motivated from the meeting of the creditors ' meeting. (8) The application referred to in paragraph (7) will be submitted to the case file within 5 days from the date of the meeting of the creditors and will be settled in the council chamber, with the citation of the one who entered the application, of the judicial administrator or, as the case may be, of the liquidator and creditors. If the creditors ' committee was constituted, its chairman will also be quoted. ----------- Alin. ((8) of art. 14 14 has been introduced by section 8 8 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. + Article 15 (1) Unless the law requires a special majority, the meetings of the meeting of creditors shall take place in the presence of the holders of claims amounting to at least 30% of the total value of the claims on the debtor's estate, and the decisions of the assembly creditors shall be adopted by the favourable vote of the holders of the majority, by value, of the claims ----------- Alin. ((1) of art. 15 15 has been amended by section 9 9 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. (2) Calculation of the total amount of receivables referred to in (1) against the debtor's wealth will be determined by reference to the following criteria: a) after displaying the preliminary table and until the final table is displayed, the value of the claims verified and accepted by the judicial administrator, as evidenced by the preliminary table; b) subsequent to the display of the definitive table and until the confirmation of a reorganization plan, as evidenced by the definitive table; c) subsequent to the confirmation of the reorganization plan and to the display of the consolidated definitive table, as evidenced by the confirmed reorganization plan; d) subsequent to the display of the consolidated definitive table, as evidenced by its contents. (3) The reorganization plan will be submitted to the vote of the creditors ' meeting, under the conditions provided in 101. + Article 16 (1) The syndic judge may designate, in relation to the number of creditors, a committee consisting of 3-5 creditors among those with guaranteed receivables, budgetary and chirographing the largest, by value. If due to the small number of creditors the syndic judge does not consider it necessary to establish a committee of creditors, the powers of the committee provided for in 17 17 para. ((1) lit. b) and f) will be exercised by the assembly of creditors. ----------- Alin. ((1) of art. 16 16 has been amended by section 10 10 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. (2) The designation will be made, by conclusion, after the preparation of the preliminary table of claims. (3) For the purposes of the procedure, the syndic judge shall designate, on the basis of the proposal of the creditors, a chairman of the creditors The creditors ' committee will be quoted in the person of the President as designated, and in absentia, through any of the members (4) During the first meeting of the creditors ' meeting, they will be able to choose a committee of 3 or 5 creditors between those with guaranteed receivables, state employees and chirographers, among the top 20 creditors in order of value, who volunteer; the committee thus appointed shall replace the committee previously designated by the syndic judge. -------------- Alin. ((4) of art. 16 16 has been amended by section 15 15 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (5) If the required majority is not obtained, the committee previously designated by the syndic judge will be maintained. On the proposal of the judicial administrator or the other members of the creditors ' committee, the syndic judge will record, by conclusion, the modification of its composition, so that the criteria provided in par. (4) be respected in all phases of the procedure. (6) In the course of the proceedings, the syndic judge will be able to request the assistance of the committee of creditors or a delegate thereof. + Article 17 (. The Committee of creditors shall have the following tasks a) analyze the debtor's situation and make recommendations to the creditors ' meeting regarding the continuation of the debtor's activity and the proposed reorganization plans; b) to negotiate with the judicial administrator or with the liquidator who wishes to be designated by creditors in the file the conditions of appointment and to recommend to the meeting of creditors such appointments; c) to take note of the reports prepared by the judicial administrator or the liquidator, to analyze them and, if necessary, to make appeals to them; d) to draw up reports, to present to the meeting of creditors, on the measures taken by the judicial administrator or the liquidator and their effects and to propose, motivated, and other measures; e) to request, pursuant to art. 47 47 para. (5), the lifting of the debtor's right of administration; f) to introduce actions for the cancellation of transfers of a patrimonial nature, made by the debtor at the expense of creditors, when such actions were not introduced by the judicial administrator or the liquidator. (. The creditors ' committee shall meet monthly and, at the request of the judicial administrator or the liquidator, as the case may be, or of at least 2 of its members, whenever necessary. (3) Deliberations of the creditors ' committee will take place in the presence of the judicial administrator/liquidator and will be recorded in a minutes, which will briefly retain the content of the deliberations, as well as the decisions taken. ((. The decisions of the committee of creditors shall be taken by simple majority of the total number of its members. (5) If a member of the creditors ' committee is, due to his own interest, in conflict of interest with the concursual interest of the creditors participating in the procedure, he shall abstain from the vote. (6) Against the actions, measures and decisions taken by the creditors ' committee any creditor may appeal to the meeting of creditors within 5 days of their taking. ----------- Alin. ((6) of art. 17 17 has been amended by section 11 11 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. + Section 4 Special Administrator + Article 18 (1) After the opening of the procedure, the general meeting of the debtor's shareholders/associates, the legal person, shall designate, at their expense, a representative, natural or legal person, special administrator, representing the interests the company and its members and participate in the procedure, at the expense of the debtor. After the lifting of the right of administration, the debtor is represented by the judicial administrator/liquidator who also leads his commercial activity, and the mandate of the special administrator will be reduced to represent the interests of the shareholders/associates. (. The special administrator shall have the following tasks: a) expresses the debtor's intention to propose a plan, according to art. 28 28 para. ((1) lit. h), in conjunction with art. 33 33 para. ((2); b) participate, as the representative of the debtor, to judge the actions provided in art. 79 79 and 80; c) formulates appeals within the procedure regulated by this law; d) propose a reorganization plan; e) administer the debtor's activity, under the supervision of the judicial administrator, after the confirmation f) after entering bankruptcy, participate in the inventory, signing the act, receive the final report and closing balance and attend the meeting convened for the resolution of objections and approval of the report; g) receives the notification of the closing + Section 5-a Judicial administrator + Article 19 (1) Interested insolvency practitioners will submit to the file an offer to take over the position of judicial administrator in that case, to which they will annex the proof of the quality of insolvency practitioner and a copy of the professional insurance policy. In the offer, the interested insolvency practitioner will also be able to show the availability of time and human resources, as well as the general or specific experience necessary to take over the case and the proper administration of the case If there is no such offer, the syndic judge will provisionally designate, until the first meeting of creditors, an insolvency practitioner chosen randomly from the U.N.P.I.R. ((2) On the recommendation of the creditors 'committee, at the first meeting of the creditors' meeting or subsequently, creditors holding at least 50% of the total value of the claims may decide to appoint a judicial administrator/liquidator, setting them up and remuneration. If the remuneration will be paid from the fund constituted according to the provisions of art. 4, it will be determined by the syndic judge, based on the criteria established by the law on the profession of insolvency practitioner. Creditors may decide to confirm the judicial administrator or liquidator provisionally designated by the syndic judge. ((2 ^ 1) The creditor holding at least 50% of the total amount of the receivables may decide, without consulting the creditors ' meeting, to appoint a judicial administrator or liquidator instead of the judicial administrator or the provisional liquidator either confirm the provisional judicial administrator or, as the case may be, the provisional liquidator and establish its remuneration. ----------- Alin. (2 ^ 1) of art. 19 19 has been introduced by section 12 12 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. (3) Creditors may challenge at the syndic judge, for reasons of illegality, the decision provided in par. ((2) and (2 ^ 1), within 3 days from the date of its publication in the Bulletin of insolvency proceedings. The judge will, as a matter of urgency and at once, resolve all appeals by a conclusion by which he will appoint the judicial administrator/designated liquidator or, as the case may be, ask the meeting of creditors/creditor to appoint another administrator judicial/liquidator. ----------- Alin. ((3) of art. 19 19 has been amended by section 13 13 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. (4) If within the time limit set in par. (3) the decision of the creditors ' meeting or of the creditor holding at least 50% of the value of the claims is not challenged, the syndic judge, by conclusion, will appoint the judicial administrator proposed by creditors or the creditor holding at least 50% of the value of the claims, while having an end to the duties of the provisional judicial administrator appointed by the opening sentence of the procedure. ----------- Alin. ((4) of art. 19 19 has been amended by section 13 13 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. (5) The judicial administrator, natural person or legal person, including its representative, must have the status of insolvency practitioner, according to the law. ((6) Abrogat. ------------- Alin. ((6) of art. 19 was repealed by par. ((1) art. 77 of EMERGENCY ORDINANCE no. 86 86 of 8 November 2006 , published in MONITORUL OFFICIAL no. 944 944 of 22 November 2006. ((7) Abrogat. ------------- Alin. ((7) of art. 19 was repealed by par. ((1) art. 77 of EMERGENCY ORDINANCE no. 86 86 of 8 November 2006 , published in MONITORUL OFFICIAL no. 944 944 of 22 November 2006. (8) Prior to his appointment, the judicial administrator must provide proof that he is insured for professional liability, by underwriting a valid insurance policy, covering any damage caused in the performance of his duties. His. The insured risk must represent the consequence of the activity of the judicial administrator during the exercise of his (9) It is forbidden to the judicial administrator, under the sanction of revocation from office and to repair any damage caused, to reduce, directly or indirectly, the amount of the amount secured by the insurance contract. + Article 20 (1) The main duties of the judicial administrator, under this law, are: a) the examination of the economic situation of the debtor and of the documents submitted according to the 28 28 and 35 and the preparation of a report proposing either the entry into the simplified procedure or the continuation of the observation period within the general procedure and the submission of that report to the syndic judge, within a time limit set by him, but which shall not exceed 20 days after the appointment of the judicial administrator; -------------- Lit. a) a par. ((1) of art. 20 20 has been amended by section 4.2 16 16 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. b) examination of the debtor's activity and preparation of a detailed report on the causes and circumstances that led to the occurrence of the state of insolvency, with the mention of the persons to whom it would be imputable, and on the existence of the premises of employment their responsibility, under the conditions of art. 138, as well as on the real possibility of effective reorganization of the debtor's activity or of the reasons that do not allow the reorganization and submission of that report to the syndic judge, within a deadline set by him, but which will not be able to exceed 40 days after the appointment of the judicial administrator; -------------- Lit. b) a par. ((1) of art. 20 20 has been amended by section 4.2 16 16 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. c) preparation of the acts provided for in 28 28 para. (1), if the debtor has not fulfilled that obligation within the legal deadlines, as well as the verification, correction and completion of the information contained in the respective acts, when they were presented by the debtor; d) elaboration of the plan of reorganization of the debtor's activity, depending on the content of the report provided in lett. a) and under the conditions and deadlines provided in art. 94 94; e) supervision of the debtor's patrimony management operations; f) the full management, respectively, of the debtor's activity, in this latter case in compliance with the express clarifications of the syndic judge regarding his/her duties and the conditions for making payments from the account of the debtor's estate; g) convening, presiding and ensuring the secretariat of meetings of the meeting of creditors or shareholders, associates or members of the debtor legal person; h) the introduction of actions for the cancellation of fraudulent acts concluded by the debtor at the expense of creditors ' rights, as well as transfers of patrimonial nature, commercial operations concluded by the debtor and the establishment of guarantees granted by him, liable to prejudice the rights of creditors; i) the emergency complaint of the syndic judge if it finds that there are no assets in the debtor's estate or that they are insufficient to cover the administrative expenses; j) maintaining or denouncing contracts concluded by the debtor; k) the verification of claims and, where appropriate, the formulation of objections to them, as well as the preparation of the tables of receivables; l) collection of receivables; tracking of the collection of claims relating to the assets of the debtor's property or to the amounts of money transferred by the debtor before the opening of the procedure; the debtor's claims, for which he can hire lawyers; m) subject to confirmation by the syndic judge, the conclusion of transactions, the discharge of debts, the discharge of the fidejusors, the renunciation of real guarantees; n) referral to the syndic judge in connection with any problem that would require a resolution by him. (2) The syndic judge may establish the judicial administrator, by conclusion, any other duties outside those established in par. ((1), except as provided by law in its exclusive competence. + Article 21 (1) The judicial administrator shall submit monthly a report containing the description of the manner in which he performed his duties, as well as a justification of the expenses incurred with the administration of the procedure or other expenses made from existing in the debtor's estate. The report shall be submitted to the case file and an extract shall be published in the Bulletin of insolvency proceedings. Every 120 days the syndic judge will establish a term of continuation of the procedure, in which the judicial administrator will expose in summary the measures carried out during this period contained in the activity reports. ------------ Alin. ((1) of art. 21 21 has been amended by section 9 9 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 13 13 ^ 1. (1 ^ 1) In the report referred to in par. (1) the remuneration of the judicial administrator or the liquidator will be mentioned, with the mention of the modality of its calculation. ----------- Alin. ((1 ^ 1) of art. 21 21 has been introduced by section 14 14 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. (2) The debtor of the natural person, the special administrator of the debtor legal person, any of the creditors, as well as any other person concerned may appeal against the measures taken by the judicial administrator. (3) The appeal must be registered within 3 days from the submission of the report provided in par. ((1). -------------- Alin. ((3) of art. 21 21 has been amended by section 17 17 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (4) The syndic judge will settle the appeal, within 5 days from its registration, in the council chamber, with the summoning of the objector, the judicial administrator and the committee of creditors, being able, at the request of the objector, to suspend executing the contested measure -------------- Alin. ((4) of art. 21 21 has been amended by section 17 17 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. + Article 22 (1) If a designated insolvency practitioner refuses the appointment, it is required to notify the court, within 5 days of the appointment of the appointment sentence. The syndic judge will sanction with a judicial fine from 500 lei to 1,000 lei the non-communication in the term of refusal, without thorough reasons. In this case, the provisions of art. 19. The provisions of this Article are also applicable in the situation provided for in art. 34. ------------ Alin. ((1) of art. 22 22 has been amended by section 10 10 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 14 14 ^ 1. (2) At any stage of the proceedings, the syndic judge, ex officio or at the request of the creditors ' committee, may replace the judicial administrator, by reasoned conclusion, for thorough reasons. The replacement conclusion is pronounced in the council chamber, emergency, with the citation of the judicial administrator and the creditors committee. (3) The syndic judge will sanction the judicial administrator with a judicial fine from 1,000 lei to 5,000 lei if he, at fault or in bad faith, does not meet or delay his duties provided by law or established by the syndic judge. ------------ Alin. ((3) of art. 22 22 has been amended by section 10 10 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 14 14 ^ 1. (4) If by the act provided in par. (3) the judicial administrator has caused injury, the syndic judge will be able, at the request of any interested party, to compel the judicial administrator to cover the damage caused. (5) In the case of fines and compensation provided in par. ((1), (3) and in par. ((4), the provisions of art. 108 108 ^ 4 and 108 ^ 5 of the Code of Civil Procedure. + Article 23 In order to carry out its duties, the judicial administrator/liquidator will be able to designate specialized persons. The appointment and level of the remuneration of these persons will be subject to the approval of the creditors ' committee if they are paid from the debtor's estate or subject to the approval of the syndic judge if they are paid from the single fund constituted under art. 4. The syndic judge will rule on the application by conclusion, given in the council chamber, with the citation of the administrator/judicial liquidator. ------------ Article 23 has been amended by section 6.6. 10 10 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 14 14 ^ 2. + Section 6 Liquidator + Article 24 (1) If it orders the transition to bankruptcy, the syndic judge will designate a liquidator, applying, accordingly, the provisions of art. 19 19, 21, 22, 23 and art. 102 102 para. ((5). (2) The duties of the judicial administrator shall cease at the time of establishment of the liquidator's duties by the syndic (3) The liquidator and the previously designated judicial administrator may be appointed. + Article 25 The main duties of the liquidator, under this law, are: a) the examination of the debtor's activity on which the simplified procedure is initiated in relation to the factual situation and the preparation of a detailed report on the causes and circumstances that led to insolvency, with the mention of the persons to whom they would be imputable and the existence of the premises of their liability under the conditions of art. 138, and the submission of that report to the syndic judge within a period set by him, but which will not be able to exceed 40 days after the appointment of the liquidator, if a report with this object had not been previously drawn up by the judicial administrator; -------------- Lit. a) of art. 25 25 has been amended by section 4.2 18 18 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. b) directing the debtor's activity; c) the introduction of actions for the cancellation of fraudulent acts concluded by the debtor at the expense of creditors ' rights, as well as of transfers of a patrimonial nature, of commercial operations concluded by the debtor and of the establishment of guarantees granted by him, liable to prejudice the rights of creditors; d) application of seals, inventory of goods and taking appropriate measures for their conservation; e) maintaining or denouncing contracts concluded by the debtor; f) the verification of claims and, where appropriate, the formulation of objections to them, as well as the preparation of the debt tables; g) tracking the collection of receivables from the debtor's property, resulting from the transfer of goods or money made by him before the opening of the procedure, collection of receivables; the debtor's claims, for which he can hire lawyers; h) receipt of payments on account of the debtor and their record in the account of the debtor's estate; i) sale of goods from the debtor's property, in accordance with the provisions of this law j) the conclusion of transactions, the discharge of debts, the discharge of fidejusors, the renunciation of real guarantees provided confirmation by the trade union judge; k) referral to the syndic judge with any problem that would require a resolution by him; l) any other duties established by conclusion by the syndic judge. + Chapter III Procedure + Section 1 Introductory applications + Article 26 (1) The procedure shall begin on the basis of a request made to the court by the debtor or by creditors, as well as by any other persons or institutions expressly provided by law. (2) The National Securities Commission introduces an application against the regulated entities and supervised by it which, according to the data available to it, meet the criteria laid down by the special legal provisions for the initiation the procedure provided for by this Law § § 1. Debtor's request + Article 27 (1) The debtor in the state of insolvency is obliged to apply to the tribunal an application to be subject to the provisions of this law, within a maximum of 30 days from the occurrence of the state of insolvency. (1 ^ 1) If at the expiry date of the term provided in par. (1) the debtor is engaged, in good faith, in extrajudicial negotiations for the restructuring of his debts, he has the obligation to apply to the tribunal an application to be subject to the provisions of this law, within 5 days from the failure negotiations. -------------- Alin. ((1 ^ 1) of art. 27 27 has been introduced by section 19 19 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. ((1 ^ 2) If during the negotiations conducted under an ad hoc or preventive mandate procedure the debtor becomes insolvent, but there are serious indications that the results of the negotiations could be capitalized in the short term by the conclusion of an extrajudicial agreement, the debtor, in good faith, must introduce the request for the opening of the procedure under the conditions and the deadline provided in par. ((1 ^ 1). Otherwise, the debtor must enter the application for the opening of insolvency proceedings within 30 days of the occurrence of the state of insolvency. -------------- Alin. ((1 ^ 2) of art. 27 27 has been introduced by section 19 19 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (2) He will be able to apply to the tribunal an application to be subject to the provisions of this law and the debtor where the appearance of the state of insolvency is imminent (3) The applications of legal entities will be signed by persons who, according to the constituent acts or statutes, have the quality to represent them. (4) The premature introduction, in bad faith, by the debtor of an application for the opening of the procedure shall entail the patrimonial liability of the debtor natural or legal person, for the prejudiced damages. (5) The debtor's request will be tried urgently within 5 days in the council chamber, without citing the parties. -------------- Alin. ((5) of art. 27 27 has been amended by section 20 20 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. + Article 28 (. The request of the debtor shall be accompanied by the following acts: a) the balance sheet certified by the administrator and the auditor/auditor, the balance of verification for the month preceding the date of registration of the application for opening b) a complete list of all the debtor's assets, including all accounts and banks through which the debtor runs his funds; for the encumbered goods the data from the advertising registers will be mentioned; c) a list of the names and addresses of the creditors, however their claims are: certain or under condition, liquid or illiquid, due or not present, uncontested or contested, showing the amount, the cause and the rights of preference; d) a list of payments and patrimonial transfers made by the debtor in the 120 days prior to registration of the application; e) a list of the current activities it intends to carry out during the observation period; f) the profit and loss account for the year before the application; g) a list of the members of the economic interest group or, as the case may be, of the associates with unlimited liability, for the companies in collective names and those in the order; h) a declaration by which the debtor shows his intention to enter the simplified procedure or reorganization, according to a plan, by restructuring the activity or by liquidating, in whole or in part, the wealth, in order to extinguish his debts; if this declaration is not submitted by the expiry of the period laid down in paragraph 1. (2), the debtor is presumed to agree with the initiation of the simplified procedure; i) a summary description of the ways in view of the reorganization of the activity; j) a declaration on own responsibility, authenticated at the notary or certified by a lawyer, or a certificate from the register of agricultural companies or, as the case may be, the office of the trade register in whose territorial area the domicile is located professional/registered office, showing whether it has been subject to the procedure provided by this law within a period of 5 years prior to the formulation of the application; k) a self-declaration, authenticated by the notary or certified by the lawyer, showing that it is not incapable or that it was not convicted of crimes against heritage by disregarding trust, corruption crimes, embezzlement, offences of forgery in documents, tax evasion, offences provided by Law no. 656/2002 for the prevention and sanctioning of money laundering, as well as for the establishment of measures to prevent and combat the financing of acts of terrorism, republished, as well as for the crimes provided by this law; ---------- Lit. k) a par. ((1) of art. 28 28 has been amended by section 4.2 2 2 of art. 175, Title II of LAW no. 187 187 of 24 October 2012 , published in MONITORUL OFFICIAL no. 757 757 of 12 November 2012. l) a certificate of admission to trading on a regulated securities market or other financial instruments issued. (2) If the debtor does not have, at the time of registration of the application, any of the information provided in par ((1) lit. a)-f) and h), will be able to register that information at the court within 5 days; if he does not, he will be deprived of the right to propose a reorganization plan. ------------ Alin. ((2) of art. 28 28 has been amended by section 10 10 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 14 14 ^ 4. + Article 29 (1) In the case of a request introduced by a company in the collective name or in the order, that request will not be considered as made by associations with unlimited liability or, under the conditions of art. 31-33 31-33, and against them. (2) A request made by an associate with unlimited liability or against him for his debts shall be without legal effect on the company in the collective name or in the order of which it belongs. (3) The provisions of par. (1) and (2) shall apply, accordingly, in respect of applications brought by economic interest groups or their members. + Article 30 I cannot formulate a request for judicial reorganization debtors, legal entities, which in the last 5 years, preceding the opening decision of the procedure, have been subject to such a procedure. § § .2. Creditors requests + Article 31 (1) Any creditor entitled to request the opening of the procedure provided for by this law against an insolvency-presumed debtor may introduce an application, in which he shall specify: a) the amount and basis of the claim b) the existence of a real security, constituted by the debtor or established according to the law; c) the existence of precautionary measures on the debtor's assets; d) the declaration on the possible intention to participate in the reorganization of the debtor, in which case he will have to specify, at least at the level of principle, the way in which he understands to participate in the reorganization. (2) The creditor will annex the supporting documents of the claim and the instruments of incorporation of guarantees. (3) If between the moment of registration of the application by a creditor and that of the adjudication of this request are made requests by other creditors against the same debtor, the tribunal shall verify, ex officio, on the date of registration, the existence on the role, will order their connection and will establish the fulfilment of the conditions provided in par. ((1) regarding the minimum amount of receivables, in relation to the summed value of the claims of all creditors who have made applications and in compliance with the threshold values provided by this law. (4) If there is a request for the opening of insolvency proceedings made by the debtor and one or more requests made by creditors, not yet resolved, all requests for the opening of the proceedings shall be related to the request made by the debtor. (5) If a procedure has been opened in a file, the other possible cases pending, with the same object, will be joined to the same file. + Section 2 Opening of proceedings and effects of opening + Article 32 (1) If the debtor's request corresponds to the conditions laid down in 27, the syndic judge will pronounce an opening conclusion of the general procedure, and if by the declaration made according to art. 28 28 para. ((1) lit. h) the debtor shows his intention to enter the simplified procedure or does not submit the documents provided for in art. 28 28 para. ((1) lit. a)-f) and h) at the deadline provided for in art. 28 28 para. (2) or fall into one of the categories provided for in art. 1 1 para. (2), the judge shall pronounce an opening of the simplified procedure. (2) By concluding the opening of the procedure the syndic judge will order the judicial administrator or, as the case may be, the liquidator to make the notifications provided in art. 61. If, within 10 days of receipt of the notification, the creditors oppose the opening of the proceedings, the syndic judge shall, within 5 days, hold a meeting to which the judicial administrator, debtor and creditors who are to be summoned shall be summoned. oppose the opening of the proceedings, following which all oppositions will be dealt with by a sentence at once. Admitting the opposition, the syndic judge will revoke the opening of the proceedings. The subsequent opening of the procedure, at the request of the debtor or creditors, will not be able to modify the date of the insolvency. -------------- Alin. ((2) of art. 32 32 has been amended by section 21 21 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. + Article 33 (1) Within 48 hours from the registration of the creditor's request entitled to request the opening of insolvency proceedings, the syndic judge shall communicate the request, in copy, to the debtor. (2) Within 10 days from the receipt of the copy, the debtor must either contest or acknowledge the existence of the state of insolvency. If the debtor disputes the state of insolvency, and his appeal is subsequently rejected, he will no longer have the right to request judicial reorganization. (3) At the request of the debtor, the syndic judge may oblige the creditors who have entered the application to record, within 5 days, at a bank, a bail of no more than 10% of the value of the receivables. Bail will be returned to creditors if their application is upheld. If the application is rejected, the bail will be used to cover the damage suffered by the debtors. If the bail is not recorded, the application will be rejected. -------------- Alin. ((3) of art. 33 33 has been amended by section 22 22 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (4) If the syndic judge determines that the debtor is in a state of insolvency, he will reject his appeal and open, by a sentence, the general procedure, a situation in which a reorganization plan can be formulated only by the administrator judicial or by creditors holding together or separately at least 20% of the value of the credit mass and only if they express their intention to submit a plan within the period provided for in art. 59 59 para. ((1), respectively in art. 60 60 para. ((2). (5) If the syndic judge determines that the debtor is not in a state of insolvency, he rejects the creditors ' request, which will be considered as devoid of any effect from its registration. (6) If the debtor does not contest, within the period provided in par. (2), that it would be in a state of insolvency and express its intention to reorganize its activity, the syndic judge will give a sentence of opening the general procedure. If, from the debtor's statement, made until the date of delivery of the sentence, it follows that it falls within one of the categories provided for in art. 1 1 para. (2) or has benefited from reorganization in the last 5 years prior to the opening of the proceedings, the syndic judge will pronounce a sentence of opening the simplified procedure. (7) By the opening sentence of the procedure, the syndic judge will order the judicial administrator or the liquidator, as the case may be, to make the notifications provided in art. 61. + Article 34 By the opening sentence of the general procedure, the syndic judge will appoint a judicial administrator, and in the case of opening the simplified procedure will designate a provisional liquidator. The designation will be made according to the provisions of art. 11 11 para. ((1) lit. c), in conjunction with those of art. 19 19 para. ((1). + Article 35 Within 10 days from the opening of the procedure, according to the provisions of art. 33 33 para. ((4) or, as the case may be, art. 33 33 para. (6), the debtor is obliged to submit to the case file the documents and information provided in art. 28 28 para. ((1). -------------- Article 35 has been amended by section 6.6. 23 23 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. + Article 36 From the date of opening the proceedings shall be suspended by law all judicial, extrajudicial actions or enforcement measures for the realization of claims on the debtor or his assets, except for the actions exercised in a process criminal. --------------- Article 36 has been amended by section 6.6. 1 1 of art. 81, Title II of LAW no. 255 255 of 19 July 2013 , published in MONITORUL OFFICIAL no. 515 515 of 14 August 2013. + Article 37 For the application of art. 36, by the opening sentence of the procedure the syndic judge will order its communication to the courts in whose jurisdiction is the seat of the debtor declared at the trade register and all banks where the debtor has open accounts. + Article 38 Any service provider-electricity, natural gas, water, telephone services or the like-does not have the right, during the observation period and during the reorganization period, to change, refuse or temporarily interrupt such a service to debtor or to the debtor's estate, if he is a captive consumer, according to the law. + Article 39 (1) The titular creditor of a debt-guaranteed claim, pledge or other real security or retention of any kind may request the syndic judge to lift the suspension provided for in art. 36 36 on its claim and immediate recovery, in the course of the procedure, with the proper application of the provisions of art. 116-118 and subject to the payment of the expenses provided for in art. 121 121 para. ((1) pt. 1, of the good on which it bears the guarantee or the right of retention, in one of the following situations: A. where the value of the object of the guarantee, determined by an assessor in accordance with the international valuation standards, is fully covered by the total value of the claims and the parties of claims secured by that item: a) the object of the guarantee does not present a decisive importance for the successful reorganization plan; b) the object of the guarantee is part of a functional assembly, and by its separation and separate sale, the value of the remaining goods shall not be reduced; B. where there is no adequate protection of the claim secured against the subject-matter of the guarantee, because of: a) diminishing the value of the guarantee or the existence of a real danger that it will suffer appreciable diminution; b) the reduction of the value of the guaranteed part of a lower-ranking claim, as a result of accruing interest, increases and penalties of any kind to a higher-ranking guaranteed claim; c) lack of insurance of the object of the guarantee against the risk of destruction or damage. (2) In the cases provided in par. ((1) lit. B, the syndic judge will be able to reject the request for lifting the suspension made by the creditor, if the judicial administrator/debtor proposes instead the adoption of one or more measures aimed at providing protection corresponding to the guaranteed claim of the creditor, such as: a) making periodic payments in favour of the creditor to cover the reduction of the value of the guarantee or the value of the guaranteed part of a lower-ranking claim; b) making periodic payments in favour of the creditor for the satisfaction of interest, increases and penalties of any kind and, respectively, for the reduction of the capital of the claim under the share of diminishing the value of the guarantee or value the guaranteed part of a lower-ranking claim; c) the novation of the guarantee obligation by setting up an additional guarantee, real or personal or by substituting the object of the guarantee with another object. (3) The applicant, in a request for lifting the suspension, must provide proof of the fact provided in par. ((1) lit. A. b), remaining to the debtor/administrator or other party concerned the task of producing proof to the contrary and the other elements, respectively. + Article 40 The opening of the procedure suspends any limitation periods of actions provided for in 36. + Article 41 (1) No interest, increase or penalty of any kind or expense, called generic accessories, will be added to the claims born before the opening date of the procedure. (2) By exception to the provisions of par. ((1), the secured claims shall be entered in the definitive table up to the amount of the guarantee established by the assessment, ordered by the judicial administrator or the liquidator If the valuation of the assets on which the guarantee is carried will be made at a price higher than the amount entered in the definitive or definitively consolidated table, the favorable difference will return to all the guaranteed creditor, even if part of its claim was inscribed as a chirograph claim, until the coverage of the main claim and the accessories to be calculated. -------------- Alin. ((2) of art. 41 41 has been amended by section 25 25 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. ((3) If a reorganization plan is confirmed, interest, increases or penalties of any kind or the accessory expenses to obligations arising after the opening date of the general procedure shall be paid in accordance with the acts of which results also with the payment schedule. If the plan fails, the provisions of par. ((1) and (2) shall apply accordingly for the calculation of the accessories contained in the payment schedule, on the date of entry into bankruptcy. (4) No interest, increase or penalty of any kind or expense, generically called accessories, will be able to be added to the claims born after the opening date of both the simplified procedure and the general one, if no plan reorganization is not confirmed. + Article 42 Repealed. ------------ Article 42 has been repealed by point (a) 10 10 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 14 14 ^ 7. + Article 43 (1) Following the opening of the procedure until the date of confirmation of the reorganization plan, the shares of the issuing companies, in the sense Law no. 297/2004 on the capital market, with subsequent amendments and completions, shall be suspended from trading with effect from the date of receipt of the communication by the National Securities Commission. (2) On the date of receipt by the National Securities Commission of the communication on the entry into the bankruptcy procedure, the withdrawal of securities from the regulated market on which they are traded shall occur. + Article 44 The debtor has the obligation to make available to the judicial administrator or, as the case may be, the liquidator all the information required by him, as well as all the information appreciated as necessary with regard to his activity and wealth, and the list including the payments and patrimonial transfers made by him in the 120 days prior to the opening of the procedure, under the sanction provided in art. 108 ^ 1 para. ((1) pt. 2 lit. d) and e) of the Code of Civil Procedure. ------------ Article 44 has been amended by section 44. 10 10 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 14 14 ^ 8. + Article 45 (1) After the irrevocable stay of the opening decision of the procedure all documents and correspondence issued by the debtor, the judicial administrator or liquidator shall include, on a mandatory basis and with visible characters, in Romanian, English and French, the words in insolvency, in insolvency, en procedure collective. (2) After entering into judicial reorganization or bankruptcy, the documents and correspondence will bear, under the conditions provided in par. ((1), the mention in judicial reorganization, in judicial reorganisation, en recovery or, as the case may be, in bankruptcy, in bankruptcy, en faillite. After entry into the simplified procedure it will also be made the mention in bankruptcy, in bankruptcy, en faillite. ((2 ^ 1) If the debtor owns or manages one or more internet pages, its governing bodies shall be obliged to publish on their own websites, within 24 hours from the date of communication of the opening decision of the the procedure, information on the state of the company, and the number, date and court that delivered the judgment. ------------ Alin. (2 ^ 1) of art. 45 45 has been introduced by section 1 1 of art. I of LAW no. 25 25 of 2 March 2010 , published in MONITORUL OFFICIAL no. 145 145 of 5 March 2010. (3) The claims suffered by the third parties of good faith, as a result of non-compliance with the obligations of the debtor provided in par. (1)-(2 ^ 1), will be repaired exclusively by persons who have concluded the acts as legal representatives of the debtor, without having reached the debtor's fortune. ------------ Alin. ((3) of art. 45 45 has been amended by section 2 2 of art. I of LAW no. 25 25 of 2 March 2010 , published in MONITORUL OFFICIAL no. 145 145 of 5 March 2010. + Article 46 (1) Apart from the cases provided in art. 49 or those authorized by the syndic judge, all acts, operations and payments made by the debtor after the opening of the procedure are void. (2) The debtor and/or, as the case may be, the judicial administrator shall be obliged to draw up and keep a list of all the receipts, payments and compensations made after the opening of the procedure, specifying their nature and value and the data identifying the co-contractors. + Article 47 (1) The opening of the procedure raises the debtor the right of administration-consisting in the right to conduct his activity, to manage his assets and to dispose of them-, if he has not declared himself, under the conditions of art. 28 28 para. ((1) lit. h) or, where applicable, art. 33 33 para. (6), the intention of reorganization. (2) Except as expressly provided by law, the provisions of par. (1) are also applicable to the goods which the debtor would acquire after the opening of the proceedings (3) The syndic judge will be able to order the removal, in whole or in part, of the debtor's right of administration with the appointment of a judicial administrator, while also indicating the condition of exercising the debtor's management by him. (4) The right of administration of the debtor shall cease by right on the date on which the commencement of bankruptcy is ordered. (5) Creditors, the creditors ' committee or the judicial administrator may at any time the address of the judge-syndic a request to raise the debtor right of administration, having as justification the continuous losses from the debtor's wealth or lack of the probability of achieving a rational plan of activity. (6) The syndic judge shall examine, within 15 days, the application referred to in par. (5), in a meeting to which the judicial administrator, the creditors ' committee and the special administrator will be quoted. (7) From the date of bankruptcy, the debtor will be able to carry out only the activities that are necessary to carry out the liquidation operations. + Article 48 (1) By sentence or, as the case may be, the conclusion having the effect of lifting the right of administration, the syndic judge will give provisions to all banks to which the debtor has available in the accounts not to dispose of them without an order of the administrator judicial/liquidator. (2) Violation of the provisions of the syndic judge, referred to in par. (1), attracts the liability of banks for the damage created, as well as a judicial fine from 4,000 lei (RON) to 10,000 lei (RON). + Article 49 (1) During the period of observation, the debtor will be able to continue carrying out the current activities and may make payments to the known creditors, which fall under the usual conditions of exercising the current activity, as follows: a) under the supervision of the judicial administrator, if the debtor made a request for reorganization, within the meaning of art. 28 28 para. ((1) lit. h), and the right of administration was not lifted; b) under the direction of the judicial administrator, if the debtor has been raised the right of administration. ((2) Acts, operations and payments exceeding the conditions referred to in par. (1) may be authorized in the exercise of supervisory duties by the judicial administrator; it shall convene a meeting of the committee of creditors in order to submit for approval the request of the special administrator, within a maximum of 5 days from the date of its receipt. (3) In the case of proposals for the alienation of goods from the debtor's wealth encumbered by guarantees, the provisions of art. 39 39 relating to the granting of protection corresponding to the guaranteed claim. + Article 50 Repealed. ------------ Article 50 was repealed by point (a). 10 10 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 14 14 ^ 9. + Article 51 (1) Any transfer, fulfilment of an obligation, exercise of a right, act or fact achieved under qualified financial contracts, as well as any bilateral compensation agreement are valid, may be executed and/or opposed to a insolvent co-contractor or an insolvent guarantor of a co-contractor, being recognized as the basis for enrolment of the claim in the procedures provided by this law. (2) The only obligation, if there is in the contract, as a result of the realization of a netting under the conditions provided for by a qualified financial contract, of a party to the contract will be to provide (the equivalent) the obligation (payment amount or obligation to make) net resulting from the netting to its co-contractor. (3) The only right, if there is in the contract, as a result of the realization of a netting under the conditions provided for by a qualified financial contract, of a party to the contract will be to receive (the equivalent) the right (amount of payment or obligation to do) net resulting from the netting from its co-contractor. (4) No attribution conferred by this law to an organ applying insolvency proceedings shall prevent the termination of the qualified financial contract and/or the acceleration of the fulfilment of payment obligations or the fulfilment of obligations to do or the achievement of a right on the basis of one or more qualified financial contracts, having as its basis a netting agreement, these powers being limited to the net amount resulting from the application of the netting agreement. (5) Except for proving the fraudulent intention of the debtor within the meaning of art. 80 80 para. ((1) lit. g), no liquidator or, as the case may be, no court may prevent, ask for annulment or decide to open operations with derivative financial instruments, including carrying out a netting agreement, made on the basis of a qualified financial contract. + Article 52 The opening of insolvency proceedings does not affect the right of a creditor to invoke the compensation of his claim with that of the debtor on him, when the conditions laid down by law in the matter of legal compensation are met on the opening date procedure. + Article 53 The assets disposed of by the judicial administrator or liquidator, in the exercise of his duties provided for by this law, are acquired free of any tasks, such as mortgages, real securities or retention rights, of any kind, or precautionary measures, with the exception of precautionary measures or specific preventive measures, established during the criminal proceedings. --------------- Article 53 has been amended by section 6.6. 2 2 of art. 81, Title II of LAW no. 255 255 of 19 July 2013 , published in MONITORUL OFFICIAL no. 515 515 of 14 August 2013. + Article 54 (1) The judicial administrator shall draw up and submit to the syndic judge, within the time limit set by him, which shall not be able to exceed 20 days after his appointment, a report proposing either entry into the simplified procedure or continuation the observation period in the general procedure. -------------- Alin. ((1) of art. 54 54 has been amended by section 27 27 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (2) The report shall indicate whether the debtor falls within the criteria laid down in art. 1 1 para. ((2) and, consequently, must be subject to the simplified procedure provided for by this law, in which case it will include the supporting documents and the proposal for bankruptcy in the simplified procedure. The judicial administrator will notify the bankruptcy proposal through the simplified procedure to creditors who submitted the application and the debtor, through the special administrator, filing with the court, with the request, proof of fulfillment notification procedure. (3) The syndic judge will submit the proposal provided in par. (2), regarding the bankruptcy of the debtor in the simplified procedure, the debate of the parties in a public meeting, which will take place within 15 days from the receipt of the report of the judicial administrator. -------------- Alin. ((3) of art. 54 54 has been amended by section 27 27 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (4) During the court hearing provided in par. (3), the syndic judge, after hearing the interested parties, will give a sentence by which he will approve or reject, as the case may be, the conclusions of the report submitted to the debate. ((5) In case of approval of the report referred to in (4), the syndic judge will decide, by the same sentence, the bankruptcy of the debtor, under the conditions of art. 107 107 para. ((1) lit. D. + Article 55 Subsequent to the entry into the simplified procedure, if the documents provided in art. 28 28 para. ((1) lit. b)-e) and i) are not presented by the debtor, the designated liquidator will reconstruct, as far as possible, those documents, the expenses thus incurred to be borne from the debtor's estate. + Article 56 For the speed of insolvency proceedings, under the conditions of art. 1 1 para. ((2) lit. c) or d) the court may determine, for the creditor who requested the opening of insolvency proceedings or the designated judicial administrator, duties in relation to the presentation of evidence with documents, written relations, may request to The persons identified as part of the administration of the company may request their assistance and contest to carry out the procedural documents, as well as any other steps necessary to resolve the case. + Article 57 When registered in the trade register the debtor no longer operates, and the creditor who entered the application for the opening of the proceedings does not know another premises, business point of business, and after hearing the report of the judicial administrator, provided in 54, which finds that the debtor is found in one of the categories provided for in art. 1 1 para. ((2) lit. c) or d), the communication, the notification of any procedural document to the debtor, including those regarding the opening of the procedure, will be carried out only through the Bulletin of insolvency proceedings. + Article 58 In application of art. 54-57, the judicial administrator will request relations on the company's registered office and data on the company's administration, relations on patrimonial assets and documents on the company's activity from the authorities holding or could have the requested information. + Article 59 (1) The judicial administrator or, as the case may be, the liquidator, in the case of the simplified procedure, will draw up and submit to the syndic judge, within the deadline set by the syndic judge, but which will not be able to exceed 40 days from the date of designation the liquidator, a report on the causes and circumstances that led to the occurrence of the insolvency of the debtor, with the mention of the persons to whom it would be imputable. -------------- Alin. ((1) of art. 59 59 has been amended by section 28 28 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (2) If the debtor does not fall within the criteria provided in art. 1 1 para. (2), the report will indicate whether there is a real possibility of effective reorganization of the debtor's activity or, as the case may be, the reasons that do not allow the reorganization and, in this case, will propose the bankruptcy. (3) If, by its report, the judicial administrator shows that the debtor's activity can be recovered on the basis of a judicial reorganization plan, it will have to specify whether it recommends that the reorganization plan be the one proposed by debtor, if, at the request of the debtor, it collaborates in the preparation of that plan or if it intends to propose another plan alone or together with one or more creditors. (4) The proposal on the bankruptcy of the debtor, in the general procedure provided in par. ((2), will be subject to the approval of the general meeting of creditors at its first meeting. (5) If the report of the judicial administrator makes the proposal for bankruptcy, it shall publish an announcement relating to the report in the Bulletin of insolvency proceedings, indicating the date of the first meeting of creditors, or convene meeting of creditors, if the report is submitted after the date of the first At this meeting he will submit to the vote of the creditors the proposal for bankruptcy. ------------ Alin. ((5) of art. 59 59 has been amended by section 10 10 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 14 14 ^ 10. (6) The judicial administrator will ensure the possibility to consult the report provided in par. (1) at its premises, at the applicant's expense. A copy of the report shall be submitted to the court Registry and to the trade register or, as the case may be, to the register in which the debtor is registered and shall be communicated to the debtor. + Article 60 (1) During the meeting of the general meeting of creditors provided in art. 59 59 para. (4), the judicial administrator shall inform the creditors present about the valid votes received in writing on the proposal for bankruptcy of the debtor in the general procedure. (2) The general meeting of creditors will approve the proposal of the judicial administrator, provided for in 59 59 para. (2), by the vote of the holders of at least two thirds of the claims present in the vote. Regardless of the outcome of the vote, the proposal will not be approved if one or more creditors, together holding more than 20% of the claims contained in the preliminary debt table, announce their intention to submit, within the legal deadline, a plan. reorganization of the debtor. ((3) In case of approval by the general meeting of creditors of the proposal of the judicial administrator provided in art. 59 59 para. (2), the syndic judge will decide, by sentence, the bankruptcy of the debtor, under the conditions of art. 107 107 para. ((1) lit. D. (4) The provisions of par. ((1)-(3) shall not apply to the report referred to in art. 59 59 para. ((2), if, by the date of the meeting of the general meeting of the creditors approving the report referred to in par. (1), a reorganization plan was granted by the syndic judge. + Section 3 First measures + Article 61 (1) Following the opening of the procedure, the judicial administrator will send a notification to all creditors mentioned in the list submitted by the debtor in accordance with art. 28 28 para. ((1) lit. c) or, as appropriate, under the conditions of art. 32 32 para. ((2), to the debtor and the office of the trade register or, as the case may be, to the register of agricultural companies or to other registers where the debtor is registered/registered, for making the mention. (2) If creditors with their domicile abroad have representatives in the country, the notification will be sent to the latter. (3) The notification provided in par. (1) is carried out according to the provisions of the Civil Procedure Code and will also be published at the expense of the debtor's estate, in a newspaper of wide circulation and in the Bulletin of insolvency proceedings. + Article 62 ((1) The notification shall include: a) the deadline for submission, by creditors, of the oppositions to the opening sentence of the procedure, delivered as a result of the request made by the debtor, under the conditions of art. 32 32 para. ((1), as well as the term of settlement of the oppositions, which shall not exceed 10 days from the date of expiry of the deadline for their submission; b) the deadline for the registration of the application for admission of claims on the debtor's estate, which will be a maximum of 45 days from the opening of the procedure, as well as the requirements for a registered claim to be considered valid; -------------- Lit. b) a par. ((1) of art. 62 62 has been amended by section 4.2 29 29 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. c) the term of verification of claims, preparation, display and communication of the preliminary table of claims, which will not exceed 20 days for the general procedure or, respectively, 10 days, in the case of simplified procedure, from the expiry of the term provided in lit. b); -------------- Lit. c) a par. ((1) of art. 62 62 has been amended by section 4.2 29 29 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. d) the deadline for finalizing the table of receivables, which will not exceed 15 days in the case of the general and simplified procedure, from the expiry of the deadline corresponding to each procedure, provided in lett. c); -------------- Lit. d) a par. ((1) of art. 62 62 has been amended by section 4.2 29 29 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. e) the place, date and time of the first meeting of the general meeting of creditors, which will take place within 5 days from the expiry of the term provided in lett. c). (2) Depending on the circumstances of the case and for thorough reasons, the syndic judge will be able to decide an increase of the deadlines provided in par. ((1) lit. b), c) and d) not more than 30, 15 and 15 days respectively. + Article 63 If the debtor has goods subject to transcription, inscription or registration in the advertising registers, the judicial administrator/liquidator will send to the courts, authorities or institutions holding these registers a copy of the sentence of opening of the procedure, to be made mention. + Article 64 (1) With the exception of employees whose claims will be registered by the judicial administrator according to the accounting records, all other creditors, whose claims are prior to the opening date of the procedure, will submit the application for admission of receivables within the time limit set in the opening sentence of the proceedings; claims of claims will be recorded in a register, which shall be kept at the Registry of the Tribunal. ((2) Abrogat. ------------ Alin. ((2) of art. 64 64 has been repealed by section 6.6. 15 15 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. (3) The application for admission of claims must be made even if they are not established by a title. (4) The outstanding claims or under condition at the time of the opening of the proceedings will be provisionally admitted to the credit table and will be entitled to participate in distributions of amounts to the extent permitted by this law. ((5) Titulation of receivables under suspensive condition at the time of the opening of proceedings, including claims whose recovery is subject to the prior execution of the principal debtor, will be entitled to vote and participate in distributions only after meeting that condition. -------------- Alin. ((5) of art. 64 64 has been amended by section 30 30 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (6) The claims born after the date of opening of the procedure, during the observation period or in the procedure of judicial reorganization will be paid according to the documents from which it follows, no registration at the credit table is required The provision shall apply accordingly for claims born in the bankruptcy proceedings. ------------ Alin. ((6) of art. 64 64 has been introduced by section 11 11 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 15 15 ^ 1. + Article 65 (1) The application shall include: the name/name of the creditor, the domicile/headquarters, the amount due, the basis of the claim, as well as mentions of any rights of preference or guarantees. (2) The supporting documents of the claim and the instruments of incorporation of guarantees will be attached to the application. (3) The owners of securities to the order or bearer may request the judicial administrator to return the original titles and keep some copies certified by him on file. The judicial administrator will make the original mention of their presentation. The originals will be presented again to any distribution of amounts between creditors, as well as to the exercise of the vote in the general meeting of creditors. + Article 66 (1) All claims will be subject to the verification procedure provided for by this Law, except for receivables found by enforceable securities. (2) The budgetary claims resulting from an undisputed enforceable title within the time limits provided by special laws shall not be subject to this procedure (3) All claims submitted for admission and registered at the court Registry will be presumed valid and correct if not challenged by the debtor, the judicial administrator or creditors. + Article 67 (1) The judicial administrator shall immediately proceed to the verification of each application and the submitted documents and conduct a thorough research to establish the legitimacy, the exact value and the priority of each claim. (2) In order to fulfill the attribution provided in par. (1), the judicial administrator will be able to request explanations from the debtor, he will be able to hold discussions with each creditor, asking him, if he considers it necessary, additional information and documents. + Article 68 Unsecured claims and unsecured parts of secured claims that are not due on the date of registration of the application for admission will be entered in the debt table with their entire value, but in the course of bankruptcy, any distribution of amount for such claims will be made in compliance with the provisions of art. 125. + Article 69 (1) The claims consisting of obligations that have not been calculated in monetary value or whose value is subject to change will be calculated by the judicial administrator/liquidator and entered in the debt table with the nominal value that a they had the opening date. The syndic judge will decide on any challenge against the calculation made by the administrator for such claims. (2) The receivables expressed or consolidated in foreign currency will be recorded at their value in lei, at the rate of the National Bank of Romania existing at the opening date. + Article 70 A claim of a creditor with several joint debtors will be entered in all the debt tables of the debtors with the face value, until it is completely covered. No reduction in the amount of the claim set out in the debt table will be made in any of the debtors ' debt tables, until the creditor has been fully satisfied, in cash or in goods. If the total amounts distributed to the creditor, in all shares with debtors, exceed the total amount due to him, he will have to refund the amounts received in addition, which will be reentered as funds in the debtors ' wealth, proportional to the amounts each of the debtors paid over what was due. + Article 71 (1) A creditor who, prior to the registration of an application for admission, has received a partial payment for his claim from a co-debtor or from a debtor's fidejusor may have the claim entered in the debt table only for the part he has not received. Still got it. (2) A co-debtor or a fidejusor, which is entitled to restitution or compensation from the debtor for the amount paid, will be listed in the table of claims with the amount he paid to the creditor. In this case, the common creditor has the right to ask to be paid, until the full payment of his claim, the quota due to the co-debtor or fidejusor, remaining his creditor only for the unpaid amount. (3) The debtor or the debtor's fidejusorul, which in order to ensure its regression has on its goods a guarantee right, compete at the credit table, in order to make it possible to achieve its guarantee, but the price obtained from the sale of the goods encumbered will be attributed to the creditor, falling from the amount that is due. + Article 72 (1) As a result of the checks made, the judicial administrator/liquidator will draw up and register at the court a preliminary table including all claims against the debtor's estate, stating that they are: chirography, guaranteed, with priorities, under condition or uncadence and showing for each name/name of the creditor, the amount requested by the creditor and the amount accepted by the judicial administrator. (2) At the guaranteed receivables shall be shown the title from which the guarantee arises, its rank and the reasons why the claims were partially passed in the table or were removed. (3) The preliminary table of claims will also be displayed by the Registry at the door of the court, drawing up in this regard a record of display, and will be communicated to the debtor. After the display, the creditors enrolled in the preliminary table of claims can participate in the creditors ' assemblies. (4) With the display of the table, the judicial administrator/liquidator will immediately send notifications to creditors, whose claims or preference rights have been partially passed in the preliminary table of claims or removed, while stating and reasons. + Article 73 (1) The debtor, creditors and any other interested party will be able to appeal against the claims and rights of preference passed by the judicial administrator/liquidator in the preliminary table of claims. ((2) Appeals must be submitted to the court within 5 days of publication in the Bulletin of the insolvency proceedings of the preliminary table, both in the general procedure and in the simplified procedure. -------------- Alin. ((2) of art. 73 73 has been amended by section 31 31 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (3) At the time limit set by the opening sentence of the procedure for the finalization of the debt table, the syndic judge will settle at once, by a single sentence, all appeals, even if for the resolution of some it would be necessary evidence management; in the latter case, the syndic judge may, in whole or in part, admit the registration of those claims provisionally in the definitive table of all creditors against the debtor's estate. ------------ Alin. ((3) of art. 73 73 has been amended by section 11 11 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 15 15 ^ 2. (4) If the claim is admitted without the right preference, it will participate in the distribution of the amounts obtained from the valorisation of the unencumbered goods of guarantees. (5) Of the amounts that would be obtained from the valorization of the goods subject to the right of preference challenged will be recorded the part that would be due to that claim. + Article 74 (1) After all appeals to the claims have been resolved, the judicial administrator/liquidator will immediately register with the court and take care to display at its headquarters the definitive table of all claims against wealth. the debtor, showing the amount, priority and situation-guaranteed or unsecured-of each claim. (2) After the registration of the definitive table, only the holders of the receivables registered in the definitive table may participate in the vote on the reorganization plan or on any repartitions of amounts in case of bankruptcy in the simplified procedure. ((3) Abrogat. -------------- Alin. ((3) of art. 74 74 has been repealed by section 6.6. 32 32 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. + Article 75 (1) After the expiry of the deadline for filing appeals, provided for in art. 73 73 para. ((2), and until the closure of the proceedings, any interested party may appeal against the passage of a claim or a right of preference in the definitive table of claims, in case of discovery of the existence of a false, dol or an essential error which determined the admission of the claim or the right of preference, as well as in the case of discovery of decisive and until then unknown titles. (2) The judgment of the appeal will be made by the syndic judge, after the summoning of the objector, of the creditor holding the contested claim, if he is not the objector, of the judicial administrator/liquidator, of the members of the committee creditors and any other interested party, as the case may be. (3) Until the irrevocable judgment of the appeal, the syndic judge will be able to declare the claim or the right of preference challenged as admitted only provisionally. + Article 76 ((1) Unless the notification of the opening of the procedure was made in violation of the provisions of art. 7, the holder of claims prior to the opening of the procedure, which does not submit the application for admission of claims until the expiry of the term provided 62 62 para. ((1) lit. b), will be declined, as far as the respective claims are concerned, from the right to be entered in the table of creditors and will not acquire the status of creditor entitled to participate in the procedure. He will not have the right to realize his claims against the debtor or members or associates with unlimited liability of the debtor legal person after the closing of the proceedings, subject to the debtor not being convicted of the simple or fraudulent banknote or not to have been responsible for making payments or fraudulent transfers. ------------ Alin. ((1) of art. 76 76 has been amended by section 11 11 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 15 15 ^ 4. (2) The decoration may be invoked at any time, by any interested party, by way of action or exception. + Section 4 Situation of legal acts of the debtor + Article 77 (1) All actions brought by the judicial administrator or liquidator in application of the provisions of this law, including for the recovery of claims, shall be exempt from stamp duty. (2) The operations of publication in the Bulletin of the insolvency proceedings of the procedural documents issued by the courts and the judicial administrator/liquidator in the framework of the insolvency proceedings shall be carried out free of charge. -------------- Alin. ((2) of art. 77 77 has been amended by section 33 33 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. ((3) The procedural documents issued by the judicial administrator and the liquidator who, according to the present law, are also subject to the advertising formality through the commercial register, together with the advertising through the Bulletin of insolvency proceedings, shall be submitted to The bulletin of insolvency proceedings, and registration in the commercial register will be operated ex officio, free of charge. -------------- Alin. ((3) of art. 77 77 has been introduced by section 34 34 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. + Article 78 The measures provided for in this Section shall apply both in cases of judicial reorganisation and in bankruptcy cases, provided for by both the general and the simplified procedure. + Article 79 The judicial administrator or, as the case may be, the liquidator may introduce to the syndic judge actions for the cancellation of fraudulent acts concluded by the debtor at the expense of creditors ' rights, in the 3 years prior to the opening + Article 80 (1) The judicial administrator or, as the case may be, the liquidator may introduce to the syndic judge actions for the annulment of the constitutions or transfers of patrimonial rights to third parties and for their restitution of the transmitted goods and of the value of other benefits executed, made by the debtor by the following acts: a) free transfer documents, carried out in the 3 years prior to the opening of the procedure; sponsorships for humanitarian purposes are exempted; b) commercial operations in which the debtor's performance exceeds the one received, carried out in the 3 years prior to the opening of the procedure; c) acts concluded in the 3 years preceding the opening of the proceedings, with the intention of all parties involved in them to evade goods from the pursuit by creditors or to deny them in any other way the rights; d) acts of transfer of ownership to a creditor for extinguishing a previous debt or for its benefit, carried out in the 120 days prior to the opening of the procedure, if the amount that the creditor could obtain in case of bankruptcy of the debtor is less than the value of the transfer act; e) the establishment or completion of a real guarantee for a claim that was chirographic, in the 120 days prior to the opening of the procedure; f) early payments of debts, made in the 120 days preceding the opening of the procedure, if their maturity had been fixed for a date after the opening of the procedure g) transfer documents or assumption of obligations made by the debtor within a period of 2 years prior to the date of opening of the proceedings, with the intention to hide/delay the state of insolvency or to defraud a natural or legal person to whom he was at the date of the transfer of transactions in financial derivatives, including the carrying out of a bilateral netting agreement, made on the basis of a qualified financial contract, or subsequently became a debtor, in meaning of this law (1 ^ 1) Provisions of para. ((1) lit. d)-f) are not applicable to acts concluded, in good faith, in the execution of an agreement with creditors, concluded as a result of extrajudicial negotiations for the restructuring of the debtor's debts, subject to the agreement being such lead, reasonably, to the financial recovery of the debtor and not to cause harm and/or discrimination against creditors. The above provisions also apply to legal acts concluded under the procedure provided by Law no. 381/2009 on the introduction of preventive composition and ad hoc mandate -------------- Alin. ((1 ^ 1) of art. 80 80 has been introduced by section 35 35 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (2) The following operations, concluded in the 3 years preceding the opening of the procedure with persons in legal relations with the debtor, will also be able to be cancelled and the benefits recovered, if they are at the expense of creditors: a) with an associate or an associate holding at least 20% of the capital of the company or, as the case may be, the voting rights in the general meeting of the associates, when the debtor is the respective company in the order, respectively agricultural society, collectively or with limited liability; b) with a member or administrator, when the debtor is a group of economic interest; c) with a shareholder holding at least 20% of the debtor's shares or, as the case may be, the voting rights in the general meeting of the shareholders, when the debtor is the respective joint-stock company; d) with an administrator, director or member of the debtor's supervisory bodies, cooperative society, limited liability company or, as the case may be, agricultural company; e) with any other natural or legal person, holding a dominant position on the debtor or his activity; f) with a coindiviary on a common good. + Article 81 (1) The action for the cancellation of fraudulent acts concluded by the debtor at the expense of creditors, as well as for the cancellation of the constitutions or transfers of patrimonial rights, to which art. 79 and 80, may be introduced by the judicial administrator/liquidator within one year from the expiry date of the deadline set for the preparation of the report provided for in art. 20 20 para. ((1) lit. b), but not later than 16 months from the date of opening of the procedure. -------------- Alin. ((1) of art. 81 81 has been amended by section 36 36 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (2) The creditors ' committee may introduce such an action to the syndic judge, if the judicial administrator/liquidator does not. ((3) Abrogat. ------------ Alin. ((3) of art. 81 81 has been repealed by section 6.6. 11 11 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 15 15 ^ 6. + Article 82 It will not be possible to request the cancellation of a transfer of patrimonial character, made by the debtor during the normal conduct of his current activity. + Article 83 (1) The land acquirer in a patrimonial transfer, cancelled according to art. 80, will have to return to the debtor's estate the transferred good or, if the good no longer exists, its value from the date of the transfer made by the debtor, established by the expertise carried out under the law. ------------ Alin. ((1) of art. 83 83 has been amended by section 11 11 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 15 15 ^ 7. (2) The acquirer land, which returned to the debtor's estate the good or value of the good that had been transferred to him by the debtor, will have against the estate a claim of the same value, provided that the third party accepted the transfer in good faith and without the intention to prevent them, delay or deceive the debtor's creditors. Otherwise, the acquiring third party loses the claim or the good result from the reinstatement in the previous situation, in favour of the debtor's estate. The faith-belief of the acquiring third must be proven. (3) The acquirer land free of charge of good faith will return the goods in the state in which they are found, and in the absence thereof, will return the difference of value with which it was enriched. In case of bad faith, the third party will, in all cases, return the entire value, as well as the fruits perceived. + Article 84 (1) The judicial administrator, the liquidator or the creditors ' committee will be able to bring action to recover from the subacquirer the good times the value of the property transferred by the debtor, only if the undertaker has not paid the corresponding value of the good and knew or had to know that the initial transfer was likely to be cancelled. (2) If the subacquirer is a spouse, relative or afin up to the fourth degree including the debtor, it is relatively presumed that he has known the circumstance provided in par. ((1). + Article 85 (1) The application for the cancellation of a transfer of a patrimonial nature will be noted, ex officio, in the related advertising registers. ((2) A person obtaining a title or acquiring a guarantee or other real right on that property after making such a notaries shall have the title or his right, conditional on the right to be recovered the good. (3) If the conditions of art. 79 and 80, a relative presumption of fraud is established at the expense of creditors. The presumption can be overturned by the debtor. It does not extend to the acquiring or subacquiring third party. (4) The presumption of fraud is also preserved if, through abuse of procedural rights, the debtor has delayed the time of opening the procedure in order to expire the deadlines to which art refers. 79 79 and 80. (5) The procedural legitimization active in the actions for annulment regulated by art. 79 and 80 belongs to the judicial administrator and the liquidator, respectively, and in the case provided for in art. 81 81 para. ((2), to the creditor committee (6) They have passive procedural quality in the actions for annulment provided in art. 79 and 80 the debtor and, as the case may be, his co-contractor. The debtor will be quoted as a defendant through the special administrator. + Article 86 (. The ongoing contracts shall be deemed to be maintained at the opening date. Any contractual clauses to abolish ongoing contracts for the reason for the opening of the procedure are void. In order to increase the debtor's wealth to the maximum, the judicial administrator/liquidator can denounce any contract, non-expired rentals or other long-term contracts, as long as these contracts will not have been executed in full or substantial by all parties involved. The judicial administrator/liquidator must respond, within 30 days, to a notice of the contractor, asking him to denounce the contract; in the absence of such an answer, the judicial administrator/liquidator will no longer be able to ask execution of the contract, which is considered denounced. The contract shall be considered as a) on the expiry date of a period of 30 days from the receipt of the request of the contract denunciation cocontractor, if the judicial administrator/liquidator does not respond; b) on the date of notification of denunciation by the judicial administrator/liquidator. ------------ Alin. ((1) of art. 86 86 has been amended by section 11 11 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 15 15 ^ 8. (2) In case of denunciation of a contract, an action for compensation may be brought by the contractor against the debtor. (3) During the period of observation, with the agreement of the co-contractors, the judicial administrator will be able to modify the clauses of the credit agreements so that they ensure the equivalence of future benefits. ------------ Alin. ((3) of art. 86 86 has been amended by section 11 11 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 15 15 ^ 8. (4) If the seller of an immovable property has retained the title until the full payment of the sale price, the sale will be considered executed by the seller and will not be subject to the provisions of par. ((1). (5) A contract of employment or rental, as a lessee, can be denounced only in compliance with the legal notice periods. (6) By way of derogation from provisions Law no. 53/2003 -The Labor Code, with subsequent amendments and completions, after the opening date of the procedure, the dissolution of individual employment contracts of the debtor's staff will be made urgently by the judicial administrator/liquidator, without the need going through the collective dismissal procedure. The judicial administrator/liquidator will only give the fired staff the notice of 15 working days. ------------ Alin. ((6) of art. 86 86 has been amended by section 11 11 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 15 15 ^ 8. (7) In a contract providing for periodic payments from the debtor, the maintenance of the contract will not oblige the judicial administrator/liquidator to make outstanding payments for the periods prior to the opening of the procedure. For such payments can be made a statement of claim against the debtor. ------------ Alin. ((7) of art. 86 86 has been amended by section 11 11 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 15 15 ^ 8. + Article 87 If a movable property, sold to the debtor and not paid by it, was in transit at the time of the opening of the proceedings and the good is not yet available to the debtor and no other parties have acquired rights to it, then the seller can take back Good. In this case, all expenses will be borne by the seller and he will have to refund the debtor any advance in the price. If the seller admits that the good will be delivered, he will be able to recover the price by enrolling his claim in the debt table. If the judicial administrator/liquidator requires that the property be delivered, he will have to take measures to pay from the debtor's wealth the entire price due under the contract. + Article 88 If the debtor is part of a contract contained in a master netting agreement, providing for the transfer of certain goods, representative securities of goods or financial assets listed on a regulated market of goods, services and instruments financial derivatives, at a certain date or within a specified period of time, and the maturity intervenes or the period expires after the opening date of the procedure, a bilateral clearing operation of all contracts contained in the agreement will be carried out the respective netting master, and the resulting difference will have to be paid to the wealth the debtor, if it is a creditor, and will be entered in the debt table, if it is an obligation of the debtor's estate. + Article 89 If a commission, which holds securities for goods to be received or for the goods, becomes the subject of an introductory application, the principal will be entitled to take back its titles or merchandise or ask for their value to be paid by Commission. + Article 90 (1) If a debtor holds the goods as a consignor or any other property belonging to another on the date of registration of the application, the expiry of the period for challenging the creditors ' request by the debtor or the rejection of the appeal the debtor against this request, the owner will have the right to recover his property, unless the debtor has a valid right of guarantee on the property. (2) If on one of the data referred to in par. (1) the goods are not in the debtor's possession and he cannot recover it from the current holder, the owner will be entitled to have the claim registered in the debt table, with the value that the goods had on that date. If the debtor is in possession of the goods at that time, but subsequently lost possession, the owner may require that the entire value of the goods be entered in the debt table. + Article 91 The fact that an owner of a rented building is debtor in this procedure will not abolish the lease, unless the rent is not lower than the rent charged on the market. However, the judicial administrator/liquidator may refuse to ensure the provision of any services owed by the landlord to the tenant during the rental. In this case, the tenant can evict the building and ask for the registration of his claim in the table or he can still hold the property, falling from the rent he pays the cost of the services owed by the owner. If the tenant chooses to continue to own the property, he will not be entitled to the registration of the claim in the table, but will only have the right to decrease the rent he pays the cost of the services owed by the owner. + Article 92 The judicial administrator/liquidator may denounce a contract by which the debtor has obliged to carry out certain specialized or strictly personal services, unless the creditor accepts the performance by a the person appointed by the judicial/liquidator. + Article 93 (1) If an associate in an agricultural company, a company in the collective name, a company in the order or with limited liability or the shareholder of a stock company is a debtor in a procedure provided for by this law and if the debtor's involvement in such a procedure does not entail the dissolution of that company, the administrator/liquidator may ask for the liquidation of the debtor's rights in that company, according to the last approved financial situation, or may propose that the debtor be kept as Associate, if the other associates agree. (2) Provisions of para. ((1) shall apply, as appropriate, to members of cooperative societies and groups of economic interest. + Article 93 ^ 1 The obligations resulting from an antecontract of sale-purchase with the definite date, prior to the opening of the procedure, in which the promising-seller enters the procedure, will be executed by the judicial administrator/liquidator at the request the promise-buyer, if: -the contractual price has been paid in full or can be paid at the date of the request, and the good is in the possession of the promising-buyer -the price is not lower than the market value of the good; -the good does not have a determining importance for the success of a reorganization plan. ------------ Art. 93 ^ 1 was introduced by item 11 11 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 15 15 ^ 9. + Section 5-a Plan + Article 94 (1) The following categories of persons will be able to propose a reorganization plan under the following conditions: a) the debtor, with the approval of the general meeting of shareholders/associates, within 30 days from the display of the definitive table of receivables, provided the wording, according to art. 28, of the intention of reorganization, if the procedure was triggered by him, and according to art. 33 33 para. ((6), if the procedure has been opened as a result of the request of one or more creditors; b) the judicial administrator, from the date of its designation and until the fulfillment of a period of 30 days from the date of display of the definitive table of claims, provided that he has indicated this intention until the voting of the report provided for in art. 59 59 para. ((2); c) one or more creditors who have announced this intention until the vote of the report provided for in art. 59 59 para. ((2), holding together at least 20% of the total value of the claims contained in the definitive table of receivables, within 30 days from the date of display of the definitive table of receivables. (2) At the request of any interested party, the syndic judge may shorten, for thorough reasons, the periods provided in par. ((1). (3) The plan will be able to provide for either the restructuring and continuation of the debtor's activity, or the liquidation of some goods from his fortune, or a combination of the two reorganization options. (4) They will not be able to propose a plan to reorganize the debtor who, in a period of 5 years prior to the formulation of the introductory requests, was also the subject of the procedure established under this law and neither the debtor who, according to the law, is incapacitated or who has been convicted of crimes against heritage by disregarding trust, corruption offences, embezzlement, offences of forgery in documents, tax evasion, offences provided by Law no. 656/2002 , republished. ---------- Alin. ((4) of art. 94 94 has been amended by section 3 3 of art. 175, Title II of LAW no. 187 187 of 24 October 2012 , published in MONITORUL OFFICIAL no. 757 757 of 12 November 2012. (5) Failure to comply with the deadlines provided in par. (1) leads to the decline of the respective parties from the right to submit a reorganization plan and, as a result, to the passage, from the disposition of the syndic judge, to bankruptcy. + Article 95 (1) The reorganization plan will indicate the prospects for recovery in relation to the possibilities and specifics of the debtor's activity, with the financial means available and with the market demand compared to the debtor's offer, and will include measures public order, including in relation to the method of selection, designation and replacement of administrators and directors. (2) The reorganization plan will necessarily include the debt payment program. (3) The execution of the reorganization plan will not be possible to exceed 3 years, counted from the date of confirmation. Payment terms established by contracts-including credit or leasing-can be maintained through the plan, even if they exceed the 3-year period. These deadlines can also be extended, with the express agreement of creditors, if they were initially shorter than 3 years. After carrying out all the obligations in the plan and closing the reorganization procedure, these payments will continue according to the contracts resulting from it. -------------- Alin. ((3) of art. 95 95 has been amended by section 37 37 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (4) On the recommendation of the judicial administrator, after the passage of a period of not more than 18 months after the confirmation of the plan, this period can be extended by no more than one more period of one year, if the proposal is voted by at least two thirds of Creditors on the balance at the time. (5) The reorganization plan will mention: a) the categories of claims that are not disadvantaged, within the meaning of the law; b) treatment of categories of disadvantaged claims; c) if and to what extent the debtor, members of the economic interest group, associations from companies in collective names and associations ordered from the companies in the order will be discharged from liability; d) what compensation is to be offered to the holders of all categories of claims, compared to the estimated value that could be received by distribution in case of bankruptcy; the estimated value will be calculated at the date of the plan proposal. (6) The plan will specify appropriate measures for its implementation, such as: A. the preservation, in whole or in part, by the debtor, of the management of his activity, including the right of disposition on the goods of his fortune, with the supervision of his activity by the judicial administrator designated under the law; B. obtaining financial resources to support the implementation of the plan and their sources of origin; C. the transmission of all or some of the assets of the debtor to one or more natural or legal persons, previously constituted or after the confirmation of the plan; D. merger of the debtor, under the law; E. the liquidation of all or some of the assets of the debtor's estate, separately or in block, free of any tasks, or the payment of them to the creditors of the debtor, in the account of the receivables they have against the debtor's wealth. The payment of the debtor's assets to its creditors may be made only on the prior condition of their written agreement on this way of extinguishing their claim; -------------- Lit. It's a par. ((6) of art. 95 95 has been amended by section 4.2 37 37 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. F. partial or total liquidation of the debtor's asset in order to execute the plan is made according to art. 116-120 116-120; G. modification or extinguishing of real guarantees, with mandatory granting, for the benefit of the guaranteed creditor, of an equivalent guarantee or protection, under the conditions provided in art. 39 39 para. ((2) lit. c); H. the extension of the due date, as well as the modification of the interest rate, of the penalty or of any other clause in the contract or of the other springs of its obligations; I. modification of the constitutive act of the debtor, under the law; J. issuance of securities by the debtor or any of the persons referred to in lett. C and D under the conditions laid down by Law no. 31/1990 , republished, with subsequent amendments and completions, and by Law no. 297/2004 , with subsequent amendments and completions. For the inclusion in the plan of a issuance of securities it is necessary the express agreement, in writing, of the creditor who is to receive the securities issued, an agreement that will be given before the admission of the plan by the syndic judge, in compliance with art. 98 98 para. ((3). By exception to the provisions art. 205 205 para. ((2) of Law no. 297/2004 , with subsequent amendments and completions, the operations contained in this letter are considered exempted operations within the meaning of art. 205 205 para. ((1) of the abovementioned law; K. by derogation from the provisions of lit. J, the reorganisation plan may not provide for the conversion of budgetary claims into securities; L. insertion in the constitutive act of the debtor-the legal person-or of the persons mentioned in lett. C and D of some provisions: a) prohibitions the issuance of shares without the right to vote; b) determination, in the case of different categories of ordinary shares, of an appropriate distribution of the vote between this category; c) in the case of categories of preferential shares with priority dividend against other categories of shares, the satisfactory regulation of the appointment of administrators representing the respective categories of shares in the event of non-payment of the payment obligation of dividends. ((7) By way of derogation from provisions Law no. 31/1990 on companies, republished, with subsequent amendments and completions, and of Law no. 297/2004 on the capital market, with subsequent amendments and completions, the plan proposed by the creditors may provide for the modification, without the statutory agreement of the members or associates/shareholders of the debtor, of the articles of association. ------------ Alin. ((7) of art. 95 95 has been amended by section 11 11 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 15 15 ^ 10. (8) The registration of the term in the commercial register will be requested by the judicial administrator at the debtor's expense, based on the decision confirming the reorganization plan, which will be published in the Official Gazette of Romania, Part IV. + Article 96 ((. With a view to the efficient administration of the procedure, the plan may designate a separate category of receivables, composed only of those chirographic claims which, within the meaning of Article 2 (1), 49 49 para. ((1), belong to suppliers without which the debtor's activity cannot be carried out and which cannot be replaced. The list of these claims must be confirmed by the judicial administrator (1 ^ 1) List of suppliers referred to in par. (1), as well as their current claims will be submitted by the debtor together with the other documents provided in art. 28. -------------- Alin. ((1 ^ 1) of art. 96 96 has been introduced by section 38 38 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. ((2) The plan will establish the same treatment for each claim in a separate category, unless the holder of a claim in that category consents to less favourable treatment for his claim. + Article 97 It is not considered a change of the claim or the conditions for its realization in which the proposed plan provides for the return to the conditions of realization of the previous claim of the events that led to the modification of the conditions such as the non-payment of one or more due rates of a loan, at the time limits and under the conditions stipulated in the contract, which leads to the acceleration of the payment of the entire remainder of the loan. + Article 98 (1) A copy of the proposed plan shall be submitted to the Registry of the Tribunal and to the Trade Register Office or, as the case may be, to the register of agricultural companies and shall be communicated to the debtor, by the special administrator, the judicial administrator and creditors ' committee ((2) Abrogat. -------------- Alin. ((2) of art. 98 98 has been repealed by section 6.6. 39 39 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. ((3) Abrogat. -------------- Alin. ((3) of art. 98 98 has been repealed by section 6.6. 39 39 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (4) If several intentions have been expressed for the submission of reorganization plans, the syndic judge will set a maximum deadline by which they can be submitted, in compliance with the provisions of art. 74 74 para. ((2), so that the voting of the plans admitted to be made at the same meeting of the general meeting of creditors. + Article 99 ((1) Abrogat. -------------- Alin. ((1) of art. 99 99 has been repealed by section 6.6. 40 40 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (2) The judicial administrator shall publish within 5 days from the submission of the plan an announcement regarding it in the Bulletin of insolvency proceedings, with the indication of the one who proposed it, of the date when the plan will be voted on in the assembly creditors, as well as the fact that postal voting is admissible. -------------- Alin. ((2) of art. 99 99 has been amended by section 41 41 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (2 ^ 1) The meeting of the meeting of creditors in which the vote on the reorganization plan will be expressed will be held within 20-30 days from the publication of the notice. The reorganization plan, including the annexes, will be communicated in electronic format, scanned, through the care of the judicial administrator, by e-mail or by post on its website. -------------- Alin. (2 ^ 1) of art. 99 99 has been introduced by section 42 42 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (3) Shareholders and creditors with bearer securities will have to submit the originals to the administrator at least 5 days before the date fixed for the expression of the vote, under penalty of forfeiture of the right to vote. (4) From the moment of publication, all interested parties will be considered to be aware of the plan and the date of expression of the vote. In all cases, the debtor will ensure the possibility of consulting the plan at its premises, at the applicant's expense + Article 100 (1) At the beginning of the voting session, the judicial administrator shall inform the creditors present about valid votes received in writing. (. Each claim shall benefit from a right to vote, which its holder shall exercise in the category of claims to which that claim belongs. (. The following claims shall constitute distinct categories of claims, which shall vote separately: a) Guaranteed claims; b) salary claims; c) budgetary claims; d) chirographic receivables established according to art. 96 96 para. ((1); e) the other chirographic receivables. ------------ Alin. ((3) of art. 100 100 has been amended by section 11 11 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 15 ^ 11. (4) A plan shall be deemed to be accepted by a category of claims if the plan is accepted by an absolute majority of the value of the claims in that category. ((5) Creditors who, directly or indirectly, control, are controlled or are under joint control with the debtor, within the meaning of the capital market legislation, may attend the meeting, but may vote on the plan only if it grants them less than they would receive in the case of bankruptcy. -------------- Alin. ((5) of art. 100 100 has been amended by section 43 43 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. + Article 101 (1) The syndic judge shall set the time limit for the confirmation of the plan within 15 days from the court filing by the judicial administrator of the minutes of the meeting of the creditors by which it was approved. The syndic judge may ask an insolvency practitioner to express an opinion on the possibility of carrying out the plan, before his confirmation. The plan will be confirmed if the following conditions are met cumulatively: -------------- The introductory part of para. ((1) of art. 101 101 has been amended by section 4.2 44 44 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. A. at least half plus one of the categories of claims mentioned in the payment schedule, of those mentioned in art. 100 100 para. ((3), accept or are considered to accept the plan, provided that at least one of the disadvantaged categories accepts the plan; B. where there are only two categories, the plan shall be deemed to be accepted if the category with the highest amount of the receivables has accepted the plan; C. each disadvantaged category of claims that rejected the plan will be subject to fair and equitable treatment through the plan. D. will be considered non-disadvantaged claims and will be considered to have accepted the plan the claims to be paid in full within 30 days of the confirmation of the plan or in accordance with the credit or leasing contracts resulting from; -------------- Lit. D a para. ((1) of art. 101 101 has been amended by section 4.2 45 45 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. E. the plan complies with art. 95. -------------- Lit. It's a par. ((1) of art. 101 101 was introduced by section 4.2. 46 46 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (2) Fair and equitable treatment exists when the following conditions are cumulatively met: a) none of the categories that reject the plan nor a claim rejecting the plan receive less than would be received in the case of bankruptcy; b) no category or claim belonging to a category receives more than the total value of its claim; c) if a disadvantaged category rejects the plan, no category of claims with rank lower than the disadvantaged category not accepted, as follows from the hierarchy provided in art. 100 100 para. ((3), does not receive more than it would receive in the case of bankruptcy. (3) Only one reorganization plan will be confirmed. (4) Confirmation of a reorganization plan prevents the proposal, admission, voting or confirmation of any other plan. ((5) The modification of the reorganization plan can be made at any time during the procedure, in compliance with the voting and confirmation conditions provided by this law. If the change of plan is proposed by the debtor, it will have to be approved by the general meeting of shareholders/associates. -------------- Alin. ((5) of art. 101 101 has been introduced by section 47 47 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. + Article 102 (1) When the sentence confirming a plan takes effect, the debtor's activity shall be reorganized accordingly; the claims and rights of creditors and other interested parties shall be amended as set out in the plan. In the event of bankruptcy as a result of the failure of the plan or a foreclosure, the confirmed plan will be counted as a final and irrevocable judgment against the debtor. For the forced execution of these claims, the quality of enforceable title will have the sentence of confirmation of the plan. ((2) Creditors preserve their shares, for the entire value of the receivables, against the debtors and the debtor's fidejusors, even if they voted to accept the plan. (3) If no plan is confirmed and the deadline for proposing a plan, under the conditions of art. 94, has expired, the syndic judge will order the immediate start of the bankruptcy procedure, under the conditions of art. 107 107 and the following. (4) The remuneration of persons employed pursuant to art. 10 10, art. 19 19 para. ((2), art. 23, 24 and art. 98 98 para. (3) and other administrative expenses will be paid at the time provided, as the case may be, by law, except in cases where the interested parties would accept, in writing, other payment terms. The plan must specify in the payment schedule how this payment will be ensured. (5) The payment can be made quarterly, based on legal documents. + Section 6 Reorganisation + Article 103 (1) Following the confirmation of a reorganization plan, the debtor will conduct his activity under the supervision of the judicial administrator and in accordance with the confirmed plan, until the syndic judge has, motivated, either the conclusion of the procedure insolvency and taking all measures for the reintegration of the debtor into the commercial activity, or the cessation of reorganization and the transition to bankruptcy, under the conditions of art. 107 107 and the following. (2) During the reorganization, the debtor shall be headed by the special administrator, under the supervision of the judicial administrator. Shareholders, associations and members with limited liability do not have the right to intervene in the management of the activity or in the administration of the debtor's estate, except also within the limits of the express and limiting cases provided by law and in the reorganization plan. (3) The debtor shall be obliged to fulfill, without delay, the changes in the structure provided for in the plan. + Article 104 By exception to the provisions of art. 38, the syndic judge may, at the request of the supplier, order the debtor to make a bail at a bank, as a condition for the supplier's duty to provide him with his services during the procedure provided for in this section. Such bail will not be able to exceed 30% of the cost of services rendered to the debtor and unpaid after the opening of the procedure. + Article 105 (1) If the debtor does not comply with the plan or carry out the activity brings losses to his estate, the judicial administrator, the creditors ' committee or any of the creditors, as well as the special administrator may the syndic judge to approve the bankruptcy, under the conditions of art. 107 107 and the following. ((2) Registration of the application referred to in paragraph (1) does not suspend the continuation of the debtor's activity until the syndic judge decides on it, by conclusion. + Article 106 (1) The debtor, through the special administrator, or, as the case may be, the judicial administrator shall submit quarterly reports to the creditors ' committee on the financial situation of the debtor's estate. Subsequent to the approval by the creditors ' committee, the reports will be recorded at the court's Registry and the debtor or, as the case may be, the judicial administrator will notify it to all creditors in order to consult (2) Also, the judicial administrator will also present the situation of expenses incurred for the smooth running of the activity, in order to recover them, according to art. 102 102 para. ((4), which will be endorsed by the creditors ' committee. ((3) Within 5 days from the meeting of the creditors ' committee referred to in par. (1), the creditors ' committee will be able to convene the general meeting of creditors to present the measures taken by the debtor and/or the judicial administrator, as well as their effects and to propose motivated and other measures. + Section 7 Bankruptcy + Article 107 (1) The syndic judge shall decide, by sentence or, as the case may be, by conclusion, under the conditions of art. 32, bankruptcy in the following cases: A. a) the debtor declared his intention to enter the simplified procedure; b) the debtor did not declare his intention to reorganize or, at the request of the opening creditor of the procedure, challenged that he would be insolvent and the appeal was rejected by the trade union judge; c) none of the other subjects of entitlement entitled has proposed a reorganization plan, under the conditions provided in art. 94, or none of the proposed plans have been accepted and confirmed; B. the debtor declared his intention to reorganize, but did not propose a reorganization plan or the plan proposed by him was not accepted and confirmed; C. the payment obligations and the other tasks assumed are not fulfilled under the conditions stipulated by the confirmed plan or the activity of the debtor during its reorganization brings losses to its wealth; D. was approved the report of the judicial administrator proposing, as the case may be, the entry of the debtor into bankruptcy, according to art. 54 54 para. ((5) or art. 60 60 para. ((3). (2) By the decision by which the bankruptcy is decided, the syndic judge will pronounce the dissolution of the debtor company and will order: a) the lifting of the debtor's right of administration; b) in the case of the general procedure, the appointment of a provisional liquidator, as well as the establishment of his duties and remuneration, in accordance with the criteria approved by the law on organization of the profession ------------ Lit. b) a par. ((2) of art. 107 107 has been amended by section 4.2 11 11 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 15 15 ^ 13. c) in the case of simplified procedure, confirmation, as liquidator of the judicial administrator, designated according to art. 19 19 para. ((2) or art. 34 34, as applicable; d) the maximum term from bankruptcy within the general procedure, to surrender the management of the wealth from the debtor/the judicial administrator to the liquidator, together with the list of acts and operations carried out after the opening of the said procedure to art. 46 46 para. ((2); e) the preparation by the judicial administrator and the handover to the liquidator, within a maximum of 5 days from the bankruptcy, within the general procedure, of a list containing the names and addresses of the creditors and all their claims to the date of bankruptcy, with the indication of those born after the opening of the procedure; -------------- Lit. e) a par. ((2) of art. 107 107 has been amended by section 4.2 48 48 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. f) notification of bankruptcy. (3) In case of bankruptcy, the conclusion or, as the case may be, the sentence will also indicate the deadlines provided in art. 108 108 para. ((2) or, as the case may be, art. 109 109 para. ((2). (4) After entering bankruptcy in the general procedure, the provisions of art. 62-76 will be applied, if necessary, accordingly, in respect of claims born between the date of opening of the procedure and the date of entry into bankruptcy, as well as the procedure for their admission. (5) The debtors entered into the bankruptcy procedure shall cover their annual losses, established by the profit tax return, from the taxable profits obtained during the whole period, until the bankruptcy procedure is closed. + Article 108 (1) In case of bankruptcy in the general procedure, the liquidator will send a notification to all the creditors mentioned in the list submitted by the debtor/judicial administrator, referred to in art. 107 107 para. ((2) lit. e), to the debtor and the office of the trade register or, as the case may be, to the register of agricultural companies where the debtor is registered, to make the mention. Provisions of paragraph ((2) and (3) of art. 61 61 shall apply accordingly. (2) The notification shall include: a) the deadline for registration of the application for admission of claims referred to in par. (3), with a view to drawing up the additional table, which will be a maximum of 45 days from the date of entry into bankruptcy, as well as the requirements for a registered claim to be considered valid; b) the term of verification of the claims referred to in paragraph ((3), for the preparation, display and communication of their additional table, which will not exceed 30 days from the expiry of the term provided for in lett. a); c) the deadline for submission to the court of appeals, which will be at least 10 days before the date set by the end of bankruptcy, for the completion of the consolidated definitive table; d) the deadline for drawing up the consolidated definitive table, which will not exceed 30 days from the expiry of the term provided for in lett. b). (3) All claims on the debtor's estate, including the budgetary ones, born after the opening date of the procedure or, as the case may be, the amount of which has been modified against the definitive table of receivables or the payment schedule, shall be subject to verification. from the reorganization plan, following the payments made after the opening of the procedure. (4) The receivables admitted in the definitive table of claims, under the conditions of art. 74 74 para. (2), will no longer be subject to verification; the holders of these claims will be able to formulate appeals regarding the claims and rights of preference passed by the liquidator in the supplementary table provided in par. ((2) lit. b). (5) The consolidated definitive table will include the totality of the receivables admitted against the debtor's estate, existing on the date of bankruptcy, in compliance with the provisions of 110. (6) Titulations of claims born after the opening of the procedure, which do not submit the application for admission of receivables within the period provided in par. ((2) lit. a), the provisions of art. 76. + Article 109 ((1) In case of bankruptcy by simplified procedure, the liquidator will send a notification regarding the bankruptcy procedure and, in the case of the debtor legal person, the lifting of the right of administration and its dissolution, all creditors notified according to art. 61, the debtor and the office of the trade register or, as the case may be, the register of agricultural companies or the register of associations and foundations in which the debtor is registered, for making the mention. If the increase is justified, within the meaning of art. 62 62 para. (2), of the deadlines for the display of the preliminary table of claims, provided for in art. 62 62 para. ((1) lit. c), and to finalize the table of receivables, provided in art. 62 62 para. ((1) lit. d), the new deadlines thus fixed will be notified to creditors. (2) If, until the approval of the proposal of the judicial administrator provided for in art. 54 54 para. (4), the debtor in bankruptcy through the simplified procedure continued its activity, the liquidator will notify, within 5 days from the date of bankruptcy, the creditors holding claims on the debtor, having priority according to the provisions art. 123 123 section 2, born during the observation period, asking them to register, within 10 days from the receipt of the notification, requests for claim accompanied by supporting documents. The notification will also include the deadlines for displaying the preliminary table of claims, provided for in art. 62 62 para. ((1) lit. c), and to finalize the table of receivables, provided in art. 62 62 para. ((1) lit. d), as they were included in the notification provided for in art. 61 61 para. ((1) or in par. ((1) of this Article, as appropriate. Provisions of paragraph ((2) and (3) of art. 61 61 shall apply accordingly. (3) All claims on the debtor's estate, including the budgetary ones, born after the opening date of the procedure will be subject to verification. (4) Titulations of claims born after the opening of the procedure, which do not submit the application for admission of receivables within the period provided in par. (2), the provisions of art. 76. + Article 110 In the case of bankruptcy after the confirmation of a reorganization plan, the holders of the receivables participate in distributions with their value, as presented in the confirmed plan, less the share collected during the reorganization. + Article 111 The real and personal guarantees constituted for the fulfilment of the obligations assumed by the reorganization plan shall remain valid in favour of creditors for the payment of the amounts due to them according to the + Article 112 ((1) Creditors are not obliged to refund the amounts collected during the reorganization. (2) The free acts, carried out between the date of confirmation of the reorganization plan and the bankruptcy, are void. ((3) The other acts performed in the period provided in par. (2), except for those made in compliance with the provisions of art. 49 49 para. ((1) and (2) and those allowed by the reorganization plan, are presumed to be in the fraud of creditors and will be annulled, unless the co-contractor proves his good faith at the time of the conclusion of the act. (4) The monetary claims on the debtor's wealth shall be considered due on the date of opening of the bankruptcy proceedings. ------------ Alin. ((4) of art. 112 112 has been introduced by section 11 11 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 15 15 ^ 14. § § 1. Pre-liquidation measures + Article 113 (1) They shall be placed under the seals: shops, stores, warehouses, offices, commercial correspondence, archive, storage and information processing devices, contracts, goods and any other movable property belonging to the debtor's estate. (2) In the situation provided for in art. 55, the inventory of the debtor's assets will be made after obtaining written relations regarding the debtor's assets. If following the steps taken according to the provisions of art. 56-58, the judicial administrator does not identify any good, the inventory ends on the basis of written communications transmitted by the relevant authorities. (3) They shall not be placed under the seals: a) objects that will need to be harnessed urgently in order to avoid their material deterioration or loss of value; b) accounting records; c) bills and other securities due or to be due shortly, as well as shares or other securities of the debtor, which will be taken by the liquidator to be collected or to perform the activities of required conservation; d) the cash that the liquidator will deposit in the bank in the account of the debtor's estate. ((4) Abrogat. ------------ Alin. ((4) of art. 113 113 has been repealed by section 6.6. 11 11 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 15 15 ^ 15. ((5) Abrogat. ------------ Alin. ((5) of art. 113 113 has been repealed by section 6.6. 11 11 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 15 15 ^ 15. (6) During the sealing action, the liquidator will take the necessary measures to preserve the goods. + Article 114 (1) If the debtor's estate can be completely inventoried in a single day, the liquidator will be able to proceed immediately to the inventory, without applying the seals. In all other cases, inventory will be carried out as soon as possible. The debtor will have to be present and assist in the inventory, if the syndic judge thus has. If the debtor does not appear, he will not be able to challenge the data in the inventory. (2) The liquidator, as the inventory takes place, takes possession of the goods, becoming their judicial depository. + Article 115 ((1) The inventory shall describe all the identified assets of the debtor. (2) The inventory act will be signed by the judicial liquidator, by the debtor, and if he does not participate in the inventory, only by the judicial liquidator. (3) In order to preserve the patrimony, if in the debtor's estate there is not enough liquidity, the liquidator will be able to urgently capitalize on the debtor's assets for obtaining these liquidity without the approval of the creditors. The valorisation will be carried out by public auction, after the prior evaluation, starting from the liquidation value indicated by the assessor. ------------ Article 115 has been amended by section 6.6. 11 11 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 15 15 ^ 16. § § .2. Carrying out liquidation + Article 116 (1) The liquidation of the goods from the debtor's property shall be effected by the liquidator under the control of the syndic judge. In order to maximize the value of the debtor's wealth, the liquidator will take all the steps of exposure on the market, in an appropriate form, of them, the advertising expenses being borne from the debtor's fortune. ((2) The liquidation will begin immediately after the completion by the liquidator of the inventory and the submission of the evaluation report. The goods will be able to be sold in block-as a whole in working order-or individually. The method of sale of goods, namely public auction, direct negotiation or a combination of the two, will be approved by the meeting of creditors, based on the proposal of the liquidator. The liquidator presents the general meeting of creditors and the sales regulation corresponding to the sales modality for which they opt. -------------- Alin. ((2) of art. 116 116 has been amended by section 49 49 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. ((3) In order to assess the assets of the debtor's estate, the liquidator may either hire on behalf of the debtor an assessor or, with the agreement of the creditors ' committee, use an assessor of his own. The evaluators must be members of the National Association of Evaluators in Romania, and the evaluation must be carried out in accordance with the international evaluation standards. ----------- Alin. ((3) of art. 116 116 has been amended by section 16 16 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. (4) The goods of the debtor's estate will be evaluated both in the block and individually. The block evaluation envisages either the assessment of the totality of the goods from the debtor's estate or the evaluation of functional subassemblies. Through the functional subensemble it is understood those goods of the debtor who, together, ensure the realization of a finished product, in their own right, or allow the conduct of an independent business. A subassembly is considered functional only if it has ensured access to the public road and the use of utilities. ----------- Alin. ((4) of art. 116 116 has been amended by section 16 16 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. + Article 117 (1) The liquidator will submit to the creditors ' committee a report that will include the valuation of the goods and the method of their recovery and in which it will be specified whether the sale will be made in block or individually or a combination thereof, by auction public or direct negotiation or by both methods. (2) If the sale is proposed in block by direct negotiation, the liquidator will be able to propose, on the basis of the offers received, to start the negotiation with one or more identified buyers, with the stipulation of the payment conditions and the minimum price starting the negotiation, which may not be lower than the valuation price. (3) The liquidator will convene the general meeting of creditors within a maximum of 20 days from the date of the meeting of the creditors ' committee, notifying the creditors about the possibility of studying the report and the minutes of the committee meeting creditors on the report ----------- Article 117 has been amended by section 1. 17 17 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. + Article 118 (1) The mobiles will be able to be sold directly, following the proposal of the liquidator, approved by the general meeting of creditors. (2) The proposal of the liquidator will have to identify the property, through the situation on the ground and through the data in the real estate advertising registers, to show the tasks of which it is encumbered and to indicate the step of overbidding and the date until which, in case of approval of the sale, overoffers are accepted. (3) The liquidator will convene the general meeting of creditors, within a maximum of 20 days from the date of the proposal, notifying the proposal of the special administrator, creditors with real guarantees on the good, holders of retention rights of any kind and committee of creditors, subjecting to the vote of the general meeting of creditors the (4) Following the approval by the general meeting of creditors, the sale may be made, under penalty of nullity, only after 30 days from the date of the last publication made by the liquidator in the newspaper of the notice on the conditions of overbidding. + Article 119 Securities will be sold under the terms Law no. 297/2004 , with subsequent amendments and completions. + Article 120 (1) The liquidator will conclude sales contracts; the amounts made from sales will be deposited in the account provided in art. 4 4 para. (2) and the reefs shall be handed over to the syndic judge. (2) If the sale of assets will be made by public auction, the minutes of adjudication signed by the judicial liquidator constitute title. When the law imposes for the transfer of ownership the authentic form, the contracts will be perfected by the notary public on the basis of the tender minutes. ------------ Alin. ((2) of art. 120 120 has been amended by section 12 12 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 17 17 ^ 1. § § .3. Distribution of amounts resulting from liquidation + Article 121 ((1) The funds obtained from the sale of the goods from the debtor's property, encumbered, in favor of the creditor, by mortgages, pledged or other real securities or retention rights of any kind, shall be distributed in the following order: 1. taxes, stamps and any other expenses related to the sale of those goods, including the expenses necessary for the preservation and administration of these goods, as well as the payment of the salaries of persons employed under the 10 10, art. 19 19 para. ((2), art. 23 23 and 24; 1 1 ^ 1. the claims of the secured creditors born during the insolvency proceedings after the confirmation of the reorganization plan, as part of this plan. These claims include capital, interest, increases and penalties of any kind; -------------- Item 1 ^ 1 of par. ((1) of art. 121 121 has been introduced by section 50 50 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. 2. claims of secured creditors, including all capital, interest, increases and penalties of any kind, as well as expenses, for claims born before the opening of the procedure. -------------- Item 2 of para. ((1) of art. 121 121 has been amended by section 51 51 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (2) If the amounts made from the sale of these goods would be insufficient for the payment in full of the respective guaranteed claims, the creditors will have, for the difference, the chirographic claims that will come in the contest with those contained in the corresponding category, according to their nature, provided in art. 123, and will be subject to art. 41. If after payment of the amounts provided in par. (1) results in an additional difference, it will be submitted, through the care of the liquidator, to the account of the debtor's estate. (3) A creditor with a guaranteed claim is entitled to participate in any distribution of the amount made before the sale of the property subject to his guarantee. The amounts received from this kind of distributions will be deducted from those that the creditor would be entitled to subsequently receive from the price obtained by selling the good subject to his guarantee, if it is necessary to prevent such creditor to receive more than it would have received if the good subject to his guarantee had been previously sold to the distribution. + Article 122 (1) Every 3 months, calculated from the date of commencement of liquidation and contained in a liquidation management program to be drawn up within 30 days of appointment, the liquidator will submit to the creditors committee a report on the funds obtained from liquidation and from the collection of receivables and a plan to distribute between creditors. The report will also provide for the payment of its remuneration and the other expenses provided in art. 123 123 section 1. ((1 ^ 1) The report on funds obtained from liquidation and receivables collection shall include, at least, the following: a) the balance in the liquidation account after the last distribution; b) the proceeds made by the liquidator from the valorization of each good and from the recovery of c) the amount of interest or other income on which the debtor's property benefits as a result of keeping in bank accounts the undistributed amounts or by administering the existing goods in the debtor's estate; d) the total amounts in the liquidation account. ----------- Alin. ((1 ^ 1) of art. 122 122 has been introduced by section 18 18 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. (1 ^ 2) The distribution plan between creditors shall necessarily include the following data relating to each creditor for which the distribution is made: a) adjustments to the definitive table of receivables; b) the amounts already distributed; c) the remaining amounts after adjustment of the definitive table and distributions d) the amounts covered by the distribution; e) remaining amounts of payment after the distribution. ----------- Alin. ((1 ^ 2) of art. 122 122 has been introduced by section 18 18 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. (2) For thorough reasons, the syndic judge may extend by no more than one month or may shorten the term of presentation of the report and of the distribution plan. The distribution plan will be registered at the court Registry and the liquidator will notify it to each creditor. A copy of the report and a copy of the distribution plan will be displayed at the courthouse door. (3) The creditors ' committee or any creditor may submit appeals to the report and plan, within 15 days of the display. A copy of the appeal shall be communicated urgently to the liquidator. (4) Within 20 days of the display, the syndic judge shall hold with the liquidator, the debtor and the creditors a meeting in which he will settle at once, by sentence, all appeals. + Article 123 The claims will be paid, in the case of bankruptcy, in the following order: 1. fees, stamps or any other expenses related to the procedure established by this law, including the expenses necessary for the preservation and administration of goods from the debtor's estate, as well as the payment of the remuneration of persons Art. 10 10, art. 19 19 para. ((2), art. 23, 24 and art. 98 98 para. (3), subject to those provided in art. 102 102 para. ((4); 2. the claims arising from the employment relationship; 3. the receivables representing the loans, with the interest and the related expenses, granted after the opening of the procedure, as well as the receivables resulting from the continuation of the debtor -------------- Item 3 of art. 123 123 has been amended by section 52 52 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. 4. budgetary claims; 5. the claims representing the amounts due by the debtor to third parties, on the basis of maintenance obligations, allowances for minors or payment of periodic amounts intended to ensure the means of existence; 6. the claims representing the amounts set by the syndic judge for the maintenance of the debtor and his family, if he is a natural person; 7. receivables representing bank loans, with related expenses and interest, those resulting from deliveries of products, services or other works, as well as from rents; 8. other chirographic receivables; 9. subordinated claims, in the following order of preference: a) receivables granted to the debtor legal person by an associate or shareholder holding at least 10% of the share capital, respectively of the voting rights in the general meeting of the associates, or, as the case may be, by a member of the interest group economic; b) receivables arising from free acts. + Article 124 The amounts to be distributed among creditors in the same priority rank will be awarded in proportion to the amount allocated for each claim, by the table referred to in art. 108 108 para. ((2) lit. d). + Article 125 (1) The holders of claims in a category will be able to distribute amounts only after the full indestulation of the claims holders in the upper hierarchical category, according to the order provided in art. 123. ((2) In the case of insufficient amounts necessary to cover the full value of claims with the same rank of priority, their holders will receive a bankrupt share, representing the amount proportional to the percentage that their claim holds in the category those claims. + Article 126 If the assets that make up the wealth of a group of economic interest or of a company in the collective name or in the order are not sufficient for the payment of the receivables recorded in the consolidated definitive table of claims, against the group or of the company the syndic judge will authorize the forced execution, under the law, against the members with unlimited liability or, as the case may be, of the members, pronouncing a final and enforceable sentence, which will be executed by the liquidator, by bailiff. + Article 127 On the occasion of partial distributions, the following amounts will be provisioned: 1. proportional amounts due to creditors whose claims are subject to a suspensive condition that has not yet been achieved; 2. proportional amounts due to owners of securities to the order or bearer and having the originals of the securities, but have not presented them; 3. proportionate amounts due to provisionally admitted claims; 4. reserves intended to cover the future expenses of the debtor's estate. + Article 128 For creditors with claims entered in the definitive consolidated table of receivables, who have been allocated amounts only partially or with claims under suspension condition and who have taken part in the distribution, the amounts due will be kept at the bank, in an account Special deposit, until their situation is clear. + Article 129 (1) After the goods of the debtor's estate have been liquidated, the liquidator shall submit to the syndic judge a final report accompanied by the final financial statements; copies thereof shall be to all creditors and the debtor and shall be displayed at the court door. The syndic judge will convene the meeting of creditors within a maximum of 30 days from the display of the final report. Creditors may object to the final report at least 5 days before the date of the convocation. (2) On the date of the hearing, the syndic judge shall, by conclusion, settle all objections to the final report, approve it or order, if appropriate, its corresponding amendment. ((3) The claims that at the date of registration of the final report will still be under condition will not participate in the last distribution. + Article 130 After the syndic judge approves the final report of the liquidator, he will have to make the final distribution of all funds from the debtor's estate. The funds not cleared within 30 days by those entitled to them will be deposited in the account provided for in art. 4 4 para. ((4). ------------ Article 130 has been amended by section 6.6. 13 13 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 18 18 ^ 1. + Section 8 Closing procedure + Article 131 (1) At any stage of the procedure provided for by this law, if it is found that there are no assets in the debtor's estate or that they are insufficient to cover the administrative expenses and no creditor offers to advance the amounts appropriate, the syndic judge will give a sentence of closing the procedure, ordering and deregistrating the debtor from the register in which it is registered. (2) In the case provided in par. (1) the provisions of art. 129. ------------ Article 131 has been amended by section 6.6. 14 14 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, amending section 19 19 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. + Article 132 (1) A reorganization procedure by continuing the activity or liquidation on the basis of the plan will be closed, by sentence, following the fulfillment of all the payment obligations assumed in the confirmed plan. If a procedure begins as a reorganization, but then becomes bankrupt, it will be closed in accordance with the provisions of par. ((2). (2) A bankruptcy procedure will be closed when the syndic judge has approved the final report, when all funds or assets in the debtor's estate were distributed and when the unsecured funds were deposited with the bank. Following a request by the liquidator, the syndic judge will pronounce a sentence, closing the procedure, and in the case of legal entities also having their deletion. + Article 133 If the claims were completely covered by the distributions made, the syndic judge will pronounce a sentence of closing the bankruptcy procedure and deregistrating the debtor from the register in which it is registered: a) even before the goods of the debtor's estate have been fully liquidated, if all the associations of the legal person or the individual, as the case may be, request it within 30 days of the notification of the liquidator made the special administrator, following that the goods pass into the individual property of the associates/shareholders, corresponding to the shares in the share capital; b) in all other cases, the procedure closes only after the complete liquidation of the asset, any residual amounts of the last distribution to be deposited in an account at the disposal of the associates or the individual, as the case may be. + Article 134 (1) In the case of the open procedure following the wording of the application by the debtor, under the conditions of art. 32, if the syndic judge finds, at the expiry of the deadline for the registration of claims for admission of claims, that no application has been filed, he will pronounce a sentence of closing the procedure and revoking the opening decision of the procedure. (2) In the case provided in par. (1), the closure of the procedure does not produce the effects provided 137 137. However, the administration operations, legally made on the debtor's estate, will produce their effects, and the rights acquired until revocation remain untouched. + Article 135 The closing sentence of the procedure will be notified by the syndic judge to the territorial direction of the public finances and the trade register office or, as the case may be, to the register of agricultural companies where the debtor is registered, for carrying out Mention. + Article 136 By closing the procedure, the syndic judge, administrator/liquidator and all persons who assisted them are discharged from any duties or responsibilities with respect to the procedure, debtor and his wealth, creditors, holders of guarantees, shareholders or associates. + Article 137 (1) By closing the bankruptcy procedure, the individual debtor will be discharged from the obligations he had before the bankruptcy, but subject to not being found guilty of the fraudulent banknote or payments or transfers. fraudulent; in such situations, it will be discharged by obligations only to the extent that they have been paid under the procedure, except as provided in art. 76 76 para. ((1) pt. 3. (2) On the date of confirmation of a reorganization plan, the debtor shall be discharged from the difference between the value of the obligations it had before the confirmation of the plan and that provided in the plan (3) The debtor's obligation to discharge shall not entail the discharge of the fidejusor or the principal co-debtor. + Chapter IV Liability of members of governing bodies + Article 138 ((. Where in the report drawn up in accordance with the provisions of art. 59 59 para. (1) persons to whom the occurrence of the debtor's state of insolvency would be attributable, at the request of the judicial administrator or the liquidator, the syndic judge may order that part of the debtor's liability, the legal person, arrived in a state of insolvency, to be supported by the members of the management and/or supervisory bodies within the company, as well as by any other person who caused the debtor's state of insolvency, through one of the following facts: ----------- The introductory part of para. ((1) of art. 138 138 has been amended by section 4.2 20 20 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. a) have used the goods or credits of the legal person for their own benefit or in that of another person; b) have made acts of trade for personal interest, under the cover of the legal person; c) ordered, for personal interest, the continuation of an activity that manifestly led the legal person to the cessation of payments; d) they kept a fictitious accounting, made some accounting documents disappear or did not keep the accounting in accordance with the law; e) have hijacked or hidden part of the asset of the legal person or have fictitious increased its liabilities; f) have used ruinous means to procure the legal person funds, in order to delay the cessation of payments; g) in the month preceding the cessation of payments, they paid or ordered to pay with the preference of a creditor, at the expense of the other creditors. (1 ^ 1) In the case of payments provided in par. ((1) lit. g), the liability of the legal representative of the legal person will not be able to be employed if they were carried out, in good faith, in the execution of an agreement with the creditors, concluded as a result of extrajudicial negotiations for the restructuring its debts, subject to the agreement that it was likely to lead, reasonably, to the financial recovery of the debtor and not to have been intended to harm and/or discriminate against creditors. In the report drawn up in accordance with the provisions of 59 59 para. (1), the judicial administrator/liquidator will specify whether the payments provided in par. ((1) lit. g) have been carried out in the execution of such an agreement. The above mentioned provisions will also apply if the agreement is carried out within the framework of the procedure provided by Law no. 381/2009 . -------------- Alin. ((1 ^ 1) of art. 138 138 has been introduced by section 53 53 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (. Application of the provisions of paragraph ((1) does not remove the application of criminal law for acts constituting crimes. (3) If the judicial administrator or, as the case may be, the liquidator did not indicate the persons culpable by the debtor's state of insolvency and/or decided that it is not appropriate to introduce the action provided in par. ((1), it may be introduced by the chairman of the creditors 'committee following the decision of the creditors' meeting or, if the creditors 'committee was not constituted, by a creditor appointed by the creditors' It may also bring this action, under the same conditions, to the creditor holding more than 50% of the value of the claims entered at the credit table. -------------- Alin. ((3) of art. 138 138 has been amended by section 54 54 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (4) In case of plurality, the liability of persons referred to in par. ((1) is in solidarity, provided that the appearance of the state of insolvency is contemporary or prior to the period of time in which they exercised their mandate or in which they held the position that could have caused insolvency. The persons concerned may defend themselves from solidarity if, in the collegial governing bodies of the legal person, they opposed to the acts or acts that caused insolvency or were absent from the decision-making that caused insolvency and caused the record, subsequent to the decision, their opposition to these decisions. (5) The application made pursuant to paragraph 1. ((1) or, as the case may be, para. (3) will be judged separately, forming a file that will carry the same number with the background file and to which the word "bis" will be added. -------------- Alin. ((5) of art. 138 138 has been introduced by section 55 55 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. (6) Where a decision has been made to reject the action brought under paragraph 1. ((1) or, as the case may be, para. (3), the judicial administrator/liquidator who does not intend to appeal against it shall notify the creditors of his intention. If the general meeting or the creditor holding more than half of the value of all claims decides that the appeal is required, the judicial administrator must make the appeal, according to the law. -------------- Alin. ((6) of art. 138 138 has been amended by section 4 4 of art. 59 of LAW no. 76 76 of 24 May 2012 published in MONITORUL OFFICIAL no. 365 365 of 30 May 2012. + Article 139 The action provided in art. 138 is prescribed within 3 years. The prescription begins to run from the date on which the person who caused the occurrence of the state of insolvency was known or had to be known, but no later than 2 years after the date of the opening of the procedure. -------------- Article 139 has been amended by section 6.6. 56 56 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. + Article 140 Amounts submitted according to art. 138 138 para. (1) will enter into the debtor's estate and will be intended, in case of reorganization, to pay the receivables according to the payment schedule, to complete the funds necessary to continue the debtor's activity, and in case of bankruptcy, to cover the liability. -------------- Article 140 has been amended by section 6.6. 57 57 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. + Article 141 (1) With the request made according to art. 138 138 para. ((1) or, where applicable, art. 138 138 para. (3), the judicial administrator or the liquidator or, as the case may be, the creditors 'committee will be able to ask the syndic judge to institute precautionary measures on the assets of the persons' wealth 138 138. Fixing a bail of 10% of the value of claims is mandatory. (2) The application for precautionary measures may also be made after the introduction of the action provided for in 138. + Article 142 (1) Enforcement against persons referred to in art. 138 138 para. (1) shall be carried out by the bailiff, according to the Code of Civil Procedure. (2) After the bankruptcy proceedings are closed, the amounts resulting from the forced execution will be distributed by the bailiff, in accordance with the provisions of this law, pursuant to the consolidated definitive table of claims made available to the liquidator. + Chapter V Sanctions ---------- Title Cap. V has been amended by section 4 4 of art. 175, Title II of LAW no. 187 187 of 24 October 2012 , published in MONITORUL OFFICIAL no. 757 757 of 12 November 2012. + Article 143 Repealed. ---------- Article 143 has been repealed by point (a) 5 5 of art. 175, Title II of LAW no. 187 187 of 24 October 2012 , published in MONITORUL OFFICIAL no. 757 757 of 12 November 2012. + Article 144 Repealed. ---------- Article 144 has been repealed by point (a) 5 5 of art. 175 175. Title II of LAW no. 187 187 of 24 October 2012 , published in MONITORUL OFFICIAL no. 757 757 of 12 November 2012. + Article 145 Repealed. ---------- Article 145 was repealed by point (a). 5 5 of art. 175, Title II of LAW no. 187 187 of 24 October 2012 , published in MONITORUL OFFICIAL no. 757 757 of 12 November 2012. + Article 146 Repealed. ---------- Article 146 has been repealed by point (a) 5 5 of art. 175, Title II of LAW no. 187 187 of 24 October 2012 , published in MONITORUL OFFICIAL no. 757 757 of 12 November 2012. + Article 147 Repealed. ---------- Article 147 has been repealed by point (a) 5 5 of art. 175, Title II of LAW no. 187 187 of 24 October 2012 , published in MONITORUL OFFICIAL no. 757 757 of 12 November 2012. + Article 148 Repealed. ---------- Article 148 has been repealed by point (a) 5 5 of art. 175, Title II of LAW no. 187 187 of 24 October 2012 , published in MONITORUL OFFICIAL no. 757 757 of 12 November 2012. + Article 148 ^ 1 (1) Failure to comply with art. 45 45 para. (2 ^ 1) constitutes contravention and is sanctioned with a fine of 10,000 lei to 30,000 lei. (2) The finding of the contravention and the application of the sanction provided in par. (1) shall be made by the specialized bodies of the National Agency for Fiscal Administration, ex officio or at the referral of the syndic judge, the judicial administrator/liquidator or any interested person. Revenues resulting from the application of the sanction provided in par. (1) are made income to the state budget. (3) Contraventions provided in par. (1) the provisions applicable Government Ordinance no. 2/2001 on the legal regime of contraventions, approved with amendments and additions by Law no. 180/2002 , with subsequent amendments and completions. ------------- Art. 148 ^ 1 was introduced by item 4 4 of art. I of LAW no. 25 25 of 2 March 2010 , published in MONITORUL OFFICIAL no. 145 145 of 5 March 2010. + Chapter VI Transitional and final provisions + Article 149 The provisions of this Law shall be supplemented, in so far as their compatibility, with those of the Civil Procedure Code, Civil Code, Commercial Code and the Regulation (EC) No 1.346/2000 on insolvency proceedings, published in the Official Journal of the European Communities no. L 160 of 30 June 2000. ----------- Article 149 has been amended by section 21 21 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. + Article 150 The amount of fines provided for by this law will be amended periodically, by Government decision, depending on the inflation index. + Article 151 The procedure applicable to autonomous regions in the state of insolvency will be established by special law. + Article 152 Any reference, in the existing normative acts, on the date of entry into force of this normative act, to Law no. 64/1995 on the procedure of judicial reorganization and bankruptcy and any reference to the said normative act will be considered as reference/reference to this law and/or to the corresponding sections of this law, as the case may be. + Article 153 In all normative acts in which the term insolvency is given in the context of reorganization and bankruptcy proceedings, with or without reference to Law no. 64/1995 ,, is replaced by the term insolvency. + Article 154 La art. II of Law no. 149/2004 to amend and supplement Law no. 64/1995 on the procedure of judicial reorganization and bankruptcy, as well as other normative acts with incidence on this procedure, published in the Official Gazette of Romania, Part I, no. 424 of May 12, 2004, as amended, and in all subsequent normative acts, the summary of the judicial reorganization and bankruptcy proceedings will be replaced by the summary of the insolvency proceedings. + Article 154 ^ 1 Repealed. -------------- Article 154 ^ 1 has been repealed by point (a). 58 58 of art. I of LAW no. 169 169 of 14 July 2010 , published in MONITORUL OFFICIAL no. 505 505 of 21 July 2010. + Article 154 ^ 2 Any downfall, limitations, prohibitions or other such established by legal norms or contractual provisions for the case of the opening of insolvency proceedings will be applicable only from the date of opening of bankruptcy. The contrary shall be repealed. ------------ Art. 154 ^ 2 was introduced by item 16 16 of art. I of LAW no. 277 277 of 7 July 2009 , published in MONITORUL OFFICIAL no. 486 486 of 14 July 2009, which supplements art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008, with point 21 21 ^ 1. + Article 155 Repealed. ----------- Article 155 has been repealed by point (a) 22 22 of art. I of EMERGENCY ORDINANCE no. 173 173 of 19 November 2008 , published in MONITORUL OFFICIAL no. 792 792 of 26 November 2008. + Article 156 (1) The present law shall enter into force 90 days from the date of publication in the Official Gazette of Romania, Part I. (2) The citation, the communication of any procedural documents, the convocations of the notifications by the Bulletin of insolvency proceedings, according to art. 7 of this law, will be carried out and according to the Code of Civil Procedure for the duration of 6 months from the date of entry into force of this law. (3) On the date of entry into force of this Law, Law no. 64/1995 on the procedure of judicial reorganization and bankruptcy, republished in the Official Gazette of Romania, Part I, no. 1.066 of 17 November 2004, as amended and supplemented, art. 282 282 of Law no. 31/1990 on companies, republished in the Official Gazette of Romania, Part I, no. 1.066 of 17 November 2004, as amended and supplemented, and any other provision to the contrary shall be repealed. This law was adopted by the Romanian Parliament, in compliance with the provisions of art. 75 75 and art. 76 76 para. (1) of the Romanian Constitution, republished.
p. CHAMBER OF DEPUTIES PRESIDENT,
DANIELA POPA
SENATE PRESIDENT
NICOLAE VACAROIU Bucharest, April 5, 2006. No. 85. ----------