LEGE no. 85 85 of 25 June 2014 (* updated *) on insolvency and insolvency prevention procedures ((updated on 22 April 2016 *)
ISSUER
PARLIAMENT
---------- The Romanian Parliament adopts this law + PRELIMINARY TITLE + Chapter I Regulatory area + Article 1 This law establishes the rules in the field of insolvency and insolvency prevention. + Article 2 The purpose of this law is the establishment of a collective procedure for covering the debtor's liability, with the granting, when possible, of the chance of recovery of its activity. + Article 3 (1) The procedures provided for by this Law shall apply to professionals, as defined in art. 3 3 para. ((2) of the Civil Code, with the exception of those who exercise liberal professions, as well as those with regard to which special provisions are provided with regard to the regime of their insolvency. ... (2) The procedure provided for by this Law shall also apply to autonomous regions. ... (3) The procedure provided for by this Law is not applicable to the units and institutions of pre-university, university and entities art. 7 of Government Ordinance no. 57/2002 on scientific research and technological development, approved with amendments and additions by Law no. 324/2003 , with subsequent amendments and completions. ... + Chapter II The fundamental principles of insolvency and insolvency prevention procedures. Definitions + Section 1 Principles + Article 4 The provisions of this law are based on the following principles 1. maximizing the degree of asset recovery and debt recovery; 2. granting a chance to debtors of effective and effective recovery of the business, either through insolvency prevention procedures or by judicial reorganization procedure; 3. ensuring an effective procedure, including through appropriate mechanisms for communicating and carrying out the procedure in a timely and reasonable time, in an objective and impartial manner, with a minimum of costs; 4. ensuring equal treatment of creditors of the same rank; 5. ensuring a high degree of transparency and predictability in the procedure; 6. recognition of existing rights of creditors and compliance with the order of priority of claims, based on a set of clearly determined and uniformly applicable rules; 7 7. limitation of credit risk and systemic risk associated with derivatives transactions by recognizing compensation with immediate chargeability in the event of insolvency or a procedure to prevent the insolvency of a co-contractor, having the effect of reducing the credit risk to a net amount due between the parties or even to zero when, in order to cover the net exposure, financial guarantees have been transferred; 8. ensuring access to sources of financing in insolvency prevention procedures, during the observation and reorganization period, with the creation of a proper regime for the protection of these claims; 9. substantiate the vote for the approval of the reorganization plan on clear criteria, with the provision of equal treatment between creditors of the same rank, the recognition of comparative priorities and the acceptance of a decision of the majority, offer other creditors equal or higher payments than they would receive in bankruptcy; 10. favoring, in the procedures for the prevention of insolvency, the negotiation/amicable renegotiation of claims and the conclusion of a preventive concordat; 11. valorisation in a timely manner and in the most efficient manner of assets; 12. in the case of group of companies, the coordination of insolvency proceedings, for the purpose of their integrated approach; 13. the administration of insolvency and insolvency prevention procedures by insolvency practitioners and their conduct under the control of the court. + Section 2 Definitions + Article 5 (1) Within the meaning of this law, the terms and expressions have the following meanings: ... 1. Bilateral compensation agreement (netting) represents: a) any master netting agreement-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 rights or future resulting from or related to one or more qualified financial contracts; ... b) any master-master netting agreement-any master netting agreement between two parties, providing for the netting between two or more master netting agreements; ... c) any understanding of the subsequent guarantee or in relation to one or more master netting agreements; ... 2. current activities represent those activities of production, trade or services and financial operations, proposed to be carried out by the debtor during the observation period and during the reorganization period, in the normal course of his activity, as would be: a) the continuation of contracted activities and the conclusion of new contracts, according to the activity object; ... b) performing the operations of receipts and payments thereof; ... c) ensuring the financing of working capital within current limits; ... 3. Abrogat. ---------- Item 3 of par. ((1) of art. 5 5 has been repealed by section 6.6. 1 1 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. 4. special administrator is the natural or legal person designated by the general meeting of the shareholders/associates/members of the debtor, empowered to represent their interests in the procedure and, when the debtor is allowed to administer the activity, to carry out, on his behalf and on his account, the necessary administration documents; 5. the debtor's property represents the totality of his property and patrimonial rights, including those acquired during the insolvency proceedings, which may be subject to forced execution according to the Code of Civil Procedure; 6. The bulletin of insolvency proceedings, hereinafter referred to as BPI, is the publication published by the National Trade Register Office, which aims to publish the citations, summons, notifications and communications of procedural documents carried out by the courts, judicial administrator/judicial liquidator after the opening of insolvency proceedings provided by this law, as well as other acts that, according to the law, must be published; 7. the center of the main interests of the debtor, in the event of insolvency proceedings with an element of extraneity, is, until proven otherwise, as the case may be: a) registered office of the legal person; ... b) the professional premises of the natural person exercising an economic activity or an independent profession; ... c) the home of the natural person who does not exercise an economic activity or an independent profession ... 8. the common application for the opening of insolvency proceedings is the request made by the debtor or creditor, with the aim of opening the insolvency proceedings simultaneously against 2 or more members of the group of companies, within the framework of separate files, distributed to the same court-union; 9. the control is the ability to determine or influence in a dominant way, directly or indirectly, the financial and operational policy of a society or decisions at the level of the societal bodies. A person will be considered to have control when: a) directly or indirectly holds a qualifying holding of at least 40% of the voting rights of that company and no other associate or shareholder directly or indirectly holds a higher percentage of voting rights; ... b) directly or indirectly holds the majority of voting rights in the general meeting of that company; ... c) as an associate or shareholder of that company has the power to appoint or revoke the majority of the members of the administrative, management or supervisory bodies; ... 10. captive consumer is the consumer who, for technical, economic or regulatory reasons, cannot choose the supplier; 11. the qualified financial contract is: a) any contract having as its object operations with derivatives; ... b) any repurchase agreement and reverse repurchase agreement; ... c) any buy-sellback and sell-buyback contract; and ... d) any contract for securities lending operations, performed on regulated markets, assimilated markets or markets to good understanding, as regulated; ... 12. bilateral netting contract is any of the following: A. any contract or clause contained in a contract concluded between the debtor credit institution and any other entity, including individuals, having as its object operations with derivatives made on regulated markets, markets assimilated or on the markets to good understanding, stipulating the compensation of payment obligations or obligations to make, present or future, arising from or related to one or more such contracts, including any guarantee accessory or related to them; or B. any contract or clause, of the nature of those provided in lett. A, stipulating the compensation of payment obligations or obligations to make, present or future, arising from one or more bilateral clearing contracts, including any accessory guarantee or related to them, in the basis of which contractual bilateral netting can be achieved by one or more of the following ways: a) extinguishing and/or bringing forward the maturity of any payment obligation or obligations to make it arising from one or more contracts in the category of those provided above; ... b) the calculation or estimation of a compensation value, market values, liquidation values or replacement values of any obligation that has been extinguished or whose maturity has been brought forward according to the provisions of lett. a); ... c) conversion into a single currency of any value calculated according to the provisions of lett. b); ... d) compensation, until obtaining a net amount, of any values calculated according to the provisions of lett. b), as converted according to the provisions of lett. c); ... e) the liquidation of the assets and rights of the debtor credit institution; ... 13. procedural coordination is the set of measures designed to link open insolvency proceedings against members of a group of companies in order to ensure the speed and harmonisation of procedures and to minimise costs; 14. budgetary claims represent the claims consisting of taxes, duties, contributions, fines and other budgetary revenues, as well as their accessories. It retains this nature and its budgetary claims which are not fully covered by the value of the privileges, mortgages or pledged pledged, for the part of the uncovered claim; 15. claims that benefit from a cause of preference are those claims that are accompanied by a privilege and/or a right of mortgage and/or rights assimilated to the mortgage, according to art. 2.347 of the Civil Code, and/or a lien on the assets of the debtor's patrimony, whether it is the main debtor or third party guarantor to the beneficiary persons of the cases of preference. If the debtor is a third party guarantor, the creditor who enjoys a cause of preference shall exercise the correlative rights only in respect of the respective good or right. if by special law it is not provided otherwise; 16. the category of disadvantaged claims shall be considered to be the category of claims for which the reorganisation plan provides at least one of the following changes for the claims of that category: a) a reduction of the amount of the claim and/or its accessories to which the creditor is entitled under this law; ... b) a reduction of the guarantees or rescheduling of payments over the creditor, without the express consent of the creditor; ... 17. Preemptively concordat is a contract concluded between the debtor in financial difficulty, on the one hand, and creditors holding at least 75% of the value of receivables accepted and unchallenged, on the other hand, approved by the syndic judge, contract by which the debtor proposes a plan for the recovery and realization of the claims of these creditors, and the creditors accept to support the debtor's efforts to overcome the difficulty in which they are located; 18. salary claims are the claims that arise from employment relationships and relationships assimilated between the debtor and its employees. These claims are registered ex officio in the debt table by the judicial administrator/judicial liquidator; 19. the creditor entitled to participate in the procedure is that holder of a right of claim on the debtor's estate, who registered an application for the application of the claim, following the admission to which he acquires the regulated rights and obligations of this law for each stage of the procedure. The quality of creditor ceases as a result of non-enrolment or removal from the tables of creditors drawn up successively in the procedure, as well as by closing the procedure; they have the status of creditor, without personally submitting the statements of claim, the employees of the debtor; 20. the creditor entitled to request the opening of insolvency proceedings is the creditor whose claim on the debtor's patrimony is certain, liquid and chargeable for more than 60 days. Through the definite claim, for the purposes of this law, it is understood that claim whose existence results from the very act of claim or other acts, even inauthentic, emanating from the debtor or recognized by the dance. Creditors 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 72 72; 21. creditor with current receivables or current creditor is that creditor holding certain, liquid and chargeable claims, born during insolvency proceedings, and which has the right to be paid with a debt priority, according to the documents from which results; 22. Chirographic creditors are the debtor's creditors enrolled in the debt tables that do not benefit from a cause of preference. They are chirographic creditors and creditors who benefit from preference causes, the claims of which are not fully covered by the value of the privileges, mortgages or gajes held, for the part of the uncovered claim. Simple registration in the Electronic Archive of Real Securities Securities of a claim does not cause its transformation into the claim that benefits from a cause of preference; 23. indispensable creditors are the chirographic creditors who provide services, raw materials, materials or utilities without which the debtor's activity cannot be carried out and which cannot be replaced by any other provider offering services, raw materials, materials or utilities of the same kind, under the same financial conditions; 24. foreign creditor is the creditor whose domicile or, as the case may be, the establishment is established in a foreign state 25. the opening date of the procedure a) in the case of the request of the opening debtor of the procedure, the date of the conclusion of the syndic judge, provided in art. 71 71; ... 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 72 72; ... c) in the case of cross-border insolvency, the time at which the decision to open the procedure takes effect, even if it has no final character; ... 26. debtor is the natural or legal person who may be the subject of a procedure provided for by this Law; 27. debtor in financial difficulty is the debtor who, although he executes or is able to execute the chargeable obligations, has a low short-term liquidity degree and/or a high long-term indebtedness, which may affect the performance contractual obligations in relation to resources generated from operational activity or resources attracted by financial activity; 28. extract of the activity report represents a summary of the measures taken by the judicial administrator/judicial liquidator. The indication of the following is mandatory: a) specialized persons designated according to the provisions of art. 61, as well as their fee; ... b) the acts of provision on the debtor's estate and the documents concluded in this regard, including the minutes of adjudication or the sales contract, as the case may be; ... c) the conclusion, modification or termination of contracts to which the debtor is a party; ... d) statement of receipts and payments, in summary; ... e) promotion of some actions provided in art. 117-122 or at art. 169 169; ... f) measures regarding the granting of protection corresponding to the creditor benefiting from a cause of preference; ... g) the stage of making the inventory, if any; ... 29. 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, as follows: a) the insolvency of the debtor is presumed when it, after 60 days after maturity, has not paid its debt to the creditor; the presumption is relative; ... 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; ... 30. the insolvency of the credit institution is that state of the credit institution in one of the following situations: a) the manifest inability to pay due debts with money availability; ... b) the sub-2% decrease of the credit institution's solvency indicator; ... c) withdrawal of the authorization to operate the credit institution, according to the legal provisions, as a result of the impossibility of financial recovery of a credit institution; ... 31. the insolvency of the insurance/reinsurance company is that state of the insurance/reinsurance company characterized by one of the following situations: a) the manifest inability to pay due debts with money availability; ... b) the decrease in the value of the solvency margin available below half of the minimum limit provided by the legal regulations in force for the safety fund; ... c) the impossibility of restoring the financial situation of the insurance/reinsurance company in the financial recovery procedure; ... 32. the foreign court is the judicial authority or any other competent authority according to the law of the home state, empowered to open and control or supervise a foreign procedure or to adopt decisions during the course of a such procedures; 33. financial instruments are securities, participation securities of collective investment undertakings, money market instruments, futures contracts, including contracts involving payment of differences in cash, forward rate contracts interest, interest rate swaps, exchange rate and shares, options on any financial instrument provided for in these categories, including contracts involving payment of cash differences, and options on the exchange rate, interest rate and Commodity derivatives and any other instrument admitted to trading on a regulated market in a Member State or for which an application for admission to trading on such a market has been made; 34. guarantee agreement is any contract/instrument to guarantee a netting agreement or qualified financial contracts, including: pledging, letters of guarantee, personal guarantees and the like; 35. group of companies means two or more companies interconnected by control and/or holding qualifying holdings; 36. ad hoc mandate is a confidential procedure, triggered at the request of the debtor in financial difficulty, whereby an ad hoc trustee, appointed by the court, negotiates with creditors for the purpose of achieving a settlement between one or more of they and the debtor, in order to overcome the state of difficulty in which they are located; 37. the group member may be any of the group's companies, whether it is the parent company or a controlled member of the group; 38. controlled member of the group is that company controlled by the parent company; 39. The obligation of cooperation shall be the duty of the courts and insolvency practitioners to ensure procedural coordination by the following means: a) the exchange of information on the procedure, in particular on the claims, assets and measures taken by the judicial administrator/judicial liquidator; ... b) the simultaneous opening of insolvency proceedings of the members of the group, at the request of debtors or creditors; ... c) correlated fixation of procedural deadlines, as well as meetings of the creditors ' meeting; ... d) if the same insolvency practitioner has not been designated for each member of the group, coordination of the communication between the insolvency practitioners by the practitioner designated in the parent company file or, where applicable, the company with the highest turnover according to the last published annual financial statement; ... 40. 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); ... 41. qualifying holding means the capital fraction between 20% and 50% held by one person in another company; 42. the period of observation is the period between the date of opening of insolvency proceedings and the date of confirmation of the reorganization plan or, as the case may be, the bankruptcy; 43. the regulated market is the trading system provided by art. 125 125 of Law no. 297/2004 on the capital market, with subsequent amendments and completions; 44. collective procedure is the procedure in which creditors participate together in the pursuit and recovery of their claims, in the modalities provided by this law; 45. the bankruptcy procedure is the insolvency, concursual, collective and egalitarian procedure, which applies to the debtor in order to liquidate its wealth to cover the liability, followed by the removal of the debtor from the register in which it is registered; 46. the general procedure is the insolvency procedure provided for by this law, whereby a debtor who meets the conditions provided in art. 38 38 para. (1), without simultaneously fulfilling those of art. 38 38 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; 47. the simplified procedure represents the insolvency procedure provided by this law, whereby the debtor who meets the conditions provided in art. 38 38 para. (2) enter directly into the bankruptcy procedure, either with the opening of insolvency proceedings or after a period of observation of a maximum of 20 days, during which the elements provided in art. 38 38 para. ((2) lit. c) and d); 48. the Romanian insolvency procedure is any procedure regulated by this law, except for insolvency prevention procedures; 49. the foreign procedure is the collective, public, judicial or administrative procedure, which is carried out in accordance with the insolvency law of a foreign state, including the provisional procedure, in which the debtor's assets and activity they are subject to the control or supervision of a foreign court, for the purpose of reorganizing or liquidating the activity of 50. the main foreign procedure is the foreign insolvency procedure that takes place in the state where the center of the main interests of the debtor is situated; 51. the secondary foreign procedure is the foreign insolvency procedure, other than the main one, which takes place in the state in which the debtor has established a headquarters; 52. the liberal profession is the profession exercised on the basis of a professional qualification, personal, on its own responsibility and independently, involving activities of an intellectual nature in the interest of the client and serving the public interest. Characteristic for these professions are: the existence of an ethics code, the continuous professional training and the confidentiality of relations with the customer; 53. the payment schedule of the receivables shall be the schedule for payment of the claims mentioned in the reorganization plan that includes: a) the amount of the amounts that the debtor undertakes to pay to creditors, but not more than the amounts due according to the definitive table of receivables; in the case of creditors beneficiaries of a case of preference the amounts will be able to include interest; ... b) the terms at which the debtor is to pay these amounts; ... 54. judicial reorganization is the procedure that applies to the insolvency debtor, the legal entity, in order to pay its debts, according to the debt payment program. The reorganization procedure involves the preparation, approval, confirmation, implementation and compliance with a plan, called a reorganization plan, which can provide, unlimited, 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 partial or total liquidation of the asset from the debtor's property; ... 55. the Romanian representative is the insolvency practitioner appointed as administrator or judicial liquidator or administrator, in the framework of a Romanian insolvency or insolvency prevention procedure according to the provisions of this law; 56. foreign representative is the natural or legal person, including persons designated on a provisional basis, authorized, in a foreign procedure to administer the reorganization or liquidation of the goods and the activity of the debtor or to act as a representative of a foreign procedure; 57. the premises shall be any working point in which the debtor exercises, with human and material and non-transient means, an economic activity or an independent profession; 58. the main office is, in the situation of insolvency proceedings with an element of extraneity, the place in which it is located, in a verifiable way by third parties, the main center of management, supervision and management of the statutory activity of the person legal, even if the decisions of the respective management body are adopted according to the directives transmitted by members, shareholders or associates from other states; 59. professional headquarters shall be the place where they function, in a verifiable manner by third parties, the management of economic activity or the exercise of the independent profession of the individual; 60. the alternative trading system is the trading system provided for in art. 2 2 para. ((1) pt. 26 26 of Law no. 297/2004 , with subsequent amendments and completions; 61 61. a company means any entity governed by private law established under the Company law no. 31/1990 , republished, with subsequent amendments and completions; 62. the parent company is the controlling company or the dominant influence over the other companies in the group; 63. insurance/reinsurance company is the insurer and/or reinsurer as defined in art. 2 2 of Law no. 32/2000 on insurance and insurance supervision activity, with subsequent amendments and completions; 64. the state where a good is found is: a) for tangible goods-the state on whose territory the property is located; ... b) for the goods and rights that the owner or holder must enter in a public register-the state under whose authority the register is kept; ... c) for claims-the state on whose territory the center of the main interests of the debtor of the claim is located, as determined in section 7 7; ... 65. the functional subset represents a group of goods of the debtor that ensures the realization of a finished product, in its own right, or allows the conduct of an independent business; 66. the supervision exercised by the judicial administrator, given that the debtor's right of administration was not raised, consists in the permanent analysis of its activity and the prior approval of both the measures involving patrimonial the debtor and those intended to lead to its restructuring/reorganization; the endorsement shall be carried out on the basis of a report drawn up by the special administrator, which also mentions that they have been verified and that they are satisfied the conditions for the reality and the appropriateness of legal operations The supervision of the operations of the management of the debtor's assets shall be made by the prior opinion given at least on the following a) payments, both by bank account and by cashier; this can be achieved either by the endorsement of each payment or by general instructions on making payments; ... b) the conclusion of contracts during the observation period and during the reorganization period; ... c) legal operations in disputes involving the debtor, endorsement of proposed measures regarding the recovery of claims; ... d) operations involving the reduction of assets such as marriages, reassessments, etc.; ... e) transactions proposed by the debtor; ... f) the financial statements and the activity report attached to them; ... g) restructuring measures or changes in the collective agreement; ... h) the mandates for the meetings and committees of creditors of the insolvent companies in which the debtor company holds the status of creditor, as well as in the general meetings of the shareholders in the companies to which the debtor holds holdings; ... i) the alienation of assets immobilized from the patrimony of the company to which the debtor holds holdings or the encumbrance of their tasks, it is necessary, in addition to the opinion of the judicial administrator, to go through the procedure provided by art 87 87 para. ((2) and (3); ... 67. the definitive table of receivables is the table comprising all claims on the debtor's estate at the time of the opening of the procedure, accepted in the preliminary table and against which no appeals were filed, as well as the receivables admitted following the resolution of appeals or those provisionally admitted by the syndic judge. In the case of the simplified procedure, the definitive table of claims includes, in addition to the claims previously born to the opening of the procedure, the claims born during the observation period, which were admitted to the credit table. In this table shows the amount requested, the amount admitted and the priority rank of the claim according to the provisions of art. 159 159 and 161; 68 68. The consolidated definitive table of claims shall comprise all the claims shown as admitted in the definitive table of receivables and those of the uncontested supplementary table, as well as those resulting from the resolution of appeals to the table Extra. In the event that bankruptcy was ordered after the confirmation of a reorganization plan, the consolidated definitive table will include: the totality of the receivables listed as admitted in the definitive table of receivables, those in the supplementary table unchallenged, those resulting from the resolution of appeals to the supplementary table, from which the amounts paid during the reorganization plan will be deducted; 69. the preliminary table of claims shall contain all due or non-cadent claims, under condition or in dispute, born before the date of opening of the procedure, 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 rank of priority, and in the situation of the creditor in the insolvency procedure will be shown the judicial administrator/designated judicial liquidator. 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; 70. 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 judicial 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; 71. the private creditor test represents the comparative analysis of the degree of indestulation of the budgetary claim by reference to a diligent private creditor, within the framework of an insolvency prevention or reorganization procedure, compared to a procedure of bankruptcy. The analysis is based on an evaluation report prepared by an authorized assessor to ANEVAR, designated by the budget creditor and shall be reported including the duration of a bankruptcy procedure compared to the proposed payment schedule. It does not constitute state aid the situation in which the private creditor test attests that the distributions that the budget creditor would receive in the event of an insolvency or reorganization prevention procedure are superior to those they would receive. in a bankruptcy procedure; 72. the threshold value represents the minimum amount of the claim, in order to be able to introduce the application for the opening of insolvency proceedings. The threshold value is 40,000 lei for both creditors and the debtor, including the requests made by the liquidator appointed in the liquidation procedure provided by Law no. 31/1990 , republished, with subsequent amendments and completions, for claims of a nature other than salary, and for employees it is 6 gross average salaries on economy/employee. (2) For the purpose of applying art. 196 ^ 1, art. 196 ^ 3 and art. 204-214, 216-230 and 232-241, group's terms and phrases, group entity, investment firm, resolution, resolution authority, institution subject to resolution, conditions for resolution of resolution procedure, resolution action, instruments of resolution, resolution powers, public financial stabilisation instrument, capital instruments, addressee, special administrator have the meaning of the legislation on the recovery and resolution of credit institutions and firms investments. ... ---------- Alin. ((2) of art. 5 5 has been introduced by section 2 2 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Title I Insolvency prevention procedures + Chapter I General provisions + Article 6 This Title shall apply to borrowers in financial difficulty. + Article 7 (1) The bodies applying the procedures provided for by this title shall be: the courts, the president of the tribunal or, as the case may be, by the syndic judge, the ad hoc trustee, and the administrator. ... ((2) Creditors participate in the procedure individually, to the extent permitted by the rights related to their claim, as well as collectively, according to the present law, by the meeting of creditors and the representative of creditors. ... ((. The debtor shall participate in the proceedings by his legal or conventional representatives. ... + Article 8 (. The Tribunal in whose constituency the head office is located or the professional head office of the debtor shall be competent to resolve the applications to which this Title relates. ... (2) Applications and grounds relating to the preventive arrangement are within the competence of the syndic judge, designated according to the provisions of Law no. 304/2004 on judicial organization, republished, with subsequent amendments and completions. ... (3) The decisions rendered by the President of the Tribunal or the syndic judge, in the application of this Title, shall be enforceable. ... (4) The decisions of the president of the tribunal or of the syndic judge can be appealed by the parties only with appeal, within 7 days, which is calculated from the communication, for the absentees, and from the pronouncement, for those present. ... ((5) The call shall not be suspended. ... + Article 9 The appellate court is the appellate court for rulings rendered by the president of the tribunal or the syndic judge, as appropriate. The appeals court rulings are final. + Chapter II Ad-hoc mandate + Article 10 (. A debtor may apply to the President of the Tribunal an application for the appointment of an ad hoc trustee. By its request, the debtor proposes an ad hoc trustee between insolvency practitioners, authorized according to the law. ... (2) The application must contain a detailed description of the reasons for the appointment of an ad hoc trustee. ... + Article 11 The application shall be submitted to the office of the President of the Tribunal and shall be + Article 12 (1) After receipt of the application, the President of the Tribunal shall order, within 5 days, by procedural agent, the debtor and the proposed ad hoc trustee. ... (2) The procedure shall be carried out in the council chamber and shall be kept confidential for its duration. ... ((3) The confidentiality of the procedure is mandatory for all persons and institutions that take part or are involved in it. ... + Article 13 (1) After hearing the debtor, if it is found that its financial difficulties are real and the person proposed as ad hoc trustee meets the conditions of the law for the exercise of this quality, the president of the tribunal shall designate, by enforceability, ad hoc trustee proposed. ... (2) The objective of the ad hoc trustee will be to achieve, within 90 days of the designation, a settlement between the debtor and one or more of his creditors, in order to overcome the state of financial difficulty in which the debtor is located, safeguarding it, keeping jobs and covering claims on the debtor. ... (3) In order to achieve the objective of the mandate, the ad hoc trustee will be able to propose remittances, rescheduling or partial debt reductions, continuation or termination of ongoing contracts, staff reductions, and any other measures considered to be be necessary. ... + Article 14 The fee of the ad hoc trustee will be provisionally established by the President of the Tribunal, on the proposal of the debtor and with the agreement of the ad hoc trustee, in the form of a fixed fee or It can then be amended at the request of the ad hoc trustee with the debtor's consent. + Article 15 (. The ad hoc mandate shall cease: ... a) by unilateral denunciation of the mandate by the debtor or by the ad-hoc; ... b) by concluding the agreement provided in art. 13 13 para. ((2); ... c) if, within the period provided for in art. 13 13 para. ((2), the trustee failed to broker the conclusion of a settlement between the debtor and his creditors. ... (2) At the request of the debtor or the ad hoc trustee, the President of the General Court will observe the termination of the ad hoc ... + Chapter III Preventive concordance + Section 1 Beneficiaries of procedure Bodies applying the procedure + Article 16 Any debtor in financial difficulty may resort to the procedure of preventive composition, with the following exceptions: a) if in the 3 years prior to the offer of preventive concordat the debtor has benefited from a preventive concordat that has failed; ... b) whether the debtor and/or the shareholders/associates/associates who have the control of the debtor or its administrators/directors have been definitively convicted of committing an intentional crime against heritage, corruption and of service, of forgery as well as for the offences provided by Law no. 22/1969 on the hiring of managers, the establishment of guarantees and liability in relation to the management of the goods of economic agents, public authorities or institutions, as amended, Law no. 31/1990 , republished, with subsequent amendments and completions, Accounting Law no. 82/1991 , republished, with subsequent amendments and completions, Competition law no. 21/1996 , republished, Law no. 78/2000 for the prevention, discovery and sanctioning of corruption, with subsequent amendments and completions, 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 amended, Law no. 571/2003 on the Fiscal Code, with subsequent amendments and completions, Law no. 241/2005 to prevent and combat tax evasion, as amended, and the crimes provided by this law, in the last 5 years prior to the opening of the procedure provided for by this Law. This provision shall not apply to holders of bearer shares; ... c) if it was ordered to bear part of the debtor's liability by the members of the management and/or supervisory bodies of the debtor, according to the provisions of art. 169 and the following or the provisions of special laws, in order to reach him in a state of insolvency; b) remain applicable. ... + Article 17 The syndic judge shall have the following tasks in the procedure of preventive concordance: a) to appoint the provisional administrator; ... b) to approve, at the request of the concordant administrator, the preventive concordat; ... c) to ascertain, at the request of any non-signatory creditor of the preventive concordat, the fulfilment of the conditions required to be registered on the list of creditors who have acceded to the ... d) order by conclusion, according to the provisions of art. 18, the provisional suspension of foreclosures against the debtor, based on the offer of preventive concordat made by the debtor and sent to creditors; ... e) to judge the actions in nullity and in the resolution of the preventive composition. ... + Article 18 ((. Applications made pursuant to this Title shall be adjudicated in the Board Chamber, as a matter of urgency and in particular, the Parties being cited within 48 hours of receipt of the request. ... (2) The parties based abroad are quoted by means of rapid means of communication, at the premises or, as the case may be, at the domicile or residence known/known of them; in absentia, the citation is made by display at the door of the court. ... + Article 19 The duties of the concordant administrator are a) draw up the table of creditors, which also includes the challenged creditors or whose claims are in dispute, and the table of the concordant creditors; a claim of a creditor with several joint debtors in the concordat procedure will be entered in all the pictures of creditors with the nominal value of the claim held until it is fully covered; ... b) elaborates, together with the debtor, the offer of concordat, with its components, respectively the draft concordat and the recovery plan; ... c) make arrangements for the amicable settlement of any dispute between the debtor and creditors or between creditors; ... d) request the syndic judge to approve the preventive arrangement; ... e) supervise the fulfilment of the obligations assumed by the debtor by the preventive arrangement; ... f) informs, as a matter of urgency, the meeting of creditors who are consistent with the debtor's failure or improper performance of its obligations; ... g) prepare and submit to the meeting of creditors consistent monthly or quarterly reports on its activity and of the debtor; the report of the concordatar administrator will also contain his opinion on existence or, as the case may be, the non-existence of reasons for the resolution of the preventive arrangement; ... h) convenes the meeting of the creditors; ... i) ask the court to close the procedure of the preventive ... j) performs any other duties provided for by this chapter, established by the preventive composition or established by the syndic judge. ... + Article 20 (1) The fee of the administrator shall be proposed by the draft concordat and shall be determined by the preventive arrangement; it shall be borne by the debtor's estate. ... (2) The fee of the administrator shall consist, depending on the nature of its obligations, in a fixed amount, a monthly fee and/or a successful fee; when determining the amount of the fee, the nature of the activity carried out will be considered by the debtor, as well as the complexity of the recovery plan. ... + Article 21 (1) The assembly of the creditors shall have the following tasks ... a) approve the reports of the administrator of the composition regarding the debtor's activity and the fulfilment of the obligations assumed by the ... b) designate the representative of creditors ... c) is the holder of the action in resolution of the preventive composition. ... ((2) In the course of the procedure, the meeting of the creditors shall be convened by the consignor, ex officio or at the request of the creditors representing at least 10% of the total value of the corresponding claims. ... (3) The Assembly of Creditors Creditors shall adopt decisions by the majority of votes established by reference to the value of the creditors ' claims ... + Article 22 (1) The vote of the concordant creditors may also be exercised by correspondence. ... (2) The meeting of the meeting of creditors will be organized and chaired by the administrator. ... (3) At the meetings of the creditors, the debtor will also be invited. ... + Article 23 (1) Any debtor in financial difficulty, except those excluded according to the provisions of art. 16 by its request, the debtor proposes a provisional concordatory administrator between the insolvency practitioners authorized according to the law. ... (2) The syndic judge shall appoint the administrator of the provisional concordee by enforceability. ... ((3) Within 30 days of his appointment, the administrator shall draw up, together with the debtor, the list of creditors and the offer of preventive concordat. ... (4) The offer of preventive concordat shall be notified by the administrator to the creditors provisionally by means of rapid communication and which ensures the possibility of confirming its receipt. ... (5) The offer of preventive concordat will be submitted in the open file according to par. ((1) and, for opposability to third parties, shall be filed at the Registry of the Tribunal, where it will be registered in a special register. The submission and notification shall be made in the register in which the debtor is registered. ... (6) The offer of preventive concordat will also include the draft preventive concordat, to which the debtor's statement on the state of financial difficulty in which it is located will be attached, as well as the list of known creditors, including those whose claims are fully or partially contested, specifying the amount and causes of preference accepted by the debtor. ... + Article 24 (. The draft preventive arrangement shall, in detail: ... a) the analytical situation of the debtor's asset and liability, certified by an accounting expert or, as the case may be, audited by an auditor authorized according to the law; ... b) the causes of the state of financial difficulty and, if applicable, the measures taken by the debtor to overcome it until the submission of the offer of preventive concordat; ... c) projection of financial-accounting evolution for the next 24 months. ... (. The draft preventive arrangement shall include a recovery plan, which shall provide at least the following measures: ... a) reorganization of the debtor's activity, through measures such as: restructuring of the debtor's management, modification of the functional structure, reduction of personnel or any other measures considered necessary; ... b) the ways in which the debtor understands to exceed the state of financial difficulty, such as: increase of the share capital, conversion of claims into shares/social parts, bank loan, obligational or otherwise, including loans of associations/shareholders, the establishment or abolition of branches or working points, the sale of assets, the formation of preference cases; in case of granting new financing during the period of concordat, the priority will be provided for the distribution of these amounts, after payment of the procedural expenses. ... ((3) In the case of contracts whose maturity exceeds the period of 24 months provided for the realization of the composition or those for which payment instalments are proposed outside this period, after the closure of the concordat procedure, these payments will continue according to the resulting contracts. ... (4) The deadline for satisfying the claims established by concordat is 24 months from the date of its approval by enforceable decision, with the possibility of extension by 12 months. In the first year it is mandatory to pay at least 20% of the value of the claims established by ... (5) If the draft concordat proposes reductions in budgetary claims, it is mandatory to present the results of the private creditor test. ... (6) By the draft preventive concordat, subject to the approval of creditors, the debtor also proposes the confirmation of the provisional concordant administrator, as well as his fee for the period after the date of conclusion of the concordat. ... + Article 25 (1) On the basis of the offer of preventive concordat, the debtor may ask the judge-syndic for the provisional suspension of the forced pursuits, according to the provisions of 996 and 999 of the Code of Civil Procedure. ... (2) The application is adjudicated in the council chamber, emergency and in particular, without citing the parties. ... (3) The provisional suspension of individual forced pursuits shall be maintained until a decision enforceable for approval of the concordat or the rejection of the offer of concordat by vote by creditors whose uncontested claims are rejected. compose the credit table, according to the law ... + Section 2 Conclusion and approval of the preventive arrangement + Article 26 (1) In order to exercise the vote of creditors on the draft preventive arrangement, the debtor may organize one or more meetings, collective or individual meetings, to negotiate with creditors, in the presence of the administrator Debtor. ... (2) The negotiation initiative may also belong to one or more creditors, as well as to the shareholders or associates of the controlling debtor. ... (3) The period during which the negotiations on the draft preventive arrangement are conducted shall not exceed 60 calendar days. ... + Article 27 ((1) On the offer of preventive concordance, with any amendments resulting from the negotiations, the creditors shall, in principle, vote by correspondence. ... ((2) The vote of creditors shall be sent by means of rapid communication to the debtor, within a maximum of 60 calendar days calculated from the date of receipt of the offer of preventive concordat. Preventive has the acceptance value of the composition. Any conditioning of the vote is considered a no vote. ... (. In exceptional cases, the administrator shall convene a meeting of all creditors. ... (4) If within the period provided in par. (2) one or more creditors holding at least 10% of the total value of the receivables shall require the convocation of the meeting of all creditors, the administrator shall be obliged to convene it within a maximum of 5 days from the date of receipt of the request. The convocation is sent to creditors by means of rapid communication and which ensures the confirmation of its receipt ... (5) The preventive agreement shall be deemed approved by creditors if the votes of creditors representing at least 75% of the value of accepted and uncontested claims are met. ... ((6) Creditors who, directly or indirectly, control, are controlled or are under joint control with the debtor may attend the meeting, but may vote on the composition only if it grants them less than they would receive in the case. bankruptcy. ... + Article 28 (1) After the approval of the concordat by creditors, the administrator shall request the syndic judge to approve the preventive arrangement. For approval, the syndic judge shall verify the cumulative fulfilment of the following conditions: ... a) the value of the contested and/or disputed claims does not exceed 25% of the credit table; ... b) the preventive arrangement has been approved by creditors representing at least 75% of the value of accepted and uncontested claims. ... (2) The syndic judge shall approve the preventive concordat by concluding in the council chamber, emergency and in particular, after the citation and obedience of the administrator. The application for approval of the preventive arrangement may be rejected exclusively for reasons of legality. ... (3) The preventive case, approved by creditors and approved by the syndic judge by conclusion, shall be communicated to the creditors, by means of the administrator, and shall be mentioned in the register in which the debtor is registered. ... + Article 29 (1) From the date of communication of the approval decision of the preventive concordance, the individual consequences of the signatory creditors on the debtor and the flow of the prescription of the right to demand the forced execution of their claims shall be suspended against the debtor. ... (2) Curgation of interest, penalties and any other expenses related to claims shall not be suspended from the signatory creditors, unless they express express, in writing, the contrary agreement, an agreement to be mentioned. in the draft tally. ... + Article 30 (1) Featuring the approval, the syndic judge shall suspend all enforcement proceedings. ... (2) At the request of the concordant administrator, subject to the granting of guarantees to creditors by the debtor, the syndic judge may impose on the non-signatory creditors of the preventive arrangement a maximum period of 18 months of deferral of maturity their claim, the period during which no interest, penalties, as well as any other expenses related to the claims will flow. The provisions relating to the deferral of the maturity of the claim are not applicable in respect of qualified financial contracts and bilateral clearing operations under a qualified financial contract or bilateral netting agreement. ... (3) The concord will be opposable to budgetary creditors, provided that the legal provisions on state aid in domestic and European legislation are complied with, according to the provisions of art. 24 24 para. ((5). ... + Article 31 During the period of the approved preventive arrangement, the insolvency proceedings against the debtor cannot be opened. + Article 32 (1) Any creditor who obtains an enforceable title on the debtor in the course of the procedure may make an application for accession to the concordat or may recover his claim by any other means provided by law. ... ((. The application for accession shall be submitted to the consignor administrator, which shall include it in the table of creditors. ... + Article 33 (1) In the course of the procedure, the debtor operates within the limits of his usual business, under the conditions of the preventive arrangement, under the supervision of the administrator. ... (2) The measures contained in the preventive arrangement, including changes in receivables, also take advantage of the guarantors, fidejusors and third parties. ... + Section 3 Closure of the preventive arrangement procedure + Article 34 ((1) Creditors who have voted against the preventive arrangement may request its cancellation within 15 days from the date of its approval. ... (2) When grounds of absolute nullity are invoked, the right to request the declaration of invalidity shall be prescribed within 6 months from the date of approval of the concordat. ... (3) The syndic judge, at the request of the applicant, may order, by way of injunction, the suspension of the preventive composition. ... + Article 35 (1) If the debtor's serious violation of the obligations assumed by the preventive arrangement is found, the meeting of the concordant creditors may decide to introduce the action in resolution of the preventive concordat. the assembly can deliberate even if it has not been placed on the agenda. It may also bring this action, under the same conditions, to the creditor holding more than 50% of the value of the accepted and uncontested claims. ... (2) In the meaning of paragraph (1) represents a serious violation of the obligations assumed by the debtor by the preventive arrangement of actions such as: favoring one or several creditors at the expense of others, hiding or alienating assets during the preventive concordat period, making payments without consideration or in ruinous conditions. ... (3) If the assembly of the concordant creditors decided to introduce the action in resolution, the procedure of the preventive arrangement shall be suspended by law. ... (4) By the decision to admit the action in resolution, the syndic judge grants damages to creditors, according to the common law. ... + Article 36 (1) If the procedure of the preventive arrangement is successfully completed, at the time stipulated in the contract or before it, as the case may be, the syndic judge will pronounce a conclusion by which he will find the achievement of the object of the preventive concordance. case, the changes in the receivables provided for in the preventive arrangement ... ((2) If during the course of the procedure, before the expiry of the term provided for in art. 24 24 para. (4), the concordant administrator considers that it is impossible to achieve the objectives of the concordat for reasons not attributable to the debtor, may ask the syndic judge to find the failure of the preventive composition and to close the procedure. ... + Article 37 (1) The measures provided for in this Title shall apply in compliance with the rules on State aid. ... (. The provisions of this Title shall not be applicable in respect of qualified financial contracts and bilateral clearing operations under a qualified financial contract or a bilateral netting agreement. ... + Title II Insolvency proceedings + Chapter I Common provisions + Section 1 General issues + Article 38 (1) The general procedure provided for in this Chapter shall apply to the debtors referred to in Article 3, except those to which the simplified procedure applies. ... (. The simplified procedure provided for in this Chapter shall apply to debtors in the state of insolvency falling within one of the following categories: ... a) professional persons subject to the obligation to register in the commercial register, with the exception of those who exercise liberal professions; ... b) family undertakings, family members; ... c) debtors belonging to the categories provided in par. (1) and meet one of the following conditions: ... 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 registered office no longer exists or does not correspond to the address of the trade register; d) legal persons voluntarily dissolved, judicial or rightful, prior to the formulation of the application, even if the judicial liquidator has not been appointed or, although appointed, the mention regarding his appointment has not been entered in the trade register; ... e) debtors who declared their intention to enter bankruptcy by the introductory application; ... f) any person who carries out activities specific to professionals, who has not obtained the authorization required by law for the exploitation of an enterprise and is not registered in the special advertising registers; these persons do not exclude the penalties applicable for the lack of authorisation or registration of that person. ... + Article 39 (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 the judicial liquidator, shall be borne from the estate the debtor. ... ((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 judicial 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, the payments will be made according to the provisions Government Emergency Ordinance no. 86/2006 on the organization of the activity of insolvency practitioners, republished, with subsequent amendments and completions, based on a forecast budget. ... (5) At the meeting of the creditors, the judicial administrator will be able to ask creditors to advance the necessary amounts ... (6) For the purpose and within the limits necessary to cover the procedural expenses, at any time during the procedure, in the absence of liquidity in the debtor's patrimony, the judicial administrator/judicial liquidator will identify free tasks, which are not essential for reorganization, and will proceed with the emergency recovery, at minimum the value of their liquidation, established by an assessor. Until the appointment of the creditors committee the recovery decision belongs to the judicial administrator/judicial liquidator. The proposal for recovery, included in the report provided for in art. 59 59 para. ((1), which is submitted to the case file and published in the BPI extract, can be challenged by any interested party within 3 days of the publication of the report of the report in BPI. After the appointment of the creditors ' committee, the recovery will be made with the agreement of the committee 87 87 para. ((2). ... (7) 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 the establishment of 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, operation and issuance of specific documents, verification and/or reservation, transmission/obtaining/issuance of documents and/or information provided by law; ... b) the takeover of 2.0% of the amounts recovered in the insolvency proceedings, including from the funds obtained from the sale of the goods from the debtor's estate, the amount that will be included in the category of expenses related to the procedure in the ((1). ... (8) The amounts referred to in par. ((1) will be paid as a priority at the time of availability in the debtor's account. The amounts paid from the liquidation fund for the procedural expenses are considered advances and will be returned by the insolvency practitioner from the debtor's estate at the time of their existence. ... (9) The National Union of Insolvency Practitioners in Romania will communicate to the National Trade Register Office and to 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 opened and any subsequent changes thereto. ... + Section 2 Organs applying the procedure. Procedure participants + Article 40 (1) The bodies applying the procedure are: the courts, the syndic judge, the judicial administrator and the judicial 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. ... § § 1. The courts + Article 41 (1) All the procedures provided for in this chapter, except for the appeal, shall be within the jurisdiction of the tribunal or, if applicable, of the specialized tribunal in whose constituency the debtor had its registered office/professional at least 6 months previously date of court referral. If a special insolvency section has been created within the tribunal, it belongs to it for the conduct of the procedures provided for by this law. ... (2) The social/professional headquarters of the debtor shall be the one with which it appears in the commercial register, respectively in the register of agricultural companies or in the register of associates and foundations. If the premises were changed less than 6 months prior to the application for the opening of insolvency proceedings, the debtor's registered office/professional office is the one with whom he was listed on the trade register, respectively in the register agricultural companies or in the register of associations and foundations before the change. ... (3) The Tribunal, legally invested with an application for the opening of insolvency proceedings according to par. (1), it remains competent to settle the case, regardless of the subsequent changes of the debtor's premises. ... (4) All requests, appeals, actions based on the provisions of this chapter shall be judged according to the provisions of the Code of Civil Procedure with regard to judgment in the first instance, with the mention that the deadline for filing not more than 15 days after communication, the response to the meeting is not mandatory, and the syndic judge fixes, by resolution, within a maximum of 5 days from the date of submission of the meeting, the first term of trial, which will be no more than 30 days from the date of the resolution. With regard to requests for the opening of insolvency proceedings or in other cases where the law provides for special deadlines, these special deadlines will be taken into account. In the case of the application for the opening of insolvency proceedings, the provisions of art. 200 of the Civil Procedure Code on the regularization of the application ... (5) In disputes that have been promoted under the common law, after the opening of insolvency proceedings the debtor's citation will be made at its headquarters and at the headquarters of the judicial administrator/liquidator. ... + Article 42 (1) The citation of the parties, as well as the communication of any procedural documents shall be carried out by The communication of the citations, of the summons and notifications to the participants in the process, whose headquarters, domicile or residence are abroad, is subject to the provisions of the Civil Procedure Code in conjunction with the provisions Regulation (EC) No 1.346/2000 of the Council of 29 May 2000 on insolvency proceedings, with subsequent amendments and completions, and of Regulation (EC) No 1.393/2007 of the European Parliament and of the Council of 13 November 2007 on the notification or communication in the Member States of judicial and extrajudicial documents in civil or commercial matters ('the notification or communication of acts ') and repealing Regulation (EC) No 1.348/2000 of the Council, as appropriate. BPI will be made in electronic form. For the coverage of the BPI's publication expenses, a fee consisting of a 10% rate applied to the fees paid at the trade register office for all the establishment, authorization, registration, mention, reservation made in the trade register. ... (2) In the contentious proceedings covered by this chapter shall be quoted 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 the procedural documents prior to the opening of the procedure and the notification of the opening of the procedure will be carried out Creditors who were not notified according to the provisions of art. 99 99 para. ((3) are considered by right within the time limit for the submission of applications for admission of claims, by submitting an application for admission to the credit table and will take over the procedure at the stage in which they are at the time of their registration at the credit table. ... (4) By exception to the provisions of par. (1), the first citation and 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 provisions of the civil procedure and BPI. The courts will submit the procedural documents in question, ex officio, for publication in the BPI. ... (5) If the debtor is a company traded on a regulated market, the syndic judge will communicate to the Financial Supervisory Authority the opening decision of the procedure. ... (6) The format and the framework content of the acts that are published in the BPI and 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 compulsorily used by all participants in the procedure ... ((7) 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 judicial liquidator, as the case may be. ... (8) Creditors who have registered applications for admission of receivables are presumed to be aware of the deadlines provided in art. 100 100 times in art. 146 or 147, as the case may be, and no more subpoenas. ... (9) 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 BPI is published. ... (10) The publication of procedural documents or, as the case may be, of judgments in BPI supersedes, from the date of their publication, the summoning, summoning and notification of procedural documents carried out individually to the participants in the process, presumed to be fulfilled on the date of publication. ... + Article 43 (1) The appellate court shall be the appellate court for judgments rendered by the syndic judge. The appeals court rulings are final. ... (2) The term of appeal is 7 days from the communication of the decision made by publication in BPI, if by law it is not provided otherwise. The call will be judged by specialized, emergency complete. Citation of callers, judicial administrator/judicial liquidator and intimates on appeal and communication of pronounced decisions are made through BPI. The courts will submit the procedural documents in question, ex officio, for publication in the BPI. The procedure will be considered fulfilled if the citation is published at least 5 calendar days before the date set for the appearance. In order to settle the appeal 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 appeal concerns a decision of the the syndic judge for which the associated file was not formed. If the appellate court deems necessary and other acts from the substantive file, it will consider the interested parties, by resolution upon receipt of the call request or by concluding in the course of the call resolution, to file them in certified copy or will ask the syndic player. ... (3) The appeal shall be judged according to the provisions of the Code of Civil Procedure, with the following derogations: the deadline for the submission of the meeting is a maximum of 10 days from the communication of the application and the grounds of appeal, the response to the and the syndic judge fixes, by resolution, within a maximum of 3 days from the date of submission of the meeting, the first term of trial, which will be no more than 30 days from the date of the resolution. ... (4) By way of derogation from the provisions of the Code of Civil Procedure, the appeal does not suspend the execution of judgments of the syndic ... (5) The following decisions of the syndic judge shall be suspended by the appellate court: ... a) the opening sentence of insolvency proceedings against the debtor; ... b) the sentence by which the entry into the simplified procedure is decided; ... c) the sentence by which the bankruptcy is decided; ... d) the sentence of settling the appeal to the plan of distribution of funds obtained from liquidation and from the collection of receivables; ... e) the sentence of settling appeals against the measures of the judicial administrator/judicial liquidator; ... f) the conclusion by which the insolvency practitioner has been confirmed; ... g) the conclusion by which the insolvency practitioner has been replaced; ... h) the sentence by which the actions for annulment provided in art. 117-122. ... (6) For all appeals against judgments given 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. ... (7) 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 44 The distribution of cases, having as object the procedure provided for in this title, to judges appointed as judge-sindices shall be carried out randomly, in computerized system, according to art. 53 53 of Law no. 304/2004 , republished, with subsequent amendments and completions. § § Two. Syndic Judge + Article 45 (1) The main tasks of the syndic judge, within the framework of this chapter, are: ... a) the reasoned delivery of the decision to open insolvency proceedings and, as the case may be, bankruptcy, both through 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 ... c) to judge the opposition to the opening of proceedings; ... d) the reasoned designation, after verifying any incompatibilities, by the opening sentence of the procedure, as the case may be, of the provisional judicial administrator/provisional judicial liquidator, requested by the creditor who submitted the application for the opening of the procedure or by the debtor, if the request belongs to him. In the absence of such a proposal made by the debtor or any of the creditors, the appointment will be made of the insolvency practitioners enrolled in the National Union Painting of Insolvency Practitioners in Romania, who have submitted their On file. If no offer has been submitted, it will randomly designate any of the insolvency practitioners registered in the National Union Picture of Insolvency Practitioners in Romania. If both the debtor and the creditor have requested the appointment of a judicial administrator/judicial liquidator, the creditor's request will prevail. If creditors request to be appointed different judicial administrators/liquidators, the syndic judge will designate motivated one of those proposed by them. The appointment will be made for the administration of the procedure until its confirmation under the law. At the same time, the syndic judge will fix the fee in accordance with the criteria set by Government Emergency Ordinance no. 86/2006 , republished, with subsequent amendments and completions, as well as its duties for this period; ... e) the confirmation, by conclusion, of the judicial administrator or the judicial liquidator appointed by the meeting of creditors or by the creditor holding more than 50% of the value of the receivables. If there are no challenges to the legality of the creditors ' meeting or the creditor's decision holding more than 50% of the value of the claims, the confirmation shall be made in the council chamber, without citing the parties, within 5 days of referral to the trade union judge; ... f) replacement, for thorough reasons, by conclusion, of the judicial administrator or the judicial liquidator, according to the provisions of art. 57 57 para. ((4); ... g) the adjudication of the requests to raise the debtor the right of and more leads the activity; ... h) 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. 169, or referral to prosecution bodies when there is data on the commission of a crime; ... i) judging the actions introduced by the judicial administrator or the judicial liquidator for the cancellation of fraudulent acts or operations, according to the provisions of art. 117-122 and actions in the nullity of payments or operations carried out by the debtor, without right, after the opening of the procedure; ... j) the trial of the debtor's appeals, the committee of creditors or any person concerned against the measures taken by the judicial administrator or the judicial liquidator; ... k) confirmation of the reorganization plan, after its vote by creditors; ... l) the resolution of the request of the judicial administrator or creditors to interrupt the procedure of judicial reorganization and bankruptcy; ... m) the resolution of appeals made to the reports of the judicial administrator or judicial liquidator; ... n) judgment of the action in the annulment of the decision ... o) adjudicating the requests of the judicial administrator/judicial liquidator in situations where a decision cannot be made in the meetings of the creditors ' committee or the meeting of creditors for lack of quorum caused by the failure to present legal creditors convenes, at least two meetings of them having the same agenda; ... p) the disposition of the convocation of the creditors ' meeting, with a certain agenda; ... q) the decision to close the procedure; ... r) any other duties provided by law. ... (2) The duties of the syndic judge are limited to judicial review of the activity of the judicial administrator and/or of the judicial liquidator and to the judicial processes and requests related to insolvency proceedings. The managerial duties belong to the judicial administrator or to the judicial liquidator or, exceptionally, to the debtor, if he has not been raised the right to manage his wealth. The managerial decisions of the judicial administrator, the judicial liquidator or the debtor who has retained the right of administration can be controlled in terms of opportunity by creditors, through their bodies. ... + Article 46 (1) The decisions of the syndic judge are enforceable and can be appealed, separately, only with appeal. ... (2) Provisions art. 42 42 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. ... (3) The decisions rendered by the syndic judge shall be reasoned by him within 20 days from the date of delivery of the judgment. ... § § 3. Creditors meeting. Creditors Committee + Article 47 (1) The creditors ' meeting shall be convened and chaired by the judicial administrator/judicial liquidator, if the present law or the syndic judge does not have otherwise. The secretariat of meetings of creditors ' meetings is the responsibility of the judicial administrator/liquidator. ... (2) The known creditors will be summoned by the judicial administrator or the judicial liquidator in the cases expressly provided by this law and whenever necessary. ... (3) The creditors 'meeting may also be convened by the creditors' committee or by creditors holding claims amounting to at least 30% of the total value of the claims with the right to vote. In this situation, if the judicial administrator or the judicial liquidator refuses to preside over the meeting of creditors or does not appear on the date and place of the convocation, it shall be chaired by the chairman of the committee of creditors or, failing, the creditor who asked for the convocation, represented or assisted by a lawyer or a legal adviser. In this case, the convocation and any other documents and information related to it will be communicated urgently to the judicial administrator/judicial liquidator. The minutes drawn up will be submitted for publication in the BPI within 3 days by the person who chaired the assembly. ... + Article 48 (1) Convocation of creditors is made by publication in BPI at least 5 days before the young sitting and must include its agenda. The convener shall be submitted to the BPI 3 days before the date on which the publication must be ... ((2) Any deliberation on an issue not included in the convocation shall be void, unless the holders of all claims attend the meeting and they agree with the introduction of that question on the agenda of the meeting. ... ((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 by law it is not expressly prohibited, 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 day and time fixed for the expression of the vote, the judicial administrator or the judicial liquidator. ... (5) At the meetings of the meeting of creditors, the employees of the debtor will be represented by a delegate from among them, who will vote for the entire value of the receivables representing salaries and other money rights that are due to them. ... (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 judicial liquidator, as the case may be. The minutes will be submitted, through the care of the judicial administrator/judicial liquidator, to the case file and sent for publication in BPI, within two working days from the date of the creditors ' meeting. ... (7) The judgment of the creditors ' meeting may be annulled by the syndic judge for illegality, at the request of the creditors who voted against taking that decision and made it record in the minutes of the assembly, as well as the the request of creditors who were absent motivated from the meeting of the meeting of creditors or whose votes were not recorded in the minutes drawn up. The judgment, with the exception of the one by which it was designated, can be appealed, for reasons of illegality, and by the judicial administrator/judicial liquidator. ... (8) The application referred to in paragraph (7) will be submitted to the case file, including in electronic form, within 5 days from the date of publication in the BPI of the minutes of the creditors ' meeting and will be settled in the council chamber, with the citation of the one who entered the application, the judicial administrator/liquidator and creditors. The citation of the parties and the communication of the documents to them are made by ... + Article 49 ((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 with the right to vote on the debtor's estate, and the decisions the meeting of creditors shall be adopted with the express vote expressly expressed by the holders of the majority, by value, of the claims present with the right The conditional vote is considered a negative vote. The creditors who voted valid by correspondence are also considered present. ... (2) Calculation of the total amount of receivables referred to in (1) against the debtor's estate will be determined by reference to: ... a) subsequent publication in the BPI of the preliminary table and until the publication in the BPI of the definitive table, the value of the claims verified and accepted by the judicial administrator, as evidenced by the preliminary table; ... b) subsequent to the publication in the BPI of the definitive table and until the confirmation of a reorganisation plan or, in the case of non-compliance with the plan, until the publication of the consolidated definitive table, as evidenced by the definitive table; ... c) subsequent to the confirmation of the reorganization plan and until the opening of the bankruptcy procedure, according to the amount included in the payment schedule, modified following the settlement of receivables paid in the plan; ... d) after the opening of the bankruptcy procedure until the publication of the consolidated definitive table, as evidenced by the definitive table as amended following the settlement of the claims; ... e) subsequent to the publication in the BPI of the consolidated definitive table, as evidenced by its contents. ... (3) If, after the adoption of the decision of the creditors ' meeting, it is found, by final judgment, that the vote was tainted by the introduction or removal of a claim for which its holder had applied for registration in the table of claims and if the vote thus vitiated could have led to the adoption of another judgment, the meeting of creditors shall be reconvened with the same agenda. If the new judgment of the creditors ' meeting is different from the original one, the syndic judge may decide to abolish in all or part of the acts or operations concluded under the original judgment. ... (4) In cases concerning creditors whose claims have been extinguished in whole or in part, a corresponding amendment to the debt table shall be made as appropriate. With the convener of the meeting of the creditors will be published the table of creditors updated with the amounts extinguished during the procedure With the appeal of the assembly's minutes, creditors will be able to challenge under the same terms and conditions and the table thus published. ... + Article 50 (1) The syndic judge may designate, in relation to the number of creditors, a committee consisting of 3 or 5 creditors, among those with the right to vote, with the receivables benefiting from the reasons of preference, the budgetary receivables and the largest chirographs, by value. If, because of the small number of creditors, the syndic judge does not consider it necessary to establish a committee of creditors, the powers of the committee will be exercised by the assembly of creditors ... (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 committee of creditors 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 elect a committee consisting of 3 or 5 creditors, among the top 20 voting creditors, among those holding claims that benefit from preference causes, budgetary claims and Chirographic receivables, the highest in order of value and which are offered voluntarily, the selection being carried out by meeting these cumulative criteria based on the highest percentage of voting from the value of the present receivables. The committee thus appointed shall replace the committee previously designated by the syndic judge. ... (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/judicial liquidator 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 51 (. 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 the judicial liquidator who wishes to be designated by the creditors in the file the conditions of the appointment; ... c) to take cognizance of the reports drawn up by the judicial administrator or the judicial liquidator, to analyse them and, where appropriate, to appeal to them; ... d) to draw up reports, to present to the meeting of creditors, on the measures taken by the judicial administrator or the judicial liquidator and their effects and to propose, motivated, and other measures; ... e) to request the lifting of the debtor's right of administration; ... f) to introduce actions for the cancellation of fraudulent acts or operations, made by the debtor at the expense of creditors, according to the provisions of art. 117 117 para. ((1), when such actions were not introduced by the judicial administrator or the judicial liquidator. ... (. The creditors 'committee shall meet whenever necessary, at the request of the judicial administrator or the judicial liquidator, as the case may be, or at the request of any member of the creditors' committee. Communication and voting will be possible through any means ensuring the transmission of the text and confirmation of its receipt. ... (3) Deliberations of the creditors ' committee will take place in the presence of the judicial administrator/judicial 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, under penalty of annulment of the committee's decision creditors, if without the vote or had not met the required majority. In such cases, the annulment of the decision does not exclude the liability of the creditor demonstrated to have been in conflict of interest, for the damages created to the debtor by such an act. ... (6) Against the actions, measures and decisions taken by the committee of creditors, any creditor may appeal to the syndic judge, within 5 days from the publication of the minutes of the creditors ' committee in BPI. ... (7) If a member of the committee of creditors votes repeatedly in a situation of conflict of interest or in the event of unjustified repeated lack of meetings of the creditors ' committee, at the request of any creditor, the syndic judge shall replace the respective member of the creditors ' committee, provisionally, and the meeting of creditors will confirm the provisional one or choose another member, according to the criteria provided in art. 50 50 (4). ... § § Four. Special Administrator + Article 52 After the opening of the procedure, the general meeting of the shareholders/associates/members of the debtor will designate, at their expense, the special administrator. + Article 53 (1) The general meeting of the shareholders, associates or members of the legal person shall be convened by the judicial administrator or the judicial liquidator for the appointment of the special administrator, within a maximum of 10 days from the notification the opening of proceedings by the judicial administrator/temporary liquidator. ... (2) The general assembly shall be chaired by the judicial administrator or the judicial liquidator, as the case may be. If the assembly of associates/shareholders/members, convened according to par. (1), does not designate a special administrator, the debtor will be raised the right of administration, if it has not already been raised, and the debtor, respectively the associations/shareholders/members are deprived of the rights recognized by the procedure and which are exercised by special administrator. ... (3) If a special administrator has not been appointed, for the resolution of the actions provided for in art. 117-122 times those resulting from non-compliance with art. 84, the debtor will be represented by a special curator designated among the statutory governing bodies in the performance of the function at the time of the opening of the procedure. The designation will be made by the syndic judge in the council chamber and without summoning the parties. If the general meeting of the associates/shareholders/members chooses a special administrator, he/she will take the procedure at the stage of the appointment at the time of designation. ... + Article 54 The mandate of the statutory administrators shall cease from the date of removal of the right of administration or the date of designation of the special administrator. Termination of the mandate requires the obligation to surrender management. + Article 55 After the opening of the procedure and appointment of the special administrator, the general meeting of shareholders/associates/members shall suspend their activity and may meet, at the convocation of the judicial administrator, in the express and limiting cases provided of this law. + Article 56 (. The special administrator shall have the following tasks: ... a) participate, as a representative of the debtor, to judge the actions provided in art. 117-122 times those resulting from non-compliance with art. 84 84; ... b) formulate appeals within the procedure governed by this law; ... c) proposes a reorganization plan; ... d) administer the debtor's activity, under the supervision of the judicial administrator, after the confirmation of the plan, only if the debtor has not been raised the right of administration; ... e) after entering bankruptcy, participate in the inventory, signing the act, receive the final report and the closing financial situation and attend the meeting convened for the resolution of objections and approval of the report; ... f) receives the notification of the closure ... (2) After the lifting of the right of administration, the debtor is represented by the judicial administrator/judicial liquidator, who also leads his business activity, and the mandate of the special administrator will be reduced to represent the interests shareholders/associations/members. ... § § Five. Judicial administrator + Article 57 (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 the debtor, respectively the creditors have not formulated proposals and are not submitted to the file, the syndic judge will provisionally designate, until the first meeting of the creditors, an insolvency practitioner chosen randomly from the National Union of Insolvency Practitioners in Romania. ... (2) At the first meeting of the creditors ' meeting, creditors holding more than 50% of the total amount of claims with the right to vote may decide to appoint a judicial administrator, setting them the fee. If the fee will be paid from the fund constituted according to the provisions of art. 39 39 para. ((4), it will be determined on the basis of the criteria set Government Emergency Ordinance no. 86/2006 , republished, with subsequent amendments and completions. Creditors may decide to confirm the judicial administrator or the provisionally appointed judicial liquidator, setting him the fee. In the latter situation no further confirmation of the syndic judge will be required. The first meeting of the creditors ' meeting will necessarily have on the agenda both the confirmation/appointment of the judicial administrator/judicial liquidator and the establishment of his fee. ... ((3) The creditor holding more than 50% of the total amount of the receivables may decide, without consulting the creditors ' meeting, to appoint a judicial administrator or judicial liquidator instead of the judicial administrator or liquidator provisional judicial or to confirm the provisional judicial administrator/provisional judicial liquidator and to establish his fee. ... (4) At any stage of the proceedings, the syndic judge, ex officio or following the adoption of a decision of the creditors ' meeting in this regard, with the vote of more than 50% of the total amount of the claims with the right to vote, may replace judicial administrator/judicial liquidator, for thorough reasons. The replacement is adjudicated in the council chamber, emergency, with the citation of the judicial administrator and the creditors committee Against the conclusion you can appeal within 5 days of communication. ... (5) At any time of the procedure, at the request of the judicial administrator/liquidator, for well justified reasons, the syndic judge may approve its replacement, following the analysis of the application. In this case, the syndic judge will designate another judicial administrator/provisional judicial liquidator, under the conditions provided in art. 45 45 para. ((1) lit. d). ... (6) Creditors may challenge at the syndic judge, for reasons of illegality, the decision provided in par. ((2) and (3), within 5 days from the date of its publication in the BPI. The judge will, as a matter of urgency and at once, settle all appeals through a conclusion by which he will appoint the judicial administrator/designated judicial liquidator or, as the case may be, ask the meeting of creditors/creditor to appoint another judicial administrator/judicial liquidator. ... (7) If within the time limit set in par. (6) the decision of the creditors ' meeting or of the creditor holding more than 50% of the value of the claims is not challenged, the syndic judge, by conclusion, will appoint the judicial administrator proposed by the creditors or the creditor holding more than 50% of the value of the claims, if it meets the conditions provided by law, while having the termination of the duties of the provisional judicial administrator it has designated by concluding or, as the case may be, the opening sentence of the procedure ... (8) The judicial administrator, natural person or legal person, including its representative, must have the status of insolvency practitioner, according to the law. ... (9) Before 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 ... (10) 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. ... (11) The insolvency practitioner, in his capacity as an organ applying the procedure, shall not be liable to be sanctioned or liable to pay any costs, fines, damages or any other amounts, by the court or other authority, for acts or omissions attributable to the debtor. ... (12) If the creditors ' assembly has refuted the judicial administrator/judicial liquidator, before the fee has been established, for the work carried out until the date of the infirmation the fee will be determined by the syndic judge in accordance with criteria set by Government Emergency Ordinance no. 86/2006 , republished, with subsequent amendments and completions. Of the approved amount, the approved fee will be deducted provisionally by the court decision on the designation, if it has been collected. ... (13) In the case of abolition for any reasons of the opening decision, the court that will abolish the decision will decide on the practitioner's fee, applying accordingly para. (2), and the payment of this fee and the expenses of the procedure will be borne by the defendant or the applicant, according to the regulations regarding the costs of the Civil Procedure Code. ... (14) If the creditors ' meeting confirms the judicial administrator/judicial liquidator, but does not approve his fee offer, the judicial administrator/judicial liquidator will be able to accept the fee voted by the creditors or will reconvene the assembly within a maximum of 30 days for negotiating with creditors and discussing the fee. If even at this meeting the offer of the judicial administrator/judicial liquidator will not be accepted by the creditors, the judicial administrator/judicial liquidator will be able to declare that he is retiring. In case of waiver, the judicial administrator/judicial liquidator will convene a new assembly within a maximum of 30 days, in order to appoint the new judicial administrator/judicial liquidator. If no other judicial administrator/liquidator, the chairman of the creditors 'committee or, if not constituted, is not appointed, a creditor appointed by the creditors' assembly will ask the syndic judge the appointment of a provisional judicial administrator/liquidator, within a maximum of 5 days from the date of the meeting. The syndic judge will appoint a provisional judicial administrator/liquidator within 5 days of the referral, in the council chamber. Provisions of paragraph ((1) shall apply accordingly. ... + Article 58 (1) The main tasks of the judicial administrator, within the framework of this title, are ... a) the examination of the economic situation of the debtor and of the documents submitted according to the 67 or 74, as the case may be, 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 approval of the syndic judge, within a period established by him, but which will not be able to exceed 20 days after the appointment of the judicial administrator; ... b) examination of the debtor's activity and the preparation of a detailed report on the causes and circumstances that led to the occurrence of the state of insolvency, with the mention of any indications or preliminary elements regarding the persons to whom they would be imputable and regarding the existence of the premises of the employment of their liability, under the provisions of art. 169-173, as well as on the real possibility of reorganization of the debtor's activity or of the reasons that do not allow the reorganization and submission to the case file, within a deadline set by the syndic judge, but which will not be able to exceed 40 days of to appoint the judicial administrator; ... c) preparation of the acts provided for in 67 67 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); ... 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 or operations of the debtor, concluded 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; ... i) the emergency referral 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 expenses of the procedure; ... j) denunciation of contracts concluded by the debtor; ... k) the verification of claims and, where applicable, the formulation of objections to them, the notification of creditors in case of non-registration or partial registration of claims, as well as the preparation of the debt tables; ... l) collection of receivables, tracing of receivables relating to the assets of the debtor's estate or to the amounts of money transferred by the debtor before the opening of the procedure, formulation and support of the actions in claims for the collection the debtor's claims, for which he can hire lawyers; ... m) the conclusion of transactions, the discharge of debts, the discharge of fideijusors, the renunciation of real guarantees, provided that these operations are confirmed by the trade union judge; ... n) referral of the syndic judge in relation to any problem that would require a resolution by him; ... o) inventory of the debtor's assets; ... p) the disposition of the valuation of the debtor's assets, so that it is carried out by the date set for the submission of the definitive table of ... q) submission for publication in the BPI of an announcement regarding the filing of the evaluation report on file, within two days of filing. ... (2) The syndic judge may establish in charge of the judicial administrator, by conclusion, any other duties outside those provided in par. ((1), except as provided by law in its exclusive competence. ... + Article 59 (1) The judicial administrator shall submit monthly a report containing the description of the manner in which he performed his duties, the justification of the expenses incurred with the administration of the procedure or other expenses made from the existing funds the debtor, as well as, where appropriate, the stage of the inventory. The report will also mention the collected fee of the judicial administrator, specifying the modality of its calculation. ... (. The report shall be submitted to the case file and an extract shall be published in the BPI. ... (3) Every 120 days, the syndic judge will consider and rule on the state of continuation of the procedure, through a resolution, through which he will be able to charge the judicial administrator with certain measures and grant an administrative term of control or judgment, as appropriate. ... (4) In the event that there are requests of a contentious or non-contentious nature, as well as in the event that the syndic judge considers it necessary, it will order the emergency citation of the interested persons and the judicial administrator, for the resolution of requests or for the disposition of the necessary measures. ... (5) 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. ... (6) The appeal must be submitted within 7 days from the publication in BPI of the extract provided in par. ((2). ... (7) The syndic judge will settle the appeal, within 15 days of its registration, in the council chamber, with the summoning of the objector, the judicial administrator and the committee of creditors, and may, at the request of the objector, suspend executing the contested measure The suspension is adjudicated in the council chamber, immediately, without citing the parties. ... (8) The fee of the judicial administrator will be paid on the basis of the minutes of the meeting of the creditors determining its amount, based on the decision published in the BPI or on the basis of the court decision for the cases in which it was set the provisional fee by the syndic judge. ... + Article 60 (1) If the judicial administrator appointed by the conclusion delivered in the council chamber without summoning the parties, refuses the appointment, it shall be required to notify the court, within 5 days of the communication of the appointment. 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. The syndic judge will take note of the refusal of the insolvency practitioner, and will designate another insolvency practitioner as provisional judicial administrator. If the debtor, respectively the creditors have not formulated proposals and are not submitted to the file, the syndic judge will provisionally designate, until the first meeting of the creditors, an insolvency practitioner chosen randomly from the National Union of Insolvency Practitioners in Romania. ... (2) 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. ... (3) If by the act provided in par. (2) 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. ... (4) In the case of fines provided in par. ((1) and (2), respectively of the compensation provided in par. ((3), the provisions of art. 190 and 191 of the Code of Civil Procedure. ... + Article 61 In order to carry out its duties, the judicial administrator will be able to designate specialist persons such as lawyers, accounting experts, evaluators or other specialists. 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 cost standards established by the National Union of Practitioners in Insolvency in Romania, according to the Government Emergency Ordinance no. 86/2006 , republished, with subsequent amendments and completions, if they will be paid from the liquidation fund constituted according to the provisions of art. 39 39 para. ((4). + Article 62 (. The judicial administrator, as well as any of the creditors, may object to the assessment reports drawn up in the case. ... ((. Objections shall be made within a maximum of 5 days from the publication in the BPI of an announcement of the submission of the evaluation report to the case file. ... (3) The syndic judge will settle the objections within a maximum of 15 days from their registration, with the citation of the objector, the judicial administrator and the members of the creditors ' committee. ... (4) The syndic judge, admitting the application, will oblige the assessor, under penalty of fine, to respond to the approved objections within a maximum of 5 days from the receipt, from the court, of an address in this regard. ... (5) For thorough reasons, and if the answer to the objections is not satisfactory, the syndic judge will be able to make a new assessment on request or ex officio. The syndic judge will approve one of the evaluation reports. ... (6) If the operations for which the hiring of specialists is required are operations required by law, such as but not limited to them, archiving of documents, mandatory environmental balance sheets, audit and other such, if the proposals the judicial administrator/liquidator is rejected by the creditors ' committee, he will convene the committee again within a maximum of 7 days, in which the members of the committee will propose and appoint a specialist, approving and the fee. If in the two meetings of the creditors ' committee it was not decided to appoint a specialist, the insolvency practitioner will be able to designate the specialist with the best technical and financial offer, among those submitted for the two committees. ... § § Six. Judicial liquidator + Article 63 (1) If it orders the transition to bankruptcy, the syndic judge will designate a judicial liquidator, applying, accordingly, the provisions of art. 57 57, art. 59 59-62 and art. 140 140 para. ((6). ... (2) The duties of the judicial administrator shall cease at the time of determining the duties of the judicial liquidator by the syndic judge ... (3) The judicial liquidator and the previously designated judicial administrator may be appointed. ... + Article 64 The main tasks of the judicial liquidator in this chapter 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 provisions of art. 169-173, within a deadline set by the syndic judge, but which will not be able to exceed 40 days after the appointment of the judicial liquidator, if a report with this object had not been previously drawn up by the judicial administrator; ... b) directing the debtor's activity; ... c) the introduction of actions for the cancellation of fraudulent acts and operations 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 cases of preference, liable to prejudice the rights of creditors; ... d) application of seals, inventory of goods and taking appropriate measures for their conservation; ... e) denunciation of contracts concluded by the debtor; ... f) the verification of claims and, where applicable, the formulation of objections to them, the notification of creditors in case of non-registration or partial registration of claims, 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, formulation and support of actions in claims for collection 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, according to the provisions of ... j) under the condition of confirmation by the syndic judge, the conclusion of transactions, the discharge of debts, the discharge of fideijusors, the renunciation of real guarantees; ... 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. ... + Section 3 Opening the procedure and its effects § § 1. Introductory applications + Article 65 (1) The procedure begins on the basis of a request made to the court by the debtor, by one or more creditors, or by the persons or institutions expressly provided by law. ... (2) The Financial Supervisory Authority shall apply against entities regulated 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 of the procedure provided by this law. ... + Article 66 (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. The proof of notification of the competent fiscal body regarding the intention to open insolvency proceedings will be attached at the request to the tribunal. ... (2) If at the time of expiry of the term provided in (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. ... (3) If during the negotiations conducted under an ad hoc or preventive mandate procedure the debtor becomes insolvent, but there is reasonable assumption, based on thorough indications, that the results of the negotiations could be capitalized in the short term by concluding an extrajudicial agreement, the debtor, in good faith, must introduce the request for the opening of the procedure under the conditions and deadline provided in par. ((2). Otherwise, the debtor must enter the application for the opening of insolvency proceedings within 30 days of the occurrence of the state of insolvency. ... (4) The debtor where the occurrence of insolvency is imminent will be able to apply to the tribunal an application to be subject to the provisions of this Title. ... (5) The applications of legal entities will be signed by persons who, according to the constituent acts or statutes, have the quality to represent them, without the need for a decision of the associates/shareholders. If the request of the debtor requests the application of the simplified procedure, the decision of the general meeting of the associates/shareholders in this regard will also be submitted. ... (6) At the registration of the application, the registry service will carry out checks, ex officio, on the existence of other requests for the opening of the procedure previously formulated by creditors. If requests made by creditors are registered, the debtor's request is settled in the non-contentious procedure, by the same conclusion the judge ordering the connection of creditors ' requests, which in case of opening the proceedings become statements of claim, and if the debtor's request is rejected, it is resolved according to art. 72 72 and the following. ... (7) If, subsequently the registration of the debtor's request, but before its resolution, requests for opening of the procedure are made by creditors, they will be registered directly at the request made by the debtor. For this purpose, the registry service will carry out checks, ex officio, on the date of registration of applications and will register the requests to the file related to the request made by the debtor. In this situation, it will proceed to the settlement in the non-contentious procedure of the debtor's request. In the event of its admission, the creditors 'requests will qualify as claims of claim, and in the case of its rejection, the creditors' requests will be settled, according to art. 72 72 and the following. ... ((8) In the event of the opening of insolvency proceedings, the claims subject to the applications for the opening of proceedings which become statements of claim may be updated with accessories calculated until the date of opening of the proceedings, within the prescribed legal period. for declaring receivables, according to art. 102. ... (9) 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. ... (10) The debtor's request will be judged urgently, within 10 days, in the council chamber, without citing the parties. By exception to the provisions of art. 200 of the Code of Civil Procedure, the syndic judge will set the term of trial in the council chamber, within 10 days of filing, even if the application does not meet all legal requirements and not all documents are filed. If at the time of submission of the debtor's request are registered pending applications of creditors, it will be done according to the provisions of par. ((6) sentence II. ... (11) After submitting the application for the opening of the proceedings, in urgent cases, which would endanger the debtor's assets, the syndic judge may order urgency, in the council chamber and without citing the parties, the provisional suspension of any procedures for the enforcement of the debtor's assets until the judgment on that request is delivered. ... + Article 67 (. The request of the debtor shall be accompanied by the following acts: ... a) the last annual financial situation, certified by the administrator and the auditor/auditor, the balance of verification for the month preceding the date of registration of the request for opening the procedure; ... b) the 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) the list of names and addresses of creditors, however their claims are: certain or under condition, liquids or illiquid, due or non-cadent, uncontested or contested, showing the amount, cause and rights of preference; ... d) the list of payments and patrimonial transfers made by the debtor in the 6 months prior to registration of the application; ... e) the profit and loss account for the year before the application; ... f) the list of members of the economic interest group or, as the case may be, of associates with unlimited liability, for companies in collective names and those in the order; ... g) 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; ... h) a summary description of the ways in view of the reorganization of the activity; ... i) a self-declaration, 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 or other registers in whose territorial area the seat is located professional/registered office, showing whether it has been subject to the judicial reorganization procedure provided by this law within a period of 5 years prior to the formulation of the application; ... j) a self-declaration, authenticated by the notary or certified by the lawyer, showing that he or the administrators, directors and/or shareholders/associates/associates who hold the debtor's control were not convicted definitively for the commission of an intentional crime against heritage, corruption and service, forgery, as well as for the offences provided for by Law no. 22/1969 ,, as amended, Law no. 31/1990 , republished, with subsequent amendments and completions, Law no. 82/1991 , republished, with subsequent amendments and completions, Law no. 21/1996 , republished, with subsequent amendments and completions, Law no. 78/2000 , as amended and supplemented, Law no. 656/2002 , republished, as amended, Law no. 571/2003 , as amended and supplemented, Law no. 241/2005 , as amended, and the offences provided by this law in the last 5 years prior to the opening of the procedure ... k) a certificate of admission to trading on a regulated securities market or other financial instruments issued; ... l) a declaration by which the debtor shows whether he is a member of a group of companies, specifying them; ... m) proof of the unique registration code; ... n) proof of notification of the competent fiscal body ... (2) The documents provided in par. ((1) shall be submitted with the request for the opening of the proceedings or, at the latest, until the court date set by the syndic judge. Non-submission of the documents provided in ((1) lit. a)-g), k), l), m) attract the rejection of the application for the opening of the procedure, except in the cases provided for in 38 38 para. ((2) lit. c) and d), and the case in which the request for the opening of the proceedings is made by the liquidator appointed in the liquidation procedure provided for by Law no. 31/1990 , republished, with subsequent amendments and completions. Failure to submit the documents referred to in h), i) and j) is sanctioned with the fall from the right to submit a reorganization plan. ... + Article 68 (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. 70 70, 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 69 The debtors, legal entities, who in the last 5 years, prior to the opening decision of the procedure, have been subject to a judicial reorganization procedure. + Article 70 ((. Any creditor entitled to request the opening of the proceedings provided for in this Title may introduce an application for the opening of proceedings against an insolvency debtor, in which he shall specify: ... a) the amount and basis of the claim ... b) the existence of a right of preference, 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 acts of constitution of the cases of preference. The creditor will also submit proof of the debtor's unique registration code. ... (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, through the registry service, shall verify, ex officio, on the date registration, the existence of the file pending and will record the application to the existing The syndic judge will determine the fulfilment of the conditions relating to the minimum amount of the claims, in relation to the sum of the claims of all creditors who have made applications and in compliance with the threshold values provided for in this Title, and communicate the debtor's requests. ... ((4) The creditors shall record the request for the opening of the procedure directly in the case concerning the debtor's request or, if they do not exist, in the case of which the request of another creditor has established a shorter period. ... (5) The creditor who has registered an application for the opening of the proceedings, in urgent cases, until the date of trial of the application, may request the syndic judge to pronounce an injunction ordering temporary measures, for the purpose of the suspension of operations of alienation of important patrimonial assets or rights from the debtor's estate, under penalty of nullity, as well as measures to preserve these assets. ... (6) The judgment of the application provided in par. (5) is made urgently, in the council chamber, without citing the creditor who made the request nor the debtor. The measure will be approved, until the date of resolution of the request for the opening of the procedure. The creditor may be ordered to pay a bond of up to 10% of the amount of the claim claimed, which will be used by the debtor to cover the damage caused in case of rejection of the application for the opening of the procedure. ... § § 2. Opening of the procedure and effects of opening + Article 71 (1) If the debtor's request corresponds to the conditions laid down in 66, the syndic judge will pronounce an opening conclusion of the general procedure, and if by the declaration made according to the provisions of art. 67 67 para. ((1) lit. g) the debtor shows his intention to enter the simplified procedure or falls into one of the categories provided for in art. 38 38 para. (2), the judge shall pronounce an opening of the simplified procedure. The minutes of the conclusion on the opening of insolvency proceedings shall be communicated, immediately, to the provisional judicial administrator/temporary judicial liquidator appointed by the syndic judge. ... (2) By concluding the opening of the procedure, the syndic judge will order the judicial administrator/liquidator to make the notifications provided in art. 100 100. If, within 10 days from the receipt of the notification, the creditors oppose the opening of the proceedings, the syndic judge will hold, within 5 days, a meeting to which the judicial administrator/judicial liquidator, the debtor will be quoted and creditors who oppose the opening of the proceedings, as a result of which they will suddenly settle, by a sentence, all oppositions. Admitting the opposition, the syndic judge will revoke the opening of the proceedings. ... + Article 72 (1) In the case of the application for the opening of insolvency proceedings made by the creditor, at the request of the debtor, formulated within the period provided in par. (3), the syndic judge may order, by conclusion, to the creditor the recording of a bail of up to 10% of the value of the claim, but not more than 40,000 lei. The bail will be recorded within 5 days of the communication of the measure, under penalty of rejection of the request for the opening of the procedure. ... (2) Within 48 hours from the registration of the creditor's request, the court will communicate it to the debtor and the competent fiscal body. ... (3) Within 10 days of receipt of the application, the debtor must either contest or acknowledge the existence of the state of insolvency. In the trial of the appeal, only the evidence with documents can be administered. ... (4) If the syndic judge determines that the debtor is not in a state of insolvency, he rejects the creditor's request, which will be considered as devoid of any effect from its registration. In this case, the bail will be used to cover the damage suffered by the debtor, for the bad-faith introduction of such a request, according to the disposition of the syndic judge. ... (5) In the case of acquittal, until the closing of the proceedings, of the creditor's claim which requested the opening of the proceedings, the syndic judge shall reject the application as left without object, the bail being duly returned. ... (6) If the debtor does not pay the creditor's claim until the proceedings are closed, and the syndic judge determines that the debtor is in a state of insolvency, he will grant the request for the opening of the procedure formulated by him and will open, by the sentence, either the general insolvency procedure or the simplified procedure, as the case may be. In this case, the bail will be returned to the creditor. ... + Article 73 By the opening sentence of the general procedure, the syndic judge designates a provisional judicial administrator, and in the case of the opening of the simplified procedure designates a provisional judicial liquidator, ordering the notifications provided in art. 100 100. The designation is made according to art. 45 45 para. ((1) lit. d) in conjunction with those of art. 57 57 para. ((1). Art. 60 60 remain applicable. + Article 74 Within 10 days from the opening of the procedure, the debtor is obliged to submit to the case file the documents and information provided in art. 67 67 para. ((1). + Article 75 (1) From the date of opening of the procedure, all judicial, extrajudicial actions or enforcement measures shall be suspended for the realization of claims on the debtor's estate. The exploitation of their rights can be made only within the insolvency procedure, by submitting applications for admission of receivables. Their reinstatement is only possible in the event of the abolition of the opening decision, the revocation of the opening of the proceedings or in the event of the closure of the procedure under the conditions of art. 178 178. If the decision to open the procedure is abolished or, as the case may be, revoked, judicial or extrajudicial actions for the realization of claims on the debtor's estate may be reinstated, and enforcement measures may be resume. On the date of the final stay of the opening decision, both judicial or extrajudicial action and suspended forced execution shall cease. ... (2) Not subject to the suspension of law provided in par. ((1): ... a) the remedies promoted by the debtor against the actions of a creditor/creditors started before the opening of the proceedings and neither the civil actions in the criminal proceedings directed against the debtor; ... b) judicial actions directed against codebtors and/or guarantor third parties; ... c) the extrajudicial proceedings pending before the sports commissions within the sports federations that operate according to Physical Education and Sports Law no. 69/2000 , with subsequent amendments and completions, having as object the unilateral denunciation of individual employment contracts or civil conventions of athletes and sports sanctions applicable in this situation or any other disputes having as their object the athlete's right to participate in the competition. ... ---------- Lit. c) a par. ((2) of art. 75 75 was introduced by art. unique from LAW no. 62 62 of 12 April 2016 published in MONITORUL OFFICIAL no. 295 295 of 19 April 2016. (3) Not subject to the suspension provided in par. (1) judicial actions for determining the existence and/or amount of claims on the debtor, born after the opening date of the procedure. For such actions, it will be possible to formulate, during the observation and reorganization period, a request for payment that will be analyzed by the judicial administrator in compliance with the provisions of art. 106 106 para. (1), which shall apply accordingly, without these claims being entered in the debt table. Against the measure ordered by the judicial administrator, it will be possible to appeal in compliance with art. 59 59 para. ((5), (6) and (7). ... (4) The holder of a current, certain, liquid and chargeable receivable that has been recognized by the judicial administrator or by the syndic judge according to par. ((3) and the amount of which exceeds the threshold value may apply during the period of observation of the opening of the debtor's bankruptcy proceedings if these claims are not paid within 60 days of the date of taking the measure by the judicial administrator or the judgment of the court. Art. 143 143 para. ((2) and (3) shall apply accordingly. ... (5) In the case of goods of the debtor already awarded or of the amounts preserved by enforcement proceedings until the date of opening of the procedure, the enforcement bodies will transfer the corresponding amounts to the account provided in art. 39 39 para. (2), less the fee thereof and the other execution expenses incurred; the debtor shall retain all the rights provided for by that procedure. ... ((6) The amounts from the foreclosures will be paid by the judicial administrator/judicial liquidator to the tenured creditors of the case preferably on the goods awarded within 30 days, even during the observation period. The fee and expenses related to insolvency proceedings will not be applied to these amounts. ... (7) The amounts of money existing in the debtor's account at the opening date of the procedure and on which a mortgage is constituted, as well as the cash collateral (collateral cash) will be distributed to the creditor's simple request by the judicial administrator/judicial liquidator of the titular creditor of the securities mortgage, in order to cover its chargeable claims, within 5 days from the creditor's request. In the case of amounts related to an escrow account, in case of opposition, they will be transferred to the account provided in art. 39 after verification by the syndic judge of the fulfilment of the substantive conditions of the contract. ... (8) The amounts of money existing in the debtor's account at the opening date of the procedure and on which a mortgage is constituted, as well as cash collateral (collateral cash) will be distributed to the creditor's simple request by the judicial administrator/judicial liquidator of the titular creditor of the securities mortgage, in order to cover its chargeable claims, within 5 days from the creditor's request. In the case of amounts related to an escrow account, in case of opposition, they will be transferred to the account provided in art. 39 39 para. ((2) after verification by the syndic judge of the fulfilment of the substantive conditions of the contract. ... (9) In order to ensure the resources in order to continue the current activity of the debtor during the observation period, the amounts of money that are subject to the reasons of preference provided for in this article will be used by the judicial administrator with the agreement of the title creditor. In case of refusal of this agreement, the syndic judge may authorize the use of these amounts of money, with the granting for the benefit of the creditor holder of the corresponding protection, according to the provisions of art. 87 87 para. ((3). ... + Article 76 For the application of art. 75, by the opening decision of the proceedings, the syndic judge will order its communication to the courts in whose jurisdiction is the seat of the debtor declared at the corresponding register and to all banks where the debtor has open accounts. + Article 77 (1) Any service provider-electricity, natural gas, water, telephone services or the like-has no right, during the observation period and during the reorganization period, to change, refuse or temporarily interrupt such a service to the debtor or his fortune, if he is a captive consumer, according to the law. ... (2) For the services provided under par. (1), the debtor has the obligation to pay their value, having the right to a payment term of 90 days. If the contracts that the debtor had concluded with the service providers mentioned in par. ((1) provide for a payment period of less than 90 days, it will change accordingly at the date of opening of insolvency proceedings. ... (3) Failure to comply with contractual obligations for the supply of utilities, in case of maintenance of the contract under the conditions of this law, shall entail liability for the coverage of damages to the debtor's estate and the application of a judicial fine from 10.000 lei to 30,000 lei for each violation of obligations, under the condition that the utility provider was notified in advance of the opening of the procedure, according to art. 42 42 para. ((3). Failure to remedy the obligations or non-performance of the obligation to resume the supply of utilities within a maximum of 10 calendar days from the notification received from the judicial administrator or the judicial liquidator itself a new violation and will sanction itself with a new fine. ... (4) By exception to the provisions of par. (2), if the debtor does not pay the claims born after the opening of the insolvency procedure, related to the services provided, within the period provided by par. (2), the utility provider is entitled to discontinue the provision of services. ... (5) The provision of the service will be resumed after the payment of claims born after the date of opening of insolvency proceedings. ... (6) The debtor in insolvency proceedings cannot be prevented from participating in public tenders for the reason for the opening of proceedings. ... + Article 78 (1) The titular creditor of a claim benefiting from a cause of preference may request the syndic judge, with the summoning of the committee of creditors, the special administrator and the judicial administrator, the lifting of the suspension provided in art. 75 75 para. ((1) with regard to its claim and immediate recovery, in the course of the procedure, with the proper application of the provisions of art. 154-158 and provided that the expenses provided for in art. 159 159 para. ((1) pt. 1, of the good on which the cause of preference is concerned, 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, if: 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 subset, 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) In the request for lifting the suspension the creditor must provide proof of the fact provided in par. ((1) lit. A section b), remaining to the debtor/judicial administrator or other party concerned the task of producing proof to the contrary and, respectively, the other elements. ... (4) The value of the good on which the cause of preference shall be determined shall be determined by an evaluation carried out by an appraiser designated according to the provisions of 61. ... + Article 79 The opening of the procedure suspends any limitation periods of actions provided for in 75 75 para. ((1). + Article 80 (1) No interest, increase or penalty of any kind or expense, called generic accessories, will be added to the claims born before the date of opening of the procedure, except in the situations provided in art. 103. ... ((2) If a reorganization plan is confirmed, interest, increases or penalties of any kind or 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, they are due by the time of opening the bankruptcy procedure. ... + Article 81 (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 , with subsequent amendments and completions, shall be suspended from trading with effect from the date of receipt of the communication by the Financial Supervisory Authority. ... (2) On the date of receipt by the Financial Supervisory Authority the communication on the entry into the bankruptcy procedure intervenes the withdrawal of securities from the regulated market on which they are traded. ... + Article 82 (1) The debtor has the obligation to make available to the judicial administrator/judicial liquidator and the creditor holding at least 20% of the total value of the claims contained in the definitive table of claims all information and documents appreciated as necessary with regard to its activity and wealth, as well as the list of payments made in the last 6 months prior to the opening of the procedure and the patrimonial transfers made in the 2 years prior to the opening sanction of lifting the right of administration. ... (2) For the non-making available to the judicial administrator/judicial liquidator of the information and documents by the responsible persons, the syndic judge will make the application of the fine provided in art. 60 60 para. ((2), accordingly. ... + Article 83 (1) After the final stay of the opening decision, all the documents and correspondence issued by the debtor, the judicial administrator or the judicial liquidator shall include, on a mandatory basis and with visible characters, in Romanian, English and French, the mention "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 words "in judicial reorganisation", "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". ... (3) If the debtor owns or manages one or more websites, his or her 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. ... (4) Prejudice suffered by good faith third parties as a result of non-compliance with the obligations provided in par. (1)-(3) will be repaired exclusively by persons who have concluded the acts as legal representatives of the debtor, without having reached the debtor's fortune. ... + Article 84 (1) Apart from the cases provided in art. 87, those authorized by the judge-syndic or endorsed by the judicial administrator, all acts, operations and payments made by the debtor after the opening of the procedure are void of law. ... (2) The special administrator appointed in an insolvency procedure shall be responsible for violating the provisions of art. 87, the syndic judge, at the request of the judicial administrator, of the meeting of creditors, made by the chairman of the committee of creditors or by another creditor appointed by it, or at the request of the creditor holding 50% of the value of entered at the credit table, being able to order that part of the liability thus produced be borne by the special administrator, without exceeding the damage in relation to causality with the acts or operations thus carried out. ... (3) 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 proceedings, specifying the nature and value of the to them, as well as the identification data of the co-contractors. ... + Article 85 (1) The opening of the procedure raises the debtor the right of administration, consisting of the right to conduct his activity, to manage his assets and to dispose of them if he has not declared his intention to reorganize, under the conditions of art. 67 67 para. ((1) lit. g). The lifting of the right of administration shall also be ordered if the debtor has not declared his intention to reorganize within the period provided for in art. 74. ... (2) Except as expressly provided by law, the provisions of par. ((1) are also applicable in relation 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 conditions for exercising the management of the debtor's activity. ... (4) The right of administration of the debtor shall cease by right on the date on which the opening of the 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 the right of administration, provided that the continuing losses from the debtor's estate or the 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 86 (1) By sentence or, as the case may be, the conclusion having as effect the lifting of the right of administration, the syndic judge will give provisions to all banks to which the debtor has opened accounts not to dispose of amounts without an order of the administrator judicial/judicial liquidator. The judicial administrator/judicial liquidator will urgently communicate to banks the establishment of this ban. ... (2) The violation of the prohibition communicated by the judicial administrator/judicial liquidator attracts the banks ' liability for the damage created, as well as a judicial fine from 4,000 lei to 10,000 lei. ... + Article 87 (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. 67 67 para. ((1) lit. g), 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 provided 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. If a certain operation that exceeds the current activity is recommended by the judicial administrator, and the proposal is approved by the creditors ' committee, it will be compulsorily fulfilled by the special administrator. If the work is conducted by the judicial administrator, the operation will be carried out by him with the approval of the creditors ' committee, without the need for the special administrator's request. ... ((3) In the case of proposals for the alienation of assets from the debtor's wealth encumbered by preference causes, the titular creditor shall have the following rights: ... a) the right to benefit from a proper protection of his claim, according to the provisions of art. 78 78; ... b) the right to benefit from distributions of amounts under the conditions of art. 159 159 para. ((1) pt. 3 3 and art. 161 161 section 1, given that it cannot benefit from a proper protection of the claim, benefiting from a cause of preference, according to the provisions of art. 78. ... (4) Finances granted to the debtor during the observation period in order to carry out the current activities, with the approval of the meeting of creditors, benefit from the priority of the refund, according to the 159 159 para. ((1) pt. 2 or, as the case may be, according to the 161 161 section 2. This financing will be guaranteed, mainly, by affecting some goods or rights that are not the subject of preference causes, and in the alternative, if there are no such goods or rights available, with the agreement of the beneficiary creditors of those cases of preference. If the agreement of these creditors will not be obtained, the priority of restitution of these claims, provided by art. 159 159 para. ((1) pt. 2, will diminish the indestulation regime of the beneficiary creditors of the preference causes, proportionally, by reference to the entire value of the goods or rights that form the object of these causes of preference. In the case of non-existence or failure of property to be encumbered by causes of preference in favour of creditors granting funding during the period of observation in order to carry out the current activities, for the unsecured part of the claim, they will benefit from priority according to art. 161 161 section 2. ... + Article 88 If at the time of opening the procedure a right, act or legal fact had not become opposable to third parties, registrations, transcripts, intabulations and any other specific formalities necessary for this purpose, including those ordered during a criminal trial in the purpose of special and/or extended confiscation, carried out after the opening date of the procedure, shall be without effect to creditors, unless the application or referral, legally formulated, has been received by the court, the authority or the institution jurisdiction at the latest on the day leading up to the opening decision. Entries made in violation of this article radiate from law. + Article 89 (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, according to the conditions resulting from the understanding of the parties, being recognized as the basis for the application of the claim in the procedures provided for in this chapter. ... (2) The only obligation, if there is in the contract, as a result of the achievement of a bilateral compensation-netting-under the conditions laid down by a qualified financial contract, of a party to the contract will be to provide the net obligation, respectively the amount of payment or the obligation to make, 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 by a qualified financial contract, of a party to the contract, will be to receive the net right, namely the payment amount or the obligation to do, 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. 117 117 para. ((2) lit. g), the judicial administrator/judicial liquidator or, as the case may be, the court cannot prevent, ask for annulment or decide to open operations with derivatives, including carrying out a netting agreement, made under a qualified financial contract. ... + Article 90 (1) The opening of insolvency proceedings does not affect the right of any 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 date opening procedure. The compensation can also be found by the judicial administrator or judicial liquidator. ... (2) Provisions of para. ((1) shall also apply accordingly to reciprocal claims born after the date of opening of insolvency proceedings. ... + Article 91 (1) The goods disposed of by the judicial administrator or the judicial liquidator, in the exercise of his duties provided for by this law, are acquired free of any tasks, such as privileges, mortgages, gajes or retention rights, seizure, of any way. The precautionary measures ordered in the criminal proceedings for special confiscation and/or extended confiscation are exempted from this regime. ... (2) By exception to the provisions of art. 885 885 para. (2) of the Civil Code, the deletion from the land book of any tasks and prohibitions provided in par. ((1) is made under the act of alienation signed by the judicial administrator or judicial liquidator. ... + Article 92 (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. ... (2) The report shall indicate whether the debtor falls within the categories provided for in art. 38 38 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 submits the proposal provided in par. (2), regarding the bankruptcy of the debtor in the simplified procedure, the debate of the parties in the public meeting, within 15 days from the receipt of the report of the judicial administrator. ... (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. 145 145 para. ((1) lit. D. ... + Article 93 Subsequent to the entry into the simplified procedure, if the documents provided in art. 67 67 para. ((1) lit. b)-f) and l) are not presented by the debtor, the designated judicial liquidator will reconstruct, as far as possible, those documents, the expenses thus incurred to be borne from the debtor's estate. + Article 94 For the speed of insolvency proceedings, under the conditions of art. 38 38 para. ((2) lit. c), the court may determine, for the creditor who requested the opening of insolvency proceedings or the designated judicial administrator, duties regarding the presentation of evidence with documents, written relations, may request for questioning the persons identified as being part of the management 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 95 When registered in the corresponding register the debtor is no longer active, and the creditor who has entered the application for the opening of the proceedings does not know another establishment, working or business point and after listening to the report of the judicial administrator, provided for in 97, which finds that the debtor is found in one of the categories provided for in art. 38 38 para. ((2) lit. c), 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 BPI. + Article 96 In the application of the provisions of this law, the judicial administrator will request relations regarding the main office of the company, the working points or other locations in which the debtor's assets are located or its activities are carried out, as well as data on the administration of the company, relations on property assets and documents relating to the company's activity from the authorities holding or might have the information requested. They will issue the requested information without charging any fees, fees or commissions, provided by other normative acts related to these activities. + Article 97 (1) The judicial administrator/Judicial 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, 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. At the reasoned request of the judicial administrator or the judicial liquidator, in cases of high complexity, the term may be extended by the syndic judge for a maximum period of 40 days. ... (2) If the debtor does not fall within the categories provided for in art. 38 38 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 proposed by debtor, if, at the request of the debtor, it collaborates in the preparation of the 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, according to par. ((2), will be subject to the approval of the general meeting of creditors at its first meeting. The special administrator, without voting rights, will also be able to attend the meeting. ... (5) If the judicial administrator's report makes the bankruptcy proposal, it will publish an announcement relating to the report in the BPI, indicating the date of the first meeting of creditors, or convene the meeting of creditors, if the report will be submitted after the date of the At this meeting he will submit to the vote of the creditors the proposal for bankruptcy. ... (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 98 (1) During the meeting of the meeting of creditors referred to in 97 97 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 creditors ' meeting will approve the proposal of the judicial administrator, provided in 97 97 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 meeting of creditors of the proposal of the judicial administrator provided in 97 97 para. (2), the syndic judge will decide, by sentence, the bankruptcy of the debtor, under the conditions of art. 145 145 para. ((1) lit. D. ... (4) The provisions of par. ((1)-(3) shall not apply to the report referred to in art. 97 97 para. ((2), if, by the date of the meeting of the meeting of the creditors of approval of this report, a reorganization plan has been confirmed. ... + Section 4 First measures. Preparation of the debt table. Appeals + Article 99 (1) Following the opening of the procedure, the judicial administrator will send a notification to all the creditors mentioned in the list submitted by the debtor according to the 67 67 para. ((1) lit. c) or, as the case may be, 74, the debtor and the office of the trade register or, as the case may be, the register of agricultural companies or 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 Code of Civil Procedure and will also be published at the expense of the debtor's estate, in a newspaper of wide circulation and in BPI. ... + Article 100 (1) The notification shall be communicated to the creditors immediately and, in any case, at least 10 days before the deadline for the registration of claims for admission of claims and shall include: ... a) the deadline for the 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. 71 71 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; ... c) the term of verification of claims, preparation and publication in the BPI 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); ... d) the deadline for finalizing the table of receivables, which will not exceed 25 days, in the case of the general and simplified procedure, from the expiry of the deadline corresponding to each procedure, provided in lett. c); ... e) the place, date and time of the first meeting of the meeting of the creditors, which will take place within 5 days from the expiry of the term provided in 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 e) for a maximum of 30 days. ... + Article 101 (1) The judicial administrator will carry out, within 60 days from the date of opening of the procedure, the procedure for the inventory of goods from the debtor's estate, based on the information received from the debtor under the conditions of art. 67 67 or 74 and/or on the basis of any information and documents requested by the competent authorities The 60-day period may be extended at the request of the judicial administrator, for thorough reasons, by the syndic judge. ... (2) If the debtor has goods subject to transcription, inscription or registration in the advertising registers, the judicial administrator/judicial liquidator shall send to the courts, to the authorities or to the institutions holding these registers a copy of the decision to open the procedure, to make mention. ... + Article 102 (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 decision of the proceedings; claims for admission of claims will be recorded in a register, which shall be kept at the court's Registry. There are previous claims and the budgetary claims found by a tax inspection report drawn up after the opening of the procedure, but which has as its object the previous activity of the debtor. Within 60 days from the date of publication in the BPI of the notification regarding the opening of the procedure, the tax inspection bodies will carry out the tax inspection and prepare the tax inspection report, according to the provisions Government Ordinance no. 92/2003 on the Fiscal Procedure Code, republished, with subsequent amendments and completions. The budgetary creditors will register the application for admission of the claim within the deadline provided for in art. 100 100 para. ((1) lit. b), following that, within 60 days from the date of publication in the BPI of the notification regarding the opening of the procedure, to register a supplement of the application for admission of the initial claim, if applicable. ... (2) The claim on the basis of which the insolvency proceedings have been opened is registered by the judicial administrator, on the basis of the supporting documents attached to the application for the opening of the proceedings and following the verification, without the need to submit an application for admission, according to para. ((1), except where accessories are calculated up to the date of opening of the procedure. ... (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 admitted to the credit table and will be entitled to participate in distributions of amounts to the extent permitted by this title. ... (5) The right to vote and the right to distribution of the holders of the claims under the suspensive condition at the time of the opening of the proceedings, including the holders of the claims whose recovery is subject to the prior execution of the main debtor, are born only after the condition has been fulfilled. ... (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 after the date of opening of the bankruptcy proceedings. ... (7) If the bankruptcy procedure is opened after the observation or reorganization period, the creditors will request the registration in the additional table for the claims born after the date of opening the insolvency proceedings that have not been paid. ... (8) The claim of an injured party from the criminal proceedings is under the suspensive condition, until the final settlement of the civil action in the criminal proceedings in favour of the injured party, by submitting an application for admission of the claim. If the civil action in the criminal proceedings is not completed until the insolvency proceedings are closed, either as a result of the reorganization plan's success or as a result of the liquidation, any claims resulting from the criminal proceedings will be covered by the estate of the reorganized legal person or, if applicable, from the amounts obtained from the action in attracting the patrimonial liability of persons who contributed to bringing the legal person into insolvency, according to the provisions art. 169 169 and the following. ... (9) All claims presented to be admitted and registered at the court Registry will be presumed valid and correct if not challenged by the debtor, the judicial administrator or creditors. ... + Article 103 The beneficiary claims of a case of preference shall be entered in the definitive table up to the market value of the guarantee established by the assessment, ordered by the judicial administrator or by the judicial liquidator, carried out by a designated assessor Art. 61. If the valorisation of the assets on which the cause of preference is to be made at a price higher than the amount entered in the definitive table or in the consolidated definitive table, the favourable difference will be returned to the guaranteed creditor, even if a part of the claim was registered as a chirographic claim, until the coverage of the main claim and the accessories that will be calculated according to the documents from which the claim results, until the date of recovery of the good. This provision also applies to the failure of the plan to reorganize and sell the property in bankruptcy proceedings. + Article 104 (1) The application shall include: the name/name of the creditor, the domicile/premises, the amount due, the basis of the claim, as well as mentions of the possible causes of preference. ... (2) On request, the supporting documents of the claim and the acts of establishment of preference cases will be attached, at the latest within the deadline set for the submission of the application for admission of the claim. ... (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. ... + Article 105 (1) All claims shall be subject to the verification procedure provided for in this Chapter, with the exception of receivables found by enforceable court decisions, as well as by arbitral enforceable judgments. If these court or arbitral decisions are annulled, scrapped or altered in the remedies, the judicial administrator/judicial liquidator will replenish the debt table accordingly. If the court, annulling or casing the judgment, does not unbind and the inferred court, the judicial administrator or the judicial liquidator will proceed with the verification of that claim, notifying the creditors in the case of the total non-enrolment or partial of the claim, according to art. 110 110 para. ((4). In the latter case, against the measure of partial registration or non-registration in the table of that claim, creditors may appeal under the conditions of art. 59 59 para. ((5). ... (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) The receivables from leases, terminated before the date of opening of insolvency proceedings, will be registered as follows: ... a) if the property of the goods subject to the lease is transferred to the debtor, the financier will acquire a legal mortgage on those goods, having rank equal to that of the original leasing operation, and his claim will be registered according to art. 159 159 para. ((1) pt. 3 3; ... b) if the goods covered by the leasing contract are recovered, will be registered, benefiting from the priority order provided in art. 161 161 section 8 8, if there are no other goods to confer to the holder the quality of creditor benefiting from a cause of preference, only the difference between the value of the entire claim and the market value of the goods covered by the lease by an independent assessor; ... c) if one or more of the recovered goods were capitalized by the leasing company until the date of drawing up the preliminary table of the receivables, for them it will be deducted from the total of the receivable to register the price obtained from the sale. ... (4) Within the framework of the ongoing financial leasing contract at the opening date of the procedure and maintained, under the conditions of 123 123 para. ((12), the current claims will not be entered in the debt table, being paid at maturity. For the previous rates entered in the table, they will follow the legal regime of claims provided in art. 159 159 para. ((1) pt. 3. If all the current claims were paid and all other obligations born after the opening of the procedure were paid, will operate the transfer of the ownership to the debtor on the property subject to the lease financial, in which case, for the previous rates entered in the table, the financier will simultaneously acquire a legal mortgage on that property, having rank equal to that of the initial leasing operation. The Judicial Administrator/Judicial Liquidator will notify the financier of the fact that he has operated the transfer of ownership and will carry out the mention in the relevant advertising registers regarding the maintenance of the claim rank financier. ... + Article 106 (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) If, by way of derogation from the provisions of art. 2.512 and the following of the Civil Code, the judicial administrator/judicial liquidator finds that the extinguishing prescription of the claim has intervened, will notify the creditor in this regard, without making any further background checks of the claimed claim. ... (3) 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 debtor, asking him, if he considers it necessary, additional information and documents. ... + Article 107 (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/judicial liquidator and entered in the debt table with the nominal value which they had at the time of opening the procedure The syndic judge will decide on any challenge against the calculation made by the judicial administrator/judicial liquidator for such claims. ... (2) The receivables expressed or consolidated in foreign currency will be recorded in the preliminary table at their value in lei, at the rate of the National Bank of Romania existing at the date of opening of insolvency proceedings. ... + Article 108 (1) A claim of a creditor with several joint debtors shall be entered in all the debt tables of the debtors with the nominal value, until it is fully covered. All tables will be updated accordingly with the amounts distributed. ... (2) If the claims have been extinguished or modified, in whole or in part, a corresponding amendment of the debt table will be made, as the case may be. With the convener of the creditors ' meeting will also be published the table of creditors updated with the amounts extinguished or modified during the procedure. With the appeal of the assembly's minutes, creditors will be able to challenge under the same terms and conditions and the table thus published. ... + Article 109 (1) A creditor who, prior to the registration of an application for admission of receivables, 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 that he hasn't cashed in yet. The creditor has the obligation to report any amount collected, within 3 days from the time of collection. ... (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 cause of preference, compete at the credit table, in order to make possible the realization of this right, 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 110 (1) As a result of the checks made, the judicial administrator/judicial liquidator will draw up and register at the court a preliminary table including all claims against the debtor's estate with the mentions provided in art. 5 5 section 68. ... (2) At the receivables benefiting from a cause of preference shall be shown the title from which the right of preference arises, its rank and, if applicable, the reasons why the claims were partially passed in the table or have been removed. ... (3) The preliminary table of claims will also be published in the BPI. After publication, creditors enrolled in the preliminary table of receivables can participate in the meetings of creditors. ... (4) With the publication of the table in the BPI, the judicial administrator/judicial liquidator will immediately send notices to creditors, whose claims or preference rights have been partially passed in the preliminary table of claims or removed, also stating the reasons. ... + Article 111 (1) The debtor, creditors and any other interested party will be able to make appeals against the table of claims, with regard to past claims and rights or, as the case may be, insurmountable by the judicial administrator/judicial liquidator in the table. ... ((2) Appeals must be submitted to the court within 7 days of publication in the BPI of the preliminary table, both in the general procedure and in the simplified procedure. ... (3) Under the sanction of cancellation, the appeal will be accompanied by the proof, in original, of the stamp duty payment, as well as by all the documents on which the party understands to use in proving its claims, with the showing of any other evidence that is requests, except those who are not in possession of the party or are not known at the time of the appeal. ... (4) The party that makes the appeal sends, with acknowledgement of receipt, one copy of the appeal and of the documents accompanying the judicial administrator/liquidator, the creditor whose claim is contested, as well as special administrator. If this obligation has not been complied with, the syndic judge will be able to apply, ex officio, a fine under the conditions of the Civil Procedure Code. ... ((5) The meeting shall be submitted within 10 days from the date of communication of the appeal and of the documents accompanying it. A copy of the meeting shall be communicated, with acknowledgement of receipt, by the party that formulates the meeting and the objector, the judicial administrator/the judicial liquidator and the debtor, under the sanction provided by art. 208 208 para. ((2) of the Code of Civil Procedure. ... (6) At the time limit set by the opening sentence of the procedure for the completion of the debt table, the syndic judge will at once settle, by a single sentence, all appeals, even if for the resolution of some it would take administration of evidence; in the latter case, the syndic judge may, in whole or in part, admit the registration of those claims provisionally in the definitive table. the exception of the right to collect the proposed amounts for distribution. They will be recorded in the single account until the claim is finalized. ... (7) If the claim is admitted without the right preference, it will participate in the repartitions of the amounts obtained from the valorization of unencumbered goods of preference causes. ... (8) Of the amounts that would be obtained from the valorization of the goods subject to the right of preference challenged, the part that would be due to that claim will be recorded. ... + Article 112 (1) After all claims to the claims have been resolved and the guarantee assessment report has been handed over, the judicial administrator/judicial liquidator will, immediately, register with the court and publish in the BPI the definitive table of all claims against the debtor's estate, showing the amount, priority and situation of each claim, beneficiary or not a cause of preference. ... (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) The maximum duration of the observation period is 12 months, calculated from the date of opening of the procedure. In order to comply with this term the syndic judge will be able to apply the provisions 113 113 para. ((4) properly. ... + Article 113 (1) After the expiry of the deadline for filing appeals, provided for in art. 111 111 para. ((2), and until the closure of the procedure, any interested party may appeal against the entry of a claim or a right of preference in the definitive table of claims or in the updated tables, in the event of the discovery of the existence of a forgery, an essential error or 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 appeal shall be submitted within 15 days from the date on which the party has known or should have known the situation that determines the promotion of the appeal. ... (3) The appeal will be made in compliance with the provisions of art. 111 111 para. ((4). ... (4) Until the final 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 114 ((1) Unless the notification of the opening of the procedure was made in violation of the provisions of art. 42, 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 100 100 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. ... (2) The adjudication will be found by the judicial administrator/judicial liquidator, who will no longer register the creditor in the creditors ' table. ... + Section 5-a Situation of legal acts of the debtor § § 1. General issues + Article 115 ((. All actions brought by the judicial administrator or the judicial liquidator in application of the provisions of this Chapter, including for the recovery of claims, shall be exempt from stamp duty. ... (2) The operations of publication in the BPI of the procedural documents issued by the courts or judicial administrator/judicial liquidator in the framework of the insolvency proceedings shall be carried out free of charge. ... ((3) The procedural documents issued by the judicial administrator/judicial liquidator who, according to the present law, are also subject to the advertising formality through the commercial register, together with the advertising through BPI, shall be submitted to the BPI, and the registration in the commercial register will be operated ex officio free of charge. ... + Article 116 The measures provided for in this Section shall apply both to the judicial reorganisation and to the bankruptcy proceedings as a result of its triggering in the general or simplified procedure. § § 2. Cancellation of fraudulent acts + Article 117 (1) The judicial administrator/Judicial liquidator may introduce to the syndic judge actions for the cancellation of fraudulent acts or operations of the debtor at the expense of creditors ' rights, in the 2 years prior to the opening of the procedure. ... (2) The following acts or operations of the debtor may be cancelled, for the return of the transferred goods or the value of other performances executed: ... a) free transfer documents, carried out in the 2 years prior to the opening of the procedure; sponsorships for humanitarian purposes are exempted; ... b) operations in which the debtor's performance exceeds the one received, carried out in the 6 months prior to the opening of the procedure; ... c) acts concluded in the 2 years prior to 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 6 months 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 of a right of preference for a claim that was chirographic, in the 6 months prior to the opening of the procedure; ... f) anticipated payments of debts, made in the 6 months preceding the opening of the procedure, if their maturity had been fixed for a date after the opening of the ... g) the transfer documents or the assumption of obligations made by the debtor in a period of 2 years prior to the date of opening of the procedure, with the intention to hide/delay the state of insolvency or to defraud a creditor. ... (3) The provisions of par. ((2) 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 as to lead, reasonably, at the financial recovery of the debtor and shall not be aimed at prejudicing and/or discriminating against creditors. The above provisions also apply to legal acts concluded in the framework of the procedures provided for in Title I. ... (4) The following acts or operations, concluded in the 2 years preceding the date of opening of the procedure with persons in legal relations with the debtor, will also be able to be cancelled and the benefits recovered: ... a) with an associate ordered or with an associate holding at least 20% of the capital of the company or, as the case may be, of the voting rights in the general assembly of the associates, in the event that the debtor is that company in the order, namely a company agricultural, 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, if the debtor is the respective company on shares; ... 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 position of control over the debtor or his activity; ... f) with a co-owner or devalmas owner on a common good; ... g) with the spouse, relatives or afinii to the fourth degree inclusive, of the individuals listed in lett. a)-f). ... + Article 118 (1) The action for the cancellation of fraudulent acts concluded by the debtor at the expense of creditors, provided in art. 117, may be introduced by the judicial administrator/judicial liquidator within one year from the expiry date of the deadline set for the preparation of the report provided for in art. 97, but not later than 16 months after the opening date of the procedure. In case of admission of the action, the parties will be reinstated in the previous situation and the existing tasks at the transfer date will be resubmitted. ... (2) The creditors ' committee may introduce such an action to the syndic judge, if the judicial administrator/judicial liquidator does not. ... (3) It may 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. ... + Article 119 It will not be possible to request the cancellation of an act of constitution or transfer of a patrimonial character, made by the debtor during the normal conduct of his current activity. + Article 120 (1) The land acquirer in a patrimonial transfer, cancelled according to the provisions of art. 117, will have to refund the debtor's wealth transferred or, if the property no longer exists or there are impediments of any nature for its takeover by the debtor, the third party will refund its value from the date of the transfer made by to the debtor, established by the expertise carried out under the law. In case of refund, the parties will be reinstated in the previous situation so that the tasks existing at the time of the transfer will be re-entered. ... (2) The acquirer land, which returned to the debtor the property of the good or the value of the good that had been transferred by the debtor, will have against the debtor's wealth an amount equal to the price paid, which can be added at most the value increase of the good, determined by any investments made by him, 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. At its request, the acquirer of good faith will be entered in the debt tables with the claim born following the return of the good or its value to the debtor's estate according to this article and will be able to participate in appropriate distributions Art. 161 161 section 4. The newfound land of bad faith will be entitled to receive only the price paid and will be able to participate in distributions of amounts according to the provisions of art. 161 161 section 10 lit. a). The faith-belief of the acquiring third must be proven. ... (3) If the third party acquirer does not return the good or its value willingly or by way of a transaction, its claim, born under par. (2), it can be claimed only on the way of the counterclaim made within the action directed against it according to the provisions of art. 117. ... (4) 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 121 (1) The judicial administrator, the judicial liquidator, the creditors ' committee or the creditor holding more than 50% of the value of the receivables entered at the credit table will be able to bring action to recover from the subacquirer the good times the value the good transferred by the debtor, only if the sub-acquirer did not pay the corresponding amount of the property and knew or had to know that the initial transfer was liable to be cancelled. It will be able to claim from the debtor only the value of the value increase determined by the investments it has made and will benefit, for this purpose, from all procedural rights due to the right-faith acquiring third party Art. 120 120 para. ((2) and (3) and art. 161 161 section 10 lit. a). ... (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 122 (1) The application for the cancellation of an act of incorporation or transfer of a patrimonial character shall be noted, ex officio, in the related advertising registers. ... ((2) A person obtaining a title or acquiring a right of preference over that property after making such a notaries shall have the title or his right or conditional right to be recovered the good. ... (3) Regarding the acts and operations provided for in art. 117 117 para. (2) A relative presumption of fraud is established at the expense of creditors. ... (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. 117. ... (5) The procedural legitimization active in the actions for annulment provided in art. 117 belongs to the judicial administrator/judicial liquidator, in the case provided in art. 118 118 para. (2), the committee of creditors, and in the case provided by art. 118 118 para. ((3), to the creditor holding more than 50% of the value of the receivables entered at the credit table. ... (6) They have passive procedural quality in the actions for annulment provided in art. 117 the debtor and, where applicable, the acquiring third party or the undertaker. The debtor will be quoted as a defendant by the special administrator or by special curator, according to the provisions of art. 53 53 para. ((3). ... (7) From the date of opening of insolvency proceedings, the cancellation of acts concluded by the debtor in the 2 years prior to the opening of insolvency proceedings, for the reason of fraud at the expense of creditors, can be made exclusively by means of provided in art. 117. ... § § 3. Situation of ongoing contracts + Article 123 (1) The ongoing contracts shall be considered maintained at the opening date of the procedure, art. 1.417 of the Civil Code not applicable. Any contractual clauses to abolish the contracts in progress, to fall for the benefit of the term or to declare the anticipated chargeability for the reason for the opening of the procedure are void. The provisions relating to the maintenance of ongoing contracts and the nullity of termination or acceleration clauses are not applicable in respect of qualified financial contracts and bilateral clearing operations on the basis of a qualified financial contract or a bilateral netting agreement. In order to increase the value of the debtor to the maximum, within a limitation period of 3 months from the date of opening of the procedure, the judicial administrator/judicial liquidator may denounce any contract, non-expired rentals, other long-term contracts, as long as these contracts have not been fully or substantially executed by all parties involved. The judicial administrator/Judicial liquidator must respond, within 30 days of receipt, to the notification of the contractor, made within the first 3 months of the opening of the procedure, asking him to denounce the contract; in the absence of a such response, the judicial administrator/judicial liquidator will no longer be able to ask for the 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 co-contractor regarding the termination of the contract, if the judicial administrator/judicial liquidator does not ... b) on the date of notification of denunciation by the judicial administrator/judicial liquidator. ... (2) If he requests the execution of the contract, the judicial administrator/judicial liquidator shall specify quarterly, within the activity reports, whether the debtor has the money funds necessary to pay the value of the goods or benefits provided by the co-contractor. ... (3) The debtor shall decline for the benefit of the term if, within the first 3 months from the date of the opening of the procedure, the co-contractor shall notify the judicial administrator of the intention to denounce the contract or Subsequent to the maintenance of the contract, the co-contractor may request its termination for the debtor's fault, the resolution of the request being made by the syndic ... (4) In case of denunciation of a contract, an action for damages may be brought by the co-contractor against the debtor and shall be settled by the syndic judge. The rights established in favour of the co-contractor following the exercise of the action in compensation will be paid to him according to the 161 161 section 4, on the basis of the judgment under which they were recognised, remained final. ... (5) During the period of observation, with the agreement of the co-contractors, the judicial administrator will be able to modify the terms of the contracts concluded by the debtor, including the credit agreements, so that they ensure the equivalence of future Benefits. Any requests made pursuant to art. 1.271 of the Civil Code will be solved by the syndic judge. ... (6) If the seller of a good has retained the title until the full payment of the price of the sale, the sale will be considered executed by the seller and will not be subject to the provisions of par. (1), the reserve being opposable to the judicial administrator/judicial liquidator if the advertising formalities provided by law were carried out. The good on which the seller retained the title of property enters the debtor's estate, and the seller benefits from a cause of preference, according to art. 2.347 of the Civil Code. ... (7) A contract of employment or rental, as a lessee, can be denounced only in compliance with the legal notice periods. ... (8) After the date of opening of the procedure, the dissolution of individual employment contracts of the debtor's staff will be able to be made urgently by the judicial administrator/judicial liquidator. The Judicial Administrator/Judicial Liquidator will only grant the fired staff the legal notice period. Where the provisions are relevant Law no. 53/2003 -Labor Code, republished, with subsequent amendments and completions, in terms of collective dismissal, the deadlines provided by art. 71 71 and art. 72 72 para. ((1) of Law no. 53/2003 , republished, with subsequent amendments and completions, shall be reduced by half. ... (9) In a contract providing for periodic payments from the debtor, the maintenance of the contract will not oblige the judicial administrator/judicial liquidator to make outstanding payments for the periods prior to the opening of the procedure. For such payments, an application for admission of the claim against the debtor may be made. ... ((10) In order to maximize the debtor's wealth or if the contract can no longer be executed, the judicial administrator will be able to assign the contracts in progress to third parties, provided that those contracts have not been concluded intuitu personae, according to the Civil Code. ... ((11) In case of termination of financial leasing contracts by the financier, he/she will be able to opt for one of the following options: ... a) transfer of ownership of the goods subject to the lease, to the debtor, in which case the financier acquires a legal mortgage on those goods, having rank equal to that of the leasing operation, and is registered at the table credit, according to the order of priority provided in art. 159 159 para. ((1) pt. 3, with the value of the rates and accessories outstanding invoiced and unpaid at the time of the opening of the procedure, plus the rest of the amounts due, under the lease, without being able to exceed the market value of the goods, established by an independent assessor, according to art. 61 61; ... b) the recovery of the goods that are the material subject of the lease, and the financier will be registered at the credit table according to the provisions of 161 161 section 8 8, if there are no other goods to confer to the holder the quality of creditor who benefits from a cause of preference, with the value of the outstanding rates and accessories invoiced and unpaid at the time of the opening of the procedure, plus the remaining the amounts due under the lease minus the market value of the recovered goods, established by an independent assessor, according to the provisions of art. 61. ... (12) By exception to the provisions of par. (1) sentence I, in the case of the financial leasing contract, if the financier does not express, within 3 months from the date of opening of the procedure, the express agreement for the maintenance of the contract, he shall be denounced at the expiry date of this term If, at the same time, the financier submits to the judicial administrator a notification requiring him to denounce the contract, he shall be deemed to be denounced on the expiry of a period of 30 days from the date of receipt of the notification by the judicial administrator. In order to maximize the debtor's wealth, the judicial liquidator may denounce any financial leasing contract, the contract being denounced on the date of notification of the denunciation by the judicial administrator/judicial liquidator. ... + Article 124 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/judicial liquidator asks 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 125 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 126 If a commission that holds securities for goods to be received or for the goods becomes the subject of an application for insolvency proceedings, the principal will be entitled to take back his or her titles or to demand that the value to be paid by the commission. + Article 127 (1) If a debtor holds the goods as a consignor or any other good belonging to another at the time of opening the procedure, the owner will have the right to recover his good according to the provisions of art. 2.057 2.057 para. ((4) of the Civil Code, unless the debtor has a cause of preference valid on the good. ... (2) If on one of the data provided 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 128 The fact that an owner of a rented building is a debtor in this procedure will not abolish the lease, unless the rent is lower than the rent charged by the market. However, the judicial administrator/judicial 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 129 The judicial administrator/Judicial liquidator may denounce, under the conditions of art. 123 123 para. (1), the contracts by which the debtor has obliged to carry out certain specialized or strictly personal services. + Article 130 (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 attract the dissolution of that company, the judicial administrator/judicial 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 an 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 131 (1) Obligations resulting from a bilateral promise of sale 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/judicial liquidator at the request the promise-buyer, if: ... a) the contractual price has been paid in full or can be paid on the date of the application, and the good is in the possession of the promising-buyer ... b) the price is not inferior to the market value of the good; ... c) the good does not have a determining importance for the success of a reorganization plan; ... d) in the case of buildings, the promises are noted in the Land Registry. ... (2) In order to be able to conclude the sales contract with the promised buyer under the conditions of art. 91 91 para. (1), in advance, the judicial administrator or the judicial liquidator will ensure compliance with the following rights for the creditors holders of claims that benefit from causes of preference on the goods to be trained according to par. ((1) and have registered that right in the advertising registers provided by law before the date of conclusion of the bilateral sale promise: ... a) the right to benefit with priority from any amounts collected in the debtor's estate under the sales contracts concluded under the conditions of par. (1), according to art. 159 159. ... b) the right to benefit from a measure to ensure adequate protection, namely one of the following measures: ... 1. the receipt of an amount representing the maximum market value of the good from which the expenses provided by art are deducted. 159 159 para. ((1) pt. 1 1; 2. receipt of a real security with a value equal to the market value of the good established in the procedure, through an updated evaluation report that will be drawn up by an assessor designated according to the provisions of art. 61 61; 3. receipt of a bank guarantee letter for an amount equal to the market value of the good established in the procedure, but not more than the value of their claim recorded in the debt table in force. (3) The proposal of the measure referred to in ((2) lit. b) will be made by the judicial administrator/judicial liquidator by the activity report proposing the measure of sale and shall be notified to the beneficiary creditor of a cause of preference. ... + Section 6 Reorganisation § § 1. Plan + Article 132 (1) The following categories of persons will be able to propose a reorganization plan: ... a) the debtor, with the approval of the general meeting of the shareholders/associates, within 30 days from the publication of the definitive table of receivables, provided that the reorganization intention is formulated according to art. 67 67 para. ((1) lit. g), if the procedure was triggered by him, and within the period provided by art. 74, 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 completion of a period of 30 days from the date of publication of the definitive table of receivables; ... c) one or more creditors, holding together at least 20% of the total value of the claims contained in the definitive table of claims, within 30 days of its publication; the judicial administrator is obliged to make available The information existing and necessary to draw up the plan. In this regard, the debtor, by special administrator, or the judicial administrator, in so far as the latter holds them, if the right of administration has been raised to the debtor, have the obligation that, within a maximum of 10 days of receipt the request, to provide the creditor with the documents and information provided by art. 67 67 para. ((1) lit. a), b) and e), updated accordingly to the submission of the definitive table of claims. It will be made available to the creditor and the list of all claims born during the procedure, as well as any other requested documents, which are useful for the drafting of a reorganization plan. ... (2) At the request of any interested party or judicial administrator, the syndic judge may extend by a maximum of 30 days, for thorough reasons, the deadlines for submitting the plan 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) It may not propose a plan to reorganize the debtor who, within a period of 5 years prior to the formulation of the introductory applications, was also the subject of the procedure established under this law and neither the debtor who, himself, the administrators, the directors and/or its shareholders/associates/associates who have control over him, have been definitively convicted of committing an intentional crime against heritage, corruption and service, of forgery, as well as for the offences under Law no. 22/1969 ,, as amended, Law no. 31/1990 , republished, with subsequent amendments and completions, Accounting Law no. 82/1991 , republished, with subsequent amendments and completions, Competition law no. 21/1996 , republished, Law no. 78/2000 , as amended and supplemented, Law no. 656/2002 , republished, as amended, Law no. 571/2003 , as amended and supplemented, Law no. 241/2005 to prevent and combat tax evasion, with subsequent amendments and completions, and the crimes provided by this law, in the last 5 years prior to the opening of the procedure. ... (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 133 (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. Claims made as beneficiaries of a case of preference in the definitive table of receivables may be interest-bearing and other accessories. ... (3) The execution of the reorganization plan shall not exceed 3 years, calculated from the date of confirmation of the plan. 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. ... (4) The reorganization plan will mention: ... a) the categories of claims which are not disadvantaged within the meaning of this Title; ... 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 on the basis of an evaluation report, prepared by an assessor designated according to the provisions of art 61 61; ... e) the method of acquittal of current claims. ... (5) The plan will specify appropriate measures for its implementation, such as: ... A. the preservation, in whole or in part, by the debtor, of the management of his activity, including the right of disposition on the goods of his fortune, with the supervision of his activity by the judicial administrator designated under the law; B. obtaining financial resources to support the implementation of the plan and their sources of origin, the financing approved by the plan will benefit from priority to restitution according to the provisions of art. 159 159 para. ((1) pt. 2 or, as the case may be, according to the 161 161 section 2 2; 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 or division of the debtor, under the law, including in compliance with the obligations to notify the concentration operations, according to the competition law. In the case of division, provisions art. 241 ^ 1 para. ((3) of Law no. 31/1990 , republished, with subsequent amendments and completions, shall not apply; 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; F. partial or total liquidation of the debtor's asset in order to execute the plan. The amounts of money obtained after the sale of goods on which the case is preferred, according to the provisions of the Civil Code, will be distributed, mandatory, to the holders of those cases preferably, in compliance with the provisions of art. 159 159 para. ((1) and (2); G. modification or extinguishing of cases of preference, with mandatory granting for the benefit of the titular creditor of an equivalent guarantee or protection, according to the provisions of art 78 78 para. ((2) lit. c), until the coverage of their claim, including the interest established according to the contracts or according to the reorganization plan, on the basis of an evaluation report, with the procedure provided by art. 61 61; 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. D and E 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 securities issue it is necessary the express agreement, in writing, of the creditor who is to receive the securities issued, an agreement that is given before the vote on the reorganization plan to creditors. By exception to the provisions art. 205 205 para. ((2) of Law no. 297/2004 ,, as amended and supplemented, the operations provided for in this point are considered to be exempted operations in the sense of art. 205 205 para. ((1) of Law no. 297/2004 , with subsequent amendments and completions; K. by exception to 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 referred to in lett. D and E of some provisions: a) prohibitions the issuance of shares without the right to vote; ... b) determination, in the case of different categories of ordinary shares, of an appropriate distribution of voting between these categories; ... c) in the case of categories of preferential shares with priority dividend against other categories of shares, the satisfactory regulation of the appointment of administrators representing the respective categories of shares in the event of non-payment of the payment obligation of dividends. ... (6) By way of derogation from provisions Law no. 31/1990 , republished, with subsequent amendments and completions, and of Law no. 297/2004 , with subsequent amendments and completions, the plan proposed by the creditors or the judicial administrator may provide for the modification, without the statutory agreement of the members or associates/shareholders of the debtor, of the articles of association. ... (7) 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 134 (1) In order to vote on the reorganization plan, it may be the category of indispensable creditors, as defined in art. 5 5 section 23. The judicial administrator confirms, in whole or in part, or disproves the list of these creditors. ... (2) List of indispensable creditors, referred to in par. (1), is submitted by the debtor together with the other documents provided in art. 67 67 para. (1), the list that is attached, also mentioning their claims, to the report prepared by the judicial administrator/judicial liquidator, according to art. 97. Failure to submit this list leads to the decline of the debtor from the right to propose, in order to vote on the reorganization plan, the category of indispensable creditors. ... + Article 135 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 136 One copy of the proposed plan will be submitted to the court Registry and the register in which the debtor is registered and will be transmitted to the debtor, through the special administrator, the judicial administrator and the creditors ' committee. + Article 137 (1) The judicial administrator shall publish within 5 days from the submission of the plan an announcement regarding it in the BPI, with the indication of the one who proposed it, of the date when the plan will be voted on in the meeting of creditors, as well as the fact that it is permissible voting by correspondence. ... (2) 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 transmitted to the persons referred to in 136 in electronic format, scanned, through the care of the judicial administrator, by e-mail or by posting on its website. ... (3) 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 138 (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 be set up in separate categories, which shall vote separately: ... a) claims that benefit from preference rights; ... b) salary claims; ... c) budgetary claims; ... d) claims of indispensable creditors; ... e) the other chirographic receivables. ... (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 may vote on the reorganization plan, under the condition that the payment schedule does not provide them with any amount or offer them less than would receive in the case of bankruptcy and that any such payments be granted according to the order of priority of the subordinated claims provided in art. 161 161 section 10 lit. a). ... (6) If several reorganization plans have been proposed, then their voting will be done at the same meeting of the creditors ' meeting, in the order decided by the vote of creditors. ... + Article 139 (1) The syndic judge shall set the time limit for the confirmation of the plan no later than 15 days after the court administrator has filed the minutes of the meeting of creditors by the judicial administrator. The syndic judge may ask a specialist to express an opinion on the possibility of carrying out the plan, before his confirmation. The plan is confirmed under the following conditions ... A. if there are 5 categories, the plan shall be considered accepted if at least 3 of the categories of claims mentioned in the payment schedule, among those provided for in art. 138 138 para. ((3), accept the plan provided that a minimum of one of the disadvantaged categories accepts the plan and that at least 30% of the total value of the credit mass accepts the plan; B. where there are three categories, the plan shall be deemed to be accepted if at least two categories vote on the plan, provided that one of the disadvantaged categories accepts the plan and that at least 30% of the total value of the credit mass accept the plan; C. where there are two or four categories, the plan shall be deemed to be accepted if it is voted by at least half of the number of categories, provided that one of the disadvantaged categories accepts the plan and that at least 30% of the the total value of the credit mass to accept the plan; D. each disadvantaged category of claims which rejected the plan will be treated fairly and fairly through the plan; E. 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; F. the plan respects, in terms of legality and viability, the provisions of art. 133. (2) Fair and equitable treatment exists when the following conditions are cumulatively met: ... a) none of the categories that reject the plan and any claim rejecting the plan receive less than they would have received in the event 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 lower than the non-accepting disadvantaged category, as follows from the hierarchy provided in art. 138 138 para. ((3), does not receive more than it would receive in the case of bankruptcy; ... d) the plan provides for the same treatment for each claim within a distinct category, except for the different rank of the beneficiary ones of preference causes, as well as where the holder of a claim consents to a more A little favorable for his claim. ... (3) Only one reorganization plan will be confirmed. ... (4) Confirmation of a reorganization plan prevents the confirmation of any other plan. ... ((5) The modification of the reorganization plan, including its extension, can be made at any time during the reorganization procedure, without being able to exceed a maximum total duration of the 4-year plan from the initial confirmation. The amendment may be proposed by any of those who have the vocation to propose a plan, whether or not they have proposed the plan. The voting of the amendment by the creditors ' meeting will be made with the claims remaining in the balance, at the date of the vote, under the same conditions as in voting on the reorganization plan. The amendment of the plan will have to be confirmed by the syndic judge. ... + Article 140 (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 case of bankruptcy it will return to the situation established by the definitive table of all claims against the debtor provided in art. 112 112 para. ((1), decreasing the amounts paid during the reorganization plan. ... (2) If after the confirmation of the reorganization plan, additional amounts of shares introduced pursuant to art. 117, they will be distributed in the manner provided by art. 163. ... ((3) The amounts from the current activity of the debtor or from the valorisation of the unencumbered assets of preference causes will be provided to distribute pro rata for each claim provided to be paid during the reorganization, after deduction the amounts provided for the payment of the chargeable current claims and those required to ensure working capital, if applicable. The debt payment program will provide for the payment of these amounts in the consecutive quarter to the one to which these amounts become available ... (4) Creditors preserve their shares for the entire value of the receivables, against the debtors ' co-debtors and fideiusors, even if they voted to accept the plan. ... (5) If no plan is confirmed and the deadline for proposing a plan, under the conditions of art. 132, has expired, the syndic judge will order the immediate start of the bankruptcy procedure, under the conditions of art. 145. ... (6) The remuneration of persons employed pursuant to art. 57 57 para. ((2), art. 61 and 63, as well as other procedural expenses will be paid at the time provided, as the case may be, by law, except in cases where interested parties would accept, in writing, other payment terms. The plan must specify in the payment schedule how this payment will be ensured. ... (7) The payment will be made quarterly on the basis of legal documents. ... § 2. Reorganization period + Article 141 (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 business activity, or the cessation of reorganization and the transition to bankruptcy, according to the provisions of art. 145. ... (2) During the reorganization, the debtor will be led by the special administrator, under the supervision of the judicial administrator, subject to the provisions of art 85 85 para. ((5). Shareholders, associates 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 express and limiting cases provided by law and in the plan of reorganization. ... (3) The debtor shall be obliged to fulfill, without delay, the changes in the structure provided for in the plan. ... + Article 142 By exception to the provisions of art. 77, the syndic judge may, at the request of the supplier, order the debtor to submit a bail to a bank, as a condition for the supplier's duty to provide him with his services during the conduct of the judicial reorganization procedure. 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 143 (1) If the debtor fails to comply with the plan or the conduct of its business brings losses or new debts accrue to the creditors under the procedure, any of the creditors or the judicial administrator may request any time the syndic judge shall order the bankruptcy of the debtor. The request is adjudicated urgently and in particular. ... (2) Registration of the application provided in par. (1) does not suspend the continuation of the debtor's activity until the syndic judge decides on it, by conclusion. ... (3) The holder of a current claim, certa, liquid and chargeable older than 60 days and an amount above the threshold value, may request, at any time during the reorganization plan or after fulfilling the payment obligations assumed in the plan, the transition to bankruptcy. His application will be rejected by the syndic judge if the claim is not due, it is paid or the debtor concludes a payment agreement with this creditor. ... + Article 144 (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) The judicial administrator will also present the situation of expenses incurred for the smooth running of the activity, in order to recover them, which will be endorsed by the creditors ' committee. ... (3) Within 5 days from the approval of the reports, the creditors ' committee will be able to convene the meeting of creditors to present the measures taken by the debtor and/or the judicial administrator, their effects, as well as to propose motivated other measures. ... + Section 7 Bankruptcy and liquidation of assets + Article 145 (1) The syndic judge shall decide, by sentence or, as the case may be, by conclusion, under the conditions of art. 71, bankruptcy in the following cases: ... A. a) the debtor declared his intention to enter the simplified procedure; b) the debtor has not declared his intention to reorganize; ... c) none of the other subjects of entitlement entitled has proposed a reorganization plan, according to the provisions of art. 132, 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. 92 92 para. ((5) or art. 97 97 para. ((5); E. in the cases provided in art. 75 75 para. ((4) and art. 143 143 para. ((3). (2) By the decision by which the bankruptcy is decided, the syndic judge will pronounce the dissolution of the debtor legal person 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 judicial liquidator, as well as the establishment of his duties and his fee, in accordance with the criteria approved by the law on the organization of ... c) in the case of simplified procedure, confirmation as judicial liquidator of the judicial administrator, designated according to the provisions of art. 57 57 para. ((2) or art. 73 73, as applicable; ... d) the maximum term from bankruptcy within the general procedure, to surrender the management of the wealth from the debtor/judicial administrator to the judicial liquidator, together with the list of acts and operations carried out after the opening of the procedure provided in art. 84 84 para. ((2); ... e) the preparation by the judicial administrator and the handover to the judicial liquidator, within a maximum of 5 days from the bankruptcy, within the general procedure, of a list containing the names and addresses of creditors and all claims on the date of entry into bankruptcy, with the indication of those born after the opening of the procedure, the definitive table of claims and any other tables drawn up in the procedure, of any distribution reports, of the list of acts and operations made after the opening date. This obligation lies with the special administrator, with the opinion of the judicial administrator, if, until the date of opening the bankruptcy procedure, the right of administration has not been lifted; ... 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. 146 146 para. ((2) or, as the case may be, art. 147 147 para. ((2). ... (4) After entering bankruptcy in the general procedure, the provisions of art. 99-114 will be applied, if necessary, accordingly, in respect of claims born between the date of opening of the procedure and the date of entry into bankruptcy, as well as the procedure for their admission. ... + Article 146 (1) In case of bankruptcy in the general procedure, the judicial liquidator will send a notification to all the creditors mentioned in the list submitted by the debtor/judicial administrator, provided in art. 145 145 para. ((2) lit. e), the claims of which were born after the opening of the procedure, the debtor and the register where the debtor is registered, for making the mention. Art. 99 99 para. ((2) and (3) shall apply accordingly. ... ((2) The notification shall be communicated to creditors at least 10 days before the deadline for registration of claims for admission of receivables and shall include: ... a) the deadline for registration of the application for admission of claims provided 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 provided in par. ((3), for the preparation and publication of their supplementary table, which shall 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 7 days from the publication in the BPI of the additional 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 receivables will no longer be subject to verification; all creditors will be able to appeal against the supplementary table. ... (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 112. ... (6) Titulations of claims born after the opening of the procedure, which do not apply for admission of claims within the period provided in par. ((2) lit. a), the provisions of art. 114. ... + Article 147 ((1) In case of bankruptcy by simplified procedure, the judicial 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. 99, 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. 100 100 para. (2), of the deadlines for publication of the preliminary table of claims, provided for in art. 100 100 para. ((1) lit. c), and to finalize the table of receivables, provided in art. 100 100 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. 92 92 para. (4), the debtor in bankruptcy through the simplified procedure continued its activity, the judicial liquidator will notify, within 5 days from the date of bankruptcy, the creditors holding claims on the debtor, having the right priority Art. 161 161 section 4, born during the observation period, asking them to register, within 10 days from the receipt of the notification, requests for admission of claims accompanied by supporting documents. The notification will also include the deadlines for publication of the preliminary table of claims, provided for in art. 100 100 para. ((1) lit. c), and to finalize the table of receivables, provided in art. 100 100 para. ((1) lit. d), as they were included in the notification provided in par. ((1) or, as the case may be, art. 99 99 para. ((1). Art. 99 99 para. ((2) and (3) 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. 114. ... + Article 148 In the case of bankruptcy after the confirmation of a reorganization plan, the holders of the receivables participate in distributions with their value as recorded in the consolidated definitive table. + Article 149 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 150 ((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. 87 87 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. This provision is not applicable in respect of qualified financial contracts and bilateral clearing operations under a qualified financial contract or bilateral netting agreement. ... § § 1. Pre-liquidation measures + Article 151 (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. 93, the inventory of the debtor's assets will be made after obtaining written relations regarding the debtor's assets. If following the steps made according to the provisions of art. 94-96, 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 over by the judicial liquidator to be collected or to perform the necessary conservation activities; ... d) the cash that the judicial liquidator will deposit in the bank in the account of the debtor's estate. ... (4) During the sealing action, the judicial liquidator will take the necessary measures for the preservation of the goods. ... + Article 152 (1) If the debtor's estate can be completely inventoried in a single day, the judicial 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 special administrator will have to be present and assist in the inventory, if the syndic judge thus has. If the special administrator does not appear, he will not be able to contest the inventory data. ... (2) As the inventory takes place, the judicial liquidator takes possession of the goods, becoming their judicial depositary. ... + Article 153 ((1) The inventory shall describe all the identified assets of the debtor. ... (2) The inventory act will be signed by the judicial liquidator and the special administrator, 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 judicial liquidator will be able to urgently capitalize on the debtor's assets, with priority those on which there are no causes of preference, for obtaining these liquidity, without the approval of creditors. The valorisation will be carried out by public auction, after the prior evaluation, starting from the liquidation value indicated by the assessor. ... § 2. Making liquidation + Article 154 (1) The liquidation of the goods from the debtor's estate will be carried out by the judicial liquidator under the control of the syndic judge. In order to maximize the value of the debtor's wealth, the judicial 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 judicial liquidator of the inventory and the submission of the evaluation report. Goods will be able to be sold in block or individually. Any block sale of goods, as a functional subset, whether in reorganization or bankruptcy, can be considered asset transfer, if it meets the provisions art. 128 128 para. ((7) of Law no. 571/2003 . The type of sale of goods, namely public auction, direct negotiation or a combination of the two and the sales regulation corresponding to the sales modality for which they are chosen are approved by the meeting of creditors, based on the proposal judicial liquidator. In the case of public tender, advertising will also be made by displaying on the website of the National Union of Insolvency Practitioners in Romania. In order to assess the assets of the debtor's estate, with the agreement of the creditors ' committee, the judicial liquidator can hire, on behalf of the debtor, an assessor and establish his fee. 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. ... (3) The goods of the debtor's estate will be evaluated both in 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. ... + Article 155 The evaluation report will be submitted to the case file, and an announcement on its submission and an extract containing a summary of it will be published in the BPI. Creditors will be able to consult the evaluation report at the location indicated by the notice by the judicial liquidator + Article 156 (1) The judicial liquidator will convene the meeting of creditors within a maximum of 15 days from the date of submission of the evaluation report to the case file, in order to establish the type of sale. ... (2) In the case of sale of goods by public auction, it will be possible to perform and according to the Civil Procedure Code. If the meeting of creditors does not approve a sales regulation, according to art. 154 154 para. (2), or if, although a sales regulation has been approved, the goods have not been recovered within a reasonable time, at the request of the judicial liquidator, approved by the syndic judge, the sale of the goods will be carried out by auction public, according to the Civil Procedure Code. ... (3) In the case of sale by direct negotiation, the judicial liquidator will submit to the approval of the creditors ' meeting and the ... (4) The sale of assets will be made after the sale of publications by the judicial administrator/liquidator, in a newspaper of wide circulation. Interested persons will be able to inspect the goods subject to sale after the sale of sales publications. ... + Article 157 Securities will be sold under the terms Law no. 297/2004 , with subsequent amendments and completions. + Article 158 (1) The judicial liquidator will conclude sales contracts; the amounts made from sales will be deposited in the account provided in art. 39 39 para. ((2). ... (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. ... § § 3. Distribution of amounts resulting from liquidation + Article 159 (1) The funds obtained from the sale of goods and rights from the debtor's estate, encumbered, in favor of the creditor, of preference causes, will be distributed in the following order: ... 1. fees, 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 expenses advanced by the creditor under the enforcement procedure, the receivables of utility providers born after the opening of the procedure, under the conditions of 77, the remunerations due at the date of distribution of persons employed in the common interest of all creditors, under the conditions of 57 57 para. ((2), art. 61 and 63, which shall be borne pro rata, in relation to the value of all goods from the debtor's estate; 2. the receivables of the creditor creditors of a preference cause born during insolvency proceedings. Such claims shall include capital, interest and other accessories, as appropriate; 3. the claims of the creditors of the beneficiaries of a case of preference, including all capital, interest, increases and penalties of any kind, including expenses, as well as those corresponding to art. 105 105 para. ((3) and art. 123 123 para. ((11) lit. a). (2) If the amounts made from the sale of these goods would be insufficient for the payment in full of those claims, the creditors will have, for the difference, chirographic or budgetary claims, as the case may be, which will come in contest with the contained in the corresponding category, according to their nature, provided in art. 161, and will be subject to art. 80. If after payment of the amounts provided in par. (1) results in an additional difference, it will be submitted, through the care of the judicial liquidator, to the account of the debtor's estate. ... (3) A beneficiary creditor of a case of preference is entitled to participate in any distribution of the amount made before the sale of the unencumbered good of a cause of preference in his favour. 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 unencumbered good of a cause of preference, if it is necessary to prevent a such a creditor would receive more than would have been received if the good encumbered by a cause of preference in his favour had previously been sold to the distribution. ... + Article 160 (1) Every 3 months, calculated from the date of commencement of liquidation, the judicial liquidator shall submit to the creditors ' committee a report on funds obtained from liquidation and receivables collection, as well as a plan of distribution among creditors, if applicable. The report and plan shall be recorded at the court Registry and shall be published in the BPI The report will also provide for the payment of his fee and the other expenses provided in art. 159 159 para. ((1) pt. 1 1 or art. 161 161 section 1 1, as appropriate. ... (2) 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 judicial liquidator from the valorization of each good and from the recovery ... 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. ... (. The distribution plan between creditors shall necessarily include the following data relating to each creditor for which the distribution is made: ... a) updates 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. ... (4) 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 judicial 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. ... (5) The Committee of creditors or any creditor may make appeals to the report and to the plan within 15 days of their publication in the BPI. A copy of the appeal shall be communicated urgently to the judicial liquidator. Within 5 working days from the expiry of the deadline for filing appeals, if no appeal is filed, the judicial liquidator will proceed to the actual payment of the amounts distributed. If appeals have been filed, the judicial liquidator will withhold from distribution the amounts subject to appeal under the conditions of par. ((6), making payment of uncontested amounts. ... (6) Within 20 days of publication, the syndic judge, at the meeting, with the citation of the judicial liquidator, the debtor and the creditors, shall at once settle, by sentence, all appeals. Within 5 working days from the date when the decision to settle appeals becomes enforceable, the judicial liquidator shall proceed to the effective payment of the amounts distributed, according to the judgment of the courts. ... + Article 161 The claims shall 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 Title, including the expenses necessary for the preservation and administration of goods from the debtor's estate, for the continuation of the activity, as well as the remuneration of persons employed according to art. 57 57 para. ((2), art. 61, 63 and 73, subject to those provided in art. 140 140 para. ((6); 2. receivables coming from financing granted according to art. 87 87 para. ((4); 3. claims arising from employment relationships; 4. the claims resulting from the continuation of the debtor's activity after the opening of the procedure, those due to the co-contractors according to 123 123 para. (4) and those due to third parties acquired by good faith or subacquiers who return to the debtor's estate the goods or their value according to the provisions of art. 120 120 para. ((2), respectively of art. 121 121 para. ((1); 5. budgetary claims; 6. 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; 7. 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; 8. receivables representing bank loans, with related expenses and interest, those resulting from deliveries of products, services or other works, from rents, receivables corresponding to art. 123 123 para. ((11) lit. b), including bonds; 9. other chirographic receivables; 10. subordinated claims, in the following order of preference: a) claims born in the patrimony of third-party rea-faith acquires of the debtor's assets pursuant to art. 120 120 para. (2), those due to bad faith subnewtors under the conditions of art. 121 121 para. ((1), as well as loans granted to the debtor legal person by an associate or shareholder holding at least 10% of the share capital, respectively of the voting rights in the general meeting of the associates or, as the case may be, by a member of the group of economic interest; ... b) receivables arising from free acts. ... + Article 162 The amounts to be distributed among creditors in the same priority rank will be awarded in proportion to the amount allocated for each claim, through the consolidated definitive table. + Article 163 (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. 161. ... ((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. ... (3) The insolvency account opened under the conditions of art. 39 39 para. (2) will in no way be preserved by any measure of a criminal, civil or administrative nature ordered by criminal investigation bodies, administrative bodies or courts. ... + Article 164 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 an enforceable sentence, which will be executed by the judicial liquidator, by bailiff. + Article 165 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 wealth, including those generated by ongoing disputes. + Article 166 For creditors holding receivables entered in the definitive consolidated table of receivables, which were allocated amounts only partially or receivables under suspensive condition and which took part in the distribution, the amounts due will be kept at the bank, in a special deposit account, until their situation is clear. + Article 167 (1) After the goods of the debtor's estate have been liquidated, the judicial liquidator shall submit to the syndic judge a final report accompanied by the final financial statements; copies thereof shall be communicated to all creditors and the debtor by Publication in BPI. The syndic judge will order the convening of the creditors ' meeting within a maximum of 30 days from the publication 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 168 After the syndic judge approves the final report of the judicial 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. 39 39 para. ((4). + Section 8 Attracting liability for insolvency + Article 169 (1) At the request of the judicial administrator or the judicial liquidator, the syndic judge may order that a party or the entire liability of the debtor, the legal person, become insolvent, without exceeding the damage in relation to causality with that deed, to be borne by the members of the management and/or supervisory bodies within the company, as well as by any other persons who contributed to the debtor's state of insolvency, through one of the following facts: ... a) have used the goods or credits of the legal person for their own benefit or in that of another person; ... b) have done production, trade or service activities 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. In case of non-surrender of accounting documents to the judicial administrator or judicial liquidator, both the fault and the causal link between the act and the damage are presumed. The presumption is relative; ... 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; ... h) any other act committed with intent, which contributed to the debtor's state of insolvency, found according to the provisions of this title. ... (2) If the judicial administrator or, as the case may be, the judicial 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. ... ((3) The application made pursuant to paragraph 1. ((1) or, as the case may be, para. (2) will be judged separately, forming an associated file. ... (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 in which they contributed to the state of insolvency. ... (5) The liability of the persons concerned will not be able to be employed if, in the collegial governing bodies of the legal person, they were opposed to the acts or acts that contributed to the state of insolvency or were absent from the decision making contributed to the state of insolvency and made to record, after taking the decision, their opposition to these decisions. ... (6) The liability will not be able to be employed if, in the month preceding the cessation of payments, payments were made, in good faith, in the execution of an agreement with creditors, concluded as a result of extrajudicial negotiations for the restructuring of debts the debtor, provided that the agreement was such as to lead to the financial recovery of the debtor and not to have been intended to harm and/or discriminate against creditors. These provisions will also apply to agreements made under the preventive arrangement procedure. ... (7) If a decision has been made to reject the action introduced according to par. ((1) or, as the case may be, para. (2), the judicial administrator/judicial liquidator who does not intend to appeal against it will notify the committee of creditors in this regard or, if a committee of creditors has not been appointed, the meeting of creditors. If the meeting of creditors or the creditor holding more than half of the value of all claims decides that the appeal is required, it shall be entered by the chairman of the creditors ' committee or by the creditor majority, as appropriate. ... (8) Application of paragraph 1 ((1) does not remove the application of criminal law for acts constituting crimes. ... (9) If a sentence was handed down by which the syndic judge ordered the attraction of the patrimonial liability of the statutory administrator, it will be communicated to the National Trade Register Office, ex officio. ... (10) The person against whom a final decision to attract liability has been ruled can no longer be appointed administrator or, if he is an administrator in other companies, will be deprived of this right for 10 years from the date of stay. Final judgment. ... + Article 170 The action provided in art. 169 is prescribed within 3 years. The prescription begins to run from the date on which the person who contributed to the occurrence of the state of insolvency was known or had to be known, but no later than 2 years after the date of delivery of the court decision to open the insolvency. + Article 171 Amounts submitted according to art. 169 169 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 172 (1) With the request made according to art. 169 169 para. ((1) or par. (2), the judicial administrator or the judicial liquidator or, as the case may be, the committee of creditors will be able to ask the syndic judge to institute precautionary measures on the assets of the persons pursued according to the 169 169. Fixing a bail of up to 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 169. ... + Article 173 (1) Enforcement against persons referred to in art. 169 169 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 according to the provisions of this title, pursuant to the consolidated definitive table of claims made available to him by to the judicial liquidator. ... + Section 9 Closing procedure + Article 174 ((1) At any stage of the procedure provided for in this Title, 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 urgently hear the creditors in a meeting, and in the case of the refusal expressed by them to advance the necessary amounts or in the event of their failure to present, although the procedure of the citation was fulfilled through the BPI, it will give a sentence closing the procedure, ordering and deregistrating the debtor from the register in which the is registered. ... (2) In the case provided in par. (1) the provisions of art. 167. ... + Article 175 (1) A reorganization procedure by continuing its plan-based liquidation activity will be closed, by sentence, based on a report by the judicial administrator that finds the fulfillment of all payment obligations assumed by the plan confirmed, as well as payment of current receivables due. If a procedure begins as a reorganization, but then becomes bankrupt, it will be closed according to the provisions of art. 167. ... (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. ... ((3) The goods may be distributed to the creditors in the account of their claims against the debtor's estate, following a proposal of the creditor, with its obligation to pay all the amounts that would have been owed to the creditors on previous priority orders, as well as those on the same priority order, according to the provisions of art. 159 and 161, in a situation where the good would have been sold to a third party. If there are several proposals, the good will be distributed to the one who offers the highest price, in which case the claim of that creditor will be deducted from the price due. In all cases, the price of goods distributed to creditors on account of receivables shall not be less than the value established by the evaluation report. ... + Article 176 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 judicial liquidator made to the special administrator, following that the goods pass into the co-ownership of the associates/shareholders, corresponding to the shares in the share capital ... b) in all other cases, the procedure shall be closed 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; ... c) if after covering all claims, the closure of the procedure and the removal of the debtor from the registers in which it was registered, assets were identified in the patrimony that were not known during the insolvency proceedings, these will enter the patrimony of the associates. ... + Article 177 (1) In the case of the open procedure following the wording of the application by the debtor, under the conditions of art. 71, 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 submitted, he will pronounce a sentence of closing the procedure. ... (2) In the case provided in par. (1), the closure of the procedure does not produce the effects provided 176 176. However, the administration operations, legally made on the debtor's estate, will produce their effects, and the rights acquired until the closure of the procedure remain untouched. ... + Article 178 If all creditors entered in the definitive table of receivables receive the amounts due to them during the observation period or waive the judgment during the observation period, the syndic judge will order the closure of the procedure, without ordering the deletion the debtor in the register where it is registered. + Article 179 The closing sentence of the procedure will be notified by the syndic judge to the regional direction or, as the case may be, to the county administration of public finances and the trade register office or, as the case may be, to the register of agricultural companies registers where the debtor is registered, for making the claim. It will also be notified to all creditors, by publication in BPI. + Article 180 By closing the procedure, the syndic judge, the judicial 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 preference rights, shareholders or associates. + Article 181 (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 only be discharged by obligations insofar as they have been paid under the procedure. ... ((2) On the date of confirmation of a reorganization plan, the debtor shall be discharged from the difference between the value of the obligations he had before the confirmation of the plan and the one provided for in the plan, during the procedure of the In case of bankruptcy, the provisions of art. 140 140 para. ((1) become applicable. ... + Article 182 (1) The judicial administrator/judicial liquidator may be held liable for the exercise of duties in bad faith or gross negligence. There is bad faith when the judicial administrator/judicial liquidator violates the rules of material or procedural law, following or accepting the injury of a legitimate interest. There is gross negligence when the judicial administrator/judicial liquidator fails or defends a legal obligation and thereby causes harm to a legitimate interest. ... (2) In addition to the provisions of the previous paragraph, the judicial administrator/judicial liquidator may be held to civil, criminal, administrative or disciplinary liability for acts carried out during the procedure, according to the rules of common law. ... (3) The judicial administrator/judicial liquidator acting in good faith, within the limits of the duties provided by law and the available information, cannot be held liable for the procedural acts performed or for the content the documents drawn up in the proceedings. ... + Chapter II Special provisions on the insolvency proceedings of the group of companies + Article 183 Provisions head. It will be applied accordingly to the insolvency proceedings of the group of companies, with the derogations and additions provided for in this Chapter. + Article 184 At the request of any interested party, the syndic judge will be able to have checks on the incidence of this Chapter. + Section 1 Special provisions on jurisdiction and bodies applying the procedure + Article 185 ((1) In the event of the opening of insolvency proceedings against members of the group of companies, following the filing of a joint application for the opening of insolvency proceedings, the competent court is the tribunal in whose territorial constituency it has the parent company or, as the case may be, the company with the highest turnover according to the last published financial statement, for all the member companies of the group. ... (2) For each member of the group a separate file will be formed. ... ((3) By way of derogation from provisions art. 53 53 of Law no. 304/2004 , republished, with subsequent amendments and completions, all files formed according to the provisions of par. (2) will be assigned to the syndic judge designated according to the random distribution system in the first file registered in the computerized system of the courts. ... + Article 186 The creditors ' committees, designated for each member of the group subject to insolvency proceedings, will meet at least quarterly, the main purpose being to formulate recommendations on the work of debtors and reorganization plans proposed. + Article 187 The general meetings of the members/shareholders of the group members shall designate the same special administrator for each member of the group. + Article 188 If creditors holding at least 50% of the credit table are the same for each member of the group, for each member of the group will be designated the same judicial administrator or consortium of judicial administrators, under the conditions art. 57. + Article 189 If the composition of the credit mass does not allow the application of art. 188, judicial administrators appointed according to the provisions of art. 57 will be held by the obligation of cooperation. The cooperation obligation will also materialize by signing a cooperation protocol, containing a synthesis of the way in which economic, legal and operational activities will be carried out, at the level of the group. The cooperation protocol will be submitted to the insolvency file in which the coordinating practitioner was appointed within 10 days from the date of opening of the procedure and will be approved by the syndic judge. Any of the judicial administrators appointed in insolvency proceedings will be able to attend meetings of creditors and creditors ' committees of any of the members of the group. + Article 190 The judicial administrator appointed for any of the members of the group will have standing to propose a reorganization plan within the procedure/procedures of the other members. + Article 191 In the situation provided in art. 188, the appointment of judicial administrators/liquidators will be made with verification of the non-existence of a conflict of interest. + Section 2 Opening procedures + Article 192 Two or more debtors, members of a group, in a state of insolvency, or one or more members of the group of companies meeting the conditions of art. 196, may appeal to the competent court a joint application for the opening of insolvency proceedings. + Article 193 A creditor holder of claims against two or more members of a group, which meets the conditions laid down in art. 5 5 section 20, may introduce a joint application for the opening of insolvency proceedings. + Article 194 In addition to the documents provided to be submitted according to art. 67, the debtor is obliged to submit to the case file: a) a complete list of the members of the group, whether or not they are subject to the request for the opening of insolvency proceedings; ... b) a description of how the work is carried out within the group; ... c) a list of contracts concluded between the members of the group and ongoing. ... + Article 195 If the request of the debtors or the creditor, as the case may be, corresponds to the conditions 71 71, respectively art. 72, the syndic judge will pronounce an opening conclusion of the general or simplified procedure, as the case may be. + Article 196 In order to avoid the further opening of insolvency proceedings against him, by exception to the provisions of art. 66 66 para. ((1), a member of a group which is not in insolvency or imminent insolvency may subscribe to a joint application for the opening of insolvency proceedings. In this case, the joint application for the opening of insolvency proceedings will be approved by the general meeting of the members/shareholders of the respective member of the group. + Article 196 ^ 1 (1) By exception to the provisions of art. 195, if the member of the group to which an application for the opening of insolvency proceedings was introduced is a legal person in the category of those who may be subject to the resolution in accordance with the recovery and resolution legislation credit institutions and investment firms and if the group comprises at least one credit institution, without prejudice to the measure that the National Bank of Romania, as a resolution authority, intends to take in compliance with this legislation, the opening of insolvency proceedings can only be ordered with the Bank's agreement National of Romania, as the resolution authority, and where the legal person concerned is an institution subject to the resolution or it has been determined that the conditions for triggering the procedure for resolution, an insolvency procedure according to this law can be opened only on the basis of a request introduced by the National Bank of Romania, as a resolution authority. ... (2) For the purposes of paragraph (1), the syndic judge shall immediately notify the National Bank of Romania, as a resolution authority, in relation to any request for the opening of an insolvency procedure against a legal person provided in par. ((1), regardless of whether it is an institution subject to resolution or if a decision has been made public in accordance with the provisions of the legislation on the recovery and resolution of credit institutions and investment firms. ... (3) The application for the opening of insolvency proceedings may be admitted only if the notification provided for in paragraph has been made. (2) and either the National Bank of Romania, as a resolution authority, following the receipt of the notification, communicated to the syndic judge that it does not intend to take a resolution action against the legal person concerned, or expired a period of 7 days from the date of receipt of notification. ... ---------- Art. 196 ^ 1 was introduced by item 3 3 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Article 196 ^ 2 (. If a member of a group comprising at least one credit institution against a legal person is ordered to open insolvency proceedings, the following special provisions shall apply: ... a) the provisions of this law relating to the cancellation or inoposability of acts prejudicial to the creditors ' mass shall not apply to transfers of assets, rights or obligations from the institution subject to the resolution under insolvency to a other entity, carried out by virtue of the application of a resolution instrument, the exercise of a resolution power or the use of a public financial stabilisation instrument, in accordance with the recovery and resolution legislation credit institutions and investment firms; ... b) at the request of the National Bank of Romania, as a resolution authority, addressed to the syndic judge, the legal person in the state of insolvency must ensure, if necessary, the provision of the necessary services or facilities, in accordance with the legislation on the recovery and resolution of credit institutions and investment firms and with the request made; ... c) in the event of liquidation of the legal person in the state of insolvency, it shall be carried out within a reasonable time, having regard to any possible situation in which it must provide services or support in accordance with the legislation on the recovery and resolution of credit institutions and investment firms, in order to enable the recipient to carry out its activities or to provide the services of the transferred items, and any other reason that makes it necessary continuing the work of that legal person to achieve resolution or observance of the principles of the resolution provided for by the legislation on the recovery and resolution of credit institutions and investment firms; ... d) at the request of the National Bank of Romania, as a resolution authority, addressed to the syndic judge, the judicial administrator, as the case may be, the judicial liquidator must ensure the undertaking of all necessary steps in relation to the measures ordered by it as a resolution authority, with regard to the assets, rights, obligations, shares and other property instruments located in third States of the institution subject to resolution under insolvency, in compliance with the legislation on recovery and resolution of institutions credit and investment firms; ... e) the provisional judicial administrator or, as the case may be, the judicial administrator, designated according to this law, may be appointed special administrator according to the legislation on the recovery and resolution of credit institutions and investment firms. ... (2) In application of the provisions ((1) lit. b) and c), the services and facilities to be provided: ... a) is limited to operational services and facilities and does not include any financial support; ... b) is granted in accordance with the contractual terms already agreed, including from the point of view of the duration of the contract, in the event that the respective services and facilities were provided to the institution subject to the resolution according to a contract concluded in the period immediately preceding the application of the resolution; ... c) are provided on reasonable terms, if there is no contract or the contract has expired. ... ---------- Art. 196 ^ 2 was introduced by item 3 3 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Article 196 ^ 3 (1) The provisions of art. 196 ^ 1 and 196 ^ 2 shall apply accordingly to the situation in which the entity to which the insolvency proceedings was opened is a legal person in the category of those who may be subject to the resolution in accordance with the legislation on the recovery and resolution of credit institutions and investment firms, a member of a group comprising at least one investment firm. ... (2) For the purposes of paragraph (1), the Financial Supervisory Authority is the resolution authority for investment firms, in accordance with the legislation on the recovery and resolution of credit institutions and investment firms. ... ---------- Art. 196 ^ 3 was introduced by item 3 3 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Section 3 Procedural measures + Article 197 The creditor's claim against some solid debtors subject to the provisions of this chapter will be entered in the debt tables according to art. 108 and will confer the right to vote and will participate in the formation of the quorum both in the open procedure against the main debtor and in those against the joint debtors. + Article 198 In case of introduction of actions to cancel the constitutions or transfer of patrimonial rights against a member of the group, pursuant to art. 117 the judicial administrator will communicate its intention in this regard to the other judicial administrators and the coordinating practitioner. Under the cooperation obligation, the judicial administrators will consider the potential effects of such action, with the decision on the introduction of the action to be taken on account of opportunity, in consultation with the committees creditors. + Article 199 By exception to the provisions of art. 132, the deadline for submitting the reorganization plans will be 60 days from the date of displaying the definitive tables of claims. + Article 200 Under the cooperation obligation, judicial administrators will provide the other judicial administrators with the necessary information in order to develop compatible and coordinated reorganization plans. + Article 201 By exception to the provisions of art. 161, the claims of the members of the group against another member of the group, born before the opening date of the procedure, will not be able to be classified as the priority order provided by art. 161 161 section 8 8 or 9. They will be entered by the judicial administrator to the priority order provided by art. 161 161 section 10 lit. a). + Article 202 A member of the group may conclude a loan agreement with another group member after the opening date of insolvency proceedings in order to support the debtor's activity, respectively during the observation period or in order to support the plan reorganization, with the agreement of the creditors In this case, the member of the group that granted the loan will hold against the estate of the borrower a claim having the order of priority established by art. 161 161 section 4. + Article 203 A member of the group may guarantee a loan agreement concluded with a third party of another member of the insolvent group, with the agreement of the creditors ' committee. + Chapter III Provisions on the bankruptcy of credit institutions + Section 1 Special provisions + Article 204 Provisions head. I, with the exception of those contained in section 6, shall apply accordingly to the procedure of bankruptcy of credit institutions, with the derogations and additions provided for in this chapter. + Article 205 The bankruptcy procedure, regulated by this chapter, applies to credit institutions, Romanian legal entities, including their branches based abroad. + Article 206 For the purposes of this Chapter, the terms of the credit institution and the Member State shall be understood Government Emergency Ordinance no. 99/2006 on credit institutions and capital adequacy, approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions. ---------- Article 206 has been amended by section 6.6. 4 4 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Article 207 (1) In addition to the duties set out in art. 45, the syndic judge has the following duties: ... a) to judge the appeal of the debtor credit institution against the introductory request made by the National Bank of Romania for the opening of the procedure; ... b) repealed; ... ---------- Lit. b) a par. ((1) of art. 207 207 has been repealed by section 6.6. 5 5 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. c) the adjudication of requests to attract the responsibility of the members of the governing bodies, directors and persons in the direction of the directorates, departments and other similar structures, censors and execution personnel with attribution of control within the credit institution in the state of insolvency, which contributed to its insolvency, as well as the complaint of criminal investigation bodies in connection with the commission of specific crimes; ... d) judgment of appeals made by the representative of the shareholders of the debtor credit institution or creditors against the measures taken by the judicial liquidator. ... (2) The decisions of the syndic judge are enforceable. They can be attacked separately only with appeal within 7 days of communication. ... + Article 208 (1) The appeal will be tried within 15 days from the registration of the file to the court of appeal, the citation to be made under the conditions of the Code of Civil Procedure, in the case of the judicial liquidator, and under the conditions of the common law in the insolvency, in the case of the other parties. When the National Bank of Romania made the request for the triggering of the procedure, it will be quoted under the conditions of the Civil Procedure Code. ... ((2) The appeal against the decision ordering the opening of the proceedings shall be declared within 7 days of the communication of the judgment. The appeal is adjudicated within 48 hours of its registration. The judgment under appeal cannot be suspended by the appeal court. ... + Article 209 In addition to the duties set out in art. 64, the judicial liquidator has the following tasks: a) at the time of receipt of the court decision regarding the opening of the bankruptcy procedure it will open to a bank, the Romanian legal person or branch of a foreign bank authorized to operate on the territory of Romania, two accounts, one in lei and another in foreign currency, with the mention "credit institution type in bankruptcy", with the exclusive right of disposition in the interest of bankruptcy proceedings. In the accounts of the type "credit institution in bankruptcy" will be transferred at the order of the judicial liquidator the amounts existing in the accounts to other financial-banking institutions. The judicial liquidator will immediately communicate to the National Bank of Romania the name of the commercial bank and the accounts opened with it, after which the National Bank of Romania will immediately transfer to these accounts the availability of the credit institution in his records. The operations of the credit institution in bankruptcy will continue to be carried out through these accounts; ... b) inventory of the goods of the debtor credit institution and taking appropriate measures for their conservation; ... c) employment, in compliance with the legal provisions, of the necessary personnel for the liquidation and management of its activity, the employment being also possible within the existing staff of the debtor credit institution; ... d) the management of the activity of the debtor credit institution, namely the carrying out of operations in the interest of the bankruptcy procedure, including loan rescheduling and new interest rates on the assets of the debtor credit institution, provided that any new level of interest rate is not lower than the level of the last reference interest communicated by the National Bank of Romania, as well as participation in the interbank foreign exchange market, taking all measures, such as resizing of staff employed for the purpose of permanent reduction of expenditure operation and liquidation; ... e) maintaining, terminating or denouncing contracts concluded by the debtor credit institution, as well as the conclusion of new contracts in the interest of bankruptcy proceedings; ... f) the conclusion of any document on behalf of the debtor credit institution, the initiation and coordination, on its behalf, of any legal action or proceedings; ... g) repealed; ... ---------- Lit. g) art. 209 209 has been repealed by section 6.6. 6 6 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. h) the receipt of the amounts in lei and in foreign currency to the debtor credit institution and their record in the new accounts of the debtor credit institution and the payment of the current expenses necessary for the preservation and administration of the wealth of the institution debit credit, including staff expenses employed according to the provisions of lett. c); ... i) taking appropriate measures regarding the foreign currency accounts of the debtor credit institution, opened with correspondent credit institutions, by: ... 1. the notification of the correspondents on the bankruptcy declaration of the debtor credit institution, as well as on the blocking of availability from the respective accounts in foreign currency; 2. the subsequent transfer, within the shortest period, of the availability in the new open account in foreign currency to the commercial bank, which develops on the analytical for each currency; the amounts on account in foreign currency will be converted into lei and transferred to the account opened in lei; 3. making payments for the ongoing operations of the debtor credit institution, as well as the efficient administration of availabilities; j) liquidation of the assets and rights of the debtor credit institution; ... k) preparation of a monthly report on the evolution of bankruptcy procedure, respectively on the stage of performance of its duties; such a report will include information on the total amount of claims on the credit institution debtors and the total value of its assets that have been recovered, the amounts obtained from the liquidation and collection of claims, the distribution plan between creditors, the expenses incurred; the report shall be submitted to the case file, and a extract is published in BPI; in advance of submission to the case file, the judicial liquidator reports the National Bank of Romania; ... l) the preparation of the final financial statements of liquidation; if the liquidation is extended beyond the duration of a financial year, the judicial liquidator is obliged to draw up the annual financial statements and to submit them to the bodies and to the deadlines provided by law; ... m) the complaint of the syndic judge about any issue that would require a resolution by him, in accordance with the powers conferred by this chapter; ... n) carrying out any procedural documents required by law. ... + Article 210 The creditors ' committee will necessarily be part of the Deposit Guarantee Fund in the banking system. + Article 211 In addition to the duties set in the head. I, the meeting of creditors has the following a) the approval of the method of liquidation of the goods and rights in the wealth of the debtor credit institution and of the transactions of asset purchase and assumption of liabilities; ... b) approval of the report provided for in 97. ... + Article 211 ^ 1 If against a credit institution it is ordered to open the bankruptcy procedure according to this chapter, the provisions of art. 196 ^ 2 para. ((1) lit. a)-d) and para. ((2) shall apply accordingly. ---------- Art. 211 ^ 1 was introduced by item 7 7 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Article 212 (1) In carrying out the tasks, the syndic judge and the judicial liquidator may ask the point of view of the National Bank of Romania, regarding any aspects that fall within its competence, related to the credit institution in bankruptcy. Throughout the procedure, the National Bank of Romania may transmit to the syndic judge or judicial liquidator his opinion or any information he considers relevant, whenever he considers it necessary. The judicial liquidator shall provide the National Bank of Romania, at its request, with any information or documents regarding the credit institution or the liquidation procedure. ... ---------- Alin. ((1) of art. 212 212 has been amended by section 8 8 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. (. After the opening of the procedure, the general meeting of the shareholders shall appoint a representative, who shall act exclusively on their behalf. ... + Section 2 Opening the procedure and its effects + Article 213 (1) By the court decision regarding the opening of bankruptcy proceedings, the syndic judge shall designate the provisional judicial liquidator and determine its duties and fee. ... (2) At the time of opening the bankruptcy procedure by judicial decision, the rights and duties of the general assembly, the board of directors and the executive management of the credit institution shall cease to be full. ... + Article 214 (1) The representative of the shareholders or any of the creditors may appeal against the measures taken by the judicial liquidator. ... (2) The syndic judge will settle the appeal, within 5 days from its registration, in the Board Chamber, with the summoning of the objector and the judicial liquidator, being able, if he considers it necessary, to suspend the execution of the contested measure. The syndic judge will also quote the National Bank of Romania, if the introductory request was made by it. ... + Article 215 Repealed. ---------- Article 215 has been repealed by point (a) 9 9 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Article 216 (1) The bankruptcy procedure begins on the basis of a request made by the debtor credit institution or its creditors or by the National Bank of Romania. ... ((2) Abrogat. ... ---------- Alin. ((2) of art. 216 216 has been repealed by section 6.6. 10 10 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. ((3) Abrogat. ... ---------- Alin. ((3) of art. 216 216 has been repealed by section 6.6. 10 10 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. ((4) Abrogat. ... ---------- Alin. ((4) of art. 216 216 has been repealed by section 6.6. 10 10 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Article 217 (1) The debtor credit institution under insolvency is obliged to apply to the tribunal an application to be subject to the provisions of this chapter, within a maximum of 30 days from the date on which the state of insolvency intervened. ... ((2) Abrogat. ... ---------- Alin. ((2) of art. 217 217 has been amended by section 11 11 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. ((3) Abrogat. ... ---------- Alin. ((3) of art. 217 217 has been repealed by section 6.6. 11 11 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. ((4) Abrogat. ... ---------- Alin. ((4) of art. 217 217 has been repealed by section 6.6. 11 11 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Article 218 (1) Any creditor who has a certain, liquid and chargeable claim may bring to the court an application, under the conditions of art. 70 70 para. ((1) and (2), against a debtor credit institution which has not fully honoured such a claim for a period of at least 30 working days after maturity, in the case of central banks of credit cooperatives, including in the case of credit cooperatives affiliated to them, respectively for a period of at least 7 working days from maturity, in the case of other credit institutions. ... ((2) Abrogat. ... ---------- Alin. ((2) of art. 218 218 has been repealed by section 6.6. 12 12 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. ((3) Abrogat. ... ---------- Alin. ((3) of art. 218 218 has been repealed by section 6.6. 12 12 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Article 219 (1) The National Bank of Romania, in its capacity as a resolution authority, may apply for the opening of bankruptcy proceedings against the credit institution located in one of the situations referred to in art. 5 5 section 30. ... ---------- Alin. ((1) of art. 219 219 has been amended by section 13 13 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. (2) The request of the National Bank of Romania shall be accompanied by the decision of the Board of Directors of the National Bank of Romania to withdraw the authorization of the respective credit institution and any other documents necessary to justify the act of Tribunal referral. ... + Article 219 ^ 1 (1) Without prejudice to the measure that the National Bank of Romania, as a resolution authority, intends to take in accordance with the legislation on the recovery and resolution of credit institutions and investment firms, the opening of the bankruptcy procedure at the request of the debtor credit institution or its creditors may be ordered only with the consent of the National Bank of Romania, as the resolution authority, and if the credit institution is an institution subject to resolution or for which it has been determined that the conditions of triggering the resolution procedure, the bankruptcy procedure can be opened only on the basis of a request made by the National Bank of Romania, as a resolution authority. ... (2) For the purpose of para. (1), the syndic judge shall immediately notify the National Bank of Romania, as the resolution authority, in relation to any request for the opening of the bankruptcy procedure, introduced by the debtor credit institution or its creditors, whether the credit institution is an institution subject to resolution or if a decision has been made public in accordance with the legislation on the recovery and resolution of credit institutions and investment firms. ... (3) The application for the opening of the bankruptcy procedure may be admitted only if the notification provided for in paragraph has been made. (2) and either the National Bank of Romania, as a resolution authority, following the receipt of the notification, communicated to the syndic judge that it does not intend to take a resolution action against the credit institution concerned, or expired a period of 7 days from the date of receipt of notification. ... ---------- Art. 219 ^ 1 was introduced by item 14 14 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Article 219 ^ 2 (1) The provisions of art. 219 ^ 1 also applies accordingly to the opening of the bankruptcy procedure at the request of an investment firm, having the status of debtor, or its creditors. ... (2) For the purposes of para. (1), the Financial Supervisory Authority is the resolution authority for investment firms, in accordance with the legislation on the recovery and resolution of credit institutions and investment firms. ... ---------- Art. 219 ^ 2 was introduced by item 14 14 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Article 220 In the case of admission of the application, the syndic judge shall immediately notify the parties referred to in art. 217-219. ---------- Article 220 has been amended by section 6.6. 15 15 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Article 221 (1) The appeal against the application for the opening of the bankruptcy procedure may be made within 10 days from the date of communication on the submission of this request. ... (2) The syndic judge shall rule on the appeal within 10 days of the registration of the appeal. ... (3) At the first court term, the syndic judge shall consider the application for the opening of bankruptcy proceedings and, if the debtor credit institution does not contest the state of insolvency in the case of applications brought by the parties provided for in art. 218 and 219, pronounce the decision on the opening of the bankruptcy procedure, if the conditions laid down in art. 219 219 ^ 1. ... ---------- Alin. ((3) of art. 221 221 has been amended by section 16 16 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. (4) Following the decision to open the bankruptcy proceedings, the syndic judge will communicate this immediately to the persons referred to in art. 217 and 218, the judicial liquidator, the Deposit Guarantee Fund in the banking system, as well as the trade register office to which the debtor credit institution is registered, for the performance of the " credit institution in bankruptcy ". The communication will be made public in two national circulation newspapers. ... (5) If the credit institution has opened branches in other countries, the National Bank of Romania shall immediately communicate to the banking supervisory authority of the host country the respective branch about the opening of bankruptcy proceedings, under the provisions of this Chapter ... (6) The syndic judge will communicate to the National Bank of Romania its decision on opening the bankruptcy procedure to the debtor credit institution, immediately, on the day of its delivery, by fax, e-mail or by phone. The National Bank of Romania will close immediately, after the completion of the settlement of payments on that day, in accordance with the regulations in force, the accounts of the debtor credit institution opened in its records. The availabilities will be transferred to the accounts type of credit institution in bankruptcy, opened at a commercial bank, according to the provisions of art. 209. ... (7) From the date of opening of the bankruptcy procedure, all the documents of the debtor credit institution will bear the mention provided in par. ((4). ... + Article 222 After the opening of the bankruptcy procedure was ordered according to art. 221, it is prohibited, under penalty of nullity, to persons who held management positions, as well as significant shareholders of the debtor credit institution to dispose without the consent of the judge-syndic the shares held at the institution of Debit credit. + Article 223 The employees of the credit institution in the bankruptcy procedure will designate two persons to represent them during the procedure for the recovery of claims representing salaries and other money rights. + Article 224 (1) All expenses will be incurred from the wealth of the debtor credit institution. ... (2) The fee of the judicial liquidator will be paid quarterly only after his presentation of the monthly reports provided in art. 209 lit. k) regarding the funds obtained from the liquidation and the collection of receivables and the calculation on the due fee, as well as the report provided in art. 97. The syndic judge may extend by no more than one month the deadline for submitting the report and the distribution plan. The distribution plan will be registered at the court's graft and the judicial liquidator will publish it in BPI. Any of the creditors may object to the report of the judicial liquidator and the distribution plan within 10 days of publication in the BPI. The syndic judge will hold with the judicial liquidator and creditors, within 20 days of the publication in the BPI of the report, a meeting in which he will settle at once, by sentence, all objections. ... + Article 225 After issuing the court decision regarding the opening of the bankruptcy procedure of a credit institution, the judicial liquidator shall draw up the report provided for in art. 97, which must include, among other things, proposals on how to liquidate the assets and rights of the debtor's credit institution. The procedures for the liquidation of the assets and rights of the debtor's credit institution may be the following: 1. transactions concerning the purchase of assets and the assumption of liabilities; 2. sale of goods, such as: buildings, land, securities, liquidation operations that are carried out in compliance with the provisions of the 7th section of the head. I; 3. other techniques for valuing assets, such as debt disposals or novations, made in the interest of bankruptcy proceedings at a negotiated value. + Section 3 Transactions concerning the purchase of assets and the assumption of liabilities + Article 226 ((1) Transactions concerning the purchase of assets and the assumption of liabilities are the method of liquidation whereby a credit institution with a good financial situation acquires, in part or in all, the assets of the debtor credit institution and assume, in part or in all, its liabilities. ... ---------- Alin. ((1) of art. 226 226 has been amended by section 17 17 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. (2) Transactions concerning the purchase of assets and the assumption of liabilities may be made in sight or term, with an option. ... ((3) For transactions concerning the purchase of assets and the assumption of liabilities, the judicial liquidator may charge from the acquiring credit institution a negotiated premium, depending on the quality of the assets purchased and liabilities assumed, payable to the the timing of the transfer of the property and a premium for the exercise of the option, depending on the term of the option, payable at the time of the negotiation After purchase, for assets subject to fraudulent operations, for which they prove to be based on fraud or that they come from theft of financial instruments, the parties may modify the original transaction, following that the credit institution procuring to receive from the judicial liquidator, in contravention, other assets or amounts of money. ... ((4) Abrogat. ... ---------- Alin. ((4) of art. 226 226 has been repealed by section 6.6. 18 18 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. (5) After the approval by the meeting of creditors of the liquidation modality provided in art. 225, the judicial liquidator organizes immediately, if the approved liquidation method provides, the negotiation on the transaction of purchase of assets and assumption of liabilities. To this end, the judicial liquidator holds an information meeting with credit institutions potentially interested in the transaction. Prior to the information session, the judicial liquidator signs with all credit institutions present at the meeting a confidentiality agreement, by which they undertake to keep, under the law, professional secrecy regarding the information in the supply request relating to the credit institution in bankruptcy. ... ---------- Alin. ((5) of art. 226 226 has been amended by section 19 19 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Article 227 Depending on the interest shown by the credit institutions participating in the meeting, the judicial liquidator shall draw up an offer for the offer on the purchase of assets and the assumption of liabilities, which mainly includes the following elements: a) the categories of assets and liabilities to be subject to the transaction and their volume, classified according to the degree of liquidity and chargeability; ... b) the liquidation value for each asset category; ... c) the first to be determined by the judicial liquidator, which will be paid by the bidder credit institutions and which is established according to several elements, including the quality of the assets and liabilities, the speed of the operation; ... d) the deadline for submitting the bids to the respective credit institutions to the judicial liquidator. ... + Article 228 The judicial liquidator shall submit, on a confidentiality basis, the request for an offer on the purchase of assets and the assumption of liabilities to the bidder credit institutions, established by him, participating in the information meeting and which have indicated interest in such a transaction. + Article 229 Within the time limit for the receipt of tenders provided for in the tender request, which may not be more than 15 calendar days, the bidder credit institutions shall transmit to the judicial liquidator, in closed envelope, the offers on the transactions proposed by asset purchase and assumption of liabilities. + Article 230 As soon as possible, the judicial liquidator analyzes the offers received and chooses, on the principle of the assumed minimum cost, the offer of the institution/credit institutions with which the transaction of purchase of assets and assumption of liabilities is to be concluded. At the same time, the judicial liquidator notifies the Competition Council about the potential transaction. ---------- Article 230 has been amended by section 20 20 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Article 231 Repealed. ---------- Article 231 has been repealed by point (a) 21 21 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Article 232 If tenders are not received within the time limit set in the tender application, the liquidation shall be carried out by the other methods provided for by this Law. ---------- Article 232 has been amended by section 4.2. 22 22 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Article 233 The funds obtained from the sale of goods and rights from the debtor's estate, encumbered, in favor of the creditor, of preference causes, will be distributed in the order provided by art. 159. + Article 234 In the case of bankruptcy of a credit institution, the receivables shall be paid in lei, in the following order: 1. fees, stamps and any other expenses related to the bankruptcy procedure, including the expenses necessary for the preservation and administration of assets of the debtor's credit institution, as well as the payment of the fees of persons employed in the law, including the judicial liquidator; 2 2. receivables resulting from eligible deposits within the meaning of the provisions contained in the legislation on deposit guarantee schemes, including the claims of deposit guarantee schemes resulting from subrogation in depositors ' rights guarantee and/or from the financing, according to the law, of the resolution measures of the debtor credit institution, as well as the claims arising from employment relationships for no more than 6 months prior to the opening of the procedure; 3. claims representing that part of the eligible deposits of individuals, micro-enterprises and small and medium-sized enterprises that exceed the coverage ceiling provided for in the legislation on deposit guarantee schemes and the deposits of individuals, micro-enterprises and small and medium-sized enterprises, which would be eligible deposits if they had not been made through branches located outside the Union of institutions established in the Union; 4. receivables resulting from the debtor's activity after opening the procedure; 5. the budgetary claims, the claims of the deposit guarantee schemes, other than those referred to in item 2, as well as the claims of the National Bank of Romania arising from loans granted by this credit institution; 6. receivables arising from treasury operations, from interbank operations, from operations with clientele, operations with securities, other banking operations, as well as from those resulting from deliveries of products, services or other works, from rents, as well as other chirographic receivables; 7. receivables arising from free acts; 8. receivables arising from debt instruments and loans, based on conventions providing for a subordination clause according to which, in the event of liquidation or bankruptcy of the credit institution, such claims are to be paid after the claims of all non-subordinated chirographic creditors and, as the case may be, other subordinated chirographic creditors; within this category of claims, their payment will be made in compliance with the order of preference established by the clause of subordination of each claim; 9. the claims of the shareholders of the credit institution in bankruptcy, namely the receivables of the cooperative members of the credit cooperatives affiliated to the central house of the credit cooperatives in bankruptcy, deriving from the residual right of their quality, according to legal and statutory provisions. ---------- Article 234 has been amended by section 6.6. 23 23 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Section 4 Liability of the governing bodies, censors and execution personnel or with control duties from the credit institution reached in bankruptcy + Article 235 If in the report prepared according to the provisions of art. 97 persons to whom the occurrence of the debtor's state of insolvency would be imputable, at the request of the judicial liquidator, the syndic judge may order that a party or the entire unpaid liability of the debtor reached insolvency be supported by the members of the management bodies or directors/coordinators with internal control tasks of the departments, departments or other similar structures, the execution personnel with internal control tasks, the censors/auditors of the credit institution who became insolvent, who held the respective functions in the 3 years prior to the opening of the procedure, if they contributed to its failure to become insolvent by the facts provided in art. 169 169 para. ((1) or: a) they have granted credits in violation of prudential requirements approved by the rules in force, as well as with non-compliance with the internal rules ... b) have drawn up financial statements, other accounting situations or reports with non-compliance with legal provisions; ... c) in the framework of internal verification actions they did not identify and did not notice, by non-compliance with their duties, the facts that led to fraud and poor management of the patrimony. ... + Article 236 In order to take the measures provided for in 235, the syndic judge can be notified by the judicial liquidator, a shareholder or any of the creditors, by the National Bank of Romania, based on the data in the case file, and will be able to order precautionary measures. + Section 5-a Closing procedure + Article 237 (1) The bankruptcy procedure will be closed by the syndic judge, at the request of the judicial liquidator, by a closing decision, when the syndic judge approved the final report, when all funds or assets in the wealth of the institution credit in bankruptcy was distributed and when funds not cleared by those entitled, within 90 days from the date of the final report, were filed by the judicial liquidator with the State Treasury, and the statement of account will be deposited at the syndic judge. The decision will be communicated in writing or in the press, in at least two national circulation newspapers, to all parties involved. ... (2) After the bankruptcy of the debtor credit institution, the judicial liquidator will submit for storage at the direction of the county national archives or, as the case may be, of the city of Bucharest the documents of the debtor credit institution, archived according to provisions National Archives Law no. 16/1996 , with subsequent amendments and completions. Within 60 working days from the decision to close the bankruptcy procedure, the judicial liquidator will submit to the county national archives or, as the case may be, the rest of the documents of the institution Credit debtors. ... + Section 6 Other provisions + Article 238 Persons who must receive or transmit information in connection with the information or consultation procedures provided for in this chapter are required to keep professional secrecy according to the provisions art. 3 3 and 52 of Law no. 312/2004 on the Statute of the National Bank of Romania and of those of Title II Head. II of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, except for any judicial authorities to which the national provisions in force apply. + Article 239 In the case of bankruptcy, for statistical purposes, credit institutions will be considered as belonging to the banking sector. The reports to be drawn up and transmitted by the judicial liquidator to the National Bank of Romania, the periodicity and the manner of their transmission will be established by norms by the National Bank of Romania. + Article 240 In respect of qualified financial contracts and bilateral clearing operations under a qualified financial contract or a bilateral netting agreement concluded by a credit institution, the provisions shall apply accordingly. art. 89. + Article 241 In the normative acts in force, the phrase "the procedure of judicial reorganization and bankruptcy of credit institutions" is replaced by the phrase "procedure of bankruptcy of credit institutions", corresponding to the provisions of this chapter. + Chapter IV Provisions on the bankruptcy of insurance/reinsurance companies + Section 1 General provisions + Article 242 Provisions head. I, with the exception of those contained in section 6, will apply accordingly to the procedure of bankruptcy of insurance/reinsurance companies, with the derogations provided for in this chapter. + Article 243 (1) The bankruptcy procedure, regulated by this Chapter, shall apply to insurance/reinsurance undertakings provided for by art. 2 2 of Law no. 32/2000 , with subsequent amendments and completions, including their branches based abroad, as well as branches and subsidiaries of insurance companies from third states, which are based in Romania. ... ((2) The bankruptcy procedure, regulated by this Chapter, shall not apply to the branch of an insurance/reinsurance undertaking or a mutual society of a Member State of the European Union, which has received an authorisation from the authority of supervision of the home Member State. ... ((3) The measures applied under the bankruptcy procedure covered by this Chapter seek to protect the legitimate interests and rights of insurance creditors. ... + Article 244 (1) In this chapter, the terms "competent authority", "supervisory authorities", "insurance creditors", "insurance claims", "insurance claims payment agreement" and "Guarantee fund", "financial recovery procedure", " State member "," home Member State "," host Member State "and" third State " have the meaning provided by Law no. 503/2004 on financial recovery, bankruptcy, dissolution and voluntary liquidation in the insurance business, republished, as amended. ... (2) The terms "subsidiary", "branch", "significant person" and "significant shareholder" have the meaning provided by Law no. 32/2000 , with subsequent amendments and completions. ... § § 1. Bankruptcy + Article 245 (1) The procedure of bankruptcy of the insurance/reinsurance company shall be opened on the basis of an application entered either by the Financial Supervisory Authority or by the debtor insurance/reinsurance company or its creditors, as the case may be. ... (2) The procedure of bankruptcy of an insurance/reinsurance company authorized in Romania, as well as of its branches established in other Member States, is governed by the Romanian law regarding the regime and the application of bankruptcy procedure, in Special mode with regard to: ... a) the goods covered by this procedure, as well as the arrangements of the goods acquired by the debtor insurance/reinsurance company after the opening of the bankruptcy procedure; ... b) the duties of the debtor insurance/reinsurance company and the judicial liquidator; ... c) the conditions under which compensation may be invoked; ... d) the effects of the bankruptcy procedure on ongoing contracts, in which the debtor insurance/reinsurance company is a party; ... e) the effects of bankruptcy proceedings on individual enforcement proceedings promoted by insurance creditors, with the exception of cases before the courts of other Member States; ... f) the claims to be declared on the insurance/reinsurance company debtor and the claims regime that arise after the opening of the bankruptcy procedure; ... g) rules on declaration, verification and admission of receivables; ... h) rules on the distribution of income obtained from the valorisation of assets, the order of priority of payment of insurance claims and the rights of insurance creditors who obtained a partial payment after the opening of the bankruptcy procedure on the basis of a real right or by invoking compensation; ... i) the conditions and effects of the bankruptcy procedure; ... j) the rights of creditors after the closure of the bankruptcy procedure; the bearing of costs and expenses related to the bankruptcy procedure; ... k) the rules on nullity, cancellation or inoposability of legal acts that prejudice the legitimate rights and interests of insurance creditors. ... + Article 246 ((1) Under this chapter, the debtor insurance/reinsurance company in a state of insolvency, as defined in art. 5 5 section 31 lit. a), it is obliged to apply to the tribunal an application to be subject to bankruptcy proceedings. The application shall be submitted no later than 20 days after the date of occurrence of the state of insolvency. ... (2) Before the registration at the court, the application referred to in par. (1) shall be submitted to the Financial Supervisory Authority with the documents and supporting documents, in order to analyze it and to formulate the welcome provided in art. 248 248 para. ((1). The obligatory insurance/reinsurance company shall, on a compulsory basis, the special register of the assets admitted to cover the technical reserves as set out in Annex no. 2 2 to Law no. 32/2000 , with subsequent amendments and completions. ... + Article 247 (1) Creditors of the insurance/reinsurance company debtor, other than insurance creditors whose claims are paid from the availabilities of the Guarantee Fund, may register with the court an application for the opening of bankruptcy proceedings against the debtor company, under the conditions of this chapter, if they hold a claim that meets the conditions laid down in art. 5 5 section 20 20 and 72. ... (2) The provisions of art. 246 246 para. ((2) shall apply accordingly as regards the submission to the Financial Supervisory Authority of the application, the documents and the supporting documents. ... + Article 248 (1) The application provided in art. 246 246 para. ((1) and in art. 247 247 para. (1) is registered by the court once the Financial Supervisory Authority is met, whereby it communicates whether or not the debtor insurance/reinsurance company is subject to a financial recovery procedure, according to art. 3 lit. b) of Law no. 503/2004 , republished, as amended, to restore its financial situation or, as the case may be, to honour payments to creditors, in the framework of administrative financial recovery measures. ... ((. The opening of bankruptcy proceedings shall be ruled by the syndic judge if: ... a) The Financial Supervisory Authority has communicated, by welcoming, that at the time of the formulation of the application for the opening of the bankruptcy procedure a procedure for financial recovery of the company's activity insurance/reinsurance debtor, under the conditions Law no. 503/2004 , republished, as amended; or ... b) The Financial Supervisory Authority has communicated, by welcoming, that there are no real possibilities to restore the financial situation of the company and to pay the claims of all its creditors in a recovery procedure financial. ... + Article 249 ((1) Under this title, the Financial Supervisory Authority may introduce an application for the opening of bankruptcy proceedings against a debtor insurance/reinsurance company, in any of the situations referred to in art. 5 5 section 31 lit. b) or c). ... (. The application shall be accompanied by the following documents, as appropriate: ... a) the decision of the Financial Supervisory Authority on the withdrawal of the operating authorization of the insurance/reinsurance company debtor, the finding of insolvency and the promotion of the application regarding the opening of the bankruptcy procedure against it; ... b) the decision of the Financial Supervisory Authority on the closure of the financial recovery procedure, followed by the opening of the bankruptcy procedure against the insurance/reinsurance company; ... c) any other acts or documents that are necessary to justify the request for the investiture of the tribunal. ... + Article 250 (1) Following registration of the application, according to art. 246-249, will be quoted the debtor insurance/reinsurance company and, as the case may be, the creditor who made the request or the Financial Supervisory Authority. At the same time, the Guarantee Fund will be notified. ... (2) Contestation of the insurance/reinsurance company against the application provided in art. 247 or 249 may be entered no later than 5 days after the date of receipt of the notification of the registration of such a request. The appeal is judged expeditiously and in particular. Only appeal can be exercised against the judgment of the syndic judge. ... (3) At the first court term, the syndic judge will consider the introductory application and the submitted documents and, if the debtor insurance/reinsurance company did not dispute the existence of the state of insolvency, according to par. (2), will make a decision to open the bankruptcy procedure. ... + Article 251 The judicial liquidator, insolvency practitioner, is designated under the conditions of art. 63, its offer being submitted after obtaining the prior opinion of the Financial Supervisory Authority. In the absence of offers submitted to the file, the syndic judge will appoint a judicial liquidator from among the insolvency practitioners agreed by the Financial Supervisory Authority. The obligation to obtain the prior opinion of the Financial Supervisory Authority also lies with the insolvency practitioners proposed for designation as judicial liquidators by the creditors ' meeting. + Article 252 (1) Following the opening decision of the bankruptcy proceedings, the judicial liquidator shall immediately communicate to the interested parties, the Guarantee Fund and the trade register office where the company is registered. insurance/reinsurance debtor, in order to make the mention "insurance/reinsurance company in bankruptcy". The communication shall be published, through the care of the Guarantee Fund, in at least two national circulation newspapers, according to the legal provisions. ... ((2) If the insurance/reinsurance undertaking has opened branches and/or subsidiaries in other countries, the Financial Supervisory Authority shall immediately communicate to the supervisory authority of the host country/branch concerned about the decision on the opening of bankruptcy, according to this title. ... (3) All expenses related to the measures provided in par. ((1) shall be borne by the patrimony of the debtor insurance/reinsurance company; in the absence of the necessary availability the liquidation fund provided for in this title shall be used. ... (4) From the date of opening of the procedure, all the acts of the debtor insurance/reinsurance company bear the mention provided in par. ((1). ... + Article 253 (1) Following the opening of the bankruptcy proceedings it is prohibited, under penalty of nullity, to the significant shareholders of the insurance/reinsurance company debtor or persons who have held management positions to dispose of the shares held in the insurance/reinsurance company debtor, without the prior opinion of the Financial Supervisory Authority and without the approval of the syndic judge. ... (2) The syndic judge will order the preservation of the shares, according to par. (1), in the special records kept by the debtor insurance/reinsurance company or in the independent registers. ... + Article 254 The bankruptcy procedure provided for in this chapter, except for the call provided for in art. 256 256 para. (2), is the exclusive jurisdiction of the tribunal in whose territorial area is the head office of the debtor insurance/reinsurance company, which is listed in the records of the trade register office, and is exercised by a judge-syndic designated under the law. + Article 255 By the decision to open the bankruptcy procedure, the syndic judge raises the administrators of the insurance/reinsurance company debtor the right to represent the company, to manage its assets and to dispose of them. + Article 256 (1) The decisions of the syndic judge are enforceable and can be appealed only with appeal. ... (2) The appeal shall be adjudicated by the Court of Appeal, expeditiously and in particular. Art. 43 43 and 44 shall apply accordingly. ... + Article 257 (1) In addition to the provisions established by art. 45, the syndic judge has the following duties: ... a) notification of the Guarantee Fund as well as of the Financial Supervisory Authority with regard to the registration of the applications; ... b) the adjudication of the insurer/reinsurer's appeal against the introductory application made by the Financial Supervisory Authority, the insurance creditors and the other creditors, as the case may be; ... c) to judge the requests of the Financial Supervisory Authority on nullity or cancellation of fraudulent acts, prejudicial to the interests and rights of insurance creditors, prior to the opening of bankruptcy proceedings; ... d) the adjudication of claims for compensation of claims, formulated by the insurance/reinsurance company or insurance creditors, as the case may be, with the opinion of the Financial Supervisory Authority; ... e) the judgment of the appeals made by the Financial Supervisory Authority, the insurance/reinsurance company debtor, the insurance creditors or any person concerned, as the case may be, against the measures ordered by the liquidator judicial; ... f) the adjudication of requests to attract the responsibility of the members of the governing bodies, censors, financial auditors and execution personnel or with control powers within the insurance/reinsurance company that contributed upon reaching the insurer/reinsurer in insolvency. ... (2) In the performance of his duties, which involve the application of certain regulations specific to the insurance activity carried out by the debtor insurance/reinsurance company, the syndic judge may also ask the opinion of the Supervisory Authority Financial, as an autonomous administrative authority. ... + Article 258 In addition to the provisions established by art. 64, the judicial liquidator has the following tasks: a) the analysis of the activity of the insurance/reinsurance company debtor in relation to the factual situation and the preparation of a detailed report on the causes and circumstances that led to its insolvency, with the mention of persons to which the bankruptcy of the insurance/reinsurance company would be imputable, and on the existence of the premises of the employment of their liability under the conditions of art. 268 268. The report shall be submitted to the syndic judge, no later than 40 days after the date of its designation; a copy of this report shall also be transmitted to the Financial Supervisory Authority. At the request of the judicial liquidator, for thorough reasons, the syndic judge may, by conclusion, extend the presentation period of the report; ... b) notification of the decision of entry into the bankruptcy procedure of the debtor insurance/reinsurance company; ... c) the verification of the claims of the Guarantee Fund, as well as any other amounts due to it, according to this title, in compliance with the rights, privileges and/or legal guarantees; ... d) maintaining or denouncing contracts concluded by the debtor insurance/reinsurance company, with the opinion of the Financial Supervisory Authority; ... e) the management of the activity of the insurance/reinsurance company, namely the performance of the operations in the interest of the bankruptcy procedure, including the recovery of the outstanding insurance premiums, related to ... f) the conclusion of the insurance claims payment agreements, with the opinion of the Financial Supervisory Authority, and their confirmation by the syndic judge, with or without their guarantee with the assets of the debtor insurance/reinsurance company; ... g) the employment, in compliance with the legal provisions, of the necessary personnel for the liquidation and management of its activity, the employment being also possible within the existing staff of the insurance/reinsurance company debtor; ... h) the introduction of actions for the cancellation of fraudulent acts, concluded by the insurance/reinsurance company debtor at the expense of the rights of the insurance creditors in the 2 years prior to the opening ... i) the introduction of actions for the cancellation of the constitutions of rights of preference or transfers of patrimonial rights to third parties and for their restitution of the transmitted goods and the value of other executed benefits, carried out by to the insurance/reinsurance undertaking debtor by: ... 1. acts of free transfer, with the exception of sponsorships for humanitarian purposes, carried out in the 2 years prior to the opening of the procedure; 2. acts concluded with a shareholder holding at least 5% of the shares of the insurance/reinsurance company; 3. acts concluded with an administrator, director or with any other member of the management and supervisory bodies of the debtor insurance/reinsurance company; 4. acts concluded with any other natural or legal person in close connection with the debtor insurance/reinsurance company. A person is in close contact with the company when: --holds a direct participation or through a control relationship of at least 20% of the share capital or voting rights of the debtor insurance/reinsurance company; --is permanently linked to the debtor insurance/reinsurance company by means of a control relationship or, as the case may be, accomplishes a common policy towards it; -exercise control powers over the insurance/reinsurance company debtor; j) the introduction of actions for the cancellation of the constitutions of cases of preference or transfers of patrimonial rights to third parties and for their restitution of the transmitted goods and the value of other benefits, executed by the insurance/reinsurance debtor at the expense of insurance creditors by: ... 1. acts concluded in the 2 years prior to the opening of the proceedings, with the intention of the parties involved to evade goods from the pursuit by the insurance creditors or to leza in any way their rights; 2. commercial operations in which the performance of the insurance/reinsurance company shall clearly exceed the one received, carried out in the 2 years prior to the opening of the procedure; 3 3. acts of transfer of ownership to a creditor for its benefit or for the extinguishment of a previous debt, carried out in the 6 months prior to the opening of the procedure, if the amount that the creditor could obtain in the proceedings is less than the value of the transfer act; 4. the establishment of a right of preference for a claim that was chirographic in the 4 months prior to the opening of the procedure; 5. free transfer documents, except for humanitarian sponsorships carried out according to the law, carried out in the 2 years prior to the opening of the bankruptcy procedure; 6. acts concluded by significant persons or significant shareholders with the debtor insurance/reinsurance company in which they hold this quality, in the year before the bankruptcy procedure started; k) the pursuit of the collection of any claims from the patrimony of the insurance/reinsurance company debtor, resulting from the transfer of goods or amounts of money, carried out by this prior to the registration of the opening application of the procedure; the formulation and support of claims for the collection of insurance/reinsurance claims; ... l) the preparation of a monthly report on the evolution of the bankruptcy procedure, which it will present to the syndic judge and publish it in BPI; ... m) referral to the syndic judge about any problem that would require a resolution by him; ... n) the conclusion of any documents, on behalf of the insurance/reinsurance company debtor, the initiation and coordination, on its behalf, of any legal action or proceedings; ... o) preparation of final financial statements of liquidation. If the liquidation is extended beyond the duration of a financial year, the judicial liquidator is obliged to draw up the annual financial statements and to submit them to the bodies and to the deadlines provided in the models of the financial-accounting situations for companies regulated by Law no. 31/1990 , republished, with subsequent amendments and completions; ... p) fulfillment of any provisions of the Financial Supervisory Authority, issued as a competent autonomous administrative authority, in the cases expressly provided by law, with the confirmation of the syndic judge, in order to guaranteeing the defence of the interests and rights of insurance creditors; ... q) the liquidation of the goods and the valorization of the rights of the patrimony of the insurance/reinsurance company debtor, with the prior opinion of the Financial Supervisory Authority and with the notification of the Guarantee Fund, with the approval aiming at their optimal recovery, in order to pay debts to insurance creditors, by: ... 1. transactions regarding the purchase of assets and the assumption of liabilities through which an insurance/reinsurance company, with a good or very good financial situation, acquires, in whole or in part, the assets of the debtor insurance/reinsurance company and assume, in part or in all, its liabilities; 2. sale of goods, such as: buildings, land, equipment, securities; 3. any other techniques to capitalize on the assets of the insurance/reinsurance company debtor, such as debt disposals or novations made in the interest of bankruptcy proceedings at a negotiated value; r) carrying out any procedural documents required by this Chapter. ... + Article 259 (1) The insurance/reinsurance company debtor and/or any of the insurance creditors, the Financial Supervisory Authority, the Guarantee Fund, as well as any other person concerned, as the case may be, may appeal against the measures taken by the judicial liquidator. The appeal is made within the period provided for in art. 59 59 para. ((6). ... (2) The contestation shall be settled by the emergency syndic judge and in particular. The syndic judge holds a meeting, with the citation of the objector, the Financial Supervisory Authority, the insurance creditors and/or the Guarantee Fund. ... + Article 260 For serious violation of duties, the judicial liquidator may be replaced by the syndic judge, under the conditions of art. 57 57 para. ((4), to which the prior opinion of the Financial Supervisory Authority is added. + Article 261 The reports whose preparation by the judicial liquidator is mandatory, according to this law, shall be transmitted, on a mandatory basis, to the Financial Supervisory Authority, as well as to the Guarantee Fund. § § 2. Opening of bankruptcy proceedings. Effects of opening + Article 262 (1) Under the conditions of this title, the opening of bankruptcy proceedings against the debtor insurance/reinsurance company shall be ordered by the judgment of the syndic judge. ... (2) The decision to open the bankruptcy procedure has as a consequence the withdrawal by the Financial Supervisory Authority of the operating authorization of the debtor insurance/reinsurance company, if this measure was not previously ordered delivery of judgment. The judicial liquidator will publish the decision of the syndic judge in the Official Gazette of Romania, Part IV, as well as in at least two newspapers of national circulation. With the publication it will communicate the decision to both the competent authority and the Guarantee Fund. ... ((3) The withdrawal of the operating authorization shall not prevent the judicial liquidator or any other person empowered to do so by him to carry out some of the insurance/reinsurance undertaking's insurance operations, in the extent to which this is necessary or appropriate in order to complete the bankruptcy procedure. These operations will only be possible with the prior opinion of the competent authority. ... (4) The decision to open bankruptcy proceedings has the effect of suspending all judicial or extrajudicial actions and enforcement measures directed against the debtor insurance/reinsurance company. The claims alleged in these processes are registered with the bankruptcy file of the tribunal and subject to their examination and enrolment in the table of claims, according to the present law. The effects of the bankruptcy proceedings on a pending civil suit on a good or a right of which the insurance/reinsurance company has been stripped are governed by the law of the Member State in which the process is pending. ... (5) The insurance claims, found by enforceable securities obtained after the moment of delivery of the bankruptcy decision, shall be registered in the court, under penalty of forfeiture of the law, no later than 10 days after the date of obtaining the title. The judicial liquidator is obliged to verify and, if applicable, to enroll these claims in the debt table, in compliance with the order of preference and/or the causes of their legal preference. In all cases, the application for registration of these claims cannot be filed later than the date of drawing up the consolidated definitive table of receivables, according to the present law. ... (6) In respect of qualified financial contracts and bilateral clearing operations on the basis of a qualified financial contract or a bilateral netting agreement concluded by an insurance and reinsurance company shall apply in a manner the provisions of Article 89. ... + Article 263 (1) After the judgment on the opening of the bankruptcy proceedings against a debtor insurance/reinsurance company, the judicial liquidator prepares the report provided for in art. 258 lit. a), with the stipulation, among other things, of the proposals on the concrete ways of liquidation of the goods and rights of the debtor's patrimony, provided in art. 258 lit. q). ... (2) In case of approval by the meeting of creditors of the liquidation modality provided in art. 258 lit. q) section 1, the judicial liquidator shall organize immediately, if the confirmed modality provides, the negotiation on the transaction of purchase of assets and assumption of liabilities. The judicial liquidator shall organize for this purpose an information meeting with all insurance/reinsurance companies considered by the Financial Supervisory Authority, in order to present the terms and conditions of the negotiation. Before the meeting is held, the judicial liquidator is obliged to sign with the respective insurance/reinsurance companies a confidentiality agreement, whereby they undertake, under the law, to keep professional secrecy with regard to to the information relating to the debtor insurance/reinsurance undertaking which is the subject of the negotiation. ... + Article 264 (1) The judicial liquidator drafts and transmits to the insurance/reinsurance companies interested in making a transaction according to the provisions of art. 263 263 para. (2), participating in the information meeting, a request for an offer on the purchase of assets and the assumption of liabilities; the transmission of the offer request is made on a confidential basis. ... (2) Depending on the interest shown by the insurance/reinsurance companies participating in the information meeting, the request for the offer will mainly include the following elements: ... a) the categories of assets and liabilities to be subject to the transaction, as well as their volume, classified according to the degree of liquidity and chargeability; ... b) the liquidation value for each asset category; ... c) the term of submission to the judicial liquidator of the offers of the respective insurance/reinsurance companies regarding the proposed transactions of asset purchase and liabilities assumption; ... d) the items contained in the special register of assets admitted to cover technical reserves as set out in Annex no 2 2 to Law no. 32/2000 , with subsequent amendments and completions. ... (3) The offers of insurance/reinsurance companies shall be transmitted to the judicial liquidator, in closed envelope, no later than 10 days from the date of receipt of the request for its offer; the judicial liquidator will analyze the offers as soon as possible and will choose the offer of the insurance/reinsurance company/companies with which it is to conclude the transaction, in compliance with the principle of minimum cost ... + Article 265 If no offers are received within the period provided for in art. 264 264 para. (3) or the offers received are not appropriate to the feasibility requirements of such a transaction or this transaction is not endorsed by the Financial Supervisory Authority, as the case may be, the liquidation of assets and rights of the patrimony the debtor company is to be effected by other means provided for in this Title. + Article 266 (1) On the date of publication of the decision by which the Financial Supervisory Authority finds the existence of the indications of the insolvency of the insurance/reinsurance company and the impossibility of recovery is born the right of insurance creditors to request payment of the amounts due from the Guarantee Fund. ... ((2) From the date of the final stay of the decision to open the bankruptcy procedure, under the conditions of this title, the Guarantee Fund is entitled to make payments from the availabilities of this fund, in order to pay the amounts due insurance creditors, according to the law. ... (3) It is forbidden to insurance creditors whose insurance claims have been paid from the Guarantee Fund to register applications and/or to request the recovery of claims and/or payment of the claimed amounts, within the framework of the procedure bankruptcy of the insurance/reinsurance company debtor. The Guarantee Fund is entitled to require the competent authorities to establish the liability of the alleged creditors and to oblige them to return the amounts unduly collected. ... + Article 267 (1) Insurance claims shall enjoy absolute priority over any other claims, in respect of assets admitted to represent the technical reserves of the insurance/reinsurance company under the bankruptcy procedure. These claims are paid in lei, immediately after the payment of the claims provided in art. 159 159 para. ((1) pt. 2. ... (2) The claims of the Guarantee Fund are insurance claims, for the purposes of this title, and shall be paid in the order of preference provided in par. ((1), benefiting from all rights and/or causes of their legal preference, as a result of subrogation in the rights of insurance creditors whose due amounts have been paid from the availabilities of the Guarantee Fund. ... + Section 2 Liability of the management bodies of the insurance/reinsurance company + Article 268 The syndic judge may order that part of the liability of the insurance/reinsurance company reached in the state of insolvency shall be borne by the members of the management and/or supervisory bodies of the insurance/reinsurance company debtors, as well as any other person who has contributed to the insolvency of the insurer/reinsurer, through one of the following facts: a) they have done production, trade or service activities for personal interest, under the cover of the insurance/reinsurance company; ... b) have in their personal interest the continuation of an activity that manifestly led the insurance/reinsurance company upon termination of payments; ... c) have used the assets and/or loans of the insurance/reinsurance company for their own and other persons; ... d) they held a fictitious accounting, facilitated the disappearance of accounting documents or did not keep the accounting according to the law; ... e) they have hijacked or hidden part of the insurance/reinsurance company's asset or have fictitious increased its liabilities; ... f) used ruinous means to procure the insurance/reinsurance company funds, in order to delay the termination of payments; ... g) in the 30 days prior to the intervention of the state of insolvency, they paid or ordered to pay, with preference, to a creditor, at the expense of the other insurance creditors; ... h) have drawn up annual financial statements, other accounting situations or reports, with non-compliance with legal provisions; ... i) have not fulfilled or improperly fulfilled the administrative financial recovery measures applied by the Financial Supervisory Authority or, as the case may be, made provisions without the opinion or approval of this authority, thus leading to the state of insolvency and to the triggering of the bankruptcy proceedings against the insurance/reinsurance company; ... j) in the framework of internal verification actions, did not identify and/or did not notice, at their fault, the facts that led to fraud and/or to a mismanagement of the patrimony of the insurance/reinsurance company. ... + Article 269 Amounts obtained according to art. 268 enters the patrimony of the debtor insurance/reinsurance company and is intended to pay its debts, according to the law. + Article 270 (1) In order to pronounce the decision to oblige the persons referred to in art. 268 to the partial payment of the liability of the insurance/reinsurance company in insolvency, the syndic judge can be notified by the judicial liquidator, by any of the insurance creditors, by the Financial Supervisory Authority, as well as by the chairman of the creditors ' committee, 169 169 para. ((2). On the basis of the documents in the case file, the syndic judge may approve the establishment of precautionary measures. ... (2) Enforcement against persons referred to in art. 268 is carried out according to the provisions of the Code of Civil Procedure, except when by law it is ordered otherwise. ... + Section 3 Closing procedure + Article 271 ((1) Under the conditions of this chapter, the bankruptcy procedure shall be closed by the syndic judge, by decision, at the request of the judicial liquidator, if one of the following circumstances is found, as the case may be: ... a) the final report was approved; ... b) all funds and/or assets of the insurance/reinsurance company's wealth have been distributed; ... c) claims of insurance creditors have been paid on the basis of an agreement or other similar measure; ... d) all amounts due to the Guarantee Fund have been recovered by him. ... (. The decision to close the procedure shall be notified by the syndic judge to all parties concerned, under the conditions of this Title. The amounts remaining after the satisfaction of the rights of all persons entitled, according to this law, shall be transferred to the Guarantee Fund, in order to administer and manage them according to the legal provisions in force. ... + Article 272 At any stage of the proceedings, the syndic judge may pronounce a decision to close the procedure if it is found that there are no assets in the property of the insurance/reinsurance company debtor or that they are insufficient to cover administrative expenses and no creditor shall be offered to advance the necessary amounts. + Title III Cross-border insolvency + Chapter I General provisions + Article 273 ((. This title shall include: ... a) rules for determining the law applicable to a report of private international law on insolvency matters; ... b) rules of procedure in disputes concerning the relations of private international law in the matter of insolvency; ... c) rules on the conditions under which the competent Romanian authorities request and, respectively, provide assistance with regard to insolvency proceedings opened on the territory of Romania or a foreign state. ... (2) For the purposes of this Title, the relations of private international law in the matter of insolvency represent those relations of private law with an element of extraneity, which are subject to resolution as a result of the opening of insolvency proceedings and under the conditions laid down therein. ... + Chapter II Relations with third countries + Article 274 ((. This Chapter shall apply in the following situations: ... a) if assistance is requested in Romania by a foreign court or by a foreign representative in connection with a foreign insolvency procedure; ... b) if assistance is requested in a foreign state in connection with a Romanian insolvency procedure; ... c) in case of concurrent conduct of a Romanian insolvency procedure and of a foreign insolvency procedure relating to any of the members of a group of companies, within the meaning of art. 5 5 section 35 35; ... d) if creditors or other interested persons from a foreign state are interested to request the opening in Romania of a procedure provided for by this law or to participate in an open procedure. ... ((. This Chapter shall not apply in the case of insolvency proceedings for which special provisions derogating from the common rule of law exist and which have as its object: ... a) banks, cooperatives or other credit institutions; ... b) companies and insurance/reinsurance agents; ... c) financial investment services companies, undertakings for collective investment in transferable securities, investment management companies; ... d) scholarship companies, members of commodity exchanges, compensation houses, clearing members of commodity exchanges, brokerage companies, traders. ... (3) The provisions of this chapter are not applicable to the international private law relations in the field of insolvency falling under the scope of Council Regulation (EC) No 45/ 1.346/2000 . ... + Article 275 Insofar as there is inconsistency between the provisions of this title and Romania's obligations arising from treaties, conventions or any other form of international, bi-or multilateral agreement, to which Romania is a party, the provisions of the Treaty, of the convention or international agreement will apply as a matter of priority. + Article 276 The tasks set out in this chapter of this title relating to the recognition of foreign proceedings and cooperation with foreign courts are within the competence of the tribunal, by the syndic judge, as well as of the Romanian representative, as follows: A. the tribunal in the constituency of which the debtor's seat is located For the purposes of this law, it is considered that the foreign legal entity is based in Romania and if it has in the territory of the country a branch, agency, representative or any other entity without legal personality. If the debtor has more headquarters in Romania, the competence lies with any of the courts in the constituency to which the respective premises are located; B. If the debtor does not have any headquarters in Romania, competent is: a) the court or any of the courts in the constituency of which there are immovable property belonging to the debtor, when the object of the application is to find immovable property exclusively or with other goods; ... b) the court in which the register in which the vessel or aircraft subject to the application is kept is kept; ... c) the tribunal in the constituency of which the Romanian company is located at which the debtor holds the securities that are the subject of the application; ... d) The Bucharest Court, if the object of the application is protected intellectual property rights in Romania, government securities, treasury bills, state and municipal bonds belonging to the debtor; ... e) if the object of the application is the debtor's claim rights on a person or public authority, the tribunal in the constituency of which the domicile or residence is located, respectively the seat of the person or public authority That. ... + Article 277 The Romanian representative is empowered to act in a foreign state, as a representative of the open procedure in Romania, under the conditions established by the applicable foreign law. + Article 278 (1) Romanian courts will be able to refuse the recognition of a foreign procedure, the execution of a foreign court decision adopted in such a procedure, the decisions that arise directly from the insolvency proceedings and which present a close connection with this or the consent of any other measure provided for in this Chapter, only if: ... a) the decision is the result of fraud committed in the procedure followed abroad; ... b) the ruling violates the public order provisions of Romanian private international law. ... (2) It constitutes a basis for refusal of recognition, in the meaning of para. (1), violation of legal provisions. ... + Article 279 The provisions of this title shall be completed, in the measure of their compatibility, with the provisions of the 7th book of the Civil Code on the provisions of private international law. + Article 280 The interpretation of this Title will take into account the international origin of the rule and the need to promote uniformity in its application and respect for good faith. + Article 281 The foreign representative has the right to address the Romanian courts or the Romanian representative directly. + Article 282 The foreign representative has active standing to enter a request for the opening of the procedure, according to the present law, in so far as all other conditions necessary for the opening of such a procedure are fulfilled according to the law Novels. + Article 283 The foreign representative has the standing to participate in an already open proceedings against the debtor, according to the present law, only from the moment of recognition of the foreign procedure he represents. + Article 284 The action brought by the foreign representative before the Romanian courts, according to this chapter, will not lead to the extension of the competence of the Romanian courts on this representative, the goods and the external activity of the debtor to resolve the heads of the action, without any other purpose. + Article 285 (1) Foreign creditors enjoy the same rights regarding the opening and participation in the open procedure, according to the present law, as well as Romanian creditors. ... (2) Provisions of para. ((1) does not change the order of payment of claims in the procedure provided by this law, in the case of bankruptcy. With regard to the claims of foreign creditors, they will not be placed on a place lower than the category of chirographic claims, except for those claims that fall under the category of claims subordinated to chirograph claims. ... (3) The non-cadent and those under condition will be applied, accordingly, to the provisions of this law. ... (4) Creants that benefit from a cause of preference, in whole or in part, that are not due on the date of registration of the application for their admission, will be properly applied the provisions of this law. ... + Article 286 (1) The citation of known foreign creditors, as well as the communication and notification of any procedural document to them will be carried out under the present law. The courts will order the appropriate measures to carry out the respective acts of procedure and to foreign creditors with the unknown address. ... (2) The performance of the procedural documents referred to in par. ((1) will be done individually, unless the court considers that, according to the circumstances in fact, the use of another modality would be more appropriate. Courts are not held to appeal, on a mandatory basis, to rogatory commissions or other similar proceedings. ... ((3) The notifications sent to foreign creditors communicating the opening of the procedure shall indicate the elements provided by the provisions of this law, including the mandatory minimum content of the application for admission of the claim on the debtor's estate. ... + Article 287 (1) The foreign representative has the active standing to formulate before the Romanian court competent a request for recognition of the foreign procedure in which he was appointed. The court thus notified shall examine ex officio if it is competent, according to the provisions of 276. ... (2) The application for recognition shall be accompanied by one of the following documents: ... a) a certified copy of the opening decision of the foreign procedure and the designation of the foreign representative; ... b) a certificate issued by the foreign court certifying the existence of a foreign procedure and the appointment of the foreign representative; ... c) in the absence of the means of proof provided in a) and b), any other proof of opening the foreign procedure and designating the foreign representative, admissible under the conditions provided by Government Ordinance no. 66/1999 for the accession of Romania to the Convention on the Suppression of the Requirement Of Overrepresentation of Foreign Official Acts, adopted in The Hague on 5 October 1961, Law no. 52/2000 , with subsequent amendments, or other treaties, conventions or any other form of international, bi-or multilateral agreement, to which Romania is a party. ... (3) The application for recognition shall be accompanied by a declaration stating all foreign procedures regarding the debtor that the foreign representative is aware of. ... (4) If deemed necessary, the court will be able to request the translation into Romanian of the documents provided in order to support the request for recognition. ... + Article 288 (1) The court will be able to consider that the foreign procedure subject to the request for recognition is a procedure within the meaning of art. 5 5 section 49 and that the foreign representative is that person or authority provided for in art. 5 5 section 56, if the decision or certificate provided for in art. 287 287 para. ((2) lit. a) and b) indicate this. ... (2) The court may consider that the documents provided for the purpose of supporting the application for recognition are truthful, even if they are not legalized. ... + Article 289 (. Subject to the provisions of art. 278, the foreign procedure will be recognized in so far as it cumulatively meets the following conditions: ... a) the foreign procedure represents that procedure provided for in art. 5 5 section 49 49; ... b) the foreign representative who requests the recognition is that person or authority referred to in art. 5 5 section 56 56; ... c) the application for recognition meets the conditions established in art. 287 287 para. ((2); ... d) the application for recognition was made before the competent court referred to in art. 276 276; ... e) there is reciprocity regarding the effects of foreign decisions between Romania and the state of the court that ruled the ruling. ... (2) The foreign procedure will be recognized as: ... a) the main foreign procedure, if it is carried out in a foreign state in which the debtor has established the center of his main interests; ... b) the secondary foreign procedure, if it is carried out in a foreign state in which the debtor has established a headquarters, within the meaning provided by art. 5 5 section 57. ... (3) The request for recognition of the foreign procedure will be resolved in particular and expeditiously. When the citation procedure is legally fulfilled, the judgment may continue on the following day or at short, successive terms, given in the knowledge of the parties. ... (. The court shall rule on the application for recognition, after the summoning of the parties, by reference to a judgment which may be appealed. ... (5) The decision on the recognition of the foreign procedure enjoys the relative authority of the work judged; the court will be able to cancel it or, as the case may be, change in everything, in so far as it turns out, after its pronouncement, that the grounds and conditions recognition was missing, in whole or in part, or that they ceased to exist. ... + Article 290 Subsequent to the complaint of the Romanian court with the request for recognition, the foreign representative will immediately inform the following information: a) any significant changes in the conduct of the foreign procedure subject to recognition or recognition or the status or representative of that procedure; ... b) the opening of any other foreign proceedings relating to the same debtor, which the representative has become aware of. ... + Article 291 (1) At the request of the foreign representative the court will be able to approve, at the date of the application for recognition of the foreign procedure or in the course of its resolution, the following measures with temporary execution, insofar as they are of extreme necessity to protect the debtor's assets or creditors ' interests: ... a) the suspension of acts, operations and any other measures of individual execution on the debtor's assets; ... b) the assignment of the foreign representative or other person appointed by the court with the administration, preservation or valorization of all or some of the debtor's assets located in Romania, which, by their nature or other causes, are perishable, subject to deterioration or devaluation or jeopardised in any other way; ... c) any other measure between those provided in art. 293 293 para. ((1) lit. c), d) and g). ... (2) The judgment of the application provided in par. ((1) is made with the citation of interested parties. ... (3) The measures approved under the conditions of par. (1) shall cease at the time of delivery by the court of the decision on the request for recognition of the foreign procedure, unless the duration of these measures is extended according to the provisions of art. 293 293 para. ((1) lit. f). ... (4) The court will be able to refuse the consent of the measures provided in par. ((1) to the extent that it would prevent a main foreign procedure from being carried out in good condition. ... + Article 292 (1) From the date of recognition of the main foreign procedure, the following requests and actions, judicial or extrajudicial proceedings are prevented, and if they are already started, they shall be suspended by law: ... a) claims or actions of an individual nature, regarding the debtor's goods, rights and obligations; ... b) the acts, operations and any other measures of individual execution on the debtor's assets. ... (2) At the request of a creditor holder of a claim that benefits from a cause of preference, under the conditions of this law, the court will be able to lift the suspension provided in par. (1), under the conditions provided by the Romanian law. ... (3) As of the date provided in par. (1), the exercise of the right to alienate, strike or dispose in any other way by the debtor's assets is suspended. Acts carried out in violation of these provisions are void of law. ... (4) It is an exception to the provisions of para. (3) the exercise of the debtor's right to perform acts, operations and payments that fall under the usual conditions of exercising the current activity, for which the court will be able to decide the suspension under the conditions provided in art. 293. ... ((5) The recognition of the main foreign procedure prevents the beginning of the limitation period of the requests and actions provided in par. (1), and if they are already started, the recognition of the main foreign procedure is the cause of interruption of the limitation period of the respective applications and actions. ... (6) Provisions of para. ((1) does not prevent the formulation of an action to open the procedure provided for by this law or the registration of the application for admission of claims within this procedure ... + Article 293 (1) At the request of the foreign representative the court may approve, subsequently the recognition of the main or secondary foreign procedure, any measure with the necessary execution necessary to protect the debtor's assets or the interests of creditors Such as: ... a) the suspension of actions or requests of an individual nature regarding the goods, rights and obligations of the debtor, insofar as they have not been stopped or suspended under the conditions provided in art. 291 291 para. ((1) lit. a); ... b) the suspension of the enforcement measures bearing on the debtor's assets, in so far as the stop or suspension did not intervene as a result of the application of 291 291 para. ((1) lit. b); ... c) suspension of the exercise of the right to alienate, strike or dispose in any other way the debtor's assets, insofar as the suspension did not intervene under the conditions provided in art. 292 292 para. ((3); ... d) the administration of evidence relating to the goods, legal acts, rights or obligations of the debtor, as well as the provision of evidence and the finding of a state of affairs by bailiff; ... e) the assignment of the foreign representative or other person appointed by the court with the administration or valorization of all or some of the debtor's assets, located in Romania; ... f) the extension of the duration of the approved measures under the conditions provided in art. 291 291 para. ((1); ... g) the approval of any other measure that may be fulfilled by the Romanian representative, under the conditions established by this Law. ... (2) At the request of the foreign representative the court will be able to empower, after the recognition of the main or secondary foreign procedure, the foreign representative or another person appointed by the court with the administration and valorization or some of the debtor's assets, located in Romania, to the extent that the court will consider that the interests of Romanian creditors are properly protected. ... (3) In order to approve the measures provided for in this article in favour of the representative of a secondary foreign procedure, the court will ensure that, according to the Romanian law, these measures bear only on goods likely to be administered in the secondary procedure or have as their object only necessary information in that procedure. ... + Article 294 (1) In order to approve or reject applications for the consent of the measures provided for in art. 291 291 or 293 or the modification or termination of the measures provided in par. (3), the court will ensure that the interests of creditors, the debtor and other interested persons are duly protected. ... (2) The court may condition the consent of any measure, pursuant to art. 291 or 293, of meeting any requirements it deems necessary. ... (3) At the request of the foreign representative or another interested person or ex officio, the court will be able to order the modification or termination of the approved measure under the conditions of art 291 291 or 293. ... + Article 295 (1) From the date of recognition of the foreign procedure the foreign representative has standing to formulate actions in annulment of the legal acts concluded by the debtor at the expense of the rights of his creditors, with which the Romanian representative is empowered, as well as, as the case may be, actions in invalidity or inoposability, under the conditions established by this law ... (2) In the case of requests made by the representative of a secondary foreign procedure, the court will ensure that they have as object only goods that, according to the Romanian law, are likely to be administered in the secondary foreign procedure. ... + Article 296 From the date of recognition of the foreign procedure the foreign representative has standing to intervene in any application or action of an individual, judicial or extrajudicial character, in which the debtor has the status of party, to the extent which are fulfilled and the other conditions provided by the Romanian law. + Article 297 (1) Romanian courts will cooperate with foreign courts and representatives to a degree as extended as possible, regarding the aspects provided in art. 274; cooperation will be able to be carried out directly or through the Romanian representative. ... (2) Courts are empowered to communicate or request information or assistance directly from foreign courts or representatives. ... + Article 298 (1) In the exercise of his duties and under the supervision of the court, the Romanian representative will cooperate with the courts and foreign representatives to a degree as extended as possible, regarding the aspects provided in art. 274. ... (2) In the exercise of his duties and under the supervision of the court, the Romanian representative is empowered to communicate directly with the foreign courts and representatives. ... + Article 299 Cooperation provided for in art. 297 and 298 will be able to be implemented by any appropriate means, such as: a) the appointment of a person or an organ to act according to the court's indications; ... b) the communication of information by any means that the court considers appropriate; ... c) coordination of administration and supervision of the debtor's assets and activity; ... d) the approval or implementation by the courts of the procedures for coordinating the procedures; ... e) coordination of the concomitant procedures relating to the same debtor. ... + Article 300 Subsequent to the recognition of a main foreign procedure, the opening of the procedure provided for by this law against the same debtor can be realized under the conditions provided by this law and only to the extent that the debtor has established a headquarters in Romania. The effects of the procedure provided by this law will be limited only to the goods located on the territory of the Romanian state and to the extent necessary to apply the cooperation and coordination provided 297-299, to other goods of the debtor, which, according to the Romanian law, must be administered in this procedure. + Article 301 If a foreign procedure and the Romanian insolvency procedure are carried out simultaneously with regard to the same debtor, the court will undertake the measures aimed at cooperation and coordination, provided for in art. 297-299, and will proceed as follows: A. when the request for recognition of the foreign procedure is made after the opening of the Romanian insolvency proceedings: a) any measure with enforceable execution pursuant to art. 291 or 293 will have to be compatible with the provisions of the Romanian insolvency procedure; ... b) art. 295 295 shall not apply to the extent that the foreign procedure is recognised as the main foreign procedure; ... B. when the application for recognition of the foreign procedure is admitted or only made before the opening of the Romanian insolvency proceedings: a) any measure with temporary execution, approved pursuant to art. 291 or 293, will be reviewed by the court, which will order the modification or termination of it, if it is incompatible with the provisions of the Romanian insolvency procedure; ... b) in so far as the foreign procedure is recognized as the main foreign procedure, it will be ordered, according to the provisions of 292 292 para. (2), the modification or termination of suspension or stop measures, provided for in art. 292 292 para. ((1) and (3), if these measures are incompatible with the conduct of the Romanian insolvency proceedings; ... C. when deciding on the consent, respectively of the modification or extension of the duration of the measures with temporary execution, approved to the representative of a secondary foreign procedure, the court will ensure that, according to the Romanian law, these measures only bear on the goods likely to be administered in the secondary proceedings or have as their object only information necessary in that procedure. + Article 302 To the extent of the existence of several foreign proceedings concerning the same debtor, against which the provisions are not applicable Council Regulation (EC) No 45/ 1.346/2000 , the court will undertake the measures aimed at cooperation and coordination, provided in art. 297-299, as regards the aspects provided for in art. 274, and will proceed as follows: a) any measure with enforceable execution pursuant to art. 291 or 293 the representative of a secondary foreign procedure after the recognition of a main foreign procedure must be compatible with the conduct of the main foreign procedure; ... b) when the application for recognition of the secondary foreign procedure is admitted or only made prior to the recognition of the main foreign procedure, any measure with temporary execution consent pursuant to art. 291 or 293 will be re-examined by the court, which will order the amendment or termination thereof, in so far as it is incompatible with the conduct of the main foreign procedure; ... c) to the extent that several secondary foreign proceedings are successively recognized, the court will approve, modify or order the termination of measures with temporary execution in a manner that facilitates the coordination of the respective procedures. ... + Article 303 (1) The recognition of a main foreign procedure constitutes, until proven otherwise, a presumption of the debtor's state of insolvency, under which the Romanian insolvency procedure can be opened. ... (2) Provisions of para. ((1) shall not apply where the recognised foreign procedure is secondary. ... + Article 304 (1) The creditor who received a partial payment for his claim, under an insolvency procedure carried out according to the legislation of a foreign state, will no longer be able to receive additional payments on account of the same claim, within the Romanian procedure of insolvency, with regard to the same debtor, in so far as the proportional part that the creditors in the same category as the creditor would receive in this procedure is less than the payment of the creditor received in the foreign procedure. ... (2) Provisions of para. ((1) does not affect the rights of creditors holders of cases of preference of any kind. ... + Chapter III Provisions on the coordination of insolvency proceedings of groups of companies + Article 305 If the foreign procedure and the Romanian insolvency procedure refer to two or more companies belonging to a group of companies, the Romanian court and the Romanian representative, on the one hand, will cooperate, to a degree as extended as possible, with the foreign court and the foreign representative, on the other hand, if such cooperation is appropriate in order to facilitate the effective coordination of the proceedings, it is not incompatible with the rules applicable to such procedures and not trains a conflict of interest. + Article 306 Within the forms of cooperation between the Romanian representative and the foreign representative, in addition to the means provided within art. 297-299, the Romanian representative, in the exercise of his duties and under the a) will be able to communicate directly information and procedural documents related to insolvency proceedings; ... b) consider the possibility of reorganization of the group of companies and, if such a possibility exists, will support the proposal, negotiation and implementation of a joint reorganization plan, acting in a coordinated manner with foreign representative; ... c) will be able to conclude, together with the foreign representative, a cross-border insolvency agreement. ... + Article 307 From the date of recognition of the foreign procedure of any of the members of the group of companies, within the Romanian insolvency proceedings of one of the members of the group of companies, the foreign representative has the a) to be heard and to participate, in particular, at the meetings of creditors; ... b) to propose a reorganization plan; ... c) to request any procedural measures that the Romanian representative could request, insofar as all other conditions necessary for such a measure are fulfilled, according to the Romanian law. ... + Article 308 Within the framework of forms of cooperation, in addition to the means provided in 297-299, the Romanian courts will cooperate with foreign courts and representatives, including by: a) coordinating the administration and supervision of goods and activities of companies belonging to the group of companies; ... b) coordination of the conduct of court hearings, including the possibility of establishing joint meetings; ... c) coordination of the approval and implementation of the reorganisation plan; ... d) communication of information or procedural documents regarding the Romanian insolvency procedure of one of the members of the group of companies; ... e) the possibility of approving a cross-border insolvency agreement with the object of coordinating insolvency proceedings; ... f) the possibility of appointing a common representative in insolvency proceedings, with the verification of non-existence of a conflict of interest. ... + Article 309 The procedure of cooperation between the Romanian courts, on the one hand, and the foreign courts and representatives, on the other hand, will bring no prejudice to the principles of independence and impartiality under which the power operates court or rights and legitimate interests of participants in insolvency proceedings, according to the Romanian law. + Article 310 The Romanian representative will be able to conclude with the foreign representative a cross-border insolvency agreement, based on the prior approval by the assembly of creditors, according to the present law and in compliance with the conditions provided by the This agreement will include: a) the allocation of responsibilities, including by designating one of the representatives as the coordinating representative; ... b) the method of administration and supervision of the members of the group of companies, including in terms of carrying out current activities; ... c) funding granted or which will be granted after the opening of the procedure; ... d) the modalities of administration, preservation or valorisation of goods; ... e) correlated fixation of the dates of meetings of the creditors ... f) treatment of intragroup claims. ... + Article 311 Applications for recognition and enforcement of foreign judgments opening and closing insolvency proceedings, foreign judgments adopted during the insolvency proceedings, as well as foreign judgments directly arising from the insolvency proceedings. the insolvency procedure and which presents a close connection with it, formulated until the date of entry into force of this law, will be resolved according to the legal provisions in force at the time of their formulation. + Chapter IV Regulation of private international law relations in the field of bankruptcy of credit institutions + Article 311 ^ 1 For the purposes of this chapter, the following terms and expressions shall have the following meanings: 1. Member State of origin shall mean the Member State of origin as defined in art. 4 4 para. ((1) pt. 43 43 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 ; 2. the host Member State shall mean the host Member State as defined in art. 4 4 para. ((1) pt. 44 44 of Regulation (EU) No 575/2013 ; 3. branch means a branch as defined in art. 4 4 para. ((1) pt. 17 17 of Regulation (EU) No 575/2013 ; 4. financial instrument means a financial instrument as defined in art. 4 4 para. ((1) pt. 50 lit. ((b) of Regulation (EU) No 575/2013 ; 5. competent authority shall mean a competent authority as defined in art. 4 4 para. ((1) pt. 40 40 of Regulation (EU) No 575/2014 , or a resolution authority within the meaning of the legislation on the recovery and resolution of credit institutions and investment firms, in terms of reorganization measures taken under this law. ---------- Art. 311 ^ 1 was introduced by item 24 24 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Article 312 (1) The competent court according to art. 41 41 is the only authority empowered to decide to apply a bankruptcy procedure with regard to a credit institution, the Romanian legal person, including its branches established in other Member States. ... (2) The competent court shall immediately inform, through the National Bank of Romania, the competent authorities of the host European Union Member States of the decision to open the bankruptcy procedure, including the practical effects on which such a procedure can have. If it is not possible to inform before the decision is taken, it will be made immediately thereafter. ... ((3) Provisions of para. ((1) and (2) shall be without prejudice to the provisions relating to the exercise of remedies against judgments of the syndic judge. ... + Article 313 (1) The opening of a bankruptcy procedure with regard to a credit institution authorized in Romania and its branches established in other Member States is governed by the Romanian law regarding the procedure and application of the procedure bankruptcy, including as regards: ... a) the goods covered by the bankruptcy procedure and the arrangements of the goods acquired by the credit institution after the opening of the procedure ... b) the powers of the credit institution and the judicial liquidator; ... c) the conditions under which legal compensation may be invoked; ... d) the effects of bankruptcy proceedings on ongoing contracts in which the credit institution is a party; ... e) the effects of bankruptcy proceedings on individual enforcement proceedings promoted by creditors, with the exception of lawsuits pending before the courts of other Member States, in which case the provisions of par. ((2); ... f) the claims to be declared on the credit institution and the arrangements for claims arising after the bankruptcy proceedings are opened; ... g) rules on declaration, verification and admission of receivables; ... h) rules on the distribution of income derived from the realization of assets, the order of priority of payment of claims and the rights of creditors who obtained a partial payment after the opening of bankruptcy proceedings under a real right or by invoking legal compensation; ... i) the conditions and effects of the bankruptcy procedure; ... j) the rights of creditors after the bankruptcy proceedings are closed; ... k) who bears the costs and expenses related to the bankruptcy procedure; ... l) rules on nullity, cancellation or inoposability of legal acts that prejudice the rights of all creditors. ... (2) By exception to the provisions of par. (1), the law governing certain rights and contracts is determined according to the provisions of art. 266-274 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, which shall apply accordingly. ... ---------- Alin. ((2) of art. 313 313 has been amended by section 25 25 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Article 314 (. The syndic judge shall immediately take the measures necessary for the publication of an extract from the opening decision of the bankruptcy proceedings in the Official Journal of the European Union and in two national circulation newspapers in each host Member State. ... (. The content of the extract from the decision making the subject of publication shall, in the official language or in one of the official languages of the Member States concerned, be mentioned in the official language or the legal basis of the decision adopted. The content of the extract will have to state clearly the deadline for the introduction of the call, including the date on which this deadline expires, and the address of the competent court ... (3) The bankruptcy procedure applies regardless of the advertising provided in par. ((1) and produces full effects on creditors. ... + Article 315 (1) The syndic judge has the right to request the registration in the real estate register, in the commercial register and in any other public register held in the other Member States of the decision to open the bankruptcy proceedings against an institution of credit. ... (2) The syndic judge shall take the necessary measures to ensure the registration, whenever it is compulsory, according to the law of that Member State. ... (3) The registration expenses will be considered as expenses of the procedure. ... + Article 316 (1) The judicial liquidator, designated under this law, will be able to act without further formality in the territory of the host Member States, on the basis of a certified copy of the judgment of the competent court which appointed him, issued by him. ... (2) The judicial liquidator will be able to exercise on the territory of the host Member States all the powers incumbent on him according to the He will be able to appoint other persons to support or represent him in the course of the proceedings in the territory of these states, in particular in order to overcome the difficulties encountered by creditors in these states. ... (. In the exercise of its powers, the judicial liquidator shall comply with the law of the Member State in whose territory it acts, in particular with regard to the procedures for the recovery of assets and the provision of information to employees of The judicial liquidator cannot use force and cannot resolve disputes or disputes. ... + Article 317 ((1) Person serving an obligation in a State for the benefit of a credit institution without legal personality subject to an open insolvency proceedings in another State, instead of executing it for the benefit of the judicial liquidator designated in the framework of that procedure is free if it was not aware of the opening of the procedure. ... (2) The person who executes the respective obligation prior to the performance of the advertising measures provided 314 is presumed, until proven otherwise, that it was not aware of the opening of the insolvency proceedings; the execution of the obligation after the fulfillment of the advertising measures presumed, until proven otherwise, that the person was aware of opening procedure. ... + Article 318 (1) After the opening of the bankruptcy procedure of a credit institution, the Romanian legal person, having branches opened in other Member States, the judicial liquidator will immediately and individually inform the known creditors who reside usual, domicile or registered office in the other Member States. ... (2) The information, in the form of a written notification, must refer, in particular, to the deadlines, the penalties provided for non-compliance with these deadlines and the legal requirements for the consideration of claims by the competent court to record requests for their admission or comments in relation to these claims, as well as to the other measures or procedures provided for. The notification will also indicate whether the preferential claims or those for which causes of preference have been constituted are or are not subject to verification. ... + Article 318 ^ 1 In application of art. 314 314 para. ((1) and of art. 318 the information shall be provided in the official language or in one of the official languages of the host Member States. To this end, forms will be used that will have, in all official languages of the European Union, the title " Invitation to declare a claim. Deadlines to be observed ", respectively the title" Invitation to present observations on a claim. Deadlines to be observed ". ---------- Art. 318 ^ 1 was introduced by item 26 26 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Article 319 ((1) Any creditor of the debtor credit institution, having domicile/residence or, as the case may be, its registered office in a Member State other than Romania, including public authorities, shall have the right to declare its claims or to make written observations in the the link with its claims on the credit institution, which will be addressed to the judicial liquidator. The declaration of claims or, as the case may be, the comments made may be submitted in the official language or in one of the official languages of that Member State, but must bear the entry in Romanian: " Application for admission of receivables/Declaration of claims "or, where applicable," Notes on receivables ". ... (2) The claims of creditors having their domicile/residence or, as the case may be, the registered office outside the territory of Romania will be treated in the same way and will have the same rank of priority as the claims of the same nature domicile/residence or, as the case may be, its registered office on ... (3) Creditors exercising the right provided in par. (1) will transmit copies of the documents certifying their claims, if any, and indicate the nature of the claim, the date on which it was born and its value, if there are any causes of preference and other such rights in relation to the claims and which are the goods on which such preference rights have been constituted. ... (4) At the request of the judicial liquidator, the creditors must also provide the Romanian translation of the "Request for admission of receivables/Declaration of receivables" or, as the case may be, of the "Notes on receivables" and the documents presented. ... (5) The judicial liquidator will ensure the regular information of creditors, in the manner considered appropriate, in particular with regard to the progress (developments) recorded in the valorisation of the assets of the debtor credit institution. ... + Article 320 (. The administrative or judicial authorities of the home Member State shall be the only ones empowered to decide on the application of one or more reorganisation measures or the opening of a winding-up procedure with regard to an institution of credit, including its branches established in other Member States. The law of the home Member State will apply according to the provisions of 313 313 para. ((1). Art. 313 313 para. (2) will also apply to branches in Romania of credit institutions in other Member States. ... (2) The administrative or judicial authorities shall be the authorities established according to the national law, which decide on the taking of measures to reorganize or to start the liquidation proceedings. ... (3) The reorganization measures are the measures adopted by the administrative or judicial authorities, intended to maintain or restore the financial situation of a credit institution or an investment firm, as defined in art. 4 4 para. ((1) pt. 2 2 of Regulation (EU) No 575/2013 , and which could affect the pre-existing rights of third parties, including measures involving the possibility of a suspension of payments, a suspension of enforcement measures or a reduction in claims; persons who are involved in the internal activity of credit institutions, administrators and shareholders are not considered third parties. ... ---------- Alin. ((3) of art. 320 320 has been amended by section 27 27 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. (3 ^ 1) The measures provided in par. (3) include the application of resolution tools and the exercise of resolution powers provided for in the legislation on the recovery and resolution of credit institutions and investment firms. ---------- Alin. (3 ^ 1) of art. 320 320 has been introduced by section 28 28 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. (4) The liquidation procedure is the collective procedure initiated and controlled by the administrative or judicial authorities in order to capitalize on the assets of a credit institution under the supervision of these authorities, including where the procedure closes by a concordat or other similar measure. ... + Article 321 (1) If on a credit institution from a Member State, which carries out activity on the territory of Romania, reorganization measures or a liquidation procedure have been ordered, they will apply without further formalities on the territory of Romania and will take effect under the conditions and from the date laid down in the legislation of that Member State ... (2) The reorganization measures or the liquidation procedure will apply according to the legislation of the Member State of origin and taking into account the provisions of art. 313. ... ((3) Upon receiving the appropriate notification from the competent authority of the home Member State, the National Bank of Romania shall immediately inform, by publishing in the Official Gazette of Romania, Part IV, about the decision to open a judicial reorganization or bankruptcy proceedings. ... (. The competent administrative or judicial authorities of the home Member State, the administrator or the liquidator shall communicate to the office of the trade register at which the branch of the credit institution concerned the decision on the measures the reorganisation or opening of the winding-up procedure with a view to making the appropriate particulars. The communication is transmitted by the mentioned authorities and to two national circulation newspapers in Romania, in order to publish. ... ---------- Alin. ((4) of art. 321 321 has been amended by section 29 29 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. (5) The administrator shall mean the person or body designated by the administrative or judicial authorities, whose task is to administer the reorganization measures. ... ((6) Liquidator is the person or body designated by the administrative or judicial authorities, whose task is to administer the winding-up proceedings. ... ---------- Alin. ((6) of art. 321 321 has been amended by section 29 29 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. (7) The administrator, as the case may be, the liquidator empowered to implement the measures ordered by the administrative or judicial authority of the home Member State may act on the territory of Romania without further formality, on the basis of a copy certificates from the act of appointment or a certificate issued by that authority, accompanied by a translation into Romanian. ... ---------- Alin. ((7) of art. 321 321 has been amended by section 29 29 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. (8) Persons referred to in par. ((7) may exercise on the territory of Romania all their powers under the legislation of the Member State of origin. These persons may appoint other persons to represent them on the territory of Romania, including in order to assist creditors during the application of the measures in question. ... ---------- Alin. ((8) of art. 321 321 has been amended by section 29 29 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. (9) In the exercise of their competences on the territory of Romania, the persons referred to (7) must comply with the Romanian legislation, in particular with regard to the procedures for the valorisation of assets and the provision of information to the employees of Romania of the credit institution concerned. Powers cannot include the use of force or the right to settle disputes or disputes. ... ---------- Alin. ((9) of art. 321 321 has been amended by section 29 29 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Article 322 ((1) In the event of the opening of a bankruptcy procedure against a branch in Romania of a credit institution in a third country, the provisions of Title III shall apply accordingly. ... ((2) If the credit institution of the third State has opened branches at least in another Member State, the competent court, through the National Bank of Romania, shall immediately inform the competent authorities of the other host Member States. on the opening of the bankruptcy procedure regarding the branch in Romania, including the practical effects that such a procedure may have. If it is not possible to inform before the decision is taken, it shall be made immediately thereafter. ... (3) The information provided in par. (2) should also mention the fact that the National Bank of Romania has withdrawn the authorization to operate the branch. ... ---------- Article 322 has been amended by point (a) 30 30 of art. 630 of LAW no. 312 312 of 4 December 2015 published in MONITORUL OFFICIAL no. 920 920 of 11 December 2015. + Chapter V Regulation of private international law relations in the field of insurance/reinsurance companies + Section 1 Scope of application. Powers and applicable law + Article 323 This Chapter covers: a) the procedure of bankruptcy of the insurance/reinsurance companies Romanian legal entities and their branches, based on the territory of other Member States of the European Union, in a state of insolvency; ... b) bankruptcy proceedings relating to a branch situated in a Member State and belonging to an insurance/reinsurance undertaking whose establishment is situated in a third State; ... c) the conditions under which the authorities concerned inform themselves and consult each other regarding the bankruptcy procedure of insurance/reinsurance companies. ... + Article 324 (1) The court determined according to art. 41 41 is the only competent authority empowered to decide on the application of the bankruptcy procedure with regard to an insurance/reinsurance company, the Romanian legal person, including its branches in other Member States. The decision of the court may be made absent or after the adoption of financial recovery measures. The decision to open the bankruptcy procedure, as well as its effects, is under the law of the Romanian state. Provisions art. 9 9 and 10 of Law no. 503/2004 , republished, as amended, shall apply accordingly. ... (2) The decision of the competent court referred to in ((1) concerning the opening of the bankruptcy proceedings against an insurance/reinsurance company, the Romanian legal person, including its branches in other Member States, is recognised, without any other formality, on the territories of all other Member States and shall produce their effects in those States as soon as the decision produces its effects in the Romanian State ... (3) The competent court referred to in par. (1) immediately inform the Financial Supervisory Authority of the decision to open a bankruptcy procedure, including on the practical effects such a procedure may have; the information shall be made before the adoption of the procedure. the judgment or immediately thereafter. The Financial Supervisory Authority shall immediately inform the supervisory authorities of all other Member States of the decision to open the bankruptcy procedure, including the possible concrete effects of such a procedure. ... (4) Provisions of para. ((1)-(3) does not preclude the application of the provisions relating to the exercise of remedies against the court ... + Article 325 (1) After the information provided in art. 324 324 para. ((3), the Financial Supervisory Authority will immediately take the necessary measures to publish an extract from the opening decision of the bankruptcy procedure in the Official Journal of the European Union. ... (2) Provisions art. 9 9-11 of Law no. 503/2004 , republished, as amended, shall apply accordingly. They are also exempted from the principle that the effects of opening the bankruptcy procedure of the insurance/reinsurance company, the Romanian legal person, including its branches in other Member States, are subject to the law novels, contractual netting and any bilateral netting agreement (netting), in which case the law governing the respective contracts applies exclusively. ... + Article 326 (1) The court determined according to the Romanian law is in law and may request the registration of the decision to open the bankruptcy procedure of an insurance/reinsurance company debtor in the real estate register, in the commercial register, as well as in any other public register held in other Member States. ... (2) In all cases where the registration provided in par. (1) it is mandatory according to the law of the Member State concerned, the court has all the necessary measures to Expenditure incurred on registration shall be deemed to be expenditure of the procedure. ... + Article 327 (1) Judicial liquidator designated according to art. 251 251 may act in the territory of host Member States, without the need for another formality, either on the basis of a certified copy of the judgment of the competent court which has designated it or on the basis of a certificate issued by it. The act of designation may be translated into the official language or one of the languages of the Member State in which the judicial liquidator is to act, without the need to legalise it or any other similar form. ... ((2) The judicial liquidator may exercise in the territory of the host Member States all his powers under the Romanian law and may appoint any person to assist and/or represent him in the proceedings in the territory of those States, in particular in order to remove the difficulties encountered by the insurance creditors of these States. Under the same conditions, the judicial liquidator designated according to the law of another Member State may act on the territory of the Romanian State, when it is a host Member State ... (3) In the exercise of its powers, the judicial liquidator shall be subject to the laws of the State in whose territory it acts, in particular with regard to the procedures for the valorisation of assets and the provision of information insurance/reinsurance in that Member State; the powers exclude the use of force or the right to settle disputes or disputes of any kind. ... + Article 328 Where, after the bankruptcy proceedings are opened, an insurance/reinsurance undertaking shall, for consideration, dispose of a real estate asset, a ship and/or an aircraft subject to registration in a public register or, where applicable, securities and/or securities whose existence or transfer involves the introduction into a register or account established by law or which are placed in a central system of deposits governed by the law of a Member State, the validity of that act is subject to the law of the Member State on whose territory the real estate asset is located or under whose territory the authority shall keep the register/contul/system. + Section 2 Information and rights of insurance creditors + Article 329 (1) After opening the bankruptcy proceedings against an insurance/reinsurance company, the Romanian legal person, the Financial Supervisory Authority or, as the case may be, the judicial liquidator shall immediately inform the insurance creditors known, who have their usual residence, domicile or registered office in Romania or in another Member State. ... (2) The information shall be made in the form of a written notification, individually communicated to each insurance creditor, and shall refer in particular to the time limits, the penalties provided for the disregard of these terms, the body or the authority empowered to accept the submission of claims or observations relating to claims and other measures provided for, the legal requirements for the consideration of claims by the competent court with the registration of their applications for admission or observations in relation to these claims. The notification will also indicate whether or not the preferential claims are subject to verification or those for which causes of preference have been constituted. In the case of insurance claims, the notification will also indicate the general effects of the winding-up procedure on insurance contracts, in particular the date on which insurance contracts or operations will cease to take effect, as well as the rights and duties of insured persons with regard to the contract or operation. ... (3) The information provided in par. (2) is made in Romanian. For this purpose a form with the title is used: "Application for admission of the claim; deadlines to be observed" or, as the case may be, "Invitation to present observations relating to a claim; deadlines to be observed", written in all official languages of the European Union In any event, if a known creditor holds an insurance claim, the information contained in the notification will be provided in the official language or in one of the official languages of the Member States in which the creditor has his habitual residence, domicile or principal place, as appropriate. ... + Article 330 ((. Insurance creditors who, as the case may be, have their habitual residence, domicile or principal place of office in the territory of a Member State, including the public authorities of that State, shall have the right to submit and register insurance claims or to make written observations relating thereto, under the terms of this Law. ... ((. Applications for the admission of receivables and/or, where applicable, comments on them shall be addressed to the Guarantee Fund and/or to the judicial liquidator and shall be transmitted in official language or in one of the official languages of the Member State, situations in which these documents will necessarily bear the mention in Romanian "Application for admission of the claim" or, as the case may be, "Notes relating to claims". ... ((3) The claims of the insurance creditors who have their habitual residence, domicile or principal place of business in a Member State shall enjoy the same treatment and the same rank as insurance claims of the same nature, likely to be presented by insurance creditors who have their usual residence, domicile or main office in Romania. ... (4) Insurance creditors exercising the rights referred to in par. (1) are obliged to transmit copies of the documents certifying their claims, if they exist, to indicate the nature of the claim, the moment of birth and its value, if there are causes of preference and other such rights, as well as which are the claims who benefit from such causes of preference. Insurance creditors are not obliged to indicate the priority given to insurance claims according to the provisions of art. 267. ... (5) The Guarantee Fund and/or the judicial liquidator, as the case may be, is obliged to ensure the regular information of the insurance creditors under the law, in particular regarding the state of the recovery of the insurance/reinsurance company's assets Debtor. ... (6) The supervisory authorities of the Member States may request information on the evolution of the bankruptcy procedure from the Financial Supervisory Authority. ... + Section 3 Rules on bankruptcy procedure, applicable to branches of insurance/reinsurance companies from other Member States of the European Union, which are based in Romania + Article 331 The administrative or judicial authorities of the home Member State are the only ones empowered to decide on the opening of a bankruptcy proceedings against an insurance/reinsurance company, including the its branches established in the Member States. The law of the home Member State shall apply according to art. 9 9-11 of Law no. 503/2004 , republished, as amended, of art. 325 325 para. ((2) and art. 328. + Article 332 (1) The bankruptcy procedure ordered on an insurance/reinsurance company from another Member State operating on the territory of Romania shall apply without further formalities on the territory of Romania and shall take effect under the conditions and from the date laid down in the legislation of that Member State. Under the same conditions, the bankruptcy procedure, established by this Chapter, shall apply in the territory of the Member States as regards an insurance/reinsurance undertaking, legal person Romanian, including its branches established in the territory of those states. ... (. The bankruptcy procedure shall apply according to the legislation of the Member State of origin, with the express exceptions provided for by law. ... ((. Upon receipt of the corresponding notification from the Financial Supervisory Authority of the Member State of origin, the competent authority shall immediately inform the insurance creditors of the decision to open a bankruptcy procedure by its publication in the Official Gazette of Romania, Part I. ... + Article 333 (1) Persons empowered to apply the measures ordered by the competent authorities of the home Member State may act without any other formality on the territory of Romania, on the basis of a certified copy of the act of appointment or of a certificate issued by that authority, accompanied by the translation into Romanian. ... (2) Persons referred to in par. (1) may exercise on the territory of Romania all their competences according to the legislation of the home Member State; these persons will be able to appoint other persons to represent them on the territory of Romania, including for the purpose of providing assistance to insurance creditors during the application of the measures in question. ... (3) In the exercise of their duties and competences on the territory of Romania, the persons referred to (1) are obliged to comply with the Romanian legislation, in particular with regard to the procedures for the valorisation of assets and to the provision of information to employees in Romania of the foreign insurance/reinsurance company. ... + Article 334 The competent administrative or judicial authorities of the Member State of origin or the judicial liquidator, as the case may be, shall communicate with regard to the decision to open the bankruptcy proceedings to the trade register office to which the the insurance/reinsurance undertaking is registered, in order to make the corresponding claims. + Article 335 (1) The competent court, according to the Romanian law, is obliged to inform immediately, through the Financial Supervisory Authority, the competent authorities of the host Member States on the decision to open bankruptcy proceedings, including on the effects that this procedure may have, if the judgment was ordered in respect of a branch or subsidiary in Romania of an insurance/reinsurance company having its seat established in a State other than a Member State, but which has opened branches and/or subsidiaries in the territory of other Member States. ... (2) The information will be made before the opening decision of the procedure or immediately after this moment and will state whether the authorization to operate the branch or the respective branch has been withdrawn. ... + Section 4 Branches of insurance/reinsurance companies in third countries + Article 336 (1) Subject to the definitions provided in art. 5 5 section 31 31 and 63 and for the purposes of the application of the provisions on the bankruptcy procedure, governed by this Chapter, concerning a branch located in a Member State and belonging to an insurance/reinsurance company whose principal establishment is located outside the European Union: ... a) Member State of origin means the Member State in which the branch has received an operating authorization; ... b) supervisory authorities and competent authorities shall mean the authorities of the Member State in which the branch has ... ((. Where an insurance/reinsurance undertaking whose head office is located outside the European Union has branches established in at least two Member States, each branch shall receive independent treatment in respect of applying this Title. The competent authorities and the supervisory authorities and the judicial liquidators appointed from these Member States shall cooperate and coordinate their actions with a view to exercising the powers and powers established by the law. ... + Title IV Sanctions + Article 337 (1) Failure to comply with art. 83 83 para. (3) constitutes a 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 judicial administrator/judicial 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) Violation in any way of the obligations provided in art. 246 regarding the registration of the application for the opening of the bankruptcy procedure of an insurance/reinsurance company constitutes contravention and is sanctioned as follows: ... a) fine, applicable to the insurer/reinsurer, from 15,000 lei to 30,000 lei; ... b) fine, applicable to the significant persons of the insurer/reinsurer, from 5,000 lei to 15,000 lei; ... c) fine, applicable to the significant persons of the insurance and/or reinsurance broker, from 5,000 lei to 15,000 lei; ... d) fine, applicable to the liquidators of the insurer/reinsurer or insurance and/or reinsurance broker, from 5,000 lei to 15,000 lei. ... (4) Finding the contravention and applying the sanctions provided in par. (3) shall be made by the Financial Supervisory Authority. The penalties apply to the insurer/reinsurer or significant persons who participated in the commission of the contravention facts. The penalty of the fine applies separately to each person who participated in the commission of the contravention. ... (5) Depending on the nature and gravity of the act, the Financial Supervisory Authority may apply, with the fine provided in par. ((3), any of the penalties provided for in art. 39 39 para. ((3) lit. d) and e) of Law no. 32/2000 , with subsequent amendments and completions. ... (6) Contraventions provided in par. ((1) and (3) 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. ... + Title V Transitional and final provisions + Article 338 The limits of the judicial fines provided for by this law shall be updated periodically, by Government decision, depending on the inflation index. + Article 339 ((1) The bankruptcy procedure provided for in Title II. IV, triggered against an insurance/reinsurance company that buys a good, does not affect the seller's right of ownership when, at the time of the opening of that procedure, that property is located on the territory a Member State other than the State in which those proceedings were opened. ... (2) The open bankruptcy procedure against an insurance/reinsurance company that sells a good, after its delivery, does not constitute a cause of resolution or denunciation of the sale and does not prevent the acquisition by the purchaser of the property, if that property is at the time of opening the proceedings in the territory of a Member State other than that in which those proceedings have been opened. ... (3) The provisions of par. ((1) and (2) shall not prevent the exercise of actions concerning the nullity, cancellation and/or inoposability regulated by law. ... (4) The procedure for the regulated bankruptcy provided for in Title II. I shall not prevent and affect the exercise of the rights of insurance creditors to compensate their claims with the claims of the insurance/reinsurance company subject to these procedures, under the law. Provisions of para. ((3) shall apply accordingly. ... + Article 340 Whenever by laws and other normative acts reference is made to Law no. 85/2006 on insolvency proceedings, with subsequent amendments and completions, or Law no. 381/2009 on the introduction of preventive concordat and ad hoc mandate, as amended, to Government Ordinance no. 10/2004 on the bankruptcy of credit institutions, approved with amendments and additions by Law no. 278/2004 , as amended and supplemented, in Sections 1 to 3 of Chapter III, Chapter IV and art. 83 83 of Law no. 503/2004 , republished, as amended, or to Law no. 637/2002 on the regulation of private international law relations in the field of insolvency, with subsequent amendments and completions, repealed by this law, the reference is considered to be made to this law. + Article 341 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. + Article 342 (1) The provisions of this Law shall be completed, in so far as they do not contravene, with those of the Civil Procedure Code and the Civil Code. ... (2) The head provisions. I of Title III are not applicable to private international law relations in the field of insolvency falling under the scope of Council Regulation (EC) No 45/ 1.346/2000 . ... + Article 343 The processes started before the entry into force of this law remain subject to the law applicable prior to this date. + Article 344 The date of entry into force of this Law shall be repealed: a) Law no. 85/2006 on insolvency proceedings, published in the Official Gazette of Romania, Part I, no. 359 of 21 April 2006, with subsequent amendments and completions; ... b) Law no. 381/2009 on the introduction of preventive concordat and ad hoc mandate, published in the Official Gazette of Romania, Part I, no. 870 of 14 December 2009, as amended; ... c) Government Ordinance no. 10/2004 on the bankruptcy of credit institutions, published in the Official Gazette of Romania, Part I, no. 84 of 30 January 2004, approved with amendments and additions by Law no. 278/2004 , with subsequent amendments and completions; ... d) Sections 1, 2 and 3 of Chapter IV, Chapter IV; and art. 83 83 of Law no. 503/2004 on the financial recovery, bankruptcy, dissolution and voluntary liquidation in the insurance activity, republished in the Official Gazette of Romania, Part I, no. 453 of 23 July 2013, as amended; ... e) Law no. 637/2002 on the regulation of private international law relations in the field of insolvency, published in the Official Gazette of Romania, Part I, no. 931 of 19 December 2002, with subsequent amendments and completions; ... f) art. 175 175 of Law no. 187/2012 for the implementation of Law no. 286/2009 on the Criminal Code, published in the Official Gazette of Romania, Part I, no. 757 of 12 November 2012, as amended, and art. 81 81 of Law no. 255/2013 for the implementation of Law no. 135/2010 on the Code of Criminal Procedure and for the modification and completion of some normative acts that include criminal procedural provisions, published in the Official Gazette of Romania, Part I, no. 515 515 of 14 August 2013; ... g) any other provisions to the contrary. ... * This law transposes Directive 2001 /24/EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and liquidation of credit institutions, published in the Official Journal of the European Union, L series, no. 125 125 of 5 May 2001. 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. CHAMBER OF DEPUTIES PRESIDENT VALERIU-STEFAN ZGONEA SENATE PRESIDENT CĂLIN-CONSTANTIN-ANTON POPESCU-TARICEANU Bucharest, June 25, 2014. No. 85. -----
