According to common law, directors of (commercial) companies are liable to third parties only in exceptional circumstances. However, when difficulties arise for the company, and in particular when collective proceedings are opened against it, due to the significant risk that creditors will not be able to recover their claims, there is a form of „aggravated” liability. Other mechanisms even allow the liability of associates of the debtor to be...

The paper analyze the case of two joint stock companies, issuers of bonds listed on the AERO market administered by the Bucharest Stock Exchange, which entered insolvency in the last two years, a period calculated by reference to this study. Given that this market is a public one, we underline that the companies issuing bonds listed on the Bucharest Stock Exchange, which requested the court to open the insolvency procedure, with the consequenc...

My main goal writing this article was to organize the possible rulings in a regular civil claim procedure against an undertaking which became subject to an insolvency procedure. In order to achieve my goal, I analyzed the nature of the judgments of stay and closing imposed by art. 75 paragraph 1 from Law no. 85/2014.I concluded that both stay, and closing, are part of the same automatic stay international principle, and not two independe...

The definition of the administrative procedure sought to relieve the courts, by transferring to the insolvency commissions the role of mediator between the debtors and the creditors for the realization of a debt repayment plan through which most of the debts are covered or even in full but without accessories, in a reasonable period. ...

Salary claims benefit from a preferential regime, in the case of the employer’s insolvency, determined by the need to protect employees. At the same time, current claims benefit from a privileged legal regime, which is justified by the imperative to continue the debtor’s activity after the opening date of the insolvency procedure.With regard to current salary claims in the insolvency procedure, the issue arises of determining the compete...

The opening of insolvency proceedings upon the creditors request should not raise any problems, given that the legal regulation contained in Law no. 85/2014 seems clear. In this sense, the conditions that the creditors’ claims must meet in order to open the insolvency procedure against the debtor are those provided by art. 5 point 20 and art. 5 point 72 of the Law no. 85/2014.However, there are still controversies relating, inter alia, ...

Law No. 85/2014 on insolvency prevention procedures and insolvency proceedings is characterized by the specialization, the autonomy and the strictly determined object of its regulatory norms. However, when applying these norms, particularly during the devolution of the insolvency proceedings, several conflicts, collisions and necessary correlations with other judicial norms, have been found, meant to ensure, if necessary, the primacy of incide...

This article provides an outline of the commercial arbitration – insolvency contact zone, with a special view on public policy sensitive areas which define the interaction between the two processes. On the one hand, the analysis focuses on European Union regulations, the framework in various Member States and international commercial arbitration practice, and, on the other hand, on the Romanian perspective regarding issues such as: applicable ...

The new Law on pre-insolvency and insolvency procedures, after settling the predicament in a special manner of liquidation of the debtor’s assets in bankruptcy, including by selling assets, offers a final solution for valuing the debtor’s patrimonial assets, using the provisions of the Civil Procedure Code, in order to sell by public auction the assets of the debtor. The disclosure of the purpose of the reference standard and of the compatibi...

In a natural order of things, specialized legislators should not generate conflicts of special rules. But sometimes conflicts occur. In the following we will try to x-ray such a conflict arisen between a special provision of the Fiscal Procedure Code and of the law on insolvency proceedings.