[BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS IN ROMANIA] 86
Preventive agreement The suspension includes all the debtor’s assets that are being enforced at the date of the preventive agreement. However, such protection is only granted to the debtor and shall not be extended to third parties, such as guarantors. Insolvency procedure The suspension includes all the debtor’s assets that are being enforced and all the judicial/extrajudicial claims filed against the debtor. However, such protection is only granted to the debtor and shall not be extended to third parties, such as guarantors. v) When is the protection granted? (e.g., in the rehabilitation proceeding in Greece, the debtor may apply before a court for protection of its assets before any agreement has been concluded with its creditors. After the agreement is concluded, different protection applies). Preventive agreement The protection is applicable as of the moment the preventive agreement procedure starts until it is finalized. Insolvency procedure The protection is applicable from the moment the insolvency procedure is started, until such procedure is finalized. vi) For how long is the protection granted? Preventive agreement The protection is applicable as of the moment the preventive agreement is started, until such
vii) Which creditors are bound by the protection? Restructuring agreement All creditors. Preventive agreement All creditors. Insolvency procedure All creditors. viii) Any other particularities of the procedures of each country (if any). The Early Warning procedure A recent change to the insolvency law is the introduction of the Early Warning procedure through which professionals will receive automatic alerts from the Romanian tax authorities regarding the non-performance of certain fiscal obligations to the state budget, state social security budget and unemployment insurance budget, as well as relevant information regarding the recovery solutions.
procedure is finalized. Insolvency procedure
The protection is applicable as of the moment the insolvency procedure is started, until such procedure is finalized.
ILN Restructuring & Insolvency Group – Bankruptcy, Insolvency & Rehabilitation Series
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