Insolvency and bankruptcy proceedings

Legal representation in insolvency and bankruptcy proceedings

Insolvency is governed by Law No. 85/2014 and involves insufficient available funds to pay debts that are certain, quantified and due. The threshold is generally RON 50,000, while for employment claims the law sets a threshold of six national average gross salaries for each employee. An eligible creditor must also meet the other requirements of Article 5, including a debt that is certain, quantified and overdue by more than 60 days. A debt of RON 50,000 alone is not sufficient for every application. A lawyer examines admissibility, the debtor’s actual position and the prospects for restructuring or recovery before proceedings are commenced.

Reorganisation proceedings, asset liquidation and defence strategies

The central element in managing insolvency is choosing the right strategy for financial optimisation and legal protection of the company and its directors. At an early stage, an effective defence strategy focuses on supporting a court-supervised reorganisation plan, staying individual enforcement proceedings and renegotiating payment schedules for debts owed to creditors and the State Budget. Where reorganisation is no longer feasible and the court orders entry into bankruptcy, the defence will focus on assisting with asset liquidation, contesting any applications to hold company management personally liable (Article 169 of Law No. 85/2014) and defending allegations of fraudulent bankruptcy, seeking to protect the director’s personal assets and close the proceedings in full compliance with the law.

Legal assistance and representation in Focșani and Vrancea County

A company’s financial difficulties or payment collection problems can quickly escalate into court proceedings that threaten business continuity and the security of personal assets. Basuc Cosmin Law Office in Focșani provides comprehensive legal assistance and representation, whether you are a debtor in difficulty or a creditor seeking to recover debts. We assist in drafting applications to open proceedings, represent you in dealings with the court-appointed insolvency administrator or liquidator and at creditors’ meetings in Vrancea County, and provide a rigorous defence before Vrancea Tribunal, working to protect your business and secure the most favourable lawful outcome.