Traders, being in insolvency, may be subject to the proceedings stipulated by Law 85/2006, republished, on theyr own initiative or that of a creditor, materialized in an application, accompanied by specific documents, addressed to the competent court which will decide, based on the documents submitted by the part (parts), the rejection or acceptance of the procedure opening.

The termination of the company’s existence involves carrying out a series of operations that result not only in the legal termination of the company’s juridical personality, but also in the liquidation of assets. The procedure is organized by the administrator or juridical liquidator, natural or juridical person designated by the judge under its supervision.

The aim of the procedure is the payment of the company’s debts, through reorganization or partial or total liquidation of the asset. The liquidator’s role is to establish the completion of the commercial operations in course at the date of dissolution of the company, debt collection of the company, transforming the company’s goods in cash, company debt settlement and the sharing of the net asset between partners. After the procedure is closed, the debtor is discharged of the obligations that he had at the opening of the procedure.

For more details contact NARTEA & PARTNERS LAWYERS by email / phone or online contact form.