According to the legislation in force the insolvency procedure begins on the basis of an

application made in front of the court by the debtor.

The debtor who is in a state of insolvency shall be obliged to submit an application for Court of
First Instance to be subject to the provisions of this law, within a maximum period of 30 days
upon the occurrence of status of insolvency.
To the request addressed to the Court of First Instance it shall be attached the proof of
notification of competent tax component regarding the intention of opening of insolvency
proceedings.
If, at the time of expiry of the period of 30 days the debtor is involved in good faith in
negotiations for extra-judicial restructuring of its debt, it has an obligation to address the Court of
First Instance a request to be subject to the provisions of this law, within 5 days of the failed
negotiations.
Debtor for which the occurrence of insolvency is imminent will be able to to apply to court a
request to be subject to the provisions of insolvency procedure.
Legal persons applications shall be signed by persons who, according to their constituent acts or
statutes, have the status of represent, without the need for a decision by the
members/shareholders.
If, subsequently debtors registration of the application, but before the settlement thereof, are
formulated demands of initiating the procedure by lenders these should be recorded directly upon
a the request made by the debtor. For this purpose, the service registry will carry out checks, ex
oficio, from the date of the applications registration, and it will record the reequests to the file
which has as its object the request made by the debtor. In this situation, it will be necessary to
settle in the non-contentious procedure debtor's demand.
In the case of initiating the insolvency procedure, claims which are the subject of applications of
initiation which become statements of debt instruments can be updated with accessories
calculated until the date of initiation, at the end of the lawful term established for the declaration
of claims.
Premature introduction, in bad faith, by the debtor of a request to open the insolvency procedure
incur the liability of the debtor patrimonial natural or legal person, for caused damages.
The debtors request will be judged urgently, within a period of 10 days, in closed session,
without the parties shall be given notice to attend. By way of exception from the provisions of
Article 200 of the Romanian Civil Procedure Code, the judge-syndic/insolvency-judge will
determine the term of the court in closed session, within 10 days after the date of filing, even if
the application does not comply with all legal requirements and are not submitted all the
documents.

After opening the application procedure in urgent cases, which would jeopardize debtor's assets,
the syndic-judge may dispose of an emergency, in closed session and without parties shall be
given notice to attend, the provisional suspension of any execution proceedings of assets
belonging to the debtor until after the delivery of a judgment on such a request.
The debtor's petition must be accompanied by the following documents:
a) the last annual financial statement, certified by the administrator and by the censor / auditor,
the trial balance for the month preceding the date of filing the initiation;
b) complete list of all assets belonging to the debtor, including all accounts and banks through
which the debtor he runs the funds; for the encumbered goods it will be mentioned the data from
advertising registers ;
c) list of the names and addresses of creditors, whatever it might be their claims: any concrete or
under condition, liquid or non-liquid goods, due or immature, uncontested or contested, showing
the amount, the cause, and the preferably rights.
d) List of payments and patrimonial transfers carried out by the debtor during the 6 months
preceding the filing of the petition;
e)the profit and loss account for the year prior to the application
f) economic interest group membership list or, if applicable, of the associates with unlimited
liability for undertakings in collective name and the limited partnership;
g) A declaration by which the debtor indicates its intention of entry into simplified procedure or
reorganisation measures, according to a plan, by restructuring or liquidating the business, in
whole or in part, of wealth, to settle his debt;
h) A brief description of the terms on which envisages the reorganization of the activity
i) A statement on his/her own responsibility, authenticated by the notary or certified by a lawyer,
or a certificate from agricultural companies register or, as the case may be, the Trade Registre or
other records in whose jurisdiction is situated territorial professional/registered office, from
which result that if may have been the subject of to judicial reorganization procedure provided
for by this law within a period of 5 years prior to the application stage
j) A statement on his own responsibility, authenticated by the notary public or certified by a
lawyer, to the effect that he or managers, directors and/or shareholders/associations/associations
bilateral financiers should be sought who have debtor's control have not been sentenced after for
committing a crime against malicious heritage, corruption and service, forgery, as well as for
offenses provided for in Law No 22/1969, Law No 31/1990, republished, with subsequent
amendments and additions, Law No 82/1991, republished, with subsequent amendments and
additions, Law No 21/1996, republished, with subsequent amendments and additions, Law No

78/2000, with subsequent amendments and additions, Law No 656/2002, republished, with its
subsequent amendments, Law No 571/2003, with subsequent amendments and additions, Law
No 241/2005, as subsequently amended, and criminal offenses provided for in this law in the last
5 years before initiation of the procedure;
k) A certificate of admission to trading on a regulated market of securities or other financial
instruments issued;
l) a statement to the effect that the debtor shows that is a member of a group of companies, with a
statement;
m) proof unique registration code;
n) the proof of notifying the competent tax component.

The documents referred to above shall be submitted with the application to initiate the procedure
or at the latest by the deadline set by the syndic trial. Failure to submit the documents referred to
in subparagraph a) to g), k), l), m) entails rejection of initiation, except as provided in Art. 38
para. (2) c) and d) Insolvency Law and the opening where the application of the procedure is
made by the liquidator appointed in liquidation proceedings under Law no. 31/1990, republished,
with subsequent amendments. Failure to submit the documents referred to in subparagraph h), i)
and j) is punishable by deprivation of the right to file a reorganization plan.
If the debtor's request meets the requirements above, the syndic judge shall issue an order to
initiate the general
The record of decision regarding the opening of insolvency proceedings shall be communicated
forthwith provisional receiver / liquidator provisional judicial proposed by the debtor and
appointed by the syndic.
Through the completion of the opening of proceedings, the bankruptcy judge shall order the
administrator / liquidator judicial to carry out notifications as provided for by law.
If, within 10 days of the receipt of the notification, creditors are opposing to initiate the
insolvency procedure, the bankruptcy judge will hold, within five days, a meeting where will be
quoted the judicial administrator / liquidator, the debtor and the creditors that oppose the
opening of proceedings, after which the judge will resolve all at once, by a judgment, all the
objections.
Acknowledging the opposition, the bankruptcy judge will dismiss the completion of initiatiating
the insolvency procedure.
Within 10 days of the opening proceedings, the debtor is obliged to submit to the case file all the
documents and information required for the request to open insolvency proceedings.

Since the initiation of the proceeding shall be suspended as all the judicial/extrajudicial actions
or enforcement measures to realize the claims against the debtor's estate.
Recouping their rights may only be made in the course of insolvency proceedings, by submitting
applications for the admission of claims.
Their retrial is possible only in case of dissolution or dismissal of the opening judgement, or in
the case of closure under the conditions of receiving the amounts by all creditors or the surrender
of the judgment by them.
If the decision to initiate the procedure is dissolved or, where appropriate, revoked, judicial or
extrajudicial actions to achieve claims against the debtor's property may be reinstated pending
and the enforcement measures can be resumed.
The date of the final decision to initiate the procedure, both judicial or extrajudicial action and
suspended foreclosures shall cease.
Are not subject to suspension of law:
- The legal remedies promoted by the debtor against a/of creditor/creditors initiated before
initiation of the procedure, nor civil actions in criminal trials directed against the debtor.
-

Judicial action directed against codebtors and/or third party guarantors.

Suspension shall not be subject to judicial action to determine the existence and/or amount of
certain debts over the debtor, born after date of initiating the procedure.
For such actions can be formulated during the observation period and reorganization payment a
request that will be considered by the judicial administrator, without such claims should be
included in the table of claims.
The amounts of money in the debtor's account available at opening date and upon which
comprises a movable mortgage and cash collateral will be distributed on the simple request of
the creditor by judicial administrator/judicial liquidator to creditor holder of mortgage securities
to cover its claims payable within 5 days after the creditor's claim.
In the case of sums of one open escrow account, in the event of opposition, will be transferred
into the account provided for by Law 85/2014 after verification by the syndic-judge to fulfill the
conditions of the contract.
The opening of proceedings shall suspend any limitation periods of proceedings, or extra-judicial
execution.
No interest, increase or penalty of any kind or expense, called generic accessories, will not be
able to be added to the claims born before the date of initiating the procedure.

The debtor is required to provide judicial administrator / liquidator judicial and creditor holding
at least 20% of the total of claims listed in the final table of all claims judged necessary
information and documents relating to the work and his wealth, and the list including payments
made in the last 6 months prior to the opening of proceedings and property transfers made during
the two years preceding the opening of proceedings, otherwise the right of administration it will
be taken.
Once a final decision to initiate the procedure, all documents and correspondence issued by the
debtor, receiver or liquidator shall include compulsory and visible, in Romanian, English and
French, the word " n insolven, in insolvency, en procedure collective.
After entering reorganization, the documents and the correspondence shall be labeled n
reorganizare judiciar, in judicial reorganization, en redressement.
If the debtor owns or manages one or more websites, its governing bodies are required to publish
on their websites, within 24 hours of notification of the decision to initiate the procedure,
information on the state of society, and the number, date and court of judgment.
The debtor and/or, as the case may be, judicial administrator is/are compelled/obliged to draw
up, and keep a list of all receipts, payments and offsets carried out after the opening of the
procedure, specifying their nature and value, as well as the data for the identification of
contractors have been provided.
The reorganization plan may be proposed by the debtor, with the approval of the
shareholders/members, within 30 days of the publication of the definitive table claims, provided
formulation of intention of reorganization, if the procedure has been triggered by him.
At the request of either party concerned or by legal administrator, the syndic judge may extend
not more than 30 days, for solid reasons.
The plan will be able to provide restructuring and continuation of the debtors activity or the
liquidation of assets in his estate, or a combination of the two types of reorganization.
Is not in a position to propose a reorganization plan the debtor which, within a period of 5 years
prior introductory wording applications, it has been subject to the procedure laid down in this
law, nor the debtor which he himself as well as the administrators, directors and/or
shareholders/associations/associations bilateral financiers should be sought which have control
over him, have been sentenced after for committing a crime against malicious heritage,
corruption and service, forgery, as well as other criminal offenses provided for in special laws.
Failure to comply with the time limit of 30 days lead to the decay of the respective parties' right
to submit a reorganization plan and, as a result, when changing the order of the judge-syndic
judge, to the bankruptcy

The reorganization plan will indicate prospects for recovery in relation to possibilities and
specific characteristics debtors activity, with available financial resources and debtors market
demand and will include measures consistent with public order, including as regards the
selection, appointment and replacement of directors and managers.
The reorganization plan must compulsorily bear the program for the payment of debts. Claims
entered as a beneficiary causes preferably in the table for home use of claims may be interest
bearing and other accessories.
Running reorganization plan may not exceed three years, calculated from the date of
confirmation of the plan. Payment terms in contracts - including credit or lease - can be
maintained by the plan, even beyond the period of three years.
These periods may be extended with the consent of creditors if they were initially less than three
years. After completion of all obligations under the reorganization plan and closure of these
payments will continue under contracts resulting.
The reorganization plan will includes:
a) categories of claims that are not favored under this title;
b) Treatment of underprivileged categories of claims;
c) whether and in what extent the debtor, the members of the group of economic interest, the
members of the companies and associations collective name of the companies with unlimited
liability limited partnership will be discharge of liability;
d) the compensation to be offered to holders of all categories of claims, compared with estimated
value which might be received by distribution in the event of bankruptcy; estimated value will be
calculated on the basis of an assessment report, drawn up by an assessor appointed in accordance
with Article 61;
e) the way of payment of current claims.
The plan will specify appropriate measures to its implementation, such as:
A. keeping, in whole or in part, by the debtor, the management of its business, including the right
to dispose of goods from his wealth with supervision of the judicial administrator appointed
under the law;
B. obtaining of financial resources to support the achievement of the plan, and their provenience,
the finaces approved by plan will take advantage of priority to payment of the refund in
accordance with Article 159 (1), point 2 or, as the case may be, in accordance with Article 161
(2);

C. transmission of all or some of the goods debtor's fortune by one or more natural or legal
persons, constituted above times subsequently confirmed plan;
D. merger or division of the debtor, in accordance with the provisions of the law, including
compliance with the obligations of notification of the operations of concentration, according to
the legislation in the field of competition. In the case split, the provisions of Article 2411 (2). (3)
of Law No 31/1990, republished, with subsequent amendments and additions, shall not apply;
E. liquidation of all or part of the debtor's property, separately or conjointly, free of any charges,
or giving in payment thereof to the creditors of the debtor, in the account of claims that they have
against the debtor. Giving in payment of the debtor's assets to creditors will be made only with
their prior written consent to extinct their claim;
F. total or partial liquidation of the debtor's assets in order to execute the plan. Amounts of
money obtained by the sale of goods with causes of preference, in accordance with the
provisions Civil Code, will be distributed, mandatory, to the creditors owners of those causes of
preference, subject to compliance with the provisions of law
G. modification or extinction of causes of preference, granting compulsory for the benefit of a
security holder creditor, protection equivalent to cover the claim, including interest determined
under contracts or under the reorganization plan, based on an evaluation report by following the
procedure provided insolvency law.
H. extend the due date, as well as the change interest rate, the penalty of or any other clause of
contract
or
contents
of
the
other
sources
of
his
duties;
I. amendment of the Constitutive deed of the debtor, in accordance with the provisions of the
law.
J. issuance of securities of the debtor or any of the persons referred to in point D and E, as
provided by Law no. 31/1990, republished, with subsequent amendments, and the Law.
297/2004, with subsequent amendments and additions. To enroll in the plan of a broadcast of
securities, is required the express written consent of the creditor to receive securities issued,
agreement to be given before the vote on the reorganization plan by creditors. As an exception to
provisions of art. 205 para. (2) of Law no. 297/2004, with subsequent amendments and additions,
the operations referred to in this subparagraph are transactions excepted under Article. 205 para.
(1) of Law no. 297/2004, with subsequent amendments and additions.
K. by way of exception from the provisions under J, the reorganization plan may not provide for
conversion
budget
debts
in
securities;
L. insertion in the Constitutive deed of the debtor - legal person - or persons referred to in (D and
E of certain provisions:
a) prohibition of the he issuance of shares without voting rights;

b) to determine in the case different classes of ordinary shares, an appropriate distribution of

voting between these categories;
c) for categories of preference shares with dividend priority over other classes of shares, the
procedure of the appointment of administrators repersenting that shares in the case that the
dividends are not payed
The mention registration in the trade registry will be required by the judicial administrator at the
expense of the debtor, on the decision of confirmation of the reorganization plan, which will be
published in the Official Gazette of Romania, Part IV.
Is not to be considered as modification of the debt or of the conditions, the situation in wich the
proposed plan provides for a return to the conditions of realization of the claim prior to the
occurrence of events, that led to changing conditions, such as failure to pay one or more
installments of a loan due to the terms and conditions stipulated in the contract, resulting in
accelerated payment of the entire rest of the loan.
A copy of the proposed plan will be filed at the court registry and the debtor is registered and
will be sent to the debtor, by the special administrator, judicial administrator and the creditors'
committee.
When the decision that confirms the reorganization plan shall enter into force, the activity of the
debto is reorganised in a propper manner; claims and the rights of creditors and other interested
parties
shall
be
amended
as
provided
for
in
the
plan.
If no plan is not confirmed and the deadline for the proposal a plan (30 days), has expired, the
insolvency judge judge will start as soon as the bankruptcy procedure.
Following confirmation of a reorganization plan, the debtor will conduct its activities under the
supervision juducial administrator and in accordance with the plan confirmed, until the judgesyndic judge will decide the termination of the procedure and all the appropriate measures for the
reintegration debtor in the business activities, or termination of reorganisation and transition to
bankruptcy.
During reorganization, the debtor will be led by special administrator under the supervision
judicial administrator.
The debtor shall be obliged to carry out, without delay, the changes in the structure provided for
in the plan.
If the debtor does not comply with his reorganization plan or bring losses or accumulate new
debts to creditors in the procedure, any of creditors or judicial administrator can demand to the
insolvency judge to dispose the bankruptcy of the debtor. The application is judged with
emergency and priority.

The debtor, by special administrator or, as the case may be, judicial administrator will need to
submit quarterly report to the committee of creditors on the financial situation of debtor's assets.
Subsequently of the approval of the committee of creditors, reports will be recorded at the
registry of the court and the debtor, or, as the case may be, judicial administrator shall notify all
creditors, to consult the reports.