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Deletion of debt company Romania

Do you have a business, but you have not had activity on it for a long time, and are you afraid that state debts will grow because you ignore or simply have not had enough time to inform yourself? There is no end of the country, because there are variants of the company even with debts when you are unable to pay them.

To be able to wire a company with debts that can not be paid because the company is unable to pay, the following acts are required:

- Copy of the company's CUI
- Children's IDs of the associations
- Balance sheet drawn - certified by administrator and censor
- The last monthly balance
- GMS decision (only if simplified insolvency procedure is required)
The duration of the dissolution procedure of the company varies according to its debts, if these are below 40,000 lei, the duration will be up to 4 months, and if the debts amount to more than 40,000 lei the duration is up to 2 months.

According to the law 85/2014, the owner of a company with debts that are unable to pay, thus entering into insolvency, is obliged within a maximum of 30 days from the insolvency to file an application in this regard to the court which belongs. Besides that, the owner of the company is obliged to notify the competent fiscal body of the intention to start the procedure attached to the request for the court and to prove these notifications.

The term of trial by the tribunal is about 10 days after registration, in an emergency and without the parties being quoted. In these 10 days, the syndic judge will determine the term of the trial even if the file is not complete and all the legal conditions are not met. It is necessary that along with the insolvency application, the administrator also presents the complete list of all assets, accounts, banks, assets (together with the data in public registers), the list of names and addresses of creditors, regardless of whether their claims are liquid, illiquid, (sums, cause and preference rights must be shown), the list of payments and property transfers over the past 6 months and the profit and loss account for the previous year. In addition, the list of members of the economic interest group, limited liability partners, a declaration on own responsibility certified by the notary whether or not he has been subjected to the judicial reorganization procedure in the last 5 years by the administrator.

A firm that has undergone a legal reorganization procedure in the last 5 years preceding the filing of the insolvency claim can not file such an application. Otherwise, following the court's decision that the claim for insolvency is essential, on the veto of the claim and the evidence, it will approve the opening of the bankruptcy or insolvency proceedings.

Thus, the procedure is useful if the insolvency claim can be formulated with the intention of reorganizing the court - the restructuring of the financial debts so that they can be redeployed following a reorganization plan defended by the judge, or in the case of the winding up and deletion of the company, in which case the simplified insolvency procedure may be called off.

For more information, please do not hesitate to contact our lawyers in Bucharest, specializing in insolvency and debt cancellation procedures. We offer free counseling!

by Cristian Darie

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