Insolvency procedure

Insolvency procedure applied to professionals - Law 85/2014

We are experts in the field and have significant experience, for over 20 years, in managing and successfully completing insolvency proceedings. We have distinguished ourselves through our ability to develop solid reorganization plans and negotiate their content with creditors.

In the insolvency proceedings, we are aware of the importance of finding viable and sustainable solutions to restructure debts and allow the continuation of the company or organization's activity.

We have a proactive and creative approach to identifying reorganization paths that offer the best chance of success for both the debtor and the creditors.

In addition, we carefully manage all legal and administrative aspects of insolvency proceedings, ensuring that all legal requirements and regulations are strictly complied with. This enables us to provide a comprehensive and professional service that provides confidence to creditors and contributes to the successful completion of the proceedings.

As part of our extensive expertise in managing bankruptcy proceedings, we are dedicated to the realisation of assets in order to maximise the recovery of funds for creditors and ensure an efficient conclusion to the proceedings.

Bankruptcy proceedings are often complex and involve multiple legal and operational aspects. We have the ability to skillfully manage all these aspects and develop effective asset realisation strategies. This involves correctly assessing the assets available for sale, identifying the best markets or potential buyers, and establishing the optimal strategy to maximise the value of the assets.

We are aware that time is often a critical factor in bankruptcy proceedings, and that is why we are committed to acting with speed and efficiency. We work closely with the parties involved in the proceedings to develop a rapid action plan and to effectively implement the necessary measures to realize the assets.

File portfolio

Some of the files in the portfolio:


Retail Park Magnolia SRL, Prisma Town SA, Vinalcool Bucureşti SA, Siderca S.A. Călăraşi, Republica S.A. Bucureşti, Urex S.A. Rovinari, Euro Tyres Manufacturing, Lemarco SA and others.

The insolvency procedure is regulated by Law 85/2014 on insolvency prevention and insolvency procedures, a law that aims to be a true insolvency code, including in the same normative act the insolvency prevention procedures, the insolvency procedure itself (former Law 85/2006 on insolvency procedure), the insolvency of the group of companies, the insolvency of credit institutions and insurance and reinsurance companies, respectively provisions on cross-border insolvency. We have the expertise and experience necessary to be involved in any of these procedures.

Insolvency procedure applied to individuals – Law 151/2015

Law no. 151/2015 on the insolvency procedure of natural persons was published in the Official Gazette, Part I no. 464, dated 26.06.2015, and will enter into force on 31.12.2016. Given the current status of the regulation, we have placed in the articles section http://www.barbu-si-asociatii.ro/articole a material that extensively discusses the provisions of the law.


Essentially, the Law on the Insolvency of Natural Persons establishes a collective procedure for the recovery of the financial situation of the debtor - a natural person, in good faith, in order to cover as much of his liabilities as possible and discharge debts, under the terms of the law.


The insolvency procedures provided for by Law no. 151/2015 applies to the natural person debtor whose obligations do not result from the operation of an enterprise (i.e. he is not a professional within the meaning of art. 3 of the Civil Code, which states in par. (3): "The operation of an enterprise constitutes the systematic exercise, by one or more persons, of an organized activity consisting of the production, administration or alienation of goods or the provision of services, regardless of whether it has a profit-making purpose or not." and who:

  1. has his domicile, residence or usual residence for at least 6 months prior to the submission of the application in Romania;
  2. is in a state of insolvency (characterized by the insufficiency of funds available to pay debts as they fall due) and there is no reasonable probability of becoming, within a maximum period of 12 months, capable of fulfilling his contracted obligations;
  3. the total amount of his outstanding obligations is at least equal to the threshold value (15 minimum wages per economy), except for the simplified insolvency procedure (maximum 10 minimum wages per economy).

The debtor who has previously been subject to such a procedure that ended with the release of residual debts, less than 5 years before the formulation of a new request to open insolvency proceedings, cannot benefit from the procedure.

The assets of the debtor's assets that are not subject to recovery within the insolvency procedure are: personal or household goods (without the value of each exceeding 5,000 lei), religious objects (without the value of each exceeding 2,000 lei and if there are not more than one of the same kind), a vehicle (worth no more than 5,000 euros and indispensable), objects necessary for the debtor who suffers from a disability or for his dependents and objects intended for the care of the sick, food, goods used for the exercise of the occupation/profession, agricultural inventory, including working animals, fodder and seeds for cultivation if the debtor is engaged in agriculture, letters, personal or family photographs and paintings.

The law also includes in untraceable assets the amounts necessary to ensure a reasonable standard of living for the debtor and his or her dependents, which cannot be allocated to paying creditors.

Forms of the procedure:

  • Insolvency procedure based on a debt repayment plan;
  • Judicial insolvency procedure through asset liquidation;
  • Simplified insolvency procedure.

Subject to legal conditions, the procedure may be opened exclusively at the initiative of the debtor, who is an individual, but is not obliged to resort to the provisions of the law.

The debtor in a state of insolvency as defined by law may submit to the insolvency commission an application for opening insolvency proceedings based on a debt repayment plan.

If the debtor considers that his financial situation is irreparably compromised and a debt repayment plan cannot be developed and implemented, he may directly request the court to open judicial insolvency proceedings through asset liquidation.


For more details, we invite you to access the articles section http://www.barbu-si-asociatii.ro/articole.