Insolvency is the state of the debtor’s assets that is characterized by lack of funds available for the payment of debts that are uncontested, liquid, and enforceable against the company. Purpose of the Law no. 85/2014 is to establish a collective procedure to cover the liabilities of the insolvent debtor.
Our private law practice has been successfully assisting clients in insolvency procedure regulated by Law no. 85/2014, both creditors regarding debt collection and valorisation of rights of claim arising from the conclusion of a preliminary contract of sale, and debtors regarding the legal assessment of reorganization plans, termination of fraudulent documents signed by the debtor to the detriment of creditors and the collection of debtor’s receivables. In the representation of debtors’ interests, our private law practice work with insolvency practitioners.