We ensure the services that are specific to the profession of insolvency practitioners, provided by the Emergency Government Ordinance No. 86/2006 regarding the organization of the activity of the insolvency practitioners.
The tasks that we are able to undertake concern, from case to case, the period of time before or after opening of the insolvency procedure, according to the Romanian law.
Before opening of the insolvency procedure we can involve in an array of services such as turnaround management or different types of arrangement with creditors aiming a settlement between creditors and the company which allows for the payment of the creditors under court supervision, having as consequence keeping the company in business.
After opening of the insolvency procedure we can undertake the position of judicial administrator, running the company under insolvency or supervising its current activities as per business as usual rule.
In the capacity of judicial administrator, we can fulfil all the duties provided by the law, such as examining the economic situation of the company, analysis of the situation of the pending agreements, drafting the necessary reports, calling the general meeting of shareholders to assign the special administrator, notifying the creditors, drafting the preliminary table of creditors, calling the meetings of the creditors.
We believe that the initial stage of the insolvency procedure is of utmost importance in figuring out the direction of the insolvency case: towards reorganization or towards bankruptcy.
We also believe that the continuing or – on the opposite – the termination of the agreements pending at the moment of the opening of the insolvency procedure is also a crucial decision to be taken, with important consequences for the future of the unfolding of the procedure. Such decision should be tailored to each agreement considering also the whole chain of agreements in which the company is involved.
At the same time, the financing of the company during the insolvency procedure and the situation of the current claims are other topics of utmost importance for the chance to revitalize the business.
In case of judicial reorganization based on a reorganization plan, we ensure that all the legal conditions are met, that the payment schedule of the plan is a better option than the bankruptcy scenario and that that plan is the optimal way to fulfill the purpose of the insolvency procedure: covering the claims together with granting the debtor the surviving chance, if possible. During the unfolding of the reorganization period of time, we take care that the tasks of the plan are accomplished aiming the reinsertion of the company into the business circuit.
In case of bankruptcy, we can undertake the position of judicial liquidator and we are able to run the procedure of liquidation of the assets, to cover the claims according to the rights of the creditors and to transfer the property of the assets that might exceed the value of the claims to the shareholders.