Ensuring celerity to insolvency proceedings, as stipulated under the Law no. 85/2006, refers to the obligation of every institution which applies the procedures (including the administrator / judicial liquidator) to perform with celerity the operations prescribed by this law.

This derives from the need to eliminate any legal uncertainty regarding the blockage of money during the commercial insolvency proceeding, and to reintroduce the assets in the debtor’s patrimony back in the economic circuit.

Under the provisions of the law, by means of which it is intended to meet the necessity of expelling the insolvent companies from the economic circuit, Law no 85/2006 (art.31) stipulates that the closing of the procedure is possible –at any stage- provided that there are no assets in the debtor’s patrimony, or if they are not sufficient to cover the procedural administrative costs. These provisions have been formulated in order to provide a practical instrument for protecting the public interest.

Consequently, the liquidation of a company is all the more efficient as the celerity principle is closely respected by the judicial administrator/ liquidator as he efficiently carries out his responsibilities and contributes to closing the procedure in due time- for all the companies under his care which don’t possess any goods, or where these goods are insufficient.

EXPERT INSOLVENŢĂ SPRL proved to have respected this principle throughout its entire activity, having acted with celerity in all the files handled as judicial administrator/ liquidator.

LIST OF CLOSED FILES