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Has your debtor entered insolvency?

What to do, by which deadlines, and what your real chances of recovering your claim are — explained step by step.

The essential rule: from the moment insolvency proceedings open, you can no longer pursue your debtor individually — forced executions are stayed by operation of law. The only path to recovery becomes joining the collective procedure, alongside the other creditors. And here the deadlines are short, and missing them is costly.

The creditor's steps
  1. Check whether the debtor is in insolvency. Look the company up in the Insolvency Proceedings Bulletin (BPI) and on the courts' portal. The opening judgment sets the key deadlines of the procedure.
  2. File your proof of claim on time. The deadline is set by the opening judgment and published in the BPI. The claim is filed with the tribunal, together with the documents proving it (contracts, invoices, court judgments) and the stamp duty.
  3. Check the preliminary table of claims. The judicial administrator reviews the claims and publishes the preliminary table in the BPI. If your claim was rejected in whole or in part, you have 7 days from publication to challenge it.
  4. Take part in the creditors' meeting. Your vote matters: the reorganization plan, the methods of realizing assets and other major decisions are approved by the creditors. Being absent means decisions are made without you.
  5. Track the distributions. The amounts obtained from the debtor's activity or from realizing assets are distributed periodically, in the legal order of priority. The practitioner's reports, published in the BPI, show the status of the procedure.
The order of payment — where your claim ranks

Romanian Law 85/2014 (articles 159 and 161) sets the order of distributions. Simplified: first the costs of the procedure, then secured creditors (from the assets given as security), employee claims, budgetary claims and only then unsecured claims — suppliers and business partners without security. That is why your position in the table and the quality of your claim's documentation make the difference between recovery and loss.

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Frequently asked questions
How long do I have to file my claim?
The deadline is set by the court in the judgment opening the procedure and is published in the Insolvency Proceedings Bulletin (BPI). Failing to file on time generally results in forfeiting your rights as a creditor entitled to participate in the procedure — in practice, losing the claim.
Can I, as a creditor, open insolvency proceedings against my debtor?
Yes. A creditor may request the opening of proceedings if it holds a claim that is certain, liquid and due, unpaid for more than 60 days, with a value of at least the threshold set by Romanian Law 85/2014 (the 50,000 lei threshold). The creditor's petition is often the instrument that unlocks recovery.
What are my chances of recovering my money from an insolvency?
It depends on where your claim ranks in the order of priority, on whether you hold security and on the debtor's assets. Secured creditors have the best chances; unsecured creditors statistically recover less. A quick reaction, complete claim documentation and active participation in the procedure significantly increase your chances.
What can I do if the debtor hid or transferred its assets before insolvency?
The law provides instruments: the insolvency practitioner may seek the annulment of fraudulent acts concluded in the 2 years before the opening of the procedure, and the persons responsible for causing the insolvency may be held personally liable for the uncovered liabilities (article 169 of Romanian Law 85/2014). Report such situations to the judicial administrator.
Creditor representation

Deadlines are running. Documentation matters. Don't leave them to chance.

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