About Bankruptcy & Debt Law in Cluj-Napoca, Romania
Bankruptcy & Debt law in Romania, including Cluj-Napoca, is primarily governed by the Insolvency Law (Law no. 85/2014). It is primarily designed to offer a legal framework for entities unable to pay their debts and to protect the interests of creditors. This law applies to traders, professionals, legal entities under private law and autonomous administrators. Bankruptcy could lead to the liquidation of debtor's assets to repay creditors.
Why You May Need a Lawyer
You may require the help of a lawyer in situations such as determining your eligibility for bankruptcy, filing for bankruptcy, communicating with creditors and legally representing you in court. A lawyer can guide you through the complex process of bankruptcy, help you understand your rights and options, and work with you to achieve the best possible outcome.
Local Laws Overview
The key aspects of local bankruptcy and debt laws include determining insolvency condition, understanding the difference between reorganization and bankruptcy, the ranking of preferential creditors, consequences of insolvency proceedings and understanding the role of the official receiver. An insolvency practitioner manages the procedure. Secured creditors are repaid first from the sale of specified assets, as per Law no. 85/2014.
Frequently Asked Questions
What happens after filing for bankruptcy?
The official receiver takes control of your assets and affairs. The debtor is required to cooperate fully with the receiver, including surrendering all relevant documents and details.
Can all debts be discharged under bankruptcy?
Not all debts can be discharged. Examples of debts that cannot be discharged are alimony, child support, certain taxes, damages for personal injury caused by driving under the influence of alcohol or drugs, etc.
How long does bankruptcy stay on my credit report?
Bankruptcy can stay on your credit report for up to 10 years in Romania. This can make it difficult to secure credit, buy a property, or even get a job.
Who pays the insolvency practitioner's fees?
The fees and costs of the insolvency procedure are generally paid from the debtor's estate.
Can I run a business while I am bankrupt?
Bankrupt individuals are usually disqualified from serving as company directors or managing companies. Exceptions may apply in certain circumstances.
Additional Resources
You may find valuable information from The National Agency for Tax Administration (ANAF), The Ministry of Justice in Romania, the Romanian legal codes available online and The National Union of Insolvency Practitioners in Romania (UNPIR). However, interpreting legal information can be complex, and it is advisable to seek independent legal advice for your specific circumstances.
Next Steps
If you find yourself in need of legal assistance regarding Bankruptcy & Debt in Cluj-Napoca, Romania, you should first gather all relevant financial information. Then, seek legal advice from law firms or independent lawyers specializing in bankruptcy and debt law. Finally, you should cooperate fully with your legal advisors and follow the steps they recommend for your specific circumstances.
Disclaimer:
The information provided on this page is intended for informational purposes only and should not be
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frequently, and interpretations of the law can vary. Therefore, you should consult with qualified legal
professionals for specific advice tailored to your situation.
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