Universitatea Bucureşti – Facultatea de drept
Rezumatul tezei de doctorat cu titlul (varianta în engleză)
Recuperarea creanţelor prin procedura
insolvenţei
(Debt recovery through the insolvency proceedings)
Coordonator: Profesor universitar dr. Gheorghe Piperea
Doctorand: Alexandru Paul Dimitriu
Bucureşti 2015
Content
Argument
Chapter I. The application for opening the insolvency procedure
Subchapter I. The opening of insolvency proceedings at the request of the debtor
Section 1. The conditions for voluntary opening the insolvency proceedings
§1. The installed insolvency
§2. The imminent insolvency
§3. Conditions to be met by the application for opening voluntarily the insolvency proceedings
Section 2. Court procedure
§1. The application judgment
§2. The possibility of the suspension of foreclosures after filing a voluntary insolvency claim
Section 3. The Opposition of creditors to the request of voluntarily opening the insolvency proceedings
§1. The legal nature of the opposition
§2. The exclusion of an appeal lodged by creditors against the decision of opening the insolvency proceedings
§3. The judgement of the opposition
§4. The solutions pronounced under the opposition
§5. The appeal against the sentence pronounced on opposition
Section 4. The amicus curie procedure in the application for opening the insolvency proceedings
§1. The main application to intervene
§2. The accessory application to intervene
Subchapter II. Deschiderea procedurii insolvenţei la cererea creditorului Section 1. The nature and purpose of the application for opening of insolvency proceedings by the creditors
Section 2. The creditor entitled to request the opening of insolvency proceedings
§1. The presume insolvency
§2. The imminent insolvency Section 3. Court procedure
§1. Fixing the first hearing
§2. The judgment for opening the insolvency proceedings
§3. Cases of conjunction
§4. Suspension of proceedings under art. 413 C.proc.civ
§5. Suspending the alienation of the important immovable property of the debtor
Section 4. The appeal
§1. The suspension of the decision of opening the insolvency proceedings
§2. The appeal against the opening of the insolvency proceedings brought by the creditors
Section 5. The application for opening the insolvency proceedings - means of putting pressure on the debtor
§1. Reason underlying the use of the claim of the insolvency proceedings as a means of putting pressure
§2. Risks to which the creditor is subject to
§3. Abuse of rights
Chapter II. Guarantees in the insolvency proceedings
Subchapter I. The purpose of guarantees in the insolvency proceedings Section 1. The notion of guarantee
Section 2. Guarantees in the insolvency proceedings
Section 3. The purpose and the specific effects of guarantees in the insolvency proceedings
Subchapter II. The effects of the limitations of common security of creditors in the insolvency proceedings
Section 1. The concept of joint guarantee of creditors
Section 2. Limitation common security of creditors
§1. The legal impossibility to foreclosure
§2. The conventional impossibility to foreclosure
Section 3. The impossibility to foreclosure in the insolvency proceedings
§1. The patrimonial divisions
§2. The trust
§3. Conventions that limit the rights of mortgagees
§4. Clauses prohibiting enforcement and alienation
Subchapter III. Privileges as guarantees Section 1. General considerations
Section 2. Privileges as guarantees in the insolvency procedure
Subchapter IV. The mortgage
Section 1. General considerations
§1. Notion
§2. The purpose and role of mortgage in the insolvency proceedings
§3. Mortgage juridical characters in the insolvency proceedings
Section 2. The assignment of the mortgage in the insolvency proceedings
§1. Notion
§2. Conditions for validity
§3. Mortgage assignment and change in rank
§4. The assignment of the mortgage
§5. The equalization of ranks and ranks equal sharing
§6. Transactions treated as mortgages
§7. The application of new provisions regarding the mortgage as governed by the Civil Code, in the insolvency proceedings
Subchapter V. Pledge Section 1. Notion
Section 2. Controversial aspects regarding the application of the pledge in the insolvency proceedings
Subchapter VI. The retention right
Section 1. Legal nature
Section 2. The retention right in the insolvency proceedings
Chapter III. The reorganization
Subchapter I. Preliminary issues
Section 1. Notion Section 2. The legal nature of the reorganisation plan
Subchapter II. Persons entitled to propose a reorganization plan
Section 1. The proposal of the plan by the debtor
Section 2. The proposal of the plan by creditors
Section 3. The proposal of the plan by the judicial administrator
Section 4. The modification of the plan
Subchapter III. The content and the modalities of the reorganization plan Section 1. The content of the plan
§1. Prospects for recovery
§2. Debt settlement program
§3. The legal regime of disadvantaged debt
§4. Whether and to what extent the debtor, the members of the group of economic interest, the members of the companies and collective companies with unlimited liability will be discharged of responsibility
§5. Indication of compensation to be offered to holders of all categories of debts, compared to the estimated amount that could be received by distribution in bankruptcy
§6. How to propose payment of current debts
Section 2. Ways for reorganization
§1. Keeping in whole or in part, by the debtor, the business leadership, including the right to dispose of the assets of his wealth, overseeing its work by the appointed judicial administrator
§2. Obtaining financial resources to support the reorganization plan
§3. Sending all or part of the debtor's assets to one or more natural or legal persons, constituted before or after the confirmation of the reorganization plan
§4. Merger or division of the debtor
§5. The liquidation of all or part of the debtor's assets
§6. Changing or termination off the warranty
§7. Extension of the maturity date and changes regarding the interest rate, penalties or other content clauses in the contract or other sources of obligations
§8. Amendment of the debtor under the law
§9. The issuance of bonds by the borrower
Section 3. The period of the plan
Subchapter IV. Voting plan Section 1. The categories of debts that vote plan
§1. Secured debts
§2. Salary debts
§3. Budgetary debts
§4. Debts owed to creditors who are indispensable suppliers
§5. Unsecured debts
Section 2. Decision making in the General Assembly of Creditors regarding the reorganization plan
§1. The proposal of several plans of reorganization
§2. The plan to be voted on by at least 30% of the total debt value
§3. Plan acceptable to the categories of claims under art. 139 para. (1) A-C of the Insolvency Code
§4. At least one of disadvantaged categories accepts the plan
Subchapter V. The confirmation and the effects of the reorganization plan confirmation
Section 1. The conditions to be fulfilled in order to confirm the plan
§1. Fulfil the terms under art. 133 of the Insolvency Code regarding the legality
§2. Fulfil the terms under art. 133 of the Insolvency Code regarding the viability
§3. Fair and equitable treatment
§4. The hypothesis that the reorganization plan is not confirmed
Section 2. The effects of the reorganization plan confirmation
§1. Effects of the judgment
§2. Effects on the debtor
§3. The effects on co-debtor and debtor fidejsor
§4. Effects on creditors
Subchapter VI. Corporate law specific methods of reorganization – spin off and merger
Section 1. The advantages of these methods of reorganization
Section 2. The proposal of these ways of reorganization
Section 3. The stages
§1. The shareholders primary decisions that companies will enter in the merger / spin off procedures
§2. Filing the merger/spin off plan at the National Trade Registry and the possibility that creditors may oppose to theses procedures
§3. The shareholders final decisions on the merger / spin off procedures under art. 246 Law no. 31/1990
§4. Application of art. 251 of Law no. 31/1990 - invalidity of the merger
Chapter IV. Bankruptcy
Subchapter I. Preliminary issues Section 1. The simplified procedure of bankruptcy
Section 2. Bankruptcy in general procedure
Subchapter II. Reconfiguration of debts
Section 1. Preliminary issues
Section 2. Drafting the additional debt table
Subchapter III. The winding up
Section 1. Evaluation
Section 2. Preparation and approval of the regulation of sale
Section 3. Valorisation of the debtor's assets
§1. Valorisation through direct negotiation
§2. Valorisation by public auction
§3. Valorisation in bulk
§4. Valorisation the securities
§5. Adjudication by paying with the debt
Section 4. Opposition to the method of valorisation of the debtor's assets
Subchapter IV. Distributing the amounts obtained in the wining up Section 1. Order of distribution
§1. Expenses related to the procedure
§2. Debts owed to the secured creditors
§3. Debts to creditors that lowed money after the initiation of the procedure
§4. Debts arising from employment relationships
§5. Claims arising from the continuation of the debtor’s activities, claims to third parties resulting from the admission of the claw back action
§6. Budgetary debts
§7. Debts representing amounts owed by the debtor to third parties, based on maintenance obligations, allowances for minors or periodic payment of sums to ensure the livelihood
§8. Debts representing amounts fixed by the syndic judge for maintaining the livelihood of the debtor and his family if he is a natural person
§9. Debts relating to bank loans and interest expenses, resulting from the delivery of products, services or other works, rental, corresponding debts as regulated under art. 123 para. (11) letter b) including bonds
§10. Other unsecured claims
§11. Subordinated debts
Section 2. The appeal to the distribution plan
Subchapter IV. Objections to the final report on closure of the insolvency procedure
Subchapter V. The spin off and merger procedures in bankruptcy
Section 1. The general character of art. 238 para. (4) Law no. 31/1990
Section 2. Practical applications
Chapter V. Claw back action
Subchapter I. The legal nature Section 1. Comparison with paulian action
Section 2-a. Comparison with the action for annulment
Section 3-a. Repairer vs. punitive character
Subchapter II. Parties in the claw back action
Section 1. The applicants
Section 2. Respondents
Section 3. Interveners
Subchapter III. When filing a claw back action
Section 1. The point in time from when the action may be filed
Section 2. The point in time till when the action may be filed. Disqualification
Subchapter IV. Conditions formulating a claw back action
Section 1. Transactions that can’t be submitted to the claw back action
Section 2. The suspect period
Section 3. The claw back action under art. 117 alin. (1) şi (4) of the Insolvency Code
§1. General points
§2. Transaction that can be voided by the mechanism regulated under art. 117 para. (1) and (4) of the Insolvency Code
Section 4. The claw back action under art. 117 alin. (2) of the Insolvency Code
§1. Free transfer acts performed in the 2 years before opening the procedure, except for humanitarian sponsorship
§2. Commercial operations where the debtors benefit exceeds the benefit received by the other party, made in the 6 months preceding the opening of proceedings
§3. The trades concluded during the 2 years before opening the procedure, with the intention of all parties involved to conceal assets from their monitoring by creditors or to impinge in any other way
§4. Acts of transfer of property to a creditor to settle a prior debt or on its behalf, made in the 6 months preceding the opening of the procedure, in an amount that exceeds the amount that would be obtained in bankruptcy
§5. Securing a formerly debt in the 6 months preceding the opening of proceedings
§6. Prepayments of debts incurred in the 6 months preceding the opening of proceedings if their due date had been fixed for a later date, after the opening of proceedings
§7. Acts of transfer or assumption of obligations incurred by the debtor in a period of 2 years prior to the opening of proceedings, with the intent to hide / delay insolvency or defraud a person thro transfer of derivative transactions, including the fulfilment of a bilateral netting agreement (netting), made under a qualified financial contract under this law
Section 5. Differences between the claw back action regulated under art. 117 para. (2) and the one regulated under art. 117 para. (4) of the Insolvency Code
Subchapter V. Effects of the ruling in favour of the claw back action
Section 1. Effects of invalidity based on the operations or transactions that are voided
§1. Annulment of payments
§2. Annulment of the assignment of debt
§3. Compensation, and other ways of paying
§4. Annulment of securities
§5. Annulment of the subsequent acts
Section 2. Consequences of invalidity on third-party purchasor
Section 3. Consequences of invalidity on subacquirer
Subchapter VI. Procedural incidents that may occur when ruling a claw back action
Section 1. Capacity to pursue the proceedings
Section 2. Lack of capacity to stand trial
Section 3. Inconvenient forum
Section 4. Prematurity
Chapter VI. Personal liability for entering in the insolvency proceedings
Subchapter I. Preliminary issues
Section 1. The legal nature
Section 2. Repairer vs. punitive character
Section 3. Differentiation from other types of liability
Subchapter II. The parties
Section 1. The applicants
§1. The judicial administrator/the liquidator
§2. The creditors
§3. The syndic judge
Section 2. Respondents
§1. Persons falling under the regulation of the term 'board members / members of the supervisory bodies'
§2. Any other person who has contributed to the insolvency of the debtor
Section 3. Joint liability in case of plurality of responsible persons
Subchapter III. When filing the action Section 1. Objective conditions regarding the point in time from when the action may be filed
Section 2. Particular conditions regarding the point in time from when the action may be filed
Section 3. Filing the action while being in the reorganisation period
Subchapter IV. Conditions formulating a personal liability action
Section 1. Conditions precedent
§1. The existence of insolvency
§2. Insufficient assets to pay all the passive
Section 2. The existence illegal acts
§1. The use of goods or credits for itself or in that of another legal person [lit. a)]
§2. Entering in production activities or trading in the benefit of another person – art. 169 para. (1) b) of the Insolvency Code
§3. Continuing the debtors activity in the personal interest or by clearly leading the legal entity into a cease of payments – art. 169 para. (1) lit. c) of the Insolvency Code
§4. Keeping a fictional accounting, making some accounting documents disappear or do not keeping accounting records in accordance with the law – art. 169 art. (1) lit. d) of the Insolvency Code
§5. Embezzlement or concealment of part of the asset or increase the debtors liabilities – art. 169 para. (1) lit. e) of the Insolvency Code
§6. Using ruinous means to procure the legal entity with funds – art. 169 para. (1) lit. f) of the Insolvency Code
§7. Preferably making payments to a creditor at the expense of other creditors in the previous month cessation of payments – art. 169 para. (1) lit. g) of the Insolvency Code
§8. Any other culpable act, which contributed to the insolvency of the debtor
Section 3. The existence of damages
Section 4. Causal link between the act and the damage
Section 5. Guilt
Subchapter V. Procedural issues
Section 1. Verifying the application and fixing the first hearing
§1. The procedure for verifying the application
§2. Fixing the first hearing Section 2. The summoning and the procedural documents communication
Section 3. Evidences
Section 4. Injunctive mesures
Section 5. Enforcing the ruling
Section 6. Procedural incidents that may occur when ruling a personal liability action
§1. Capacity to pursue the proceedings
§2. Lack of capacity to stand trial
§3. Statute of limitations
§4. The Inadmissibility of a personal liability action
§5. Suspending the case
§6. Settling the dispute
Section 7. The appeal
Chapter VII. Closing the proceedings
Subchapter I. General points
Subchapter II. The cases in which it may be ordered the closure of the proceedings
Subchapter III. The effects that the proceeding closure has on the creditors
Section 1. Closing insolvency as a result of the reorganization plan
Section 2. Closing insolvency as a result of fully payment to all creditors in other ways than the reorganization plan
Section 3. Closing insolvency due to the impossibility to cover the debts
Section 4. The effects of the closing insolvency on specific actions – claw back action and the liability for the insolvency
Section 5. The effects of the closing insolvency on the possibility that creditors make claims against the borrower's personal guarantees
Conclusions and de lege ferenda proposals
Bibliography
1. Research purposes
The purpose of the insolvency proceedings, governed by Article 2 of the Insolvency Code,
is to cover the debtor’s obligations, i.e. recovery of debts by creditors. Under such circumstances,
the topic has a real importance, the legal environment needing a study that treats the insolvency
proceedings exclusively from the creditor’s point of view, taking into account only the interests
of creditors who are at the same time beneficiaries and losers of procedure.
It is necessary to underline that the last 100 years did not seem to have changed the
perception of the insolvency proceedings. In the present we witness a lot of changes in the
regulations, i.e. the entering into force of the new Civil Code, the new Code of civil procedure
and of the new Law No 85/2014. These new regulations amended both the procedure, as well as
the substantive law.
These changes, which also affect the insolvency procedure, are dealt with in the present
study. Thus, the new institutions covered in the new Code civil (trust, managing someone else's
property, impossibility to alienate and immunity of enforcement, separation of estates, new
additions to be made to the securities regime, etc.) which are incidence in the insolvency
proceedings, in particular in the matter of securities, are also analysed.
The new Civil Procedure Code brings substantial changes that will be implemented in the
insolvency procedure. Thus, our scientific approach based on the need for conciliation between
the special regulation (Law no. 85/2014) and the legislative changes introduced by the new Code
of Civil Procedure, is fully justified.
2. Object of research
Our research is spanned over seven chapters, each with a special significance and a clearly
defined role regarding the possibility of creditors to recover debts through the insolvency
proceedings, starts at dealing with the application for opening the insolvency proceedings and
ends with the closure procedure.
2.1. The first chapter deals with the initiation of an insolvency procedure, by creditors,
being analysed the conditions under which such a claim it may be filed. I have also analysed the
role that the insolvency claim may have against the debtor, as a pressure instrument and the ways
by which the debtor may be determined to pay his debts prior to the initiation of the insolvency
proceedings. I analysed in this section the creditor's entitlement to make a request of the opening
of proceedings insolvency, namely exercise this right beyond its natural limits.
Voluntary requesting the opening of insolvency proceedings may become an obstacle in
front of the creditor’s claims to recover the debts. This because of the suspensory effect it has on
all categories of claims against the debtor (extra-judicial procedures, enforcements, directed
against debtor's assets). In these cases the opposition to the initiation of the insolvency procedure
represents the sole remedy that can be found by the creditors in order to avoid the situations
where voluntary opening the insolvency proceedings is the outcome of an abuse of law,
committed by the debtor, in an attempt to circumvent the payment of debts.
In this context I have shown that the application of the opening of insolvency
proceedings plays a dual role in the possibility of recovery of debs through the insolvency
procedure. Whether it's the debtor's determination to pay his debts willingly (when is this
possible), in order to avoid the adverse impact caused by the opening of proceedings, whether the
insolvency procedure is opened, its purpose is the same, namely the recovery of debt.
Whereas the goal of opening the insolvency proceedings should not be opposite to that of
the insolvency proceedings (cover the debts in genere, thus a special collective enforcement
procedure), the creditor filing the insolvency claim can’t hope of getting an enforceable title, but
open a collective enforcement procedure through witch all creditors can try to recover their debts.
Causa proxima to request for the opening of insolvency proceedings is to satisfy a general
interest (of all the creditors), by surrendering the control of ones business to the creditors and the
syndic judge, in order to cover its debts (Article 2 of the Insolvency Code). Causa remota of
creditors entitled to file for the opening of the insolvency proceedings may be represented either
by a desire to cover their debts, either by the desire to take over the debtor’s business.
It follows therefore that the application for the opening of insolvency proceedings has a
special character, a mixed one. It is different from that of an application for general lawsuit
against ones debtor because it combines the general interest of all creditors with the personal
interest of the creditor which files the request.
2.2. Chapter two deals with the creditors securities in the insolvency procedure. This
need – to secure the debts – was born of the uncertainty perceived by creditors, resulting from the
general risk of non-payment and the competition between unsecured creditors. Of course, this
protection does not guarantee the success of enforcement obligations but surely increases the
chances of debt recovery.
Article 5 Paragraph 15 of the Insolvency Code defines the secured debs as those claims
which are accompanied by a privilege and/or a right of mortgages and/or similar rights, in
accordance with Article 2.347 of the Civil Code, and/or a right of pledge on the property of
debtor's assets, regardless of whether the debtor is the main debtor or a third party guarantor. In
this case, the creditor may take action only against the assets that secure the debt. Thus, the
concept entitled "secured debts" include, in accordance with those set out in Article 2327 C. civ.,
both mortgage and pledge and privileges, to which of course will be added the retention right.
Particular attention is to be given to the new regulated securities institutions and their
impact in the insolvency proceedings.
In this chapter, I have identified a number of legislative inadvertences and a total lack of
harmonization between the insolvency procedure and the new guarantee institutions, thus these
regulations are recently adopted (the new Civil Code entered into force in 2011, i.e. Law No
85/2014 on the procedures for the prevention of insolvency and insolvency).
According to the Civil Code, the securities shall be divided into two major categories:
personal guarantees and valuable security (mortgages). There is a fundamental difference
between these two securities categories; unlike the valuable guarantees (mortgages), giving the
right to tracking of the object regardless of the person who owns it, in the case of a personal
guarantee the third party shall guarantee with his entire assets, in the event of non-performance of
the obligation by the debtor.
I dedicated a fairly consistent part of this chapter to the issue of the compatibility between
the creditor’s common security limitations and the insolvency proceedings. Limited warranty can
be achieved only through the institution that allows an enforcement limitation. The enforcement
limitations that are regulated by law do not have incidence in the insolvency proceedings. Our
interest is focused on the way that the voluntary enforcement limitation can take effect:
patrimonial divisions related to exercise a profession regulated by law [2324 par. (4) Civil
Code.]; the trust (773-791); conventions that limit the mortgagees rights (art. 2325 Civil Code.);
clauses prohibiting enforcement and alienation (art. 2329 Civil Code.).
2.3. Chapter three analyzes how creditors may recover their debts through the
reorganization plan. The persons who are entitled to propose a reorganization plan and the
conditions under which the debtor, the judicial administrator and the creditors may propose that
the reorganization plan are fully examined.
The legal conditions that must be satisfied by the plan and how to vote it are dealt with
in extenso. I also analyzed in details the debt categories which may vote for the plan and the
manner in which they are created. A section of this chapter examines the effects produced by the
ruling of confirmation the reorganization plan on debts. The debts and the securities changes that
are made upon the confirmation plan are reversible, with the assumption that the plan fails, and
bankruptcy proceedings are opened.
I also analyzed the advantages and disadvantages of the reorganization procedure for
creditors. Reorganization procedure is beneficial to creditors if its main goal is the recovery of
debts, even if not entirely so, whereas the amounts so collected will be higher than those that may
be recovered in the context of bankruptcy such as require under Article 139 (2) (a) of the
Insolvency Code. Also, creditors that are the debtor’s suppliers will have the opportunity to
continue the commercial relations with the debtor. The debts that are accumulated after the
opening of the insolvency proceedings, having a normal treatment, will be paid as it is normally
done outside the insolvency procedure.
Another advantage judicial reorganization takes in is linked to the changing effects of a
judgment, for confirmation of the reorganization plan. In these circumstances creditors should be
inclined to vote for the reorganization plan by which will receive more than in case of
bankruptcy, due to the fact that they have a "safety net" the regulation under article 140 (1)
sentence II of the Insolvency Code. Thus, with the assumption that the plan fails, the debts will
be reinstated as submitted in the debt definitive table.
A special attention has been given to the confirmation of the reorganization plan procedure in
which some major changes were made with the adoption of Law No 85/2014. These changes
allow the syndic judge to exercise, in addition to the legality control over the plan, also a
sustainability control. Thus, the syndic judge may reject the plan confirmation if he finds it
unsustainable.
The end of this chapter analysis the reorganization methods that are specific to corporate law
– pin off and merging. Although we face a new regulation, I noticed that Law no. 85/2014 does
not contain specific rules concerning the procedure for merger / spin off, if the companies
involved are in insolvency. The provisions of Law no. 31/1990 concerning mergers and spinning
off are not fully compatible with insolvency proceedings, which is the reason why it was
necessary to identify practical solutions designed to unlock the impediments that might arise in
implementing and completing these processes.
2.4. The fourth chapter is intended for analysis of detailed rules by which creditors can fully
recover their debts in the bankruptcy procedure. Once the debtor enters into the bankruptcy
procedure, all operations are focused on debtor's liquidation of assets. The debtor's leadership and
control over the company is handed over to the liquidator.
I also analyzed the causes of bankruptcy: the failure of the reorganization plan, the rejection
of the reorganization plan by the creditors' assembly, the plan rejection by the syndic judge and
the entry directly in simplified bankruptcy procedure.
As a result of switching to the bankruptcy phase, a reconfiguration of the table of debts
occurs. If the debtor enters directly in the bankruptcy phase a reconfiguration of debts is not
necessary.
Analyzed in a separate section, the liquidation shall be carried out by the liquidator under
the control syndic judge in matters of legality, i.e. under the control of creditors on aspects of
opportunity. The liquidator is to maximize the debtor's assets in an expeditious manner.
Distribution of amounts resulting from debtor's assets shall be made by the liquidator, after
drafting up a plan for distribution, accompanied by a report on the funds obtained from winding-
up proceedings, and submitting it before the committee of creditors.
I identified the mechanisms that allow the creditor to recover their debts in this last stage of
the insolvency proceedings. By passing to the bankruptcy, the debtor enters in the definitive stage
of the insolvency proceedings. All operations are directed toward asset liquidation the company’s
management being passed down to the liquidator. As a result of entering to the bankruptcy the
debtor's dissolution occurs, as legal person.
The purpose of the insolvency procedure (Article 2 of the Code insolvency), regulates a
hierarchy of procedures in insolvency, preferring the reorganization "when possible", than the
bankruptcy.
In bankruptcy the debtor's assets have to be secured (recovery of goods in the possession of
others, submitting claw back actions, recovery of possible debts owed to the debtor by third
parties) and the amounts arising out of winding-up have to be distributed to the creditors but also
to the shareholders if the case.
2.5. Chapter five deals with the claw back action. This action does not have as a direct
result the recovery of debts by the creditors, but increased considerably the debtor's assets.
Within this chapter I analyzed the legal nature of the claw back action, being highlighted its legal
nature, and its special characteristics that unite several institutions, i.e. the action in annulment
and the revocatory action (pauliene). A precise definition of the legal nature of the claw back
action is important in order to determine the competent organs to carry out judgment.
A separate section is dedicated to when the filing of a claw back action may occur. In short,
it can be filed during the observation period, in the reorganization period, as well as during the
winding-up proceedings. With respect to the conditions for exercising the action, the texts under
Article 117 of the Insolvency Code regulate two types of claw back actions, classified in terms of
the need for demonstration of existence of fraud.
I also analyzed the effects of ruling in favor of the applicant. In short, if ruling in favor of
the claw back action as regulated under art. 117 of the Insolvency Code, the third party acquirer
will have to return to the debtor's property the asset that was transferred, or, if the property no
longer exists, he has to return its value as determined by an expertise.
The justification for the existence of a claw back action is closely linked to the fact that
the acts in question, concluded by the debtor, are free of utility for its own, or create an abnormal
advantage to certain creditors. If not in insolvency, such acts are not void, as they fulfill the
conditions laid down by law at the time of conclusion.
To prove the fraud, under art. 117 of the Insolvency Code, does not imply the existence of
intent of the debtor or of the third party. In the event that bad faith can be proven, the provisions
under Articles 117-122 of the Insolvency Code instate a different sanctioning regime. Ill
intentions or bad faith do not represent an eligibility condition for the claw back action. At the
same time proof of good faith can’t determine the syndic judge to dismiss the claw back action. It
is not necessary to prove fraudulent behavior, but so far only demonstrate the existence of an
abnormal advantage for certain creditors, i.e. breaking the equilibrium between creditors of the
same category.
2.6. Chapter six deals with personal liability action against the persons who have
contributed to the insolvency. This action is a remedy that is available to the participants in the
insolvency proceedings in order to cover the possible insufficiency of the assets. In the first
section I analysed the legal nature of the liability action. I demonstrated that, absent the
contractual relationship between the debtor and its creditors, the civil liability for the occurrence
of insolvency is, by nature, a form of tort.
In a separate section I analyzed when the liability action may be filed. The action against
the persons whom contributed to the insolvency can be made both during reorganization, as well
as during the winding-up proceedings.
The conditions necessary to make liable the persons who has contributed to the occurrence
of the insolvency are as follows: a) an insolvency procedure has to be opened against the debtor;
b) insufficient assets to pay all liabilities. Also will be explained in detail the conditions for tort
liability: a) the existence of a fault; b) the existence damages; c) the existence of causal
relationship and d) the existence of guilt.
A section of this chapter will be devoted to procedural incidents in connection with the
liability action. A detailed analysis is made in respect of locus standi and liabilities, statute of
limitations etc.
The liability action against the persons who have contributed to the insolvency is a special
form of tort, whose premise is the insufficient assets to cover the debts. The damages that can be
covered by this specific action are the ones suffered by the creditors, whereas the debtor’s assets
are unable to cover all debts.
An action for damages governed under art. 169 Law no. 85/2014 cannot be regarded as
not having a punitive character, as it was rightly considered in former regulation Law no.
85/2006. The first component of liability, which determines the damage caused by the asset
insufficiency coverage, still remains without a sanctioning component, because the total amount
of compensation can’t overcome damages suffered by the creditors. Complementary the sanction
limiting the right of a person to be in the management of a company exercise for a period of 10
years after completion of judgment, has a punitive character.
Another extremely important aspect is related to the fact that people who may be
responsible for the insolvency are not limited to the governing bodies of the debtor. In addition to
these persons, one can be held liable if being a shadow director. This category of persons is not
formally vested with powers of management, but sovereignly and independently exercises a
positive activity management and administration society. In these categories we can find any
person who, with intent, did one of the acts listed under Article. 169 of the Insolvency Code, and
by doing so it caused the insolvency: State and administrative establishments, banks, parent
companies, economic interest groups.
2.7. Chapter seven analyzes the final phase of insolvency, namely the closure procedure.
This phase is marked by final judgment which, once passed, will annihilate all the effects of the
opening of proceedings, meaning that the syndic judge and the judicial administrator or liquidator
lose their powers against the debtor in question.
Closure of insolvency proceedings may result either in saving the debtor and reentering into
the economic circuit as a viable participant and unencumbered by debts, or the termination of the
debtor as a result of its dissolution.
The closure of the insolvency procedure is a process with a high degree of difficulty, caused
most frequently by the objections made by the participants in the proceedings, namely appeals
against decisions of the syndic judge.
Seven hypotheses can be identified that determine closing the insolvency procedure, each of
them being treated separately, depending on the particularities and the effects they produce: Lack
of resources; Successful execution of the reorganization plan; The completion of all distributions
in liquidation and bankruptcy; Covering all debts even before completion of the liquidation;
Failure to register any debt on the list of creditors after opening a voluntary insolvency
proceedings; The payment of all debts during the observation period; The merger of the debtor
with a non-insolvent company.
The last part of this chapter deals with the effects of the closure procedure: (i) in terms of
taxes awed by creditors or by the debtor; (ii) in terms of the claw back action and the personal
liability for opening the insolvency proceedings; (iii) in terms of effects on the possibility of
creditors to make claims against the debtor's personal guarantee.
3. Conclusions
The present study is the first that analyses the insolvency procedure exclusively from the
creditor’s perspective, thus offering a complex and comprehensive approach. At the end of our
study we can say that we have achieved an important step towards this goal, by analysing specific
mechanisms of insolvency proceedings, which are made available to the creditors for the
recovery of debts.
The insolvency proceedings is a special procedure by which the creditors can recover their
debts. The interwar law of "bankruptcy" was seen in close connection with the theory of
enforcement, from which it derived. With the adoption of Law No. 64/1995 and continuing with
Law No 85/2006, and now Law no. 85/2014, the insolvency proceedings cannot be compared
with ordinary execution procedure. The insolvency procedure is a collective procedure through
witch all creditors try to recover their debts, at the same time.
When opening the insolvency proceedings, the individual rights of creditors in respect of
debts which they hold against the debtor, suffer a series severe restrictions. Thus, all individual
actions against the debtor are suspended and later terminated [art. 75 para. (1) of the Insolvency
Code]. This limitations suffered by the creditors operate in order to protect the collective interest
of all creditors i.e. to come together at the table to satisfy their debts.
In this context, the goal is to respond to problems generated by the insolvency procedure
by identifying effective mechanisms to maximize the opportunities, expedite and enhance the
degree of debt recovery through this judicial procedure.
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V. Site-uri
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188. www.legalis.ro;
189. www.codfiscal.net;
190. www.jurindex.ro;
191. www.juridice.ro;
192. www.avocatura.com;
193. www.avocatnet.ro.
194. http://legal-dictionary.thefreedictionary.com
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