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ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE CROSS-BORDER INSOLVENCY.

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Presentation on theme: "ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE CROSS-BORDER INSOLVENCY."— Presentation transcript:

1 ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE CROSS-BORDER INSOLVENCY

2 CONTENTS Applicable legislation Applicable legislation Publicity Publicity International trends International trends Future plans Future plans Q&A Q&A ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE

3 NATIONAL NATIONAL Law no.85/2006, a modern and complex approach covers three applicable proceedings regarding entities facing financial difficulties: covers three applicable proceedings regarding entities facing financial difficulties: insolvency insolvency reorganization reorganization bankruptcy bankruptcy EU EU Council Regulation (EC) No. 1346/2000 on insolvency proceedings covers cross-border cases at EU level covers cross-border cases at EU level ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE APPLICABLE LEGISLATION

4 ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE PUBLICITY Insolvency Proceedings Bulletin: Insolvency Proceedings Bulletin: Quick judicial and administrative formalities Quick judicial and administrative formalities Ensures mandatory publication of procedural acts Ensures mandatory publication of procedural acts Trade Register Trade Register Reflects changes in the debtor’s status regarding: Reflects changes in the debtor’s status regarding: date of opening / closing insolvency proceedings date of opening / closing insolvency proceedings type of opened/closed insolvency proceedings type of opened/closed insolvency proceedings name and address of appointed insolvency practitioner name and address of appointed insolvency practitioner court decision on opening insolvency proceedings court decision on opening insolvency proceedings

5 ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE PUBLICITY

6 ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE PUBLICITY (case studies) NORTEL NETWORKS ROMANIA SRL – part of Nortel Group registered in Romania registered in Romania the notification announcing the opening of the foreign procedure of administration (according to the English Law) was published in IPB no. 945 on 26 February, 2009 the notification announcing the opening of the foreign procedure of administration (according to the English Law) was published in IPB no. 945 on 26 February, 2009 The High Court of Justice of England and Wales, Chancery Division, Companies Court rules that COMI of the group is in England and the administration procedure must be opened by the same Court against all 19 companies belonging to this group, no matter where the registered office is located The High Court of Justice of England and Wales, Chancery Division, Companies Court rules that COMI of the group is in England and the administration procedure must be opened by the same Court against all 19 companies belonging to this group, no matter where the registered office is located The Decision of the same Court through which the administration procedure was extended for a further period of 24 months is published in IPB no on 25 March, 2010 The Decision of the same Court through which the administration procedure was extended for a further period of 24 months is published in IPB no on 25 March, 2010

7 ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE PUBLICITY (case studies) DYTRAS SA SPANIA SUCURSALA BUCURESTI SECTOR 2 The Decision no. 1388/ of Bucharest Court – VII Civil Section, opening the secondary insolvency proceedings is published in IPB no.9519 on 30 May, 2013 The Decision no. 1388/ of Bucharest Court – VII Civil Section, opening the secondary insolvency proceedings is published in IPB no.9519 on 30 May, 2013 the main insolvency proceedings was open in Spain (Decision no. 1335/12-6/ ) the main insolvency proceedings was open in Spain (Decision no. 1335/12-6/ ) according to article 3 of Council Regulation (EC) No 1346/2000 on insolvency proceedings and article 33 from the Romanian national law, only secondary proceedings could be open according to article 3 of Council Regulation (EC) No 1346/2000 on insolvency proceedings and article 33 from the Romanian national law, only secondary proceedings could be open the appointed judicial administrator notified IPB (Bulletin no. 7476/ ) and Trade Register the appointed judicial administrator notified IPB (Bulletin no. 7476/ ) and Trade Register

8 ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE PUBLICITY (case studies) IPB – NORTEL NETWORKS ROMANIA SRL IPB – NORTEL NETWORKS ROMANIA SRL

9 ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE PUBLICITY (case studies) Trade Register – NORTEL NETWORKS ROMANIA SRL Trade Register – NORTEL NETWORKS ROMANIA SRL

10 ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE INTERNATIONAL TRENDS Communication no. 742/ from the Commission to the European Parliament, The Council and the European Economic and Social Committee - A new European approach to business failure and insolvency: Communication no. 742/ from the Commission to the European Parliament, The Council and the European Economic and Social Committee - A new European approach to business failure and insolvency: from an average of 200,000 companies went bankrupt per year in EU and about a quarter of these cases have a cross-border element from an average of 200,000 companies went bankrupt per year in EU and about a quarter of these cases have a cross-border element changes need to be made in domestic insolvency legislation changes need to be made in domestic insolvency legislation amending Insolvency Regulation no.1346/2000 (key action - Single Market Act II, 2012) amending Insolvency Regulation no.1346/2000 (key action - Single Market Act II, 2012)

11 ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE INTERNATIONAL TRENDS National legislation National legislation early warning tools for prevention in the field of insolvency early warning tools for prevention in the field of insolvency second chance to honest businesses (distinction between honest and fraudulent bankruptcy) second chance to honest businesses (distinction between honest and fraudulent bankruptcy) discharge period for honest entrepreneurs (Member States agreed on the need to harmonize the discharge period to less than three years) discharge period for honest entrepreneurs (Member States agreed on the need to harmonize the discharge period to less than three years) reviewing of the conditions under which the creditor may initiate insolvency proceedings reviewing of the conditions under which the creditor may initiate insolvency proceedings transparency of claims filing and verification process transparency of claims filing and verification process promoting restructuring plans promoting restructuring plans

12 ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE INTERNATIONAL TRENDS Amending Insolvency Regulation no.1346/2000 Amending Insolvency Regulation no.1346/2000 scope - does not cover pre-insolvency and hybrid proceedings scope - does not cover pre-insolvency and hybrid proceedings difficulties in applying COMI concept in practice; forum shopping through abusive COMI relocation difficulties in applying COMI concept in practice; forum shopping through abusive COMI relocation secondary proceedings - impossible successful restructuring of a debtor; no assets control secondary proceedings - impossible successful restructuring of a debtor; no assets control insolvency of a multi-national enterprise insolvency of a multi-national enterprise publicity of insolvency proceedings and the lodging of claims - mandatory publication or registration; European Insolvency Register publicity of insolvency proceedings and the lodging of claims - mandatory publication or registration; European Insolvency Register

13 ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE FUTURE PLANS Insolvency Code Insolvency Code financed by the World Bank financed by the World Bank will contain all relevant insolvency national regulations will contain all relevant insolvency national regulations first country in EU adopting such a code first country in EU adopting such a code Insolvency Register Interconnection Insolvency Register Interconnection Romania is one of the seven EU states part of this e-Justice sub- project Romania is one of the seven EU states part of this e-Justice sub- project we are ready to facilitate access to official and trusted insolvency related information we are ready to facilitate access to official and trusted insolvency related information

14 Q&A ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE

15 Thank you! Gabriela Fierbințeanu IPB – NTRO, Ministry of Justice ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE


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