recuperarea creanţelor prin procedura insolvenţei · fulfil the terms under art. 133 of the...

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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183. Roussel Galle Ph., Observation V. Soc., 21.02.2006, no 04-40.062, Gazette des Procédures Collectives nr. 2/2006;

184. Stef Arlette Martin, Interdiction des paiments. Domaine d’application, în RTDcom. nr. 3/2011;

185. Stef Arlette Martin, Irecevabilite d’une demande d’annulation poure cause de la chose jugee, în RTDcom. nr. 4/2011;

186. Vallens J.-L., Un creancier peut contester l’ouverture d’une procedure de sauvegarde par la tierce opposition, în RTD com. nr. 2/2011;

V. Site-uri

187. www.spete.info;

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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