Effects of the commencement of the procedure
On the date of commencement of the procedure, one shall suspend all court or extra-court actions for the achievement of the claims over the debtor or the debtor's assets.
Also, at the same time, the company's administrators are forbidden to assign, without the approval of the syndic judge, their shares or social parts held at the debtor representing the object of the procedure. The syndic judge shall decide upon the blocking of the shares or social parts in the special recording register or the electronically registered accounts.
After the resolution for the commencement of the procedure is deemed final, all documents and correspondence issued by the debtor, administrator or liquidator shall include, obligatorily and in visible fonts, in Romanian, English and French, a mention reading *in state of insolvency*.
Two procedures may be commenced pursuant to the admission of a writ of summons: judicial reorganization and bankruptcy.
Judicial reorganization is decided in the event that after the commencement of the procedure one approved a plan for the reorganization of the debtor's activity in view of the economic recovery of the debtor and the full satisfaction of the creditors' claims.
The debtor subject to reorganization shall continue to exercise the right of administration of its own activity, either alone or under supervision of an administrator.
Through the conclusion deciding on the commencement of bankruptcy procedures, the syndic judge shall pronounce the dissolution of the debtor company and it shall resolve upon the following:
- annulment of the debtor's right of administration;
- appointment of a liquidator, as well as the setting of the liquidator's duties and remuneration of the same;
- the maximum term for the transfer of the administration of the property from the debtor/administrator to the liquidator, together with the list of documents and operations carried out after the commencement of the procedure;
- drafting and delivery to the liquidator, within maximum 10 days following the commencement of the bankruptcy procedure, of a list including the names and the addresses of the creditors and all of the claims thereof as of the date of commencement of the bankruptcy procedure, and pointing the claims that occurred after the commencement of the procedure;
- notification of the bankruptcy.
The syndic judge, through the judicial liquidator, shall also decide upon taking insuring measures and measures for preservation of the debtor's assets to undertake the judicial liquidation.
The entire procedure for the liquidation of the debtor's assets is carried out under the control of the syndic judge who supervises the activity of the judicial liquidator and takes the steps necessary to determine the amounts of the claims, the sale of the debtor's assets and the distribution to the creditors of the amounts resulting from the liquidation.