Clifford Chance

Commencement of Romanian main insolvency proceedings

6 July 2018

In formal insolvency situations in most places around the globe, management can find themselves subject to the scrutiny of insolvency officeholders; who investigate and consider the cause of the failure.  Obligations in the period immediately before a formal process is commenced can be very strict, in some jurisdictions management are left with little time to consider restructuring options and instead are subject to a mandatory time period which obliges them to commence a formal process.  The consequences of failing to file can be severe and can include personal liability, prohibitions on management, and in some cases criminal sanctions. 

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