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.
Commencement of Romanian main insolvency proceedings