Insolvency procedure. The quarterly report drawn up under art. 144 para. (1) of Law no. 85/2014. Challenging its contents. Inadmissibility

DREPTUL AFACERILOR

Abstract

The Romanian lawmaker does not provide for the possibility of challenging the report drawn up under Art. 144 para. (1) of Law no. 85/2014, but the insolvency practitioner is required to report the financial situation of the debtor’s wealth, and also to notify it to all creditors. The purpose of notifying the report drawn up under the above-mentioned conditions to all creditors is to provide their quarterly information of the activity carried out by the official receiver in the debtor’s insolvency procedure. However, in order to ensure the actual possibility for the participants in the insolvency procedure to express their opinion on the report, the lawmaker has provided for the procedure under which the activity carried out by the insolvency practitioner can be analysed and also challenged. Thus, it can be noted that, according to para. (3) of Art. 144 of Law no. 85/2014, after the report is submitted to the creditors and approved, within 5 days of the creditors' meeting, the creditors' committee may convene the creditors' meeting to present the measures taken by the debtor and/or the official judicial, and their effects, and propose other motivated measures. Also, any disagreements of the creditors regarding the report can be expressed by non-approval thereof in the creditors’ committee or by the creditors’ meeting, as the case may be.