The procedure of insolvency according to law 85/2006
Legal reorganization with the view to pay off the debtor’s accounts receivable according to a pre-established payment programme. This procedure of reorganization consists of elaborating, approving, implementing and respecting a plan called the reorganization plan, which can presume, together or separately the following:
Operational and/or financial restructuring of the debtor;
Corporate restructuring by modifying the social capital structure;
Activity reduction through liquidation of certain goods belonging to the debtor;
- The bankruptcy procedure is the collective and egalitarian concoursual insolvency measure which applies to the debtor in order to liquidate his/her fortune so that it covers the passives; it is followed by the debtor’s being written off from the register in which he/she was registered.
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