Lichidarea activelor grevate cu garanții în cadrul insolvenței moldave
Liquidation of assets secured by guarantees in the framework of Moldovan insolvency

Summary/Abstract: In commercial relations, an obligation usually arises accompanied by a real guarantee or without such a guarantee. When the debtor and creditor agree that the obligation will be secured by a real guarantee, this guarantee will exist from the moment the claim arises. The rule known and applied by all business partners is, therefore, the endowment of the claim with a real guarantee at the very moment of its origination. The fact that a chirographic claim is later endowed with a real guarantee raises questions about the justification of this measure. However, when the endowment of the real guarantee occurs near the opening of the proceedings, it is clear that a specific goal was pursued: to favor the chirographic creditor by changing the nature of the claim and simultaneously raising it to a priority rank in this procedure. The asset affected as a real guarantee can be sold, and immediately after retaining the costs of realization and payments due to other parties, the remaining amounts are attributed to the guaranteed creditor. Regarding chirographic claims, they often remain unpaid or are paid at a bankruptcy rate that is unsatisfactory for creditors. Thus, real guarantees are suitable for executing the obligation assumed by the debtor resulting from legal relations with creditors. A significant role is played by the norms regarding the system of guarantees of claims and, in particular, the procedures for their realization within the insolvency procedure. The insolvency procedure provides the guaranteed creditor with the opportunity to recover their claim in a prioritized manner through the realization of the pledged asset. Thus, the author of this scientific paper will address the issue of the liquidation procedure of the encumbered asset with guarantees and the manner of their realization within the insolvency procedure.

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