COMPOSITION WITH CREDITORS, SUPPORT FOR THE ROMANIAN COMPANIES DURING THE ECONOMIC CRISIS PERIOD
COMPOSITION WITH CREDITORS, SUPPORT FOR THE ROMANIAN COMPANIES DURING THE ECONOMIC CRISIS PERIOD

Summary/Abstract: The ad hoc mandate is a confidential procedure initiated upon demand of the debtor by which an ad hoc agent appointed by the court of law negotiates with the creditors in order to reach an agreement between one or several creditors and the debtor with the purpose of surmounting the difficulties faced by the company of the latter. The preventive composition with creditors is an agreement concluded between the debtor, on one hand, and the creditors that hold at least 2/3 of the value of claims accepted and unchallenged, on the other hand. By this agreement, the debtor proposes a plan for its company recovery and for covering the claims these creditors have against it, and the creditors consent to support the debtor’s efforts for surpassing the difficulties faced by the debtor’s company

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