The Closing of the Insolvency Procedure. New Features Provided by Law No. 85/2014. Various Aspects of Jurisdudence
The Closing of the Insolvency Procedure. New Features Provided by Law No. 85/2014. Various Aspects of Jurisdudence

Summary/Abstract: The closure of insolvency proceedings, as regulated by Law no. 85/2014, gives rise to different situations, depending on the legal basis on which it relies, as well as on the concrete situation arising from the application of that basis.The closure of the procedure is done by the syndic judge by sentence, and may intervene during the observation period, during the reorganization period and in the bankruptcy period.The effects of the closure of the proceedings concern the obligation of the syndic judge to notify the decision of closing the proceedings to the persons and institutions provided for by the law in order to make this statement, the unloading of the obligations of the bodies that have applied the procedure and the parties and the discharge of the debtor from the obligations they had before bankruptcy, but provided they were not found guilty of fraudulent bankruptcy or payments or fraudulent transfers. In this latter situation, the individual debtor will be discharged from the obligations only to the extent that they have been paid in the procedure.

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