Transpunerea directivei (UE) 2019/1023. Concordatul preventiv
Transposing directive (EU) 2019/1023. The “concordat preventiv”

Summary/Abstract: The bill implementing the transposition of Directive (EU) 2019/1023 introduces the ‘concordat preventiv’ judicial proceedings that entail an automatic stay of the individual enforcement proceedings. The debtor proposes to their affected creditors a restructuring plan that allows for a recovery of their debts at a rate higher than the recovery rate they would benefit from in their respective individual enforcement proceedings or in the debtor’s insolvency proceedings. The restructuring plan is voted by these creditors or is imposed to them by the insolvency judge’s decision to homologate it, given in ex parte proceedings. All creditors may appeal the insolvency’s judge decision to homologate the restructuring plan. The appellate court, upholding the appeal(s), may order the debtor to amend his/her/its restructuring plan and it may award damages to the aggrieved appellant creditor. In case the debtor fails to fulfil his/her/its obligations under the homologated restructuring plan, all the restructured debts are automatically reverted to their initial values, interest included. In case the restructuring plan is successfully implemented, the reductions in the restructured debts become final on the date the decision closing the proceedings is passed.

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