Author(s): Florin Ludușan / Language(s): Romanian
Issue: 01/2020
Every 3 months, calculated from the beginning of the liquidation, the judicial liquidator must submit to the creditors’ committee a report on the funds obtained from liquidation and from the collection of claims, as well as a distribution plan between the creditors, if necessary. The report and the plan shall be recorded at the registry of the tribunal and shall be published in the Bulletin of Insolvency Procedures. The report shall also provide the payment of his fee and of the other expenses provided in Article 159 (1) point 1 or of Article 161 point 1 of the Law No 85/2014, as the case may be. The report on the funds obtained from liquidation and from the collection of claims shall include, at least, the following: the balance in the liquidation account after the last distribution; the collections made by the judicial liquidator from the sale of each asset and from the recovery of the claims; the amount of the interests or of other incomes benefiting to the debtors’ fortune, as a result of keeping the undistributed amounts in bank accounts or by administering the assets existing in the debtor’s fortune; the total of the cash amounts existing in the liquidation account. The plan of distribution among the creditors necessarily includes the following data regarding each creditor for whom distribution is made: the updates brought to the final table of claims; the amounts already distributed; the amounts remaining after the adjustment of the final table and the distributions already made; the amounts which are the object of the distribution; the payable amounts remaining after the distribution has been made.For good reasons, the syndic-judge may extend by maximum one month the deadline for presenting the report and the distribution plan or he may shorten it. The distribution plan will be registered with the registry of the tribunal and the judicial liquidator will notify this to each creditor, and a copy of the report and a copy of the distribution plan will be posted at the entrance of the tribunal. The creditors’ committee or any creditor may formulate contestations against the report and against the plan within 15 days from their publication in the Bulletin of Insolvency Procedures. A copy of the contestation will be communicated to the judicial liquidator as a matter of emergency, and within 5 working days from the expiry of the time limit for formulating the contestations, if no contestation is lodged, the judicial liquidator will proceed to the actual payment of the distributed amounts. In case there have been submitted contestations, the judicial liquidator will withhold from the distribution the amounts subject to the contestation, making the payment of the uncontested amounts. Within 20 days from publication, the syndic-judge, in session, by summoning the judicial liquidator, the debtor and the creditor, solves at once, by sentence, all contestations, and, within 5 working days from the date when the judgment for solving the contestations becomes enforceable, the judicial liquidator proceeds to the effective payment of the distributed amounts, according to the judgment of the courts.
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