BANKRUPTCY OF A COMMERCIAL COMPANY – THE LAST STAGE OF THE INSOLVENCY PROCEDURE
BANKRUPTCY OF A COMMERCIAL COMPANY – THE LAST STAGE OF THE INSOLVENCY PROCEDURE

Summary/Abstract: The lifetime of a commercial company in Romania is marked by its establishment and the conduct of economic activity, but when it fails to comply with its assumed commercial commitments, certain legal procedures may be involved that aim to restore the economic activity in Romania or the immediate liquidation of the commercial company, when it is determined that there is no chance of reorganization. Bankruptcy is generally considered a last resort for entities that can no longer financially support debts and find no practical options for resolving this situation. Before starting bankruptcy, procedures there are alternatives that are worth exploring. The present material aims to address theoretical, legal, and economic aspects that can prevent the bankruptcy stage of an entity, as well as the presentation of the bankruptcy process that a company may encounter.

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