Procedura de insolvenţă – raport asupra fondurilor obţinute din lichidare şi din încasarea de creanţe – plan de distribuire
Insolvency proceedings – report on funds obtained from liquidation and debt collection – distribution plan

Summary/Abstract: The special regime governing distributions from the proceeds of assets belonging to the debtor and encumbered in favour of a creditor by mortgages, pledges, other real security interests, or any type of retention right, as set out in Article 159(1) of Law No. 85/2014, requires a treatment distinct from the general rules laid down in Article 161 of the same Law. Its purpose is to ensure the priority payment of secured claims. In cases where the proceeds from the sale of such assets are insufficient to fully satisfy these claims, the creditors shall hold, for the outstanding balance, unsecured or budgetary claims, as applicable. Any surplus shall be deposited, under the responsibility of the judicial liquidator, into the debtor’s estate, which excludes the applicability of partial distribution as envisaged under Article 165 of Law No. 85/2014. The provisions of Article 165(4) of Law 85/2014 allow the judicial liquidator to set aside amounts during partial distributions to cover future expenses of the debtor's estate, but the distributions must not violate the provisions of Article 159(1) of Law 85/2014, and in order not to affect the rights conferred in the insolvency proceedings on the holders of secured claims, it must be accepted that they cannot be provided for. In order not to prejudice the rights conferred on secured creditors in insolvency proceedings, it must be accepted that no provisions may be made in such cases, except to the extent that they relate to possible future procedural expenses relating to the assets monetised.

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