10. Contract de finanţare. Nerestituirea la scadenţă a sumei împrumutate. Opţiunea creditorului pentru conversia datoriei în acţiuni. Efecte cu privire la penalităţile de întârziere
10. Financing agreement. Failure to return the borrowed money at maturity. The creditor’s option to convert debt into shares. Effects regarding late payment charges

Summary/Abstract: If the parties to a financing agreement have agreed to provide for two possibilities for the recovery of the amount financed by the creditor – either by requiring to return the amount borrowed and unpaid at maturity, and also requiring the payment of late charges, or by expressing the creditor’s right of preference, namely to convert the debtor’s debts into shares –, and the creditor has opted for the conversion of debt into shares, the latter can no longer reserve the right to late charges since, at the time of expressing the right of preference, the initial right to claim, which entitled to the return of the financed amount, was extinguished together with all its accessories, including the late charges, which are replaced with the right to dividends.

• Details
• Contents