Documents necessary for the insolvency procedure

As always, we try to offer you useful information for the settlement of your problems.

Many people wish to know which documents are necessary to initiate the voluntary insolvency procedure

  1. Articles of association –in copy certified by you;
  2. A recent Certificate of Good Standing of the company – in original – from the National Trade Register Office;
  3. Registration certificate – in a certified copy;
  4. List of associates –indicating the number of social shares;
  5. The identity card in copy of the associates and administrator;
  6. The balance sheet certified by the administrator and the censor/auditor (if any);
  7. The trail balance for the month prior to the registration date of the application for initiation of the insolvency procedure – certified by the administrator;
  8. the full list with all the assets of the company – for encumbered assets it will be mentioned the data from publicity registers;
  9. the list of all the accounts and banks used by the company to manage the funds;
  10. list of names, addresses of creditors (for legal persons also the registration number with the Trade Register and the sole identification code), irrespective of the type of their claims: certain or conditional, liquid or not, outstanding or not, contested or not, indication the sum, the cause (fiscal invoice, contract, work report, dividends, indemnities, etc.) and the rights of preference (pledge, mortgage, other guarantee);
  11. a list containing the payments and transfers of patrimony carried out by the debtor in 120 days prior to the registration of the introductory application;
  12. a list of the current activities intented to carry out during the period of observation;
  13. The profit and loss account for the year prior to the submission of the application, respectively 2011;
  14. a declaration by which the company expresses the intent to initiate the procedure of reorganisation, according to a plan, through the restructuring of the activity, in order to extinguish the existing debts and the financial rehabilitation of the company;
  15. The decision of the sole shareholder/ The decision of the General Assembly of Shareholders regarding the initiation of the general procedure of insolvency, with the simultaneous expression of the intention to reorganize the activity, according to the provisions of article 32 of Law no. 85/2006;
  16. short description of the methods that the company takes into consideration for the reorganization of the activity;
  17. a declaration on oath or a certificate from the trade register office, indicating whether the company has been subjected before to the procedure provided for by Law no. 85/2006 within a period of 5 years prior to the initiation of the procedure;
  18. a declaration on oath indicating that the debtor has not been finally convicted for false acts or for the crimes provided for by the Competition Law no. 21/1996 and that the administrators, directors and/ or associates have not been finally convicted for fraudulent bankruptcy, abuse of trust, deception, embezzlement, false declaration, offences based on false acts or crimes provided by Law no. 21/1996, in the past 5 years prior to the initiation of the procedure;
  19. A certificate of admission for transfers of securities or other issued financial instruments on a ruled market – according to the circumstances;
  20. A confirmation for the submission of the annual financial statement for the financial year 2011, issued by the National Trade Register Office or the Statements of assets, debts and equity on the date of registration with the Administration of Public Finances;
  21. A declaration from the part of the company administrator in accordance with the provisions of article 30 from the Law on Accountancy no. 82/1991;
  22. The stamp duty and the judicial stamp duty.

The declarations will be certified by a lawyer or authenticated by a notary public, the other documents being signed by the administrator and possibly by the accountant and they will bear the stamp of the company.