participants in insolvency

Abstract

The article examines the officials and other participants in insolvency. The main purpose of the insolvency procedure is to cover all the debts of the debtor side, in favor of his creditor side. The most important regulations regarding this issue consist in Law no. 85/2006, according to it in the insolvency procedure are to be appointed the following officials: insolvency courts of justice, insolvency judge, receiver, liquidator. All these officials have to act in celerity, in order to promptly perform acts and operations provided by law and to respect and provide other participants’ rights and obligations. My article present in the beginning the insolvency courts of justice, their material and territorial competence and the procedure rules. Next chapters are dedicated to the insolvency judge, receiver and liquidator and analyze the following issues: their appointment, their powers, their auxiliary officials and their ceasing of the powers. Some regards on the British law and French law are also included. The next chapter is dedicated to the participants to the insolvency procedure: the creditors general assembly, creditors committee and special administrator, followed by conclusions and recommendations.