INSOLVENCY SERVICES

Judicial reorganization

The debtor facing major economic difficulties in his activity can resort to the judicial reorganization procedure as an optimum chance for his business's recovery. The purpose of such procedure is the viable reintegration of the debiting company in the economic circuit.

The joint efforts of the entire B&P team is directed to the implementation of some strategies leading to the company's recovery and to the payment of its debts.

For this purpose, the proposal to the creditors to apply a reorganization plan must be followed by the thorough elaboration of such plan and by the exact fulfilment of the obligations thus undertaken.

In order to make the optimum decisions we proceed to performing analysis for exactly finding the actual state of the debiting company, as well as for assessing its recovery potential on the date of the entry in reorganization procedure. The strategic decisions for reorganization can only be made after a complex economic and financial analysis that establishes the moment of instating the inability to pay and that provides the efficiency of the reorganization plan's implementation.

Following the confirmation of the reorganization plan, the debiting trading company shall continue its activity under the surveillance of the official receiver and in strict compliance with the plan confirmed by the creditors and by the receiver in bankruptcy.

Only in case of fulfilment without delay of the changes stipulated in the plan, shall the receiver in bankruptcy decide either the closure of the insolvency procedure and the passing of the decision to reintegrate the debtor in the commercial circuit, or the reorganisation cessation and the initiation of the bankruptcy procedure.