Methods of debt recovery – 7. Opening insolvency proceedings against the debtor Debt recovery concludes with the enforcement, by any method permitted by law, of the amounts awarded in court. In case, after obtaining an enforceable court decision, the debtor does not voluntarily settle the debt, and the debtor, a legal entity, is unable...
Methods of debt recovery – 6. Enforcement proceedings Debt recovery must result in the creditor receiving all sums due from the debtors. In this regard, the debt recovery process does not end with obtaining a favorable court decision but concludes with the enforcement, whether voluntary or forced, of the sums in question. If, after obtaining...
Methods of debt recovery – 5. Summons for lawsuit The simplest and easiest to understand method of debt recovery can often be the best. Among all procedures, it is clearly the most accessible to the general public, not having as many restrictions as special procedures. Essentially, a summons for lawsuit must include simple elements of...
Methods of debt recovery – 4. European payment order The European legislator has come to the aid of litigants with fast and inexpensive debt recovery procedures. Although fast and inexpensive, these are not exactly user-friendly for the average litigant, maintaining a high level of complexity and rigidity. And in this case, as in the case...
In order to promote business competitiveness and strengthen the functionality of the Romanian market as an integral part of the European Union’s internal market, efficient mechanisms have been necessary to combat delays in the execution of payment obligations arising from contracts between professionals and between them and contracting authorities. As a result, Directive 2011/7/EU was...
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