Steps for Debt Collection in Romania, How to Collect Debt from Romanian companies

 

 

 

» Summons of Payment
This is a quicker procedure that relates to debts representing obligations of payment of certain amounts, assumed through a written contract or determined through a different statute, regulation or written document, which attests rights and obligations regarding the execution of certain services, work etc.

 

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» Common Law
This is the basic, usual type of trial foreseen by the Romanian Law for the recuperation of debts. This method is considered slower that the Summons of Payment and it requires sending an official notification to the debtor and establishing a date and time for negotiations as a pre-trial step. There are certain timeframes to be taken into account when starting this type of trial.

 

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The Romanian Insolvency Procedure

The general insolvency procedure provided by the Romanian law applies to debtors who are insolvent or imminently insolvent. The procedure will begin with a petition filed in court by the debtor or by creditors, and any other persons or institutions mentioned by the law.

 

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Debt Collection Steps

In accordance to the specifics of each case, clients will have to consider the main following steps:

1. Initial Stage

Evaluation of your case to establish whether the legal action is to be started in Romania or abroad, type of Courts, type of trial, initial verification of the debtor (financial status, company status etc.)

2. Pre-Trial Stage.

This phase includes sending a formal notification to the debtor (in the format required by the Romanian Law), proposing a time and date for an appointment for negotiations. The notification as “late payer” constitutes a manifestation of the creditor’s will through which the execution of the debtor’s obligation is requested.

Note: This step is not required if the Summons of Payment procedure can be initiated.

3. Trial Stage

This refers to the actual trial, from the moment the claim is filed up to the moment a final Court Decision is obtained. Clients will have to take into account that according to the type of trial and the amount in question, trials can have 2 additional phases of appeal. In other words it may take up to 3 trials to have a final Court Decision which can be subsequently enforced. This is of course if the Romanian debtor chooses to go through all stages of the trial.

4. Enforcement of Court Decisions

Should the debtor refuse to comply with the Court's Final Decision, the creditor is able to enforce the respective Decision through a Romanian "Executor". Please contact us in this regard.

 

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DebtCollectionRomania.com has partners with numerous other debt collection agencies in Europe. If interested please read our article on how to recuperate debt from French companies.

  
  
 
 

» Who we are
Enescu & Cuc is a business law firm situated in Bucharest, Romania, specialized in commercial law and commercial litigation. Our Law Firm has represented a large number of foreign clients requiring professional debt collection services in Romania. We have offered assistance for individual cases exceeding 3 mil. USD. 
We handle:
Initial verifications of debtor

Pre-trial Debt Collection Proceedings        Commercial Debts    Personal Loans             Commercial Loans    Amounts related to unpaid goods                           Enforcement of existing Court Decisions        Representation in Insolvency

Contact us

Phone/Fax:

+40 21.232.14.99
Mobile:
+(4)0744 156 374

Email:

office@debtcollectionromania.com

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