Under the restructuring agreement procedure, the distressed debtor may propose a restructuring agreement, which is drawn up by the restructuring manager – insolvency practitioner, or by the debtor, or, with the assistance of the restructuring manager. The restructuring agreement is subject to the approval of the creditors, and after to the confirmation of the court (the syndic judge).
The main tasks of the restructuring manager, are as follows:
a) verify and attest that the debtor is in a state of difficulty;
b) draw up or, where appropriate, assist the debtor in the preparation of the restructuring agreement;
c) assist the debtor or, at his request, negotiate the restructuring agreement and take steps to settle amicably any dispute between the debtor and creditors or between creditors;
d) ensure that the restructuring agreement complies with the conditions of legality;
e) monitor the implementation of the restructuring agreement;
f) monitor and, where appropriate, assist the debtor in the implementation of the restructuring agreement by any actions foreseen therein or necessary for its implementation, such as: operational measures, capitalization of assets, capitalization of the company or part of it as an independent ensemble;
g) perform any other duties, provided for by law or established by the restructuring agreement.