Following the confirmation of a reorganization plan, the debtor will conduct its activity under the supervision of the insolvency administrator and in accordance with the confirmed plan, until the syndic judge will order, on a reasoned basis, either the ending of insolvency procedure and the taking of all measures for the reintegration of the debtor into the business activity, or the termination of reorganization and the transition to bankruptcy.
The main duties of the insolvency practitioner – the insolvency administrator, are:
a) the examination of the economic situation of the debtor and the related documents;
b) the examination of the debtor’s activity and the preparation of a detailed report on the causes and circumstances that led to the insolvency, as well as on the real possibility of reorganization of the debtor’s activity, or reasons that do not allow reorganization;
c) the preparation of the documents necessary for the application for the initiation of the procedure, as well as the verification, correction and completion of the information contained in those acts, when they were submitted by the debtor;
d) the elaboration of the reorganization plan of the debtor’s activity;
e) overseeing the operations of managing the debtor’s assets;
f) the full management, respectively in part, of the debtor’s activity, in the latter case, in compliance with the express specifications of the syndic judge on his duties and the conditions for making payments from the debtor’s account;
g) convening, chairing and securing the secretariat of meetings of all creditors or of shareholders, associates or members of the debtor who is a legal person;
h) the introduction of actions for the annulment of fraudulent acts or transactions of the debtor, concluded to the detriment of the rights of creditors, as well as of patrimonial transfers, commercial transactions concluded by the debtor and the provision of guarantees granted by him, which may damage the rights of creditors;
i) referral to the syndic judge if he finds that there are no goods in the debtor’s property, or that they are insufficient to cover the procedural expenses;
j) denunciation of contracts concluded by the debtor;
k) verification of claims and, where appropriate, lodging objections thereto, notification of creditors in the event of non-registration or partial entry of claims, and drawing up of tables of claims;
l) collection of receivables, follow-up of receivables relating to the assets of the debtor’s property or to the amounts of money transferred by the debtor before the opening of the proceedings, or, formulating and supporting claims for the collection of debts of the debtor;
m) the conclusion of transactions, the inventory of the debtor’s assets, the arrangement of the valuation of his assets and other duties provided by law.