By Mihai Ionescu-Balea, attorney-at-law
Abstract
Insolvency is one of the forms regulated by Law no. 85/2014 for the prevention of insolvency. According to Annex A of EU Regulation 848/2015, insolvency is one of the procedures that fall under the scope of EU Regulation 2015/48. A very challenging problem encountered in practice is the situation in which the debtor-defendant in the exequatur process enters insolvency after the start of the exequatur. In this case, the judge of the exequatur could suspend the process until the end of the insolvency proceedings, because the rule under Romanian Law no. 85/2014 is that insolvency blocks all judicial actions against the debtor. Thus, the debtor could plead for the creditor to enter the table of creditors in the insolvency procedure in the debtor’s state. This would mean that the creditor-plaintiff would not be able to obtain the enforcement of the arbitral award and the satisfaction of the rights established in his favour. Payment of claims is governed by art. 12 (1)(b) Rome I Regulation 593/2008 on the law applicable to contractual obligations.