Office of Judicial Liquidator Rodica Ghiţă
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Judicial Lichidator Rodica Ghiya

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PROCEDURE OF DIRECT SALE

According to Art. 116 of Law no. 85/2006 regarding the insolvency procedure, the liquidation of the goods from the debtor's assets will be made by a liquidator under the control of syndic judge.

For increasing the value of the debtor's assets, the liquidator will perform all formalities to present them on the market in a proper form...

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NOTE:  IN THIS STAGE, ANY PERSON WHISHING TO PURCHASE ONE OR MORE REAL ESTATES OR MOVABLES FROM THE ASSETS OF BANKRUPT COMPANY, HE HAS THE POSSIBILITY TO PRESENT TO THE LIQUIDATOR A PURCHASE OFFER,  MENTIONING: IDENTIFICATION DATA AND CONTACT DATA OF THAT PERSON, THE OFFERED PRICE (WITHOUT VAT), THE TERM AND PAYMENT WAY PROPOSED, ANY OTHER INFORMATION AND DOCUMENTS REGARDING THE RELIABILITY OF THE RESPECTIVE PERSON, THE EVENTUAL GUARANTEES OFFERED ETC.

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According to art. 117 of the same law, the liquidator will present to the committee of creditors a report including the assessment of the goods and the respective valorizing method...

If a sale by direct negotiation   is proposed, the liquidator will propose (to the committee of creditors / n.n.),  based on received offers, to start the negotiation by one or more identified buyers, determining the payment conditions and the minimum starting price of the negotiation, that may not be lower than evaluation price.

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According to art. 118 of Insolvency law,  the real estates may be sold directly , based on liquidator's proposal, approved by general assembly of creditors.

The proposal of the liquidator must identify the real estate by the effective situation on site and by data from registers of real estate advertising, to show the eventual burdens and to show the overbidding and the date on which overbids are accepted, in case of sale acceptance.

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If general assembly of the creditors approved the sale (direct / n.n.) this may be realized under the nullity sanction, only 30 days after last publication made by the liquidator in a newspaper regarding the conditions of overbidding.

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According to Art. 53 of law no. 85/2006, the goods sold by legal administrator (or liquidator) exercising his attributions mentioned by the present law, are obtained free of any burden, like mortgages, corporal securities or retention rights of any kind or insuring steps (seizures etc./n.n.).

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... And according to Art. 120 (2) thesis II, when the law the authentic form for transferring the ownership, the contracts will be certified by notary public...

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