ROMANIA Law and Practice Contributed by: Stan Tîrnoveanu, Alexandru Iorgulescu, Laura Retegan and Viorica Clima, Zamfirescu Racoți Vasile & Partners Attorneys At Law
may be, the claim holder, as detailed in 2.4 Unsecured Creditors . New Money In reorganisation, new money investments or loans can be secured by assets of the company that are free of any liens and securities, and will benefit from a super-priority. The Rent Arising From a Lease Agreement The situation of the creditor in the leasing contract dif - fers based on the ownership of the assets that are the subject of the leasing contract. If the ownership was transferred to the debtor, the creditor benefits from a legal mortgage over those assets (secured). If the assets were recovered by the creditor, their receiva - bles (rent, penalties) will be registered as unsecured. 2.3 Secured Creditors Liens/Security Romanian legislation regulates the following types of collateral and privileges: • immovable mortgages; • movable mortgages (including on the accounts and receivables or on the movable assets); • special privileges; • pledges; and • retention rights. Rights and Remedies Secured creditors benefit from adequate protection in the insolvency procedure, having special prerogatives. As a rule, all judicial and extra-judicial actions, as well as individual enforcement measures, are suspended from the date of the opening of the insolvency pro - cedure. Nonetheless, as an exception stipulated in favour of the secured creditors, they are permitted to request the lifting of the measure of suspension and the imme - diate sale of the asset(s) affected by the guarantee. The amounts obtained from the sale of the asset(s) affected by the guarantee will be distributed with pri - ority to the creditors whose receivables are secured with such assets, with these creditors also being per - mitted (unlike the other creditors) to calculate and also
• duties and any other procedural expenses, includ - ing the fee of the insolvency administrator/judicial liquidator; • receivables derived from financing granted during the procedure (new money); • receivables derived from financing granted in insol - vency prevention procedures (including a practi - tioner’s fee for such procedures); • receivables derived from labour relations; • receivables derived from the continuation of the debtor’s activity; • budgetary/tax receivables; • receivables representing the amounts owed by the debtor to third parties as support obligations, child allowances or as periodic payment intended to provide a means of subsistence; • receivables representing the amounts established by the court for the support of the debtor and their family (if they are a natural person); • receivables representing bank loans; those result - ing from deliveries of goods, performance of services or other works; those resulting from rents, including bonds and receivables representing the difference between the value of the entire receiv - able and the market value of the recovered assets that are subject to the lease contract, terminated before the opening of the insolvency procedure; • other unsecured receivables; and • subordinated receivables. In insolvency, the expenses and specified duties of the procedure, as well as the financing granted during the procedure (beneficiary of a preferential cause born during the insolvency procedure), have priority over the secured receivables. After these two categories of receivables, the secured creditors are the first to be satisfied from the sale of the assets under their guarantee. If, from the price obtained from the sale of the asset affected by causes of preference, the receivable of the secured creditor is not covered, then the uncovered difference will be registered in the category of unse - cured receivables according to its nature. The unsecured receivables have a different order of payment depending on their source and, as the case
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