The purpose of this Uniform act is to:
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To organize pre-insolvency procedures of conciliation, preventive settlement and rehabilitative proceedings of reorganization and assets liquidation so as to preserve the economic activities and employment of debtor companies, quickly rehabilitate healthy companies and liquidate distressed ones in such a way that the debtors’ assets will be maximized for the purpose of increasing receivables to be recovered by creditors and establish a specific order of payment to secured or unsecured collateral securities;
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To define rules applicable to judicial administrators;
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To set proprietary and professional sanctions as well as criminal proceedings related to the default of the debtor, applicable to the debtor company top executives and individuals involved in the proceedings management.
Unofficial translation
Transcription: Spot-checked
In force from 24-12-2015
Source page 5
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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