Maramures Tribunal – Insolvency proceedings – Stay of the insolvency trustee’s initiative to update the table of creditors. Inaudita altera parte

Cătălin I. Radbâță
Cătălin I. Radbâță

By the Order issued on 10.02.2022, the Maramures Tribunal stayed at the request of the debtor the initiative of the insolvency trustee to update the preliminary table or creditors, given that prima facie the secured creditor was seeking to update the principal as well, not only the interest.

 In the main proceedings, the insolvency trustee indicated in its monthly report that it accepts the request of a secured creditor to update the amount of its claim. We challenged the initiative and asked for the stay thereof.  We argued for the stay that the request to update a claim (Articles 80 and 103 of the Insolvency Law) may refer solely to interest.  Conversely, that no update of the principal amount is allowed. As the creditor’s request apparently referred to amended amounts of the capital and considering that the update of the table along with already approved payments to that creditor were impending, we asked for the stay to be issued.

The insolvency judge admitted the application, noting that „the update of the preliminary table by the insolvency trustee is impending, with an amount of over EUR 125,000”, and thus the stay should be granted, in the context where payments were also in the process to be made, based on distribution plans already approved in the insolvency proceedings.

Cătălin I. Radbâță – Attorney-at-law – RN LEX Litigation & Insolvency – Brasov Bar Association
Insolvency practitioner – RN LEX IPURL – UNPIR Bucharest

Related posts

LinkedIn | Facebook