Evaluation The Assets Of The Debtor In The Insolvency Procedure

• Author: Nicoleta Tandareanu
• Position: Trainer at the National Institute of Magistracy; Former Judge at the High Court of Cassation and Justice, Romania
• Pages: 314-322

EVALUATION THE ASSETS OF THE DEBTOR IN THE INSOLVENCY

PROCEDURE

Phd. Nicoleta ȚĂNDĂREANU1

Abstract

The present paperwork aims to approach some aspects related to the procedure of appointing the assessors and

evaluating th e assets of the debtor who is in insolvency, at the different stages of th e procedure. The assessor in the

insolvency proceedings is an independent assessor and must be definitive and compatible insolvency practitioner, on the

list of the National Union of Insolvency Practitioners in Romania , with the right to carry out expertise in the insolvency

proceedings and a member of the National Association of Romanian Assessors. The assessor must take into account the

type of specific value in relation to the pursued purpose. Therefore, the va luation of the assets brought as guarantees, in

order to prepare the definitive table of the debtor's claims, will have to take into account the market valu e, while the

evaluation of goods for sale in order to obtain liquidity to cover the expenses for the proced ure, including for the

conservation of the wealth of the debtor, or in order to liquidate the bankruptcy liability, will have to consider their

liquidation value.

Keywords: evaluation assets, debtor in the insolvency procedure, assessor, liquidatio n value, market value.

JEL Classification: K22

1. Introductory aspects

Aspects related to the procedure of appointing the assessors and evaluating the assets of the

insolvent debtor, at the different stages of the procedure, constitute a challenge for the theorists and

practitioners who approach and/or apply the insolvency procedure. The present article intends to

address only a few issues related to the valuation of assets constituted as collateral [mortgages,

pledges, privileges] in order to draw up debt tables [Article 103 of Law no. 85/20142], the valuation

of some goods for sale for the purpose of obtaining liquidity to cover the procedural expenses

including for the conservation of the debtor's assets [art. 39 paragraph (6) and art. 153 paragraph (3)

of Law no. 85/2014] and the evaluation of all the goods for sale, in order to cover the liabilities in

bankruptcy [art. 154 paragraph (2) and (3) and art. 155 of Law no. 85/2014]. Thus, we try to offer

solutions for the interpretation and practical application of some legal provisions.

These evaluations, by their intended purpose, are the most used. In the insolvency procedure,

the evaluation may pursue other purposes such as the evaluation in order to substantiate a

reorganization plan in comparison with a bankruptcy procedure, the business evaluation, the

evaluation in order to establish the value of the assets that is assigned to the associates as a residual

quota, etc. The rules for appointing evaluators and for evaluation are, in principle, the same in all

cases.

2. Who does the insolvency assessment. Procedure for appointing the evaluator

In a previous paper3, addressing the problem of the person who can evaluate the assets of the

debtor in the insolvency procedure, we showed that the evaluator in the insolvency proceedings can

even be the judicial administrator/legal liquidator in question to administer the procedure, if he has

the necessary competences - he is a practitioner in definitive and compatible insolvency, on the list

1 Nicoleta Țăndăreanu - Trainer at the National Institute of Magistracy; Former Judge at the High Court of Cassation and Ju stice,

Romania, nicotandareanu@gmail.com.

2 Law no. 85/2014 on insolvency prevention and in solvency procedures was published in the Official Gazette, Part I, no. 466 of June

25, 2014 and has been amended by Law no. 312/2015 published in the Official Gazette, Part I, no. 920 of 11.12.2015, Law no. 62/2016

published in the Official Gazette, Part I, no. 295 of 19.04.2016, Law no. 1/2017 published in the Official Gazette, Part I, no. 15 of

6.01.2017 and the Government Emergency Ordinance no. 88/2018 published in the Official Gazette, Part I, no 840 of October 2, 2018.

3 Nicoleta Țăndăreanu, Codul insolvenței comentat. Vol. I – art. 1-182, Ed. Universul Juridic, Bucharest , 2017, p. 549-552.