LAW OF THE REPUBLIC OF MOLDOVA

of July 16, 2020 No. 141

About modification of the Insolvency act No. 149/2012

The Parliament adopts this organic law.

Art. I. - In the Insolvency act No. 149/2012 (Official monitor of the Republic of Moldova, 2012, Art. No. 193-197, 663), with subsequent changes, to make the following changes:

1. In Article 2:

state the concept "managing director of insolvency process" of the following edition:

"the managing director of insolvency process - person who is designated according to this law for implementation of supervision of the debtor and/or management of its activities during observation, in the course of insolvency and/or for the term of restructuring according to the powers established by this law and which legal status is regulated by the Law on the authorized managing directors No. 161/2014;";

after the concept "dependent consumer" to add Article with concept of the following content:

"the agreement of investment into housing construction - the legal act, as if it was called to which the debtor undertook to construct or provide construction and transfer into the ownership of the buyer of housing in sense of the Law on housing No. 75/2015, and the buyer undertook to pay contract price and to accept housing;";

in the concept "unsecured creditors" word "guarantees;" shall be replaced with words "property guarantees;";

after the concept "debtor" to add Article with concepts of the following content:

"the debtor experiencing financial difficulties - the debtor who, though fulfills or is capable to fulfill receivable obligations is in provision of inevitable insolvency;

financing after initiation of procedures - the financing provided to the debtor after initiation of process of insolvency including financial and commercial creditors;";

in the concept "insolvency" the second offer to state in the following edition: "Insolvency is supposed in case of violation by the debtor of payment due date more than for 60 days;";

in the concept "insolvency" of the word", stated by the court administrative resolution" to exclude;

exclude the concept "the company which is in difficult financial position".

2. Part (Article 6 to state 4) in the following edition:

"(4) Notifications and messages are made by means of the registered mail, and in the cases which are directly provided by this law - and by publication in the register of insolvency matters.".

3. In Article 7:

part (to state 1) in the following edition:

"(1) Substantive provisions of decisions and determinations of the degree of jurisdiction considering insolvency matter are subject to publication in the register of insolvency matters in the cases which are directly provided by this law. Expenses on publication belong to legal costs.";

part (to recognize 3) invalid.

4. In Article 8:

in part (the word of "removal" to replace 1) with the word "messages";

part (to state 2) in the following edition:

"(2) the Writ of appeal does not stop execution of decisions and determinations of the degree of jurisdiction considering insolvency matter. According to the reasonable statement of the appellant the instance considering the writ of appeal can suspend execution of decisions and determinations of the degree of jurisdiction considering insolvency matter, except for decisions on initiation of the procedure of insolvency.".

5. In Article 9 of the word "on the basis" shall be replaced with words "on basis".

6. In part (1) Article 10 the word of "bases". shall be replaced with words "the general or special bases.".

7. In part (1) Article 16:

in Item a) words "bank accounts;" shall be replaced with words "the accounts opened in banks and at other payment service providers;";

Item f) to state in the following edition:

"f) data on the court or arbitral actions for declaration with participation of the debtor which are taken cognizance by judicial or arbitral instances and also on writs of execution concerning property of the debtor;".

8. In Article 17:

Item a) to state in the following edition:

"a) copy of the constituent document;";

Item c) to state in the following edition:

"c) financial statements on the last reporting date;";

in Item d) "-physical person (individual entrepreneur)" to exclude words;

Item g) to state in the following edition:

"g) the proof of the notification of members (unitholders, shareholders) the debtor or the proofs confirming impossibility of the notification despite everything the taken reasonable measures;";

add Article with Item h) the following content:

"h) the proof of the notification of the State Tax Administration on intention to submit the action for declaration.".

9. Part (2) Article 18 to recognize invalid.

10. In part (2) Article 20:

Item a) to state in the following edition:

"a) the documents confirming availability of obligations of the debtor to the creditor, the size of debts on these obligations, completion date of obligations, the basis for initiation of process of insolvency according to Article 10, other documents on which the statement of the creditor is based;";

Item c) to state in the following edition:

"c) the proof of the notification of the State Tax Administration on intention to submit the action for declaration, except as specified, when the action for declaration is submitted by the State Tax Administration.".

11. Part (Article 21 to state 6) in the following edition:

"(If the debtor declares 6) in the action for declaration that he is in insolvency provision, and intention to stop or re-structure the activities, degree of jurisdiction expresses not later than within 20 working days accepts, with writ of summons of the debtor, the decision on initiation of process of insolvency without the right of appeal of this decision in cassation procedure and in case of expression of intention to re-structure the activities by it assigns obligation to the debtor to provide the plan of the procedure of restructuring. In this case provisions of Articles 23-29 are not applied.".

12. In Article 22:

part (to add 1) after words of "Article 20" with the words "or Article 17", and at the end - the offer: "Determination about return of the action for declaration without consideration can be appealed in cassation procedure.";

part (to add 2) after the words "stipulated in Article 17," with the words "also produced the evidence confirming impossibility of appendix of these documents";

part (to recognize 3) invalid.

13. Part (Article 23 to state 1) in the following edition:

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