Slide 1

Restructurare financiar vs insolven

Principiul continuitii activitii5 septembrie 2013#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Continuitatea activitii prin restructurarea datoriilorProblema?

Motivul?

Soluii?companiile nu dispun de resurse bneti suficiente pentru a-i acoperi datoriile certe, lichide si exigibile.

Continuitatea activitii

Restructurarea datoriilor extrajudiciar/ n afara instaneiRestructurarea datoriilor prin procedura insolvenei

#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Puncte de discuieCare sunt cauzele declinului unei afaceri? Care sunt elementele din situaiile financiare sunt indicatori ai unui declin?

2. Decizia de restructurare: n afara procedurii judiciare sau prin procedura insolvenei?3. Restructurare financiar n afara procedurii juridice4. Restructurare financiar prin procedura insolvenei

#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date3Date3Cauzele declinului unei afaceri

Sursa: D. DiNapoli and E. Fuhr, in Workouts & Turnarounds II#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Principale cauze ale declinuluiNumrul bncilor finanatoareGarantate vs. negarantateAngajate vs. neangajateTipul mprumuturilor : termen lung/ scurtFinanri neacoperite de activeClauze financiare/indicatori inadecvai

Riscul de curs valutarRatele dobnzilorAccesoriileSupra-ndatorareObligaiuniCtiguri de capitalStructura finanrii activitii i costurile asociateP&LBS#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Tipuri de situaii de redresareAfacere n dificultateRevenireSupraveghereTerminatRedresarea a euatPe termen scurt/ mai mult pentru supravieuireRedresare durabil#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date6Participanii ntr-o restructurare financiarCompania DebitorulCreditorii : bncile i ali finanatori, furnizorii comerciali, salariaii, bugetul statuluiLichidatorulAdministratorul judiciarJudectorul sindic

#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Restructurare financiar: n afara procedurii judiciare sau prin procedura insolvenei?

#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date8Procedura extrajudiciar i acionariiInstabilitatea i incertitudinea activitii unei companii care trece prin dificulti financiare, ngreuneaz stabilirea cu acuratee a situaiei financiare a companiei i perspectivele de redresareRiscul dezacordurilor ntre acionari i poziionarea lor n raport cu beneficiile influeneaz modul de aciune a diferitelor grupuri care doresc urmarea procedurii de restructurare, astfel nct ajungerea la o nelegere devine problematic.Nevoia de redresare/salvare a companiei i modul de recuperare, au scopul de: a stabili regulile si mecanismele pentru reducerea incertitudinilor i protecia intereselor acionarilor a crea un mediu stabil care s ajute acionarii s reabiliteze compania pe baza unei mai bune nelegeri a situaiei curente i a perspectivelor posibile. acolo unde este necesar, s se stabileasc redistribuirea activelor spre acionari conform prioritii convenite prin cereri.#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date9Cadrul procedurii extrajudiciare Condiii care faciliteaz salvarea si recuperarea companiei

Condiii eficienteCadre eficiente pentru rezolvarea unei afaceri n dificultate abilitatea de a distinge ntre tipurile de companii care pot fi salvate sau doar recuperate - i implementarea n consecin a procedurii pentru un rezultat optim cu un cost i timp minim.

VOLUNTAREReglementareSalvare(Reabilitare)Restructurare de mprumuturiReorganizare Judiciar/ Procedur de insolvenRecuperare(Lichidare)Lichidare voluntarFalimentValoare de lichidare#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date10Cadrul pentru companii n dificultateRestructurarea mprumuturilorAnalogie cu procedura medical a procesului de restructurareControl periodicAnaliza grupurilor de riscPrescrierea de medicamenteAdresarea ctre un specialist/consultantIntervenia chirurgicalEtapa de Recuperare post operatorie#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date11Scop: mbuntirea abilitii companiei s i susin serviciul datorieiCadrul pentru companii n dificultateRestructurarea mprumuturilorAciuni posibile: Reducerea/Rscumprarea datoriilor la valoarea nominal sau la valoarea justExtinderea perioadei n care datoria este deservit Atragerea unei noi finanri Restructurare corespunztoare att operaional ct si financiarEtape: Cererea unui Moratoriu pentru a avea o perioad de stabilitate Restructurarea activitii operaionale i a finanelor companiei - plan i monitorizareRefinanarea dup redresarea afacerii sau implementarea unei alte strategii de exit a finanatorilor companiei#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date12 Dezvoltarea unei strategii pentru restructurarea mprumuturilor, bazat pe un set de principii:

Cadrul pentru companii n dificultateRestructurarea mprumuturilorProtejarea reputaieiLuarea deciziilor consistente i imparialeLuarea unei perspective de portofoliuDezvoltarea unor soluii pe termen lungStabilirea unui mediu tranzacional (valoare de pia)Construirea unor relaii eficienteStabilirea controlului asupra companiilorClarificarea autoritii i a responsabilitilor iniialeStabilirea unor linii de comunicare#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date13Cadrul pentru companii n dificultateRestructurarea mprumuturilorGrupurile cheie de interesDirectorii i managementul Istoric. Posibilitatea de a implica un specialist n procesul de redresare pentru a conduce compania n procesul de restructurare.Atitudinea directorilor Rolul si abilitile necesare. Necesitatea contractrii unor consultani externi Responsabilitile juridice nlocuirea echipei de management

AcionariiInteres real n progresul i rezultatele restructurrii datoriilor Implicarea n negocierea restructurrilor doar cu ocazii speciale.Percepia diferit a acionarilor i finanatorilor in raport cu risculO motivare diferit fa de cea a finanatorilorConducerea companiei din perspectiva unui acionar

Angajai i sindicate Atunci cnd sunt prezeni la negocieri, poziia lor este critic in raport cu orice soluie propus Incertitudinea ar putea genera fluctuaii de personal, n detrimentul perspectivei de restructurare a afacerii. De aceea o comunicare deschis si n timp util este o condiie necesarSarcina cheie a managementului n timpul perioadei dificile: s ii in informai pe angajai n legtur cu etapele procesului i s asigure suportul pentru orice schimbri agreate ntre pri.

#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date14Cadrul pentru companii n dificultateRestructurarea mprumuturilorGrupurile cheie de interes

Bncilen cele mai multe cazuri, bncile sunt printre cei mai semnificativi creditoriAtt timp ct activitatea principal a bncilor este axat pe acordarea de mprumuturi, trebuie s fie bine poziionate pentru a rspunde eficient i s ia un rol proactiv n reablitarea companieiO aciune independent este de obicei mai puin eficient dect una n care bncile formeaz o abordare de grupGrupul bancar mai largComitetul de direcieCoordonatorStructura grupului bancar#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date15Cadrul pentru companii n dificultateRestructurarea mprumuturilor

Grupurile cheie de interes

Ali creditoriPosibile reacii adverse ale creditorilor comerciali, pentru a menine o abordare voluntar viabil. O comunicare eficient i n timp util este necesar.Regula 80/20 se aplic perfect n legtura cu relaiile cu creditorii comerciali critici.State and Local Budget agencies are also key creditors, as they are bound by regulatory constraints which require their prompt action.

Furnizorii activi/ criticiBugetul local i al statuluiFurnizorii pasivi#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date16Cadrul pentru companii n dificultateRestructurarea mprumuturilorGrupurile cheie de interes implicateParticipanii la restructurareComitetul director al bncilorGrupul bncilorCoordonatorul

CompaniaConsultanii profesionali ai bncilorConsultanii financiari ai companiei#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date17Cadrul pentru companii n dificultateRestructurarea datoriilor - etapeRestructurarea afaceriiRestructurare financiarImplementare si monitorizareEXITCriza financiar este de obicei un simptom al unei profunde probleme legate de afaceri. Ca rezultat, restructurarea unui mprumut va implica i restructurarea finanelor unei companii alegerea momentului este esenaSuccesul n redresarea unei companii depinde direct de cat de bine se realizeaz restructurarea financiar si cum aceasta este adaptat planului de afaceri.Creditorii au un rol cheie n monitorizarea procesului de restructurareNegocierea planului de restructurare financiar este foarte important pentru perioada de monitorizare cnd creditorii vor avea nevoie de informaii suficiente i vor avea i puterea s ia msuri corective, dac va fi necesar.Un plan de restructurare trebuie s prevad un eventual exit i rambursare a unor creditori, dar i o eventual refinanare cu termeni contractuali noi)Opiunile de exit trebuie analizate atent n momentul tranzaciei de restructurare a mprumuturilor. Felul n care un creditor iese trebuie analizat realist#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date18Cadrul pentru companii n dificultateRestructurarea mprumuturilorStructura unei tranzacii de restructurare de datoriiStabilizareColectarea i evaluarea informaiilorOpiuni de evaluareFormularea propunerilorNegocierilendeplinirea planuluiConsiderarea venimentelor neprevzute#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date19Cadrul pentru companii n dificultateRestructurarea mprumuturilorImplementarea modelului voluntar de restructurare Cererea de moratoriu Pregtirea i revizuirea intern a unui plan de aciune/de restructurare Stabilirea activitilor i implicarea tuturor prilor Numirea contabililor, avocailor i a altor consilieri Pregtirea unui raport preliminar al companiei pentru i asigurarea unui plan cu privire la calea de urmatRestructurarea mprumuturilorMoratoriuRestructurare financiarRefinanareCredit sindicalizatClub dealCapital Social#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date20Cadrul pentru companii n dificultateImplementarea modelului voluntar de restructurare (cont.) Definirea obiectivelor de restructurare Pregtirea unui raport complet care i revizuirea opiunilor Evaluarea opiunilor majore Soluii de restructurareNegocierea i ncheierea tranzacieiRestructurarea mprumuturilorMoratoriuRestructurare financiarRefinanareCredit sindicalizatClub dealCapital Social#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date21Procedura de restructurare judiciar

#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Procedura de restructurare judiciarPerioada de observaieReorganizareaFaliment#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Slide 24 Principalele PriAdministratorul judiciarInvestigheaz si evalueaz perspectivele businessuluintocmete rapoarteleElaboreaz planul de reorganizareGestioneaz debitorulntocmete tabelul de creane/creditorilorOrganizeaza ntlnirile ntre acionari i creditoriDeschide litigii/proceseAprob activitile excepionale/ne-uzualeAnalizeaz activitatea practicianului n insolvenUrmresc cererile de ridicare a dreptului administratoruluiDepun cereri de revocare pentru tranzaciile n detrimentul companiei.Negociaz numirea practicianului n insolvenComitetul creditorilorUrmrete obieciile i deciziile Comitetului CreditorilorNumesc practicianul n insolvenAdunarea creditorilorAdministratorul specialReprezint debitorulPropune planul de reorganizareGestioneaz activitatea debitoruluiDepune obieciile

#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Only prerogatives during the observation period listed

Bankruptcy judge lawfulness check onlyEfectele intrrii n procedura de insolvenNumirea unui practician n insolvenDreptul de administrare meninut sau nuScutirea de la executare a creditorilor garantainghearea datoriilor istorice i urmrirea fluxului de numerar curentPublicitate/transparenRaportare financiar similar unei societi comercialeRaportri suplimentare: ale administratorului special i al administratorului judiciar

#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Perioada de observaieCererea de intrare n insolven - voluntarProcedura va ncepe pe baza unei cereri introduse la tribunal de catre debitor sau de catre creditori, precum si de orice alte persoane sau institutii prevazute expres de lege.Rapoartele i situaiile care trebuie s nsoeasc cererea de debitorului: 1. bilanul certificat de catre administrator si/sau auditor, balana de verificare pentru luna precedent2. lista complet a tuturor bunurilor i activelor debitorului 3. lista numelor si adresele creditorilor, oricum ar fi creantele acestora: certe sau sub condiie, lichide ori nelichide, scadente sau nescadente, necontestate ori contestate, aratandu-se suma, cauza si drepturile de preferint; 4. lista plilor i transferurilor patrimoniale efectuate de debitor in cele 120 de zile anterioare nregistrarii cererii 5. lista activitilor curente pe care intentioneaz s le desfoare n perioada de observaie;6. contul de profit i pierdere pe anul anterior depunerii cererii;8. declaraia debitorului pentru iniierea procedurii i a planului de reorganizareAlte declaraii privind istoricul companiei (dac a mai fost supus procedurii, gestiune frauduloas)

#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Perioada de observaiePrincipalele probleme de analizatAnaliza anselor de reuit a reorganizriiTabelul creditorilorDepunerea cererilorCategoriiCreditori garantaiEvaluareFraudaAnularea tranzaciilor

Continuarea activitiiBunurile debitorului i analiza activelorLista activitilor curente Analiza contractelor care se continuAnularea unor contracteSurse de finanare a activitii

#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Law 85/2006 art. 315. observation period shall mean the period between the date of opening of proceedings and the date of confirmation of his plan or, as applicable, of going into bankruptcy;

14. current activities shall be the trade operations and the financial operations proposed to be carried out by the debtor during the observation period, during the normal course of its trade, such as: a) continuance of the contracted activities, according to the object of activity; b) the carrying out of the receipts and payment operations related to these; c) ensuring the financing of the working capital within the current limits;

Etape i termene limit pentru depunerea cererilor de creaneProceduraNumrul de zileProcedura generalProcedura simplificatDepunerea cererilor de crean45 (+30)45 (+30)Verificarea creanelor i depunerea tabelului preliminar ar creditorilor20 (+15)10 (+15)Masa finala a creditorilor15 (+15)15 (+15)Depunerea cererilor ntre deschiderea procedurii de insolven sau faliment45Verificarea cererilor de crean i depunerea tabelului cu creditorii suplimentari30Tabelul consolidat final al creditorilor30Perioada de observaie#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Nu trebuie s fie n detrimentul celorlali creditoriAciunileDebitorului

2ConcluziiPerioada de observaieNu trebuie s pericliteze aciunile de reorganizareAciunileAdministratorului judiciarCreditorilor

1#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Procedura de restructurare judiciarPerioada de observaieReorganizareaFaliment#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.ntocmirea planului de reorganizare

DEBITORULCREDITORUL aprobarea n prealabil de ctre acionari 30 de zile dup publicarea tabelului creditorilor Recunoaterea i acceptarea strii de insolvena n acest termen existena evidenei unor surse de finanare care s suporte compania n procesul de reorganizareIniiatorul cererii de reorganizare cel puin 20% din totalul datoriilor 30 de zile dup publicarea days tabelului creditorilor final expunerea inteniei pn n a 60-a zi dup ce raportul practicianului n insolven este votat. promisiunea sau scopul finanrii n scopul reorganizrii existena unei opiuni legale valid de preluare ostil a conducerii companieiResurse pentru finanarea planuluiReorganizare#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Coninutul obligatoriu al planului de reorganizareScadenar de pliTratamentul creditorilorMetode de restructurareReorganizare#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.

Metode i mijloace de restructurare planul de reorganizare

Restructurarea operaional i /sau financiar a debitoruluiBani noiRestructurarea mprumuturilor

Structur flexibilRestructurarea activelor imobilizate-opiuni sale and lease-backRenunarea activitilor non coreReorientarea activitiiRestrangerea activitatii prin lichidarea unor bunuri din averea debitoruluiRestructurarea corporativa prin modificarea structurii de capital social

PRELUAREA OSTIL A CREDITORULUIArt. 95 alin. (7) modificarea actului constitutiv fr acordul asociailor sau acionarilor

Reorganizare#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date33Tipuri de cereri. VotulCare participani pot depune cereri i au drept de votCreditori garantaiAngajaiBugetul statului - creditorCreditori chirografari cureni indispensabiliAli creditori chirografariReorganizare#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Post-votVot favorabil pentru planul de reorganizareControl prin rapoarte trimestrialePlanul- pentru creditoriFalimentNu se obine confirmarea juedctoruluiImplementarea planului Confirmarea judectorului

Reorganizare#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Procedura de restructurare judiciarPerioada de observaieReorganizareaFaliment#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.ProceduraRaionament Falimentul este procedura de insolven colectiv i egalitar, care se aplic debitorului n vederea lichidrii averii acestuia pentru acoperirea pasivului, fiind urmat de radierea debitorului din registrul n care este nmatriculat.Cine poate intra n falimentComerciani individuali i asociaii familialeCompaniile cu lipsa: activelor, documentelor statutare i financiare, Companii dizolvateDe ce?Inteniile debitorului sau pierderea dreptului de reorganizareImposibilitatea continurii activitiiFaliment#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Ridicarea drepturilor debitorului de a-i administra averea;Sigilarea bunurilor care fac parte din averea debitorului;Inventarierea acestor bunuri;Luarea msurilor de conservare a bunurilor;Vnzarea unor bunuri perisabile;Blocarea depozitelor bancare;nscrieri sau nregistrri n registrele de publicitate imobiliar;Preluarea i verificarea documentelor financiar-contabile ale firmei;Analiza cauzelor care au dus la faliment.

Aciuni iniialeFaliment#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Stabilirea masei credale:ntocmirea listei creditorilor;ntocmirea de ctre lichidator a tabelului de creane;Soluionarea de ctre judectorul sindic a eventualelor contestaii la tebelele de creane;Definitivarea masei credale.Inventarierea activelor societii:Verificarea sumelor de ncasat de la clienii societii;Inventarierea tuturor activelor (bunuri mobile i imobile, stocuri, valori monetare etc.);Identificarea activelor societii care au fost tranzacionate n mod oneros pe ultimii trei ani i care au dus la scderea patrimoniului societii n dauna creditorilor;ntreprinderea de aciuni n instan pentru recuperarea sumelor de la clieni sau anularea tranzaciilor oneroase.Etapele preliminare lichidriiFaliment#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Efectuarea lichidrii:Evaluarea bunurilor ce pot fi vndute de ctre evaluatori autorizai;Publicitatea vnzrilor;Vnzarea bunurilor debitorului la licitaie sau direct, ct mai avantajos i ct mai repede, la timpul potrivit i la preul maxim;ncasarea veniturilor rezultate din administrarea bunurilor debitorului;Depunerea sumelor obinute din vnzri;Plata taxelor, a timbrelor i a tuturor cheltuielilor aferente vnzrii bunurilor, inclusiv cheltuielile necesare pentru conservarea i administrarea acestor bunuri, precum i plata retribuiilor persoanelor angajate n procesul lichidrii.

Aciuni finaleFaliment#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Evaluarea bunurilor companiei

Cine?Evaluator certificatLichidatorulCe anume?Toate activeleValorile mobiliareScop?Pentru continuarea activitiiProtejarea bunurilor debitorului i a capacitii de plat a datoriilorStabilirea Valorii de lichidare/ valorii de piaFaliment#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Valorificarea activelor opiuniPracticianul n insolven Reguli pentru propunerea de vnzareEtap cu etapGoing concernAlte activeMixPropriti mobiliareComisia Creditorilor - RecomandriAprobarea creditorilor participani la masa credalNegociere directLicitaie publicGoing concernReguli specialeFaliment#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Distribuirea sumelor, care presupune:ntocmirea de ctre lichidator, a raportului i a planului de distribuire i notificarea acestora ctre creditori;Soluionarea de ctre judecatorul sindic a obieciilor la raport i la plan;Acoperirea cheltuielilor aferente procedurii de lichidare i plata creanelor, n ordinea stabilit de lege;Consemnarea unor sume pentru plata ulterioar a unor creane;Rezolvarea contestaiilor cu privire la creane i modul de distribuire;ntocmirea raportului final i a bilanului de ctre lichidator, soluionarea obieciilor la acestea i, dup caz, aprobarea raportului final sau dispunerea modificrii acestuia de ctre judectorul sindic;Distribuirea final a fondurilor debitorului.Finalitatea procedurii este radierea firmei la cererea lichidatorului, printr-o hotrre a judectorului sindic, ceea ce duce la tergerea firmei din evidenele i registrele autoritilor. n funcie de specificul activitii i de mrimea firmei, dar i de condiiile economice actuale, aceast procedur poate deveni foarte complex i poate dura de la cteva luni, pn la civa ani.

Distribuirea sumelorFaliment#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229. taxele, timbrele sau orice alte cheltuieli aferente procedurii, inclusiv cheltuielile necesare pentru conservarea i administrarea bunurilor din averea debitorului, precum i plata remuneraiilor persoanelor angajate; creanele din raportul de munc salariaii creanele reprezentnd creditele, cu dobnzile i cheltuielile aferente, acordate de instituii de credit creanele bugetare; creanele reprezentnd sumele datorate de catre debitor unor teri creanele reprezentnd sumele stabilite de judecatorul sindic pentru intreinerea debitorului i a familiei sale, daca acesta este persoana fizic; creanele reprezentnd credite bancare, cu cheltuielile si dobnzile aferente, cele rezultate din livrri de produse, prestri de servicii sau alte lucrri, precum i din chirii; alte creane chirografare, rezultate din angajamente anterioare

Ordinea stingerii datoriilorFaliment#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Restructurare voluntar sau prin procedur judiciar?

#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date45

Cadrul pentru companii n dificultateRestructurarea voluntar

AvantajeDezavantajeO varietate mai mare de opiuni posibile; mai flexibil dect abordarea legalUnii creditori pot cere termeni prefereniali disproporionai n schimbul acordului lor.Tranzacia se poate ncheia mai repede i cu mai mult focus pe problemele comercialeStructurarea creditorilor pe grupuri poate avea un impact considerabil n eficacitatea restructurrii.Negocierile pot fi conduse n privat, evitnd incertitudini ntre clieni i furnizori.Lipsa controlului, atunci cnd procesul nu este organizat eficientParticipanii la restructurarea mprumuturilor au posibilitatea de a avea control total asupra tranzaciei.O varietate mare de expertiz de specialitate este necesar pentru implementarea unei restructurri. (n special juridic)#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date46

Cadrul pentru companii n dificultateRestructurarea voluntar

Factorii care au impact asupra eficienei restructurrii unui mprumutRESTRUCTURARE FINANCIARPersoanele implicate i relaiile ntre eleIdentificarea de soluii pentru problemeComunicareControlAnticipare i planificareInformaie StabilitateTimpulConducerea companiei#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date47Cadrul pentru companii n dificultateRestructurare prin procedur judiciarIMPACTUL FACTORILOR JUDICIARIJudector sindic fr experien Prioritatea raionamentului juridic asupra celui comercialComunicarea problemelorLipsa confidenialitiiAli creditori aliai sau nu?Impactul litigiilor neprevzuteDurataLipsa flexibilitiiFactorii care au impact asupra eficienei restructurrii unui mprumut prin procedur judiciar#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date48Restructurare financiar, insolven sau faliment?

ConcluzieFoarte multe din dezavantajele asociate cu redresarea unei companii prin procedur judiciar pot fi depite dac participanii agreeaz voluntar un plan de restructurare financiar, fr a recurge la instanele judectoreti.

Cu toate aceste, din moment ce ambele abordri au scop similar, exist ntotdeauna aspecte sensibile care pot s fie decisive atunci cnd trebuie sa alegi o variant.#2013 KPMG Romania SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. PDC no.8229.Date49