Within 10 days from the commencement of the general proceedings (or as the case may be, from the date the debtor’s right to manage its estate has been withdrawn), the shareholders’ meeting of the debtor (or its sole shareholder) must appoint a special trustee (legal or natural person).

As long as the debtor’s right to manage their estate has not been withdrawn, the special trustee shall direct the debtor’s activity. If the powers of the debtor’s management to manage the estate have been withdrawn, the management of the debtor’s assets is taken over by the judicial administrator (tr. administrator judiciar), and the competencies of the special trustee are limited to representing the debtor’s shareholders’ interests in the insolvency proceedings.

Our team has acted as special trustee in insolvency cases in both scenarios mentioned hereinabove.