VIDEO // Moldovan PM speaks about insolvency administrators’ activities

The situation in the field of insolvency administrators today was addressed by Prime Minister Vasile Tofan at the beginning of the government meeting. The official pointed out that, alongside other aspects of the justice reform, the government must also focus on this area and restore order, given that the system includes “toxic people who have turned this activity into a major business.”

“This is an important issue, raised by many investors and related to justice. A major battle currently taking place concerns insolvency administrators. I have known them for a long time. Some of them are untouchable. Unfortunately, the field is also dominated by some people, some of them highly toxic, who have turned this activity into a major business, who come and actually attack these companies, sometimes over small loans. They make a mockery of families and companies alike. They extract enormous amounts of money from this,” Prime Minister Vasile Tofan said at the beginning of the cabinet meeting.

The PM said that, alongside other actions aimed at reforming the justice system, the government must also focus on the field concerning insolvency administrators and bailiffs.

Vasile Tofan emphasized that statistics data show that no disciplinary sanction had been imposed in this field in 2022, while in 2024, there were only two warnings, and five sanctions have already been adopted in the recent period.

“The battle over this field is now underway. It is very important that we see it through. I looked at the statistics: no disciplinary sanction was imposed in this field in 2022, while in 2024 there were two warnings. In the recent period, five sanctions have already been adopted. Some of these people had their licenses revoked. And now they are fighting back. They are fighting, because they want to remain there and continue the unlawful actions they have been committing,” Vasile Tofan added.

The prime minister urged Justice Minister Vladislav Cojuhari to continue the actions initiated to restore order in this field, despite the pressure he is reportedly facing.

“I know that you have been under attack lately. Please, do not show weakness and continue cleaning things up, including in this field. In addition to all the crises, it is very important that we continue with systemic reforms in the country,” Vasile Tofan concluded.

In the context, MP Dinu Plîngău said that he had registered a draft concerning the activity of insolvency administrators, aimed at eliminating abuses in the field.

“Some problems can only be solved through a collective effort and strong political will,” Dinu Plîngău said.

The activity of insolvency administrators comes into play when a company can no longer pay its debts to banks, suppliers or the state. In such cases, a court may declare it insolvent and appoint an insolvency administrator, an independent specialist who takes over the management of the company. The administrator checks what assets the company owns, to whom and how much it owes, and looks for solutions. If the business can be saved, the administrator proposes a restructuring plan, so that the company can continue operating. If not, the assets are sold and the proceeds are distributed among creditors in the order established by law.





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