Romania - Attachment of Assets
Mark A. Meyer Esq.
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Mark A. Meyer Esq., and Rodica Vremescu, Esq., Rubin Meyer Doru & Trandafir Herzfeld & Rubin, SCA
Originally from Attachment of Assets
1. What is the general nature and effect of judicial measures available for plaintiffs to obtain provisional relief affecting property of debtors to obtain security for judgments to be obtained (“attachments”)? Freezing property in place? Placing it in the custody of a third party, such as a court official, sheriff or marshal?
Attachments are regulated separately by the Romanian Civil Procedural Law, Criminal Procedural Law, but also in more specific areas of law (e.g. fiscal law).
As regards the attachments having applicability in civil and commercial matters, their regulatory framework is represented by the Romanian Civil Procedural Law.
According to the applicable provisions of the Romanian Civil Procedural Code, there are three categories of attachments. Their nature is of precautionary measures, and not of enforcement measures, since they are used by creditors who do not have enforceable titles required in the foreclosure procedures, their purpose being to preserve the debtor’s assets until the creditor has obtained the enforcement title.
Attachments represent procedural means which have as effect to freeze the debtor’s assets, in order to avoid their disappearance, degradation, or their diminishing, until the creditor shall be able to valorize these assets, only based and after the issuance of the enforcement title. Attachments have a temporary nature, since they are used, as previously mentioned, only until the creditor obtains the enforcement title.
Since the three categories of attachments are regulated in detail by the Romanian Civil Procedural Code, and since each category of attachments entails specific conditions of applicability, we are providing herein for a description of each of the three categories of attachments, so that a comparison between them would become more accessible.