Can judicial decisions opening insolvency proceedings be registered in the Land registry in accordance with your legislation?
If affirmative, what effects do these registrations produce?
Judicial decision regarding the opening of insolvency procedure are subject for registration as annotation if requested.
The annotation as an informative effect to the third parties. Although not explicitly regulated, a subsequent transfer of property right should be registered only in case it is approved by the practitioner – the insolvency expert.
According to Civil Code and Law nr. 85/2014, the judicial decision opening insolvency proceedings are subject for registration as an annotation.
Once the annotation is admitted, it is supposed that any disposal act over the immovable to be made only by the insolvency practitioner nominated to roll out the procedure. The debtor is no longer able to transfer real rights by itself. Although there is no provision binding the land registrar in that sense, due to the lack of exercising its rights ability/capacity, it is supposed that land registrar should reject the registration based on the absolut voidness of the transfer.
This annotation has an informative effect for the third parties and, usually, it is requested by the insolvency practitioner. According to the law, the insolvency practitioner is obliged to send a copy of the judicial decision opening the insolvency proceedings to the land registry offices where the debtor’s assets are registered. That’s imply also a ”search by name” to be previously send to the LR in order to find the identification of the immovables registered on the debtors name.
There is no interconnection with other registries and no other registries are obliged to send this kind of information to land registry.