Prime Minister Vasile Tofan addressed the situation in the insolvency administrator sector today, during a Government meeting. The official pointed out that there are “toxic” individuals within the system who need to be sanctioned, reports TRIBUNA.

“It is an important issue, raised by many investors, related to justice. A major battle currently underway concerns insolvency administrators. I have known some of them from my previous professional life. Some of them are untouchable. Unfortunately, the sector is also dominated by certain people, some of whom are very toxic, who have turned this activity into a major business. They come in and effectively target these companies, sometimes over small debts. They make life miserable for both families and businesses. They extract enormous amounts of money from this,” he said.

Vasile Tofan said that, alongside other aspects of judicial reform, the government must also focus on this area — insolvency administrators and bailiffs.

“The struggle in this sector is now underway. It is very important that we see it through. I looked at the statistics: in 2022, not a single disciplinary sanction was issued in this sector, while in 2024 there were two warnings. Recently, five sanctions have already been adopted. Some of these people have had their licenses revoked. And now they are fighting back. They are fighting because they want to remain there and continue the unlawful practices they engage in.”

The Prime Minister encouraged Justice Minister Vladislav Cojuhari to continue his actions despite the attacks he has faced:

“I know that you have been under attack lately. Please do not show weakness and continue to clean up this sector as well. It is very important, alongside all the crises, that we continue with systemic reforms in the country.”

Vasile Tofan also explained who licensed insolvency administrators are: “When a company can no longer pay its debts to banks, suppliers, or the state, a court can 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 has, how much it owes and to whom, 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.”