In bankruptcy proceedings, one of the main functions is that of the bankruptcy trustee.
1. Function, competence and limitations:
With the opening of the procedure, a temporary bankruptcy trustee must be appointed, after which the permanent bankruptcy trustee is elected by the creditors’ meeting, which monitors the regular course of the entire procedure. The bankruptcy trustee, in addition to the powers identical to those of the permanent bankruptcy trustee, has the obligation to prepare initial documents such as a list of creditors, a list of creditors who are or were connected to the debtor in the last three years before the opening of bankruptcy proceedings, a statement of the balance sheet of the company, etc. Next follows the first meeting of creditors with accepted credits, at which a permanent bankruptcy trustee is appointed.

I. Relative Invalidity to Creditors In the bankruptcy proceedings:
Тhe possibility to ensure the preservation of the bankruptcy estate is provided in order to protect the interests of the creditors.
Art. 646 of the Commercial Law governs the institute of relative nullity of the following transactions vis-à-vis creditors, carried out after the date of opening of bankruptcy proceedings and and not under the procedure established in the proceedings:
1. performance of an obligation arising prior to the date of the decision on initiation of bankruptcy proceedings;

I. General regulations:
Commercial companies can be transformed by merger (incorporation), division, demerger and separation of a sole proprietorship, as well as by changing the legal form. (e.g. a limited liability company in a joint-stock company or vice versa) and unless the law provides otherwise, these companies can be of different form and type and nature.

At the time of the conversion, the partners or shareholders of the converting companies become partners or shareholders of one or more of the newly established and/or acquiring companies and the  shares acquired after the conversion must correspond to the value of the shares held before conversion.