vLex Romania

The Romanian Parliament recently passed amendments to the Insolvency Law no. 85/2014. Some of the more prominent ones are: The amendments were introduced by Law no. 113/2020 on the approval of the Government Emergency Ordinance no. 88/2018. (See Article)

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER ROMANIAN LAW - 1. A brief presentation of the bankruptcy/insolvency/rehabilitation proceedings of the country and their main differences. Romanian legislation provides two main categories of such procedures: I. Insolvency prevention procedures - I.1. Ad-hoc mandate - If the debtor faces financial difficulties, it can request the court to open the ad-hoc mandate procedure..... Please see full Chapter below for more information. (See Article)

With the aim of kickstarting the Romanian economy after months of lockdowns, quarantines and social distancing, the Romanian Government published on 1 July 2020 its National Plan for Investment and Economic Recovery. The plan sets out a “new model for economic development”, with investments of approximately €100 billion to be made by 2030 in various sectors (including infrastructure, agriculture and health). (See Article)

Romania is currently in a state of alert, which is expected to end on June 18, 2020. During such time, the following rules apply, among others: Wearing a protective mask (to be changed every four hours) is mandatory in closed public areas, commercial areas, public transportation and at work. Epidemiological tests (by way of temperature measurement) and hand disinfection when entering the premises are mandatory for public institutions and authorities, economic operators and professionals. (See Article)

This is a summary of the most important social, commercial, insolvency, fiscal and economic measures provided by Romania’s Governmental Emergency Ordinance no. 70/14.05.2020 (“GEO 70”) as amended in relation to the COVID-19 pandemic. GEO 70 was published in the Official Gazette no. 394/14 May 2020, Part I, and entered into force on its publication date (i.e. May 14, 2020). (See Article)

To address the profound impact that the COVID- 19 pandemic has had on the business environment, businesses of all sizes need legal support and advice. To guide you through this new world, Dentons has established a new Task Force in Bucharest, bringing together lawyers from different disciplines to assess the impact of COVID-19 on markets, business operations, financing arrangements and the work force, and develop legal solutions to avoid defaults and the threat of technical insolvency. (See Article)

The recently adopted Government Emergency Ordinance no. 74/2020 (“GEO 74/2020”) was published in the Official Gazette and entered into force on May 19, 2020. This allows over-the-counter transactions for the power produced by new power production capacities as follows. (See Article)

A source has been added Administrative law in Romania by Cătălin-Silviu Săraru (Editorial Bucharest Academy of Economic Studies, 2019)

Issue number #10/1 (March 2020) of publication Tribuna Juridica is now available

Issue number #2-2019 (December 2019) of publication Perspectives of Law and Public Administration is now available

The state aid scheme IMM Invest Romania, initially approved under the Governmental Emergency Ordinance 110/2017 on the Program for supporting small and medium-sized enterprises - IMM INVEST ROMANIA, has been enhanced to address the economic crisis generated by the COVID-19 pandemic. (See Article)

We summarize below the main provisions relevant to corporate debtors. Our summary of GEO 37 is available here. Given the limited scope of GEO 37 and the Norms, debtors may wish to consider whether their interests would be better served by negotiating more wide-ranging amendments to their credit documentation. (See Article)

Parties to credit agreements will be aware of Governmental Emergency Ordinance 37/2020 (enacted on March 30, 2020) providing for relief on certain debt payments. GEO 37 does not, however, seek to restrict creditors from declaring defaults, accelerating repayment or taking enforcement action. (See Article)

We summarize below the main provisions, touching briefly on matters that we deem are still open to debate. The implementing norms published today 6 April 2020 (the Norms) are under analysis, and we anticipate they may clarify some of these matters. (See Article)

On January 15, 2020, the Romanian Competition Council fined fined Roche Romania SRL €12.9 million ($14.2 million) following two investigations into what the Competition Counsel found to be Roche’s anti-competitive practices related to its cancer drugs. In the first investigation, the Competition Council found that between 2017 and 2019 Roche adopted a commercial strategy aimed at eliminating competition and delaying the entry of biosimilars to MABTHERA (rituximab) and HERCEPTIN (trastuzumab). (See Article)

Q1/ Applicable legislation - (a) Have the requirements of the GDPR been addressed by introducing a new law, or by updating existing legislation? Old legislation has been updated in addition to new legislation being passed.... (See Article)

One of the key amendments provides that starting now any natural or legal person can be a sole shareholder in more than one limited liability company, and furthermore – a limited liability company can have a limited liability company held in turn by a sole shareholder (chaining) as sole shareholder. Prior to the recent legislative changes the companies tried to circumvent the restrictions using a second minority shareholder (holding one share). Such practices, however, were causing delays in the incorporation process and in the structuring of the group or of acquisition transactions. (See Article)

A source has been added Comparative administrative law issues regarding central and local government by (Editorial Bucharest Academy of Economic Studies, 2018)

On 27 November 2019, the Romanian Parliament approved a Law on Regulation of Alternative Investment Funds (the "New AIF Law”), which will come into force within 30 days as of its publication in the Official Gazette – yet to occur in the following days. The Romanian Financial Supervisory Authority (“FSA”) is the competent authority to apply the provisions of the New AIF Law, which is part of the FSA’s plan to align Romanian legislation with recent EU developments and trends, according to which fund managers are regulated at EU and national level, while the alternative investment funds that they manage need to be regulated at national level only. The New AIF Law replaces the existing very limit (See Article)

Romanian government details UK citizens’ residence, employment and travel rights in case of a no-deal Brexit - Given the possibility of a no-deal Brexit, the European Commission has asked Member States to take a “generous approach” to the rights of UK nationals already living in their territories, subject to reciprocity. In response, Member States have agreed to extend many existing residence, employment and travel rights for a temporary period. In some case, UK citizens have been offered special conditions that other third-country nationals do not enjoy, particularly in Member States where UK tourism is important (e.g., Portugal and Spain). Several Member States have offered permanent national “regularization” for UK citizens already living in the country. (See Article)

Facilitate the authorisation process - Accelerate the issuance of authorisations - Modernise and simplify the authorisation procedures (See Article)

A source has been added Current Issues in Business Law by (Editorial Bucharest Academy of Economic Studies, 2018)

Issues #2/2019 (June 2019) and #1/2019 (May 2019) of publication Tribuna Juridica are now available

Issue number #1/2019 (May 2019) of publication Tribuna Juridica is now available

Issue number #1-2019 (May 2019) of publication Perspectives of Law and Public Administration is now available

Issue number #15-1 (January 2019) of publication Acta Universitatis Danubius. Juridica is now available

Issues #3/2018 (December 2018), #Special Issue 2018 (October 2018) and #X/2018 (October 2018) of publication Tribuna Juridica are now available

Issues #3/2018 (December 2018) and #Special Issue 2018 (October 2018) of publication Tribuna Juridica are now available

Issue number #3/2018 (December 2018) of publication Tribuna Juridica is now available

Issue number #18-1 (June 2018) of publication Romanian Journal of Political Science is now available