The Romanian Government wants to pass an emergency ordinance inorder to force company managers to file for insolvency within 30days from the time insolvency sets in. What consequences could thismeasure have? New cases of insolvency after an 88% rise in thenumber of companies that started insolvency proceedings in thefirst three months of the year.
One of the ways in which the Ministry of Finance intends to combatfiscal evasion is by holding to account company managers who failto file for insolvency in due course, seeking to "boost the levelof budget tax collection," but lawyers and insolvency expertsbelieve such a step could have serious side effects.
"The adoption of the draft emergency ordinance in the formpublished by the Ministry of Public Finance could significantlyaffect the functioning of trading companies late in paying theirdues to the state, and lead to a wave of insolvencies, resignationsof legal representatives and, potentially, the appointment inmanaging positions of people who neither hold goods nor deriveincomes that could be seized by the fiscal authorities," saysAna-Maria Placintescu, insolvency practitioner and partner of Musat& Asociatii law firm.
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