Analysis
The impact of the insolvency procedure over ongoing lease agreements
Among the issues financiers must deal with one must also count the impact of the insolvency procedure over ongoing lease agreements. Many lessees, who find it hard to maintain a valid cash flow, look for the protection granted to them by the Insolvency Law no. 85/2014 and subsequently attempt to restructure their activity and schedule the payment of their debts. Once the insolvency procedure starts, lessors are forbidden to cancel the lease agreements despite the lessees becoming insolvent. Lessors are thus entitled to ask the judicial administrators to terminate the leasing operations. more »
PPP and Concessions – the new legislation brings material improvements, but further clarifications are still needed
by Georgiana Singurel and Alexandru Lascu, Reff & Associates, member of Deloitte Legal  The legal framework governing public private partnerships and concessions of works and services was significantly reshaped in 2016. In this respect, in May 2016 the new legislative package on public procurement and concession of works and services was enacted, replacing the previous regulations, including former PPP Law no. 178/2010. Also, in December 2016 the new PPP Law was adopted. more »
April 20, 2017 13:12
Romania's cigarette black market shrank this March by 1 percentage point from January 2017 to 15.2 pct of the total market, shows a Novel Research survey. "This is the result of the Customs Authority's contribution to the transposition of th...more »
January 16, 2017 11:52
The National Agency for Tax Administration (ANAF) collected in 2016, total budgetary revenues worth 199.4 billion lei, by 2.6 billion lei above the level achieved in 2015, while revenues to the state budget were at 137.43 billion lei, a slight decrease from 137.46 billion lei the previous year, according to provisional data centralised by ANAF. But in both cases, the revenues' attainment degree is below the revised programme of November 2016, of respectively 99.8 pct in the case of total revenues and of 99.4 of budgetary revenues....more »
October 21, 2016 09:52
Romania’s Parliament has enacted (not without much debate) Law no. 170/2016 on activity specific taxes, cracking down on Horeca tax evasion by imposing a new flat tax on bar, restaurant, catering and hotel activities. Starting January 1, 2017, such businesses will pay a tax calculated irrespective of the volume of income and expenses, but which is determined based on a mix of zoning, seasonal and surface area parameters....more »
September 30, 2016 11:56
Macroeconomic stability has brought positive sentiment in the business outlook and gave investors confidence to implement development strategies. This was best reflected in the market for M&A in 2015, where Romania registered a consistent growth of over 23 percent compared to 2014, climbing to a total value of over 3 billion Euro and 123 transactions, according to the Romanian Barometer of M&A, published by EY, placing Romania among the most active markets in Central and South-Eastern Europe. Despite the impressive growth, Romania is still behind countries such as Poland with 364 deals which generated a combined value of €6.3 billion in 2015 and the Czech Republic with 143 deals, with a combined value of €3.4 billion. Meanwhile, Hungary reported 162 deals with a combined value of €1.9 billion...more »
September 30, 2016 11:29
Lawyers have to face a reality that clients these days don’t just hand over a case and expect the lawyer to do the job, get the fee and move on.  Clients changed. Their demand for legal services is now undergoing important transformation, reshaping the fundamentals of a profession traditionally adverse to changes. This puts pressure on managers, whose main objective is to point the sail in the right direction, identifying trends early and often, foreseeing the evolution for years ahead. Unless they find the right answer, the harsh reality will mean that some firms will go bust....more »
June 16, 2016 11:21
The 2016 HSE Management Conference organized on June 14 in Bucharest was the perfect discussion and networking place dedicated to specialists and experts in HSE, a platform of best practice sharing for those developing and integrating strategic safety and health programs within companies. The event brought together industry, government, and academia to share best practice experience and innovative solutions to be compliant with rules and regulations, tailored as an essential forum for the industry to share knowledge, lessons and expertise and work together to achieve high HSE standards across all of the industry’s activities.  ...more »
June 02, 2016 16:49
Romania is still an attractive hub for foreign investments, mainly thanks to fiscal incentives and political stability, but the lack of infrastructure, of long-term vision, and of available qualified workforce are aspects Romania should improve on to keep up with its neighbouring countries. These are some of the conclusions experts, foreign and local investors have drawn at the FDI & Greenfield 2016 Exclusive Roundtable, organized by GOVNET, in strategic partnership with Invest Romania, Noerr, Aecom and BCR, at the InterContinental Hotel in Bucharest....more »
April 12, 2016 14:53
Innovative solutions in public and architectural lighting and perspectives in financing these projects, opportunities in developing energy efficiency programs and novelties in public acquisition procedures, were some of the subjects tackled at the 2016 edition of the Lighting Industry Forum organised on the 7th of April by GOVNET Conferences. The 2016 Lighting Industry Forum kept the philosophy of the Govnet Conferences events, bringing together for a lively debate representatives of the local and national authorities, of the producers of lighting equipment, and of specialists from the private sector....more »
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