by Radu Damaschin - Partner and Cristiana Prodescu - Associate, NNDKP In a world that is becoming increasingly globalized, the law serves as a powerful tool in improving economic and social conditions. In such a world, trans-border judicial proceedings, or, as legal scholars call it, "legal disputes with extraneous elements" demand a certain consistency and predictability. We consume the same products and services; we abide by the same rules; therefore it is natural to develop the same expectations, including with respect to the enforcement of legal documents. The trend in this direction is clear, albeit more or less intentionally so: parallel customs, bilateral and multilateral treaties; common rules that will facilitate the creation, amendment and termination of legal relationships of any kind, regardless of the way in which this is achieved. ...more »

by Florin Gherghel, Head of Tax Department and Monica Colt Tax Advisor, NOERR Government ordinance no. 23/2017 regarding the split payment of VAT was published in the Official Gazette no. 706/31 August 2017. Please find below the most impo...more »

The M&A Market in Romania has reached EUR 889 million in the second quarter of the year according to public sources and disclosed transactions, more than double compared to the first quarter, an analysis by Deloitte Romania has revealed. The total number of relevant transactions was 19. Compared to the similar period last year, in 2017 the number of transactions grew by one and the disclosed value has increased three times....more »

From July 30th, 2017, a new regulation regarding the acceptance of constructions works (the “New Regulation”) will be applicable. The New Regulation amends and clarifies the existing regulation, which has been in force since 1994 (the “Existing Regulation”)....more »

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. ...more »

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 »

According to the most recent survey compiled by Euler Hermes, Romania is among the first ten countries in Europe in respect of the companies which entered into insolvency proceedings in 2015. The first positions are occupied by France with over 63.000 registered insolvency cases, Hungary with over 35.000, Germany with around 23.000, Great Britain, Italy, Turkey and Russia. Of all the 23 countries under scrutiny, Greece is on the last place with only 362 insolvency cases declared in 2015. ...more »

Even though the Romanian banking system as we know was not critically endangered and overexposed to sub-prime assets, still it is difficult to calculate how much of the loan volume is healthy. The shift of banking activity from giving loans to calling in the lent money and restructuring bad credit is an ongoing process even in 2016. In a market that is still posting impressive profitability results, banks are still working on figuring out how to keep those profitability margins in a shrinking base of eligible clients....more »

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 »

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 »