Amendments to the insolvency law in Romania
At the present time, there is consensus around the world: the COVID-19 pandemic will have significant economic consequences in all countries. In the eurozone, many states face a drop in their gross national product for the second quarter of 2020: Spain by 18,5%, France by 13,8%, Italy by 12,4% and Germany by 10,1% . This, of course, is a red flag pointing to a possible increase in insolvency cases, also in Romania.
NEWSFLASH - Short-time work is finally regulated! (supplemental)
NEWSFLASH - Short-time work is finally regulated! (supplemental) As announced last week, on 10.08.2020 Romania has joined the circle of European states implementing short-time work during the pandemic. The Emergency Ordinance 132/2020 (the "EO") is the result of an initiative launched as early as at the beginning of March, in which our law firm was actively involved. Supplemental to the general principles, conditions and limitations applicable to the short-time work legal frame, presented in our previous Newsflash, we have prepared an overview of the new rules with regard to special categories of employees/ employment agreements. Please find more details here.
NEWSFLASH - Short-time work is finally regulated!
NEWSFLASH - Short-time work is finally regulated! Many states have successfully used short-time work during the pandemic to keep their economies alive and reduce unemployment. Fortunately, Romania has joined this circle since 10.08.2020. The Emergency Ordinance 132/2020 (the "EO") is the result of an initiative launched as early as at the beginning of March, in which our law firm was actively involved. Please find more details here.
NEWSFLASH - New Law on quarantine and isolation in force
NEWSFLASH - New Law on quarantine and isolation in force On July 21., the Law No. 136/ 2020 regarding measures in the public health sector for epidemiological and biological risk cases (the „Law”) entered into force. The Law sets the legal base for certain temporary restrictions in situations where epidemiological and biological risk exists, especially by means of quarantine and isolation of individuals. Not only does it cover the current crisis caused by the COVID-19 Pandemic, but also generally applies to future epidemics/ pandemics. The legal purpose is to avoid or limit the introduction and spread of contagious diseases in the above mentioned cases. For more information please find more details here.
NEWSFLASH - Practical changes related to statements on beneficial owners (UBO)
NEWSFLASH - Practical changes related to statements on beneficial owners (UBO) We have reported regularly on the changes and deadlines that have occurred since July 2019 regarding Romania's new anti-money laundering legislation (Money Laundering Act No. 129/2019). Last week brought on July 9, 2020 two practical facilities and clarifications based on the Law no. 108/2020. For more information please find more details here.
New law simplifies procedures regarding Romanian companies
On 2nd of July 2020, the Law no. 102/ 2020 amending the Romanian Companies’ Law (Law no. 31/1990) was published in the Romanian Official Gazette. As of July 5th 2020, this law removes some long criticized bureaucratic obstacles regarding the incorporation of Limited Liability Companies and the activity of Romanian companies.
NEWSFLASH - Significant simplifications in Romanian corporate law
NEWSFLASH - Significant simplifications in Romanian corporate law On 2nd of July 2020, the Law no. 102/ 2020 amending the Romanian Company Law (Law No. 31/1990) was published in the Romanian Official Gazette. The law removes a number of bureaucratic obstacles associated with the establishment and operation of Limited Liability Companies in Romania. For more information please find more details here.
NEWSFLASH - COVID-19. State of alert extended – with some restrictions lifted
NEWSFLASH - COVID-19. State of alert extended – with some restrictions lifted On 16.06.2020 the Romanian government decided upon the extension of the state of alert (starea de alertă) until 16.07.2020, however with some further restrictions being lifted. Please find more details here.
NEWSFLASH - Entry in Romania as of June 15th - FOLLOW UP
NEWSFLASH - Entry in Romania as of June 15th - FOLLOW UP The state of alert (starea de alerta) ends in Romania on June 16th. The Government expects the state of alert to be extended, but there is no unanimity in the Romanian Parliament, so far. However, the National Committee for Emergency Situations (CNSSU) has decided that as of June 15th, 2020, the quarantine and self-isolation obligation for asymptomatic incoming travelers from certain countries will be abolished under specific circumstances. "Exempted Countries" are currently Austria, Bulgaria, Czech Republic, Cyprus, Croatia, Switzerland, Germany, Greece, Iceland, Latvia, Liechtenstein, Lithuania, Malta, Norway, Slovakia, Slovenia and Hungary. Please find more details here.
NEWSFLASH - EMPLOYMENT: Financial Support after the State of Emergency
NEWSFLASH - EMPLOYMENT: Financial Support after the State of Emergency In the context of the pandemic caused by the COVID-19 virus, STALFORT Legal. Tax. Audit. informs you about current issues on a regular basis. Our recent articles on COVID-19 (and more) can be found here. Among others, we had reported that the Romanian state took over the payment of the “technical unemployment” indemnity until 31.05.2020 and, in some cases, beyond. The basic information can be found here. As in the meantime the state of emergency was transformed into a “state of alert” (please find our report here ), the Romanian economy becomes more and more active. Therefore, the Government has adopted new rules regarding financial support in the employment sector. The legal base is the emergency Ordinance no. 92/2020 (“the EO”). Please find more details here.