2011 saw an increase in applications for insolvency filed by creditors, compared with 2010. Applications by debtors also increased. “If before the economic crisis debtors were quite reluctant to request the opening of proceedings, fearing their commercial images to be affected, they now see this action as a life preserver, which gives them a chance to restructure the debt and […]
New provisions on the credit institutions liquidity requirements
Regulation no. 25/2011 issued by the National Bank of Romania, regarding the credit institutions liquidity requirements [in Romanian, Regulamentul nr. 25 din 8 noiembrie 2011 privind lichiditatea institutiilor de credit] was published in the Official Gazette no. 820 of November 21, 2011 and shall entry into force at January 1, 2012. Regulation no. 25/2011 provides the minimum liquidity level applicable […]
New law for incriminating of the usury activities
The usury activities are prohibited in Romania under the Law no. 216 of 16 November 2011, published in the Official Gazette no. 827 of November 22, 2011, Part I [in Romanian, Legea nr. 216 din 16 noiembrie 2011 privind interzicerea activitatii de camatarie]. According to Law no. 216/2011, the usury practise constitutes a crime which may be punished with 6 […]
Amendments to the bankruptcy procedure of credit institutions
The bankruptcy procedure of credit institutions was amended by Law no. 207/2011 regarding the approval of Government Emergency Ordinance no. 37/2010 as published in the Official Gazette no. 817 of November 18th, 2011. The latter amends and supplements the Government Ordinance no. 10/2004 regarding the bancrupcy of credit institutions [In Romanian, Legea nr. 207 din 15 noiembrie 2011 privind aprobarea […]
Amendments to Law no. 255/2010
Law no. 205/2011 for amending and supplementing Law no. 255/2010 regarding the expropriation for public utility required for developments of national, county and local interest (the “Law”) was published in the Official Gazette no. 813 of November 17th 011 – Part I, [in Romanian, Legea nr. 205 /2011 pentru modificarea si completarea Legii nr. 255/2010 privind exproprierea pentru cauză de […]
Ion Dragne presents continuing professional development seminar on NCC
The Bucharest Bar hosted on November 24, 2011 a very successful continuing professional development seminar (“CPD for lawyers”) on the procedural provisions of the New Civil Code (“NCC”). This was the second CPD for lawyers on this topic out of the CPDs which were scheduled by the Bucharest Bar over the last months. Ion Dragne, Lecturer in Civil Procedure Law […]
Controlling time and costs in Arbitration
Our Partner, Andreia Dumitrescu, wrote for www.wall-street.ro on controlling time and costs in arbitration. The deeper understanding of the dispute might be the key to expedite and cost-effective process. “The arbitrators have the duty to identify the most suitable process for each dispute, to offer guidance to the parties and intervene when [..] they complicate or burden the case with […]
New regulation for bringing the banking/capital market laws in line with the EU law
With a view of bringing the banking/capital market legislation in line with the EU law, the Order no. 82/2011 regarding the approval of the Regulation no. 20/11/2011 issued by National Bank of Romania and Romanian National Securities Commission (the “Order no. 82/2011”) has been published in the Official Gazette no. 800 – Part I of 11 November 2011. The latter […]
Additional requirements for accessing the support scheme for cogeneration
Legal entities and/or the natural persons which will apply from now on for being granted with the right to access the support scheme for cogeneration should also fulfill the additional obligations provided by the Order no. 46/2011. It amends and supplements the approval procedure for the new projects or refurbishment of the existing cogeneration plants (the „Order”) and was published […]
New rules at the Competition Council on the conduct of hearings
The hearing procedure before the Competition Council is set forth by the Regulation no. 789/2011 on the conduct of hearings and decision making by the Competition Council published in the Official Gazette no. 792 of November 8th, 2011 – Part I, [in Romanian, Ordin nr. 789/2011 pentru punerea in aplicare a Regulamentul privind desfasurarea audierilor in cadrul Consiliului Concurentei si […]