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arrears of more than 63 billion lei of the insolvent companies, while the level of recovering the amounts submitted to the creditor’s group is only of 6%.
“The conversion, deduction and assignment of state budget debts in certain conditions, in order to avoid the bankruptcy of many companies with real potential of recover and with other severe economical and social consequences. With the approved regulations set we aim both at insuring the necessary conditions for the redressing and keeping the companies in the circular flow of income, and protecting the public money, by recovering the money to the state budget”. the MPF also said.
“ It’s important that the economic environment is correct and fair for everybody!”
He mentioned that the main amendments regard the increase of the liability of the judicial receiver, by following the management operations of the debtor’s assets, debtor’s accountability in activity management and payment of state budget debts by conditioning the insolvency procedure by a percentage of the state budget debts lower than half of the total declared debts.
Also, the amendments aim at the rejection of the request for opening the procedure if the notification to ANAF regarding this aspect is omitted. The judicial receiver will have 30 days to analyze the payment request for the debts arising
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after the date of the insolvency procedure, and the tax inspection of the taxpayers in insolvency is to take place only if there is a tax risk of not declaring the tax obligations and a possibility of recovering them exists.
Moreover, the tax debts discovered through an administrative challenged tax act will be allowed to the creditor’s group, until the completion of the action in administrative court. Also, the possibility of converting the state budget debts into shares was introduced, the possibility of approving the reduction of the tax debts if these represent maximum half of the current tax obligation owed during the execution of the reorganization plan, reported to their average annual level before going in insolvency, if the company has a public interest activity or a strategic economic activity.
According to the amendments, the bankruptcy request should be solved in maximum 30 days and the possibility of owed state budget tax assignment was introduced, if the public interest of the assignment is justified, the integral recovery of the debts being insured in a period of maximum 3 years.
Another important measure regards determining the incompatibility of the practitioners to be in the same time both official receiver or trustee in bankruptcy for one of his debtors and creditors.
“From the point of view of the Ministry of Public Finance, we
are talking about a normative act that must regulate the present situation, in which more than 28.000 companies are going through different stages of insolvency and which, largely, continue to accumulate debts to the budget or to other creditors’ group in the private sector”, Teodorovici also said.