Insolvency proceedings regulated by Law No. 85/2014 on insolvency prevention and insolvency procedures rest on a collective mechanism for verifying and ranking claims to be satisfied in the proceeding. A challenge is the procedural instrument through which interested parties — particularly creditors, but also the debtor, the judicial administrator/liquidator, or other interested persons — may …
I. Why This Matters. Context and Stakes Since 1 July 2024, any income ascertained by the tax authorities whose source has not been identified is taxed at a rate of 70%, compared with the 16% rate that applied previously. Late-payment interest (0.02% per day) and non-declaration penalties (0.08% per day) can be added on top …
On June 13, 2017, ANAF abruptly announced, via a press release, a change in its approach to the taxation of individual real estate developers, thus ending a practice tolerated for more than ten years. Until recently, many individual real estate developers opted for the more favorable taxation option, by which they sold real properties from …
Order No. 409/2017 on classifying “computer program creation activity” enters into force on July 1, 2017 and again modifies the tax exemption applied to programmers’ salaries. The new order introduces an additional condition to benefit from the 16% income tax exemption on programmer salaries, thereby reducing the number of qualifying companies, and clarifies the phrase-condition …
Companies that do not comply with competition rules may be obliged to pay millions of euros in damages. The European Commission estimated that the annual damage at the European Union level caused by competition violations reaches €23 billion. With effect from 8 June 2017, when Emergency Ordinance (OUG) No. 39/2017 on compensation actions for competition …
By Local Council Decision No. 493/2014 the documentation “Update of the General Urban Plan of the Municipality of Cluj-Napoca” and the corresponding Local Urbanism Regulation (henceforth “PUG” and “RLU”) were approved. Subsequent to HCL No. 493/2014, other decisions were adopted that modified parts of the urbanism documentation. These considerations address three hypotheses of illegality in …
The material below aims to present, as completely as possible, the legal aspects that must be analyzed before buying land for real-estate development. Of course, at the appropriate time, the lawyer’s work will be complemented by input from specialists in fields related to law—architects, surveyors, construction or geodesy engineers, etc. Step 1 – Checking the …
The Romanian IT sector is in full expansion, and the labor market offers companies insufficient resources for development plans. They seek employees whom they can retain long-term and who are motivated toward growing the company. A particularly effective way to achieve this is by using employee remuneration instruments through granting stakes in the company’s capital …
The Law no. 77/2016 regarding giving in payment (darea în plată) of certain real properties to extinguish obligations assumed through credit contracts underwent a series of consumer-friendly changes through adoption of Law no. 52/2020, especially so its provisions align with decisions of the Constitutional Court in this domain. Among the main amendments are the express …
Conventional Limitation of the Powers of Organs with Representation Authority. Risks for the Company. Means of Protection According to Article 70 of Companies Law No. 31/1990 (hereinafter “CL”), administrators may perform all operations required for achieving the company’s object of activity, except for the limitations shown in the constitutive act. From this wording it follows …
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