Concilium Consulting: The National Agency for Fiscal Administration of Romania Approved the Restructuring of All Budgetary Debts of Satrotec AG Company, Which Now Aims to Double Its Turnover

Mihai-Alexandru Cristea 04/11/2021 | 12:26

Concilium Consulting, consultancy company in business restructuring affiliated to Turnaround Management Association, announces the restructuring of all outstanding tax debts of Satrotec AG, international manufacturer of auto parts, having Swiss shareholding. The exemption has been obtained based on the Government Ordinance 6/2019 and aims tax debts amounting to RON two million.

 

We managed to get this facility for another important company in the local economy; it is an essential “breath” in the restructuring process of the entire company, that will be able to continue this way the activity and to maintain the jobs. If it fulfils the plan approved in the next five years, 40% of the main debt and 100% of the accumulated accessories will be cancelled. Meanwhile, the remainder of the amount will be paid in instalments”, explained Vlad Năstase, CEO Concilium Consulting, appointed as independent expert in the restructuring process of Satrotec AG company.

The approval of the restructuring plan will facilitate, in the next five years, the payment to the State Budget of approximately RON 18 million, representing taxes and duties corresponding to salaries. This means that the company can keep the 85 employees that it has at present and will have sufficient resources to double the jobs, starting with year 2023. Furthermore, the restructuring creates the premises for increasing the turnover of the company, from RON 30 to 70 million, within the same range. 

The measure disposed in the Ordinance 6/2019 allows the companies to be exempted from the payment of the tax liabilities due on 31.12.2020, under certain conditions and for a period of up to seven years, with the possibility of extension by another three years. Practically, the companies can benefit from the cancellation of the cumulated accessories and from payment deferral with up to half of the principal of the tax debt – followed by the cancellation of the amounts deferred for payment, if the restructuring plan is successfully completed.

The private and public companies that are not eligible for other restructuring measures of the tax debts disposed to this end in the Fiscal Code and which are not insolvent, can sign up for this measure, with certain exceptions. In order to be eligible, the companies must also be up-to-date on current debts paid until the date the restructuring plan is submitted. A positive Test result of the Prudent Private Creditor is also requested, completed also based on the Restructuring Plan corroborated with the evaluation report issued by an ANEVAR evaluator.

Vlad Năstase: “The companies which have already signed up for this measure still have time until 31.01.2022 to submit the Restructuring Plan and the Prudent Private Creditor Test in order to start the restructuring process of the outstanding tax debts. In order to issue these documents, the law disposes that they must choose an independent expert.”

Satrotec AG is an international company with Swiss shareholding, that supplies systems for parts specific to the automotive industry. It holds a competence centre in Zurich that assures the project management and a manufacturing unit with 85 employees in Alba-Iulia. Established in 2001 by a spin-off of Honeywell-Satronic company, Satrotec AG has maintained the entire team and expertise for over 30 years in the manufacturing of parts for automotive industry meant to global market.

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Mihai-Alexandru Cristea | 29/11/2022 | 10:17

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