Romania’s government to tighten insolvency rules this year

Sorin Melenciuc 13/09/2018 | 10:45

The Romanian government will discuss on Thursday a emergency ordinance draft aiming to tighten insolvency rules, in order to collect more money to the state budget, according to the Finance minister Eugen Teodorovici.

“It is an emergency. Such a change could bring more money to the budget this year,” Teodorovici said, cited by Digi24 news channel.

According to the minister, 28,000 insolvent companies in Romania owe RON 63 billion to the state, and there is a need for tighter rules regarding insolvency.

The number of companies and authorized individuals that entered insolvency dropped by 4.1 percent in the first half of 2018 compared to the same period of 2017, to 4,486, according to data released by the Commerce Registry.

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