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There is a growing concern, across CEE, about a potential wave of insolvency and restructuring proceedings. Given the economic aftermath of COVID-19, coupled with the ramifications of rising inflation and interest rates, energy crisis concerns, and the war in Ukraine – the road ahead seems bumpy at best.

Law No. 265/2022 on the trade register and for amending and supplementing other normative acts with impact on the registration in the trade register (“Law No. 265/2022”) was published in the Official Journal of Romania No. 750, Part I, of 26 July 2022. Law No. 265/2022 entered into force on 26 November 2022.

Sustainability is no longer the responsibility of legal, public affairs, and corporate governance departments, but has become a top management priority and a central element of business strategy. One hundred years ago, Henry Ford said that the two most important assets of society – reputation and people – do not appear on the balance sheet of a company. Today, ESG standards come to measure precisely these two intangible assets.

On July 12, four leading lawyers from Croatia, Lithuania, Poland, and Romania sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the latest in ESG developments with a focus on green financing, its regional and local drivers and roadblocks, its impact on non-financial reporting, and what it all means for the legal profession.

On July 15, 2022, in the Romanian Official Gazette No. 716, Ordinance No. 16/2022 for the amendment of Law No. 227/2015 regarding the Tax Code, abolishment of certain normative acts and other fiscal-financial measures (“Ordinance 16/2022”) was published, through which multiple amendments were brought to the fiscal framework.

In Romania, the first legal enactment specifically addressing PPP projects was adopted in early 2002. In the 20 years that followed, four primary pieces of legislation on this topic have been passed, with the declared objective to provide a sound legal basis for the implementation of PPP projects. Nevertheless, each of these successive enactments was adopted not to keep pace with the practical developments in PPP matters, but rather to respond to criticism of the absence of a proper legal basis to structure and implement PPP projects.

Although the Romanian law on transfers of undertakings has no more than two pages, it is notorious for its complexity, while the relevant case law is constantly developing. Briefly, if an undertaking is taken over by, or is transferred to, a new entity, the relevant employees are automatically transferred to the new employer, together with their existing rights provided under the individual employment agreements and the applicable collective bargaining agreement.

By most counts, 2021 was a successful year for the Romanian M&A market. Tuca Zbarcea & Asociatii Deputy Managing Partner Stefan Damian, Nestor Nestor Diculescu Kingston Petersen Partner Gabriela Cacerea, Dentons Managing Partner Perry Zizzi, and Wolf Theiss M&A Partner Ileana Glodeanu have many reasons to believe 2022 could be a good year as well, but also quite a few to expect a slowdown in activity.

Tuca Zbarcea & Asociatii at a Glance

Țuca Zbârcea & Asociații is a full-service independent law firm, employing cross-disciplinary teams of lawyers, insolvency practitioners, tax consultants, IP counsellors, economists and staff members. It also operates a secondary law office in Cluj-Napoca (Romania), and has a ‘best-friend’ agreement with a leading law firm in the Republic of Moldova. In addition, thanks to the firm’s dedicated Foreign Desks, the team provides the full range of services to international investors seeking to gain a foothold or expand their existing operations in Romania. Since 2019, the firm and its tax arm are collaborating with Andersen Global in Romania.

Țuca Zbârcea & Asociaţii is providing legal services in every aspect of business, covering all major areas of practice: corporate and M&A; litigation and international arbitration; corporate tax; public procurement; TMT; employment; insurance; banking and finance; capital markets; competition; healthcare and pharmaceutical; energy and natural resources; environmental; intellectual property; real estate; regulatory legal services.

Țuca Zbârcea & Asociaţii is a First-Tier law firm in all international legal directories and a multiple award-winning law firm both locally and internationally. It received the CEE Deal of the Year Award (DOTY Awards 2021) and the Law Firm of the Year Award: Romania (IFLR Europe Awards 2021). 

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