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Bucharest
September 25, 2020
ECONOMY FINANCE&BANKING

Gov’t extends deadlines for enforcement of personal insolvency procedures

The government decided on Thursday to move back to August 1, 2017 the coming into force of Law No. 151/2015 on personal insolvency proceedings, informs a government release to Agerpres.

“The postponement by yet another seven months of the coming into force of this law was decided as the enforcement of the new regulations requires a complex system: the setting up of 42 local insolvency committees, setting in place the necessary technical apparatus and adopting the rules for the enforcement of the law. Human and financial resources must be allocated for the new structures to be able to function. Specifically, experts are needed who will go through a professional training stint of one to three months. The failure to postpone the coming in force of Law No. 151/2015 would result in the impossibility to apply the administrative insolvency procedure based on a repayment plan and of the simplified insolvency procedure at a time when the administrative implementing structures are non-existent or undersized,” reads the release.

The government also decided on Thursday to postpone by 9 months the deadlines set forth under the current law for the gradual replacement of electronic cash registers with paper rolls with registers fitted with electronic log.

“The companies will have more time to equip with electronic log cash registers, so that their work is not affected and the importers and distributors of such devices have enough time to liquidate their stocks and old models and obtain the technical approvals and authorizations for the new models,” the government explained.

The emergency ordinance adopted on Thursday postpones the deadline from October 1, 2017 to January 1, 2017, and is intended mainly for traders who open new stores or who expand stores and buy cash registers for the first time.

As for the replacement of the existing cash registers with registers equipped with electronic log, the new deadline for large taxpayers will be January 1, 2018 instead of April 1, 2017; for medium taxpayers it is April 1, 2018 instead of July 1, 2017 and August 1, 2018 instead of November 1, 2017 for small taxpayers, the government said in the release.

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