After spending 14 years at Biris Goran, Partner Raluca Nastase has moved to RTPR in Bucharest.

You guessed right, this is not an article about COVID-19, but it is an article about VAT (not sure if this is actually a good thing).

Filip & Company, working alongside Linklaters, has advised the Romanian Ministry of Public Finance on the issuance of Eurobonds in two tranches that raised EUR 3.3 billion from international markets.

Bill no. 134/2020, which includes relief related to paying rent in the context of Covid-19, as analysed in the article “New regulations on the deferral of rental payments during the state of emergency” (the “Article”), entered into effect on 20 May 2020 by Presidential Decree no. 269/2020 as Law no. 62/2020 on the application of rent payment relief during the state of emergency (the “Law”) and was published in the Official Gazette of Romania, Part I, on 21 May 2020.

As a consequence of the state of alert being declared in Romania at national level for a period of 30 days starting 18 May, Law No. 55/2020 on some measures to prevent and combat the effects of the Covid-19 pandemic (“Law No. 55/2020”) has been adopted.

Filip & Company has successfully represented Romania’s Financial Supervisory Authority in a dispute against a former board member of the National Securities Commission involving labor and administrative issues worth over RON 1 million.

On 21 May 2020, Law no. 62/2020 on certain facilities related to rent payment during the emergency state period was published in the Romanian Official Gazette (the “Law”) and entered into force as of 24 May 2020.

As a direct consequence of the COVID-19 outbreak and the consequent measures implemented by the Romanian State, the economic growth process has experienced a short to medium term slowdown, impacting the labor market and subsequently household income.

Buzescu Ca has successfully represented Alvogen IPCO S.a.r.l., and Alvogen Romania S.R.L. before the Bucharest Court of Appeals in their challenge to an application by Teva Pharmaceutical Industries Ltd. for a preliminary injunction against the sale of a drug Alvogen distributes.

Following the establishment of the state of alert at national level, Law no. 55/2020 regarding some measures for preventing and combating the effects of the Covid-19 pandemic ("Law no. 55/2020") was adopted and entered into force on 18 May 2020. Please note that noncompliance with the measures imposed by the aforementioned law may lead to disciplinary, civil, administrative or even criminal liability, as the case may be.

In light of the COVID-19 outbreak, virtually all companies have faced difficulties in relation to the organizing of general meeting of the shareholders (“GMS”) via traditional methods i.e. GMSs held by physical attendance of the shareholders.

Several measures adopted by the Romanian authorities related to the initiation of the state of alert. These include Resolution no. 24/2020 and Government Emergency Ordinance no. 70/2020, both of which entered into effect on 15 May 2020. Also, the Romanian Parliament adopted Law no. 55/2020, which will enter into force on 18 May 2020 and which provides the legal framework of the state of alert and consists of several other measures and obligations.

Stratulat Albulescu has successfully represented Hervis Sports & Fashion before a Specialized Tribunal in Cluj, winning an injunction for the deferred payment of part of the rent relating to Vivo Shopping Center Cluj, owned by Immofinanz real estate group.

On 14 May 2020, the Romanian Government adopted Emergency Ordinance no. 69/2020 (“the GEO”) which enables a series of tax facilities for taxpayers, as summarised below:

“What’s important to note is that Romania had a bit of political turmoil immediately before the crisis started,“ begins Florian Nitu, Partner at Popovici Nitu Stoic & Asociatii in Bucharest. “The Prime Minister and the President engaged in a political struggle, with the PM backed by the left-wing socialist party coalition in power. Luckily, this conflict was resolved and tensions decreased – just when Covid-19 hit Romania.“ As a result of this decrease, he says, the country was able to tackle the crisis without unnecessary distraction.

As a state of alert has been declared at national level, the Romanian government has imposed a series of measures with a significant impact on the activity of economic operators.

The COVID-19 pandemic constitutes an unprecedented challenge that continued to escalate worldwide, including in Romania. Among the severe consequences affecting people’s health, the pandemic had a negative impact on the businesses across all sectors as well.

Filip & Company has assisted Raiffeisen Bank on the May 14, 2020, listing of lei-denominated subordinated bonds on the Bucharest Stock Exchange.