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CEE Attorneys Boanta, Gidei si Asociatii has advised the Sparking Capital investment fund on financing granted to the Romanian start-up K Factory, the developer of a digital platform that aims at increasing the performance and productivity of production companies. BPV Grigorescu Stefanica advised K-Factory on the deal.

On 11 June 2020, the Romanian Government approved the Memorandum “General principles concerning the implementation of a support mechanism such as Contracts for Difference for the production of low-carbon electricity”. While a mere memorandum aimed at outlining an intention, the document is a milestone in the process of discussing a new support mechanism for investors in low-carbon technologies, initiated a few years ago.

With growing expectations of a global recession generated by the COVID-19 pandemic, avoiding disruptions to the food supply chain and food production continues to be a priority. One of the key measures for ensuring food availability is to maintain and support agricultural activities and markets.

Since the beginning of the COVID-19 pandemic, the Romanian authorities enacted several tax measures in order to prevent the business environment from collapsing. By way of example, some of the already implemented measures are the following: (i) recalculation of the specific annual tax in order to reduce the impact on cash flow; (ii) granted tax benefits to certain categories of employees; (iii) extension of the deadlines for submitting the annual financial statements, etc.

The events occurring in the last months have certainly generated a series of impediments to the performance of the economic operators’ activities, both private and state-owned companies, while the most affected being those from the first category.

The Romanian Government recently enacted the Emergency Government Ordinance No. 74/2020 (“EGO 74/2020”), which entered in force on 18 May 2020. An expected and necessary piece of legislation, EGO 74/2020 amends the Energy law No. 123/2012 (“Romanian Energy Law”) by expressly allowing bilateral power purchase agreements (“PPAs”) to be directly negotiated outside the centralized markets, although not for all electricity generation capacities, as further detailed below. Until now all wholesale electricity transactions had to be concluded exclusively on the centralized markets in a transparent, public, competitive and non-discriminatory manner, with limited exceptions generally for small generators.

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.

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.

Romanian Knowledge Partner

MPR Partners | Maravela, Popescu & Roman is an internationally recommended and repeatedly awarded Romanian law firm providing integrated legal, tax advisory and insolvency services in all areas of interest for businesses and public administration. 

MPR Partners | Maravela, Popescu & Roman covers all major Romanian regions as well as the Republic of Moldavia, either directly or through carefully selected and closely coordinated correspondent offices. In addition, the firm has the infrastructure required to coordinate advice in multiple countries through highly reputed international networks of specialists ensuring high end services. 

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