The current economic climate in Romania is such that at the end of 2020 many Romanian companies may find that their capital has been substantially reduced because of falling income and reduced activity in Romania because of COVID-19. Probably the first time that the shareholders will become aware of this position will be when the [...]
What do you do when the company with whom you have been trading goes into insolvency The first reaction is to blame someone. The next reaction is to review your financial position in relation to the company which has gone into insolvency. You will need to review your written contracts with them and to see [...]
In April 2016, the European Union adopted the EU Regulation 2016/679 (General Data Protection Regulation-GDPR) on the protection of natural persons with regard to the Processing of Personal Data and on the free movement of such data, and the subsequent repeal of Directive 95/46/EC The GDPR is to apply starting on 25th May 2018, giving [...]
As part of Romania’s continued movement towards a fully integrated European Union country there has been a steady movement towards increasing consumer protection. Suppliers of goods and services have become aware of the duties they owe their customers whether they be private individuals or a commercial buyer. The legislation covering the liability of [...]
Transfer pricing is becoming more and more of an issue in Romania. Although not a member yet of OECD Romania has tried in many cases to follow the rules of the OECD. A number of recent treaties against Double Taxation follow the OECD recommended format. One of the areas in which the OECD [...]
This article is intended to clarify some of the questions which arise regarding the role powers and authority of an administrator in a Romanian company. The powers of the administrator in a Romanian limited liability company are not that extensive in comparison to the powers of administrators of other companies in Europe or [...]
Romania being Romania has a different approach to directors of companies and their relationship with such companies. It is very easy for someone not from Romania to use the word director. The word director has a different meaning in Romanian commercial parlance. A director is more akin to a manager. They do not [...]
The first question international clients usually ask us as lawyers in Romania is how long will it take to incorporate a company. As an experienced Romanian law Firm that should be an easy question to answer, but like most things in the current business world, the answer is not as simple as the question would [...]
One of the many questions we are asked as a law firm in Romania advising foreign clients is the question regarding the protection of know-how and Trade Secrets and what protection is there in Romania. Whilst the protection of Know-how and Trade Secrets is usually covered in local law there is often confusion as to [...]
Although Romania is going through a period of economic expansion there are still occasions where for a variety of reasons including economic reasons it is necessary for an employer to make employees redundant. This situation of redundancy is covered in the Romanian Labour Code. According to the Code, an employee may be dismissed in the [...]
