Last week we were approached by an international contractor who asked us to consider the question of interest in his contract. Like all Romanian Lawyers we have in the past considered Law no 72/2013 which was introduced in April 2013. Law 72/2013 is intended to combat late payments in commercial transactions. This Law implemented the
As a Romanian law firm based in Romania we often are instructed on issues in which conflicts of law play a prominent part. Recently we were instructed on such a case concerning foreign shareholders. The case revolved around a shareholders dispute. The parties before they formed a Romanian company had entered into a shareholders agreement.
Minority protection is one of the worries for foreign investors. No matter how well they are briefed about a foreign country and its laws, this is always an area of concern when working in a foreign legal environment. Attitudes are different; rules are different, even peoples reaction to minority protection is different. Romania has its
The political world seems to be full of civil wars and fighting at the moment. The commercial world is not far behind and in Romania that is also the case, whether we like it or not. Romania is not very different. Inside companies often shareholders fall out and civil war is there. Then Romanian lawyers
After several attempts including an appeal to the Constitutional Court of Romania the legislators have now adopted a new law regarding insolvency and bankruptcy. The new law is Law no. 85/2014 and was issued in June 2014 coming into force on 28th June 2014. As this had brought about a fundamental review of the Romanian
Romania has not been immune from the beginning of the World Financial Crisis from the fall-out of the world financial problems. Many companies have failed and have entered into a form of reconstruction or have gone straight to closure and liquidation. There are though a number of companies in the twilight world of suspension. Under Law 31/1990