The authorities intend to reduce the number of years in which a company may face insolvency, from 5 to 2 years, said the proposed Minister of Finance Ionuţ Mişa at his hearing in the Parliament’s Budget-Finance joint Commissions. “We intend to reduce the number of years a company may be in insolvency proceedings. In many cases, the 5-year term stipulated by law has been exceeded. We want these companies to go bankrupt so as not to create new state budget bleedings. We intend to reduce the 5-year period to 2 years, following an estimate that we took into account. We want to base our analysis so as not to affect companies that are able to recover economically and return to the economic circuit”, said Misha, according to Agerpres.

He specified that it is intended to introduce conditionalities regarding the payment of current rates during the insolvency proceedings. “We want to introduce conditionalities regarding the payment of current rates during insolvency proceedings, to pay the monthly rates what they declared during the insolvency procedure and the rates of the insolvency procedure. Today there are very big delays. If this schedule is not met, the company will go bankrupt and we stop the possibility of a company to create new debts of the state budget”, said the minister of Finance Minister.