Bogdan Stanescu: EC decision on State aid for Oltchim changes the insolvency law

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An unprecedented situation arised in the case of state aid that Oltchim has to return to the state after the decision of the European Commission last December. In order to recover the amount, Oltchim, in insolvency, has to write the claim of 335 million euros in the creditor’s table. However, the law of insolvency does not allow this, which is why the state should modify the legislation, according to Bogdan Stănescu, the special administrator of Oltchim, quoted by e-nergia.ro.

However, according to Oltchim’s special administrator, the rank of this claim must be determined by a court final decision, even if the national law does not provide for such a situation.

“For the amount of 335 million euros, penalties will be calculated according to a formula applied by the European institutions. Then the syndic judge must, according to the law, decide on the rank of the State aid claim, but this can be disputed by the other creditors. Insolvency legislation, however, does not provide for this type of claim. Moreover, it should prevail at the creditors table. The reason why the law should be amended. We will see how and if the syndic judge will solve this legal challenge,” Bogdan Stanescu said in an interview for economica.net.

According to him, the creditors’ table, which was set in 2015, should be updated, and the state aid providers, namely AAAS, Electrica, Salrom and Romanian Waters, should be listed.

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