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Business Environment Calls for an Efficient Insolvency Regime


Bucharest, 06 November 2013


The FIC, AmCham, RBL and AOAR, the most important organizations of the business environment in Romania express their concern over the proposals to amend the legislation on the insolvency prevention and insolvency proceedings, as well as over the manner in which the same were adopted. The current regime of insolvency is unfavorable to an attractive business and investment environment: procedures take too long, costs are very high, and at the end of the procedure the recovery degree of receivables is too small.

In early 2013, the amounts owed by insolvent debtors amounted to RON 10 billion, and estimates indicate an increase of such, especially among large and very large companies. Romania ranks last in the European Union in terms of effectiveness of insolvency proceedings and ranks 99 in the world, according to World Bank data.

The FIC, AmCham, RBL and AOAR believe that the proposals to amend Emergency Ordinance No. 91/2013 do not correct these deficiencies adequately. The Bill was put up for public debate for a short period of time. However, the Government chose to take into account only few of the observations and recommendations submitted by our organizations after considerable efforts made in a joint task force.

With regard to the adoption manner, we notice that the means of the Emergency Ordinance was chosen once again, which aspect had been referred also in the recent decision of the Constitutional Court. We believe that in the case of a bill which covers a fundamental mechanism of the market economy, the quality of the legislative act must govern the emergency nature of adoption. The Parliament must be the debate and decision-making forum of the insolvency law, and hopefully this will be the mean chosen thenceforth.

The practice of using the emergency ordinance procedure affects the confidence of the business community and the attractiveness of the investment environment. The FIC, AmCham, RBL and AOAR believe that Governmental decisions should be predictable. 83% of business people in Romania believe that Governmental decisions are not predictable, as revealed by a survey conducted recently.

In this context, the FIC, AmCham, RBL and AOAR held on 6 November 2013 a debate attended by professionals and experts in the field together with representatives of member companies, international organizations and Romanian officials.

If the authorities want to increase the investment level in the Romanian economy, we believe that it is absolutely necessary to take into account the following principles governing the insolvency proceeding:

  1. Better discipline of participants - debtors, practitioners, judges;
  2. Reducing the proceeding period and implicitly the related costs;
  3. Increasing the recovery degree of receivables;
  4. A considerable number of files should be settled by reorganization and restructuring and not by bankruptcy.

The four organizations further express their availability to dialogue with the authorities to implement an insolvency regime supporting the smooth functioning of the free market, that could not be turned to favor certain marginal participants.

The Foreign Investors Council (FIC) is an association of the leading investors in Romania. The FIC was established in 1997 when it officially began its activity with 25 companies as members. Today, the FIC has 119 member companies whose cumulated investments in Romania exceed EUR 35 billion representing approximately two thirds of the total foreign direct investment made since 1990.The FIC includes multinational companies providing the Romanian economy with a variety of goods and services and creating almost 200,000 direct and indirect jobs.


www.fic.ro

The American Chamber of Commerce in Romania (AmCham Romania) is a first rank advocacy and business growth professional association in Romania. AmCham Romania is firmly committed to facilitating an open dialogue between the business community and the central authorities, promoting transparent solutions and priorities for making Romania a better home for businesses and increasing the country’s economic competitiveness in the region and at European level. AmCham Romania is an accredited member of the U.S. Chamber of Commerce and part of the European network – AmChams in Europe.


www.amcham.ro

Romanian Business Leaders Foundation is a non-governmental and apolitical, non-profit organization, founded in July 2011. Its goal is to develop a platform for action and social involvement for leaders from the private sector. The ultimate goal is that Romania should become a better country for responsible business and, this way, for all Romanians. The Romanian Business Leaders include over 200 entrepreneurs and heads of companies in Romania which, for nearly two years, have been working on a voluntary basis in concrete projects of social entrepreneurship, generated by them, in the fields of education, entrepreneurial culture and good governance.


www.rbls.ro

The Businessmen’s Association of Romania (AOAR) supports the exploitation and strengthening of the role of the Romanian capital. AOAR promotes the development of entrepreneurship, as grounds for economic growth and development of the country through the intelligence, innovation, and participation with ideas, goods and services at the European and world economy. AOAR supports the development of a competitive economic environment, with a reduced bureaucracy and more efficient public services. AOAR believes in an open society, based on the acknowledgment of competence and performance at individual and company level, as the arguments for the creation of a real and sustainable wealth.


www.aoar.ro


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