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COVID-19 Legal Insights
 
 
 
COVID-19 Legal Insights
COVID-19 Legal Insights is our response to the COVID-19 outbreak. We shall keep you informed on the various legal challenges posed by the coronavirus, thanks to a dedicated practice group comprising lawyers with different backgrounds, such as compliance/regulatory, corporate and commercial, insurance, labour and employment, litigation and arbitration, insolvency, public procurement, data privacy, tax and customs. In addition, our taskforce offers strategic advice on crisis-specific matters: corporate restructuring, review and (re)negotiation of agreements (including collective bargaining agreements and individual employment contracts), performance of the contracts which are affected by force majeure and hardship, unblocking pre-litigation relationships, etc.
COVID-19 Legal Insights is our response to the COVID-19 outbreak. We shall keep you informed on the various legal challenges posed by the coronavirus, thanks to a dedicated practice group comprising lawyers with different backgrounds, such as compliance/regulatory, corporate and commercial, insurance, labour and employment, litigation and arbitration, insolvency, public procurement, data privacy, tax and customs. In addition, our taskforce offers strategic advice on crisis-specific matters: corporate restructuring, review and (re)negotiation of agreements (including collective bargaining agreements and individual employment contracts), performance of the contracts which are affected by force majeure and hardship, unblocking pre-litigation relationships, etc.
Decision No. 270/2020 for the approval of the Rules for the application of Government Emergency Ordinance No. 37/2020 on the granting of facilities in relation to the loans granted by credit institutions and non-bank financial institutions to certain categories of debtors ("GEO 37/2020") was published in the Official Journal on 6 April 2020 ("Application Rules"). Relevant highlights: General rules in applying for suspension; Loans for which suspension may be requested; Natural persons who may benefit from the suspension of payments; Legal entities that may benefit from the suspension of payments; Authorized natural persons, individual businesses and family businesses, as well as liberal professions and professions practiced under special laws may benefit from the suspension of payments; Stimulus granted for mortgage loans contracted by natural persons; Stimulus applicable to the loans contracted by debtors, other than mortgage loans contracted by natural persons; Loan rescheduling methods (including for mortgage loans); Formalities applicable to co-debtors and guarantors; Procedure for the approval of the application for suspension by the creditors. To read the entire legal insight, please download the .pdf attached (English and Romanian).
Application Rules regarding the granting of facilities in relation to the loans granted by credit institutions and non-bank financial institutions to certain categories of debtors (8 April)
 

Decision No. 270/2020 for the approval of the Rules for the application of Government Emergency Ordinance No. 37/2020 on the granting of facilities in relation to the loans granted by credit institutions and non-bank financial institutions to certain categories of debtors ("GEO 37/2020") was published in the Official Journal on 6 April 2020 ("Application Rules").

Relevant highlights:

  • General rules in applying for suspension;
  • Loans for which suspension may be requested;
  • Natural persons who may benefit from the suspension of payments;
  • Legal entities that may benefit from the suspension of payments;
  • Authorized natural persons, individual businesses and family businesses, as well as liberal professions and professions practiced under special laws may benefit from the suspension of payments;
  • Stimulus granted for mortgage loans contracted by natural persons;
  • Stimulus applicable to the loans contracted by debtors, other than mortgage loans contracted by natural persons;
  • Loan rescheduling methods (including for mortgage loans);
  • Formalities applicable to co-debtors and guarantors;
  • Procedure for the approval of the application for suspension by the creditors.

To read the entire legal insight, please download the .pdf attached (English and Romanian).

The Emergency Ordinance No. 37/2020 on the granting of facilities in relation to the loans granted by credit institutions and non-bank financial institutions to certain categories of debtors ("GEO 37/2020") was published in the Official Journal of Romania on 30 March 2020. GEO 37/2020 grants certain facilities regarding the repayment of loans granted by credit institutions and non-bank financial institutions to certain categories of debtors: repayment of loan instalments may be suspended for a period of up to 9 months, but not later than 31 December 2020. Relevant highlights: Who are the beneficiaries? Which are the requirements for the suspension to be applicable? Which are the types of loans for which suspension of repayment may be requested? What are the effects of suspension? How is the suspension obtained? To read the entire legal insight, please download the .pdf attached (English and Romanian).
Facilities regarding the repayment of loans granted by credit institutions and non-bank financial institutions to certain categories of debtors (31 March)
 

The Emergency Ordinance No. 37/2020 on the granting of facilities in relation to the loans granted by credit institutions and non-bank financial institutions to certain categories of debtors ("GEO 37/2020") was published in the Official Journal of Romania on 30 March 2020.

GEO 37/2020 grants certain facilities regarding the repayment of loans granted by credit institutions and non-bank financial institutions to certain categories of debtors: repayment of loan instalments may be suspended for a period of up to 9 months, but not later than 31 December 2020.

Relevant highlights:

  • Who are the beneficiaries?
  • Which are the requirements for the suspension to be applicable?
  • Which are the types of loans for which suspension of repayment may be requested?
  • What are the effects of suspension?
  • How is the suspension obtained?

To read the entire legal insight, please download the .pdf attached (English and Romanian).

For the purpose of mitigating the negative effects on the economy caused by the measures to prevent and fight the COVID-19 epidemic, Emergency Ordinance No. 29/2020 on certain economic and fiscal measures ("GEO No. 29/2020"), published in the Official Journal of 21 March 2020, sets forth certain fiscal measures, including measures to support small and medium enterprises in paying their bank loans ("SMEs"). Amending and supplementing Government Emergency Ordinance No. 110/2017 on the Program to support small and medium enterprises - IMM INVEST ROMANIA ("Program"), approved by Law No. 209/2018 ("GEO No. 110/2017"), GEO No. 29/2020 introduces the following State guarantee facilities offered by the Ministry of Public Finance to support loans for investments and for working capital granted to SMEs: 80% State guarantee is granted for funding provided to a SME by means of one or more loans for investments and/or one or more loans / credit lines for working capital. The ceiling of funding for investment loans is of RON 10 million and that for loans / credit lines for funding work capital is of RON 5 million; The State guaranties no more than 90% of the loans / credit lines for funding working capital provided to a microenterprise or small enterprise, with a maximum value of RON 500,000 for microenterprises and RON 1 million for small enterprises. To read the entire legal insight, please download the .pdf attached (English and Romanian).
Measures to support SMEs in the context of the COVID-19 epidemic (25 March)
 

For the purpose of mitigating the negative effects on the economy caused by the measures to prevent and fight the COVID-19 epidemic, Emergency Ordinance No. 29/2020 on certain economic and fiscal measures ("GEO No. 29/2020"), published in the Official Journal of 21 March 2020, sets forth certain fiscal measures, including measures to support small and medium enterprises in paying their bank loans ("SMEs").

Amending and supplementing Government Emergency Ordinance No. 110/2017 on the Program to support small and medium enterprises - IMM INVEST ROMANIA ("Program"), approved by Law No. 209/2018 ("GEO No. 110/2017"), GEO No. 29/2020 introduces the following State guarantee facilities offered by the Ministry of Public Finance to support loans for investments and for working capital granted to SMEs:

  • 80% State guarantee is granted for funding provided to a SME by means of one or more loans for investments and/or one or more loans / credit lines for working capital. The ceiling of funding for investment loans is of RON 10 million and that for loans / credit lines for funding work capital is of RON 5 million;
  • The State guaranties no more than 90% of the loans / credit lines for funding working capital provided to a microenterprise or small enterprise, with a maximum value of RON 500,000 for microenterprises and RON 1 million for small enterprises.

To read the entire legal insight, please download the .pdf attached (English and Romanian).



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Tuca Zbarcea & Asociatii launches a set of podcasts titled "Law in the time of corona"

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