JURIDICE.ro Insolvency municipalities
TOP NEWS TOP LEGAL ROMANIA UNBR News. Bars UNNPR. Notary MJ. CSM. Instances International University del monte green bean casserole Announces Public Ministry Law 9 Documentation Appeal on points of law Jurisprudence New Books Magazines notes and Legal Studies (text) Official Core Legal Civil Law Criminal Law Employment Tax Law Banking Law Company Law Insolvency Law ... All Litigation Civil Judgments Enforcement Procedure Arbitration Mediation Reviews Interviews
Insolvency municipalities can be a real solution to their debt problem. The procedure is similar to that applied to commercial companies, but there are important differences, such as for example that public entities can not go bankrupt. Legal regulations must take into account the specific situation of these institutions, which can not be removed.
Despite the emergence of Ordinance on the Financial and Insolvency municipalities, Transylvania Insolvency House experts estimate that claims of creditors to obtain insolvency municipalities will be quite rare. The procedure can be initiated at the request of Mayors (for municipalities) or the presidents of county councils (for county), or by a creditor or group of creditors with a total debt exceeding 50% of the unit. This ceiling which determine the insolvency think that will be a major impediment to lenders who wish to request the opening of proceedings. If the debt exceeds 15% of the general budget and are older than 90 days, the administration del monte green bean casserole shall be considered in financial crisis.
Basil Godîncă-Herlea: "Ordinance to supplement existing articles in the Law on local public finances now creates a legislative framework that allows municipalities and other administrative del monte green bean casserole restructuring of business units, without this stop. One of the problems we see is the approval of the recovery plan, which is more complicated than for companies. The plan must go through many opinions, and if approval is missing, without the express sanction, it must be repeated as often as necessary to meet the requirements of the forum which the opinion or approval is required. Theoretically, this recovery del monte green bean casserole could last forever, which is a risk - as insolvency unit can not be exceeded, and finally the law is not a real cure arrears ".
"Actors" who take part or are related to the insolvency of a territorial administrative units are affected in different ways, thus: - The administrative-territorial. del monte green bean casserole In principle, it has a downside. This can not be enforced, penalties and interest do not accrue for claims paid on time and recovery plan can reduce their debts by rescheduling or deletion. Measures del monte green bean casserole taken by the receiver are intended to improve the situation in terms of ownership. - Citizens. Territorial administrative unit not outgoing essential public services can not be interrupted, but could be additional taxes imposed by the cessation of insolvency. - Employees. The recovery plan may provide for downsizing. - Beneficiaries of essential public services. Essential public services can not be interrupted. Both ADMINISTRATOR judiciary and the main credit must take all measures to keep these services running. - Contractors who have contracts del monte green bean casserole in progress. Contracts in progress can be maintained or terminated unilaterally by the receiver with the approval of the deliberative - utilities (electirc, gas, water, telecommunications) of the unit. They can not refuse to provide services during the bankruptcy, even if the unit has outstanding prior debt. The debts accumulated during the procedure will be paid at maturity. However, the law does not distinguish between the two situations del monte green bean casserole and therefore, theoretically, provide utilities can not be interrupted even if their value is not paid even during the procedure - Creditors administrative unit. Receivable del monte green bean casserole during the procedure will be paid on the due date, while previous claims the insolvency will be rescheduled for payment or reduced in whole or in part. During the procedure, the unit can not be enforced or sued. - The principal loan. We have only limited powers to financial activities and assets management
TOP NEWS TOP LEGAL ROMANIA UNBR News. Bars UNNPR. Notary MJ. CSM. Instances International University del monte green bean casserole Announces Public Ministry Law 9 Documentation Appeal on points of law Jurisprudence New Books Magazines notes and Legal Studies (text) Official Core Legal Civil Law Criminal Law Employment Tax Law Banking Law Company Law Insolvency Law ... All Litigation Civil Judgments Enforcement Procedure Arbitration Mediation Reviews Interviews
Insolvency municipalities can be a real solution to their debt problem. The procedure is similar to that applied to commercial companies, but there are important differences, such as for example that public entities can not go bankrupt. Legal regulations must take into account the specific situation of these institutions, which can not be removed.
Despite the emergence of Ordinance on the Financial and Insolvency municipalities, Transylvania Insolvency House experts estimate that claims of creditors to obtain insolvency municipalities will be quite rare. The procedure can be initiated at the request of Mayors (for municipalities) or the presidents of county councils (for county), or by a creditor or group of creditors with a total debt exceeding 50% of the unit. This ceiling which determine the insolvency think that will be a major impediment to lenders who wish to request the opening of proceedings. If the debt exceeds 15% of the general budget and are older than 90 days, the administration del monte green bean casserole shall be considered in financial crisis.
Basil Godîncă-Herlea: "Ordinance to supplement existing articles in the Law on local public finances now creates a legislative framework that allows municipalities and other administrative del monte green bean casserole restructuring of business units, without this stop. One of the problems we see is the approval of the recovery plan, which is more complicated than for companies. The plan must go through many opinions, and if approval is missing, without the express sanction, it must be repeated as often as necessary to meet the requirements of the forum which the opinion or approval is required. Theoretically, this recovery del monte green bean casserole could last forever, which is a risk - as insolvency unit can not be exceeded, and finally the law is not a real cure arrears ".
"Actors" who take part or are related to the insolvency of a territorial administrative units are affected in different ways, thus: - The administrative-territorial. del monte green bean casserole In principle, it has a downside. This can not be enforced, penalties and interest do not accrue for claims paid on time and recovery plan can reduce their debts by rescheduling or deletion. Measures del monte green bean casserole taken by the receiver are intended to improve the situation in terms of ownership. - Citizens. Territorial administrative unit not outgoing essential public services can not be interrupted, but could be additional taxes imposed by the cessation of insolvency. - Employees. The recovery plan may provide for downsizing. - Beneficiaries of essential public services. Essential public services can not be interrupted. Both ADMINISTRATOR judiciary and the main credit must take all measures to keep these services running. - Contractors who have contracts del monte green bean casserole in progress. Contracts in progress can be maintained or terminated unilaterally by the receiver with the approval of the deliberative - utilities (electirc, gas, water, telecommunications) of the unit. They can not refuse to provide services during the bankruptcy, even if the unit has outstanding prior debt. The debts accumulated during the procedure will be paid at maturity. However, the law does not distinguish between the two situations del monte green bean casserole and therefore, theoretically, provide utilities can not be interrupted even if their value is not paid even during the procedure - Creditors administrative unit. Receivable del monte green bean casserole during the procedure will be paid on the due date, while previous claims the insolvency will be rescheduled for payment or reduced in whole or in part. During the procedure, the unit can not be enforced or sued. - The principal loan. We have only limited powers to financial activities and assets management
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