Over 2,600 companies with debts of over 1 million lei in 2018 may enter insolvency

Over 2,600 companies may enter insolvency, according to a Veridio analysis that refers to companies identified in Government order 6/2019 with debts of over 1 million lei on December 31, 2018 which do not present notification on restructuring by September 30, 2019.

The authors of the analysis say the competent fiscal body will request the beginning of the insolvency procedure in 60 days after February 8, 2020, according to law 85/2014.

Companies that are in special administration and operators are included in the single register of economic operators and of production units and/or services for defense are exempted, according to law 232/2016 on the national defense industry.

The insolvency procedure will begin in 6 months  for tax payers that qualify according to government decision 6/2019 and have not presented restructuring requests. The deadline for presenting notifications requested by law is September 2019.

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