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THE ROMANIAN RECOVERY AND RESILIENCE PLAN. THE IMPACT ON INSOLVENCY OF THE PROPOSED AMENDMENT TO THE ROMANIAN TAX LEGISLATION
Abstract
To mitigate the economic and social impact of the COVID-19 pandemic and to increase the sustainability and resilience of European economies and societies, as well as to better prepare them for the challenges and opportunities generated by the green and digital transition, the European Union has put at the disposal of the member states a temporary recovery tool: The Recovery and Resilience Facility. In order to use this financing instrument, each EU member state must draw up its own Recovery and Resilience Plan, through which it establishes its priority investment areas for the purpose of exiting the crisis, economic recovery and increasing the resilience capacity. On the basis of such a National Plan, the Romanian legislator proposed through a draft Emergency Ordinance some changes to the fiscal legislation, which interferes with the insolvency legislation. According to these proposals, it is intended that the tax authorities have new prerogatives in the context of insolvencies in which they have the capacity of a creditor, i.e. the holding of additional powers of supervision of the insolvency practitioner, the possibility of requesting bankruptcy if they consider that the company in insolvency has inappropriate behavior, and attributions in relation to public auctions organized by the debtor in insolvency. The purpose of this paper is to analyze the compatibility of these legislative proposals with the principles of the insolvency procedure, as they derive from European normative acts and from the national legislation of Romania.
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