According to CITR, the leader of the restructuring market in Romania, in 2021, companies that want to overcome the crisis and move to the next stage of development must be prepared to anticipate changes and invest in solutions that would help them better manage the risks. More than 7000 companies have debts over RON 1 million each, according to Termene.ro. Their total value amounts to RON 73bn and 66 percent of them, i.e. 4,600, are in insolvency or bankruptcy, but haven’t resorted yet to a recovery procedure.
2,600 of companies with debts to the state budget are companies that can still act preventively to recover the activity and can resort to the GO6 procedure, especially created by ANAF to stagger the main debts and erase debts and penalties related to these debts to the state budget.
By accessing GO6, companies can recover with the help of a budgetary debts reorganization plan, which can mean the staggering of main debts to the state budget and reduction by up to 50 percent of the main debt, but also erasing interests and penalties owed on December 31, 2020. Another important advantage is keeping control over the company, the management right not being lifted in this procedure. At the same time, with the submission of the recovery plan, budgetary enforcement is suspended, companies benefiting from more freedom in decisions.
Under GO6, the company can decide to stagger the main budgetary debts for a period of up to 10 years and the restructuring plan can be adjusted at any moment during implementation. With the application of the restructuring plan under GO6, the company not only escapes budgetary debts, but it also becomes eligible for accessing loans and even more, it becomes interesting including for investors. Moreover, it has again access to public tenders, which helps it re-become an active contributor to the economic environment.
