Intro to our firm

"When I moved to Romania and opened my first law firm, Romania was not yet a member of the EU. For me the first years had been very interesting. Each day working with the courts and the authorities was exciting. Everyday situations, although related to common general legal practice, were treated differently. The legal norms were undergoing a big change.

Almost 10 years after the accession of Romania into the EU, the law firm Hirsch Marinescu & Partners is confronted with major legal and economic challenges. Initially we incorporated companies continuously or helped our clients in taking-over other companies. Later there was the booming days of renewable energy in which we supported clients in selling, buying or setting-up the SPVs. Today our focus is related to restructuring and optimization of companies. First and foremost, the latest legal norms in civil - and insolvency laws represent a step forward in the Romanian legal system.

Our permanent challenge is to protect the economic and financial interests of our clients in the very best way. Romania is still a country in which investors can find big success.

In order to find this success it needs a responsible and reliable consultant taking care of the situation. We are gladly your consultant for all matters related to the legal interest in order your investment becomes the success of all of us. "
Mag. Dr. Monika Hirsch, attorney-at-law

Producers of energy with an installed capacity of 125 MW are regaining the market

According to a recently issued Law 122 on 3rd of July 20151, regarding the new measures in the electricity field (hereinafter “Law 122/2015”) is again changing the possibility to enter on the market for big producers of energy, which develop an electricity power producing capacities of 125 MW or more, up to 250 MW (hereinafter “Big Producers”), do not need a separate individual approval of the European Commission, if attested by the Regulatory Authority in the field of energy.

In 2012, an Emergency Ordinance of the Government2 was issued according to the European Commission Decision 3, obliging the Big Producers to obtain separately from the European Commission an individual approval, after being licensed in Romania, for benefiting of the support scheme for the time-frame given in Law no. 220/2008 on the support scheme(maximum 15 years).

Therefore, starting with the application of Law no. 122/2015, respectively 6th of July 2015, for the Big Producers of energy is establishing that no separate approval is necessary any longer, and for the future accredited (licensed) producers of energy and for previously accredited (licensed) producers. Read more »

  • Individuals Insolvency Law will come into force in December 2015
  • New deadline for the financial statements
  • Amendments to the Companies Law No. 31/1990 and Trade Register Law
  • The government wants to eliminate the stamp for companies and PFA
  • New tax breaks for SMEs
  • Support to micro and small enterprises in rural areas for the establishment and development of non-agricultural economic activities

Individuals Insolvency Law will come into force in December 2015

On 26th of June, 2015 Law no. 151/2015 on insolvency of individuals, an absolute novelty in the Romanian legal system, was published in the Official Gazette no. 464 of 26th of June 2015 and will come into force on December 26th.

The main purpose of the law is to grant a chance to those in good faith debtors to redress their financial situation through a debt repayment plan; the liquidation of assets or through the simplified procedure.

The procedure applies to those individuals who have their domicile, residence or usual residence for at least 6 months prior to the application in Romania; have total debts more than 15 minimum wages with a due date expired for more than 90 days; have no possibility to redress financial on their own in the next 12 month after their debts became due.

Read more »

Producers of energy with an installed capacity of 125 MW up to 250 MW are regaining the market – they become entitled to Green Certificate even retrospectively

The possibility for big producers of energy to enter in the market is changed again according to a recently issued law, Law 122 on 3rd of July 2015, regarding the new measures in the electricity field (hereinafter “Law 122/2015”).  Big producers of energy having power plants with capacities of 125 MW or more, up to 250 MW (hereinafter “Big Producers”), do not need a separate individual approval of the European Commission, if attested by the Regulatory Authority in the field of energy.

In 2012, an Emergency Ordinance of the Government was issued according to the European Commission Decision, obliging the Big Producers to obtain separately from the European Commission an individual approval, after being licensed in Romania, for benefiting of the support scheme for the time-frame given in Law no. 220/2008 (issuing Green Certificates) on the support scheme (maximum 15 years).

Therefore, starting with the application of Law no. 122/2015, respectively starting with 6th of July 2015, for the Big Producers of energy is established that no separate approval is necessary any longer; this includes even already accredited (licenced) producers by the Romanian authorities.  

Note: The Big Producers which were accredited at the time of issuance of the EOG no. 88/2011 (which was at date of 19.01.2012) and obtained a certain number of GCs’ have now the possibility to be reimbursed. For the Big Producers which obtained a different number of GC, other than the one provided by Law no. 220/2008, in article 6, because of the late given approval of the European Commission, shall be reimbursed within 24 months from the application of Law no. 122/2015, respectively latest on 5th of July 2017.

The reimbursement is done based on a normative resolution of the Regulatory Authority in the field of Energy, which shall be issued in a term of 90 days from the application of Law no. 122/2015, respectively 5th of September 2015.

Furthermore, Law no. 122/2015 is establishing a term of 120 days from its application for the Regulatory Authority to elaborate a mechanism of opening the promotion scheme of GCs for the producers of electricity from renewable sources from other Member States of the European Union.

On another hand, the Regulatory Authority has another obligation related to small producers, as to establish a mechanism for a support scheme within 120 days from the publication of Law no. 122/2015 for small producers of energy from renewable sources with an installed capacity of up to 500kW. Therefore, latest the 9th of November 2015, small producers will have a separate mechanism of support.

Note: The Law no. 122/2015 will be fully applicable after the Regulatory Authority shall implement the normative rulings as afore shown, within the terms given. This should be the case latest by 9th of November 2015.

For further information on this aspect and any other questions related to renewable energy please feel free to contact: Mag. Raluca Marinescu, LL.M. (raluca.marinescu@nhp.ro)