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de Adrian N Ionescu , 10.6.2019
ANAF is in many cases the majority creditor, so it is essential that judicial administrators and liquidators are approved and appointed on transparent criteria and appropriate to the complexity of the procedure, according to a press release issued by the Romanian National Association of Practitioners in Insolvency (UNPIR).
“We welcome the new ANAF order on the procedures for the approval and selection of insolvency practitioners. We believe that this outcome of the consistent discussions between UNPIR and ANAF should serve as an example of how regulations should be made for liberal professions: by consulting specialists and all stakeholders,” said Niculae Balan, president of UNPIR.
- Quarterly approval procedure
The approval procedure will be organized on a quarterly basis, which will allow faster access of new insolvency practitioners to insolvency proceedings in which ANAF is a significant creditor.
Previously, the approval procedure was organized depending on the situation, without a pre-established periodicity.
- Practitioners already approved based on the previous order are maintained
Practitioners already admitted when these changes entered into force will be maintained on the list and will not have to resume accreditation procedures, but the list will be checked quarterly by ANAF commission, and practitioners who no longer comply with the membership conditions provided by art. 4 par(2) lit. b) and c) will be disqualified.
- Increased threshold for practitioners’ fees
“With regard to the fee, the central fiscal body agrees with the fee established by the syndic judge by the decision on the procedure opening, without exceeding RON 5,000 for the entire procedure in the case of the fixed fee and maximum 5% of the amounts distributed to creditors in the case of the success fee. For insolvency practitioners registered for VAT, the fee will be RON 5,000, respectively 5%, excluding VAT.”
Previously, the fee threshold accepted by the central fiscal body was RON 3,000.
- No more “obviously disproportionate” fees
“Any offer that does not meet these conditions will be disqualified. Such offers are considered to be those with a monthly fee and/or a success fee of less than 1%, excluding VAT, as well as obviously disproportionate fees, on the one hand, in relation to the debtor companies against whom the selection of the practitioner is wanted in order to support them in the capacity of judicial administrator/liquidator, and on the other hand, in relation to the other fees demanded by the other bidders.”
This provision addresses the issue of “dumping” fees, aggressive bidding tactics that pose later difficulties. Through this measure, UNPIR and ANAF aim to ensure that each administrator allocates enough resources to each file and will be adequately remunerated with known or predictable amounts even from the start of the procedure.
- Removal of companies without assets from the selection procedure
Perhaps the most important measure is the elimination by not applying the selection procedure for companies without traceable assets for which, in most cases, the insolvency practitioner’s fee is paid from the liquidation fund.