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Law No. 76 Of 17 July 1992

Original Language Title:  LEGE nr. 76 din 17 iulie 1992

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LEGE No. 76 of July 17, 1992 *** on measures to reimburse the appropriations resulting from the clearing action, the arrangements for the payments of economic operators, the prevention of default and the financial deadlock
ISSUER PARLIAMENT
Published in OFFICIAL GAZETTE NO. 172 of 22 July 1993



Note * *) Republicated pursuant to art. II of Law no. 43 43 of 29 June 1993 , published in the Official Gazette of Romania, Part I, no. 149 of 6 July 1993, giving the articles a new numbering. Law no. 76/1992 was published in the Official Gazette of Romania, Part I no. 178 178 of 28 July 1992. + Chapter 1 On the repayment of the appropriations resulting from the clearing action + Article 1 The Government and the National Bank of Romania will inform the Parliament, until September 30, 1992, with the result of the control over the way in which the councils of state powers and the boards of economic agents who benefited from appropriations following the clearing action have brought the established measures to fruition, according to art. 2 2 of Law no. 80/1991 ,, in order to ensure the reimbursement of these credits at the deadlines set out in the graphs drawn up Until the same date, the Government and the National Bank of Romania will inform the Parliament with the result of the inventory of available stocks and the balance of outstanding payments, as well as the measures taken to bring these goods and values back to the circuit economically. The censor commissions have the obligation to follow the accounting balance sheets to reflect the results of the application of the present law. + Article 2 Any compensation credits, non-refunded at maturity, will be recovered by banks from subsequent receipts without admitting other priorities to payments, except those for salaries, for no more than 2 months of the period set for repayment the full compensation credit. + Article 3 Banks have the right to withhold and use, for the repayment at maturity of the clearing credits and related interests, the amounts collected by economic agents from the disposal of movable and immovable property that constituted loan guarantees That. + Article 4 Foreclosure by removing the assets constituted as collateral for the right compensation credits art. 2 2 of Law no. 80/1991 shall be initiated by the banks and shall be executed according to the regulations in force, in the event that the repayment of the credit and related interests by the economic agent has not been secured within 30 days of the expiry of the maturity of the rate Unredeemed. The valorisation will only be made by selling at auction. The price from which the tender for mobile goods begins is the one resulting from the assessment provided by law. For immovable property, the price from which the auction begins shall be determined in relation to the market value at the start date of the forced execution. If one of the parties does not agree with market value determined by the bailiff, it will be determined by court. + Article 5 In the case of full non-recovery of the credit by forced tracking and the liquidation procedure of the debtor unit provided by the regulations in force, the state guarantee for the compensation credits of economic agents, according to art. 2 2 of Law no. 80/1991 , becomes chargeable and is executed in favour of creditor banks by payments from the amounts provided in the state budget with this destination. + Chapter 2 On the regime of payments of economic agents, prevention of payment default and financial deadlock + Article 6 Economic agents, regardless of the form of organization and type of property, have the obligation to make all payments due to any creditor legal person, including those for payment of obligations with any title to the state, in the order maturity. The maturity of a payment is determined by: contracts between economic agents; credit agreements; loan securities; legal provisions in the case of taxes and fees. In the case of payments for which the maturity is not provided, it shall be determined by the creditor by notifying the debtor at least 10 days before the payment deadline. The task of tracking payments in order of maturity returns to the debtor + Article 7 In case of non-fulfilment, within 30 days from the due date, the obligations provided in art. 6 6 para. 1, debtors will pay, outside the amount due, a penalty of 0.15% for each day of delay, except for the situation in which higher penalties were stipulated in conventions or other acts. In the commercial conventions between economic agents, whatever form they conclude, the parties are required to provide for late payment penalties of at least 0,15% for each day of delay, outside of other penalties. contract that can be stipulated. Total penalties for delay in settlement provided in par. 1 1 and 2 may not exceed the amount on which they are calculated. If the penalties provided for in this Article do not fully cover the damage incurred by the delay in making the payment, the creditor will be able to request the granting of damages in addition, according to the provisions of the common law. + Article 8 The boards of directors of economic agents, regardless of the form of organization and the type of property, have the obligation to pursue and take measures as their own funds, including the share capital, completed with bank loans or trade received under the law, to ensure the financial coverage of existing fixed and circulating means, as well as the availability of money necessary for current and investment activity. + Article 9 Making payments in a priority other than the one resulting according to the maturities is established by law, in which the nature of the obligations in question will be expressly provided for and the period of application of that priority. These payments are carried out under bank control. + Article 10 As of the date of entry into force of this law, economic agents, regardless of the form of organization and type of property, who have outstanding payments whose maturity has been exceeded by 30 days, are considered in default. Calendar. The inability to pay is found and communicated to the debtor by any creditor, after the expiry of this term. For legal obligations due by economic agents to the state budget, the state of default is found and communicated by the Ministry of Finance. + Article 11 After the delay of the debtor and the finding of the inability to pay it according to art. 10, the creditor can always ask the debtor, within the general limitation period, either with the amount due, or distinct from it, the penalties provided for in art. 7 7, on the path of legal action. For this purpose, the creditor will ask the competent court in whose territorial area the debtor is established to pronounce a decision by which the debtor, legally late and unable to pay, is obliged to pay the amount due and, where appropriate, the penalties provided for in art. 7. The cause will be judged expeditiously. The stamp duty for the introduction of the action is set at 10,000 lei, regardless of the value of the debit. + Article 12 After the final stay of the court decision, the creditor is entitled to pursue, under the law, to the account of the amounts granted as receivables or, as the case may be, the penalties, the debtor's patrimony, in the following order: a) funds, including availability in bank accounts; b) financial assets of any kind; c) finished products, raw materials and materials, fixed assets; d) claims and other patrimonial components in the civil circuit. + Article 13 The executor title is presented by the creditor to the banks or any legal entities that hold, in any form, patrimonial elements of the debtor and has the right of preemption over any other operations ordered by the debtor in question. + Article 14 Economic agents, regardless of the form of organization and the type of property, will ensure the record of payment obligations on maturities and will submit monthly the list of outstanding payments and financial situation to the bodies of the Ministry of Finance and the Bank National of Romania. + Article 15 The Ministry of Finance and the National Bank of Romania will analyze the economic and financial situation of economic agents who register outstanding payments, regardless of the nature of the creditor, and will declare, in duly justified cases, the state of incapacity their payment. The list of economic agents in default will be released. Until January 31, 1993, the National Bank of Romania will inform, quarterly, the Parliament with the situation, the causes and measures necessary to eliminate the outstanding payments of economic agents. + Article 16 In order to pay the payment obligations and to avoid the extension of the financial deadlock in the economy, the boards of economic agents in default are obliged not more than 30 days after the occurrence of this situations to take, in order, the following measures: a) the analysis with creditors of possibilities for the postponement of debts, their asanation by concordates, mergers or other measures of exit from the state of termination of payment; b) analysis with banks of possibilities to reschedule the maturity of bank loans or to obtain new loans; c) request of postponement with a maximum of 60 days of payment of taxes and contributions due to the state budget, under the conditions provided by law; d) the request for bank loans, granted with the Government guarantee, in justified cases, within the limit of the ceiling that is approved annually by the budgetary law. + Article 17 Economic agents declared in default according to art. 10, which continues its activity, will adopt measures to improve liquidity, including, on a mandatory basis: a) will stop any advance payment for supplies; b) will stop any distribution and payment from the net profit, from previous years or current year, including the share of employees; c) will stop any payment on bonuses, allowances or prizes for the management staff of the unit in question. In the management personal category shall be included: the director, the deputy directors, the chief accounting officer and the other functions assimilated to them. + Article 18 In the situation provided by art. 16 letter d), to the economic agents in default, until the actual start of the activity of the Private Property Funds and the State Property Fund, commissions of the Government made up of representatives of the Ministry of Finance, banks, the Ministry of Labour and Social Protection and the relevant ministry will analyze the causes and, based on feasibility studies, as the case may be, will propose measures to restructure, privatize or declare bankruptcy. + Chapter 3 Contraventions + Article 19 It constitutes a contravention to the rules on the finding and communication of the inability to pay economic agents, the following facts: a) failure by the debtor to make payments in order of maturity; b) failure to ensure the record of payment obligations by the debtor; c) the non-communication by the debtor of the list of outstanding payments according to art. 14 14 of this law. + Article 20 Violation of art. 17 constitutes contravention and is sanctioned with a fine of 100,000 to 300,000 lei. + Article 21 The contraventions provided in art. 19 of this law is sanctioned with a fine of 100,000 to 300,000 lei. The penalty can also be applied to legal entities. + Article 22 The contraventions provided by this Law shall apply to the provisions Law no. 32/1968 on the establishment and sanctioning of contraventions, except art. 25 25-27. The finding of contraventions and the application of sanctions are made by the specialized bodies of the Ministry of Finance + Chapter 4 Final provisions + Article 23 The provisions of this law apply to all economic agents, except in cases where express provisions were stipulated regarding only economic agents with full or majority state capital. + Article 24 The Government and the National Bank of Romania are to propose to the Parliament, by September 30, 1992, the appropriate additional measures and solutions, to ensure the removal and prevention of the chain blockage. -----------------------------