Law No. 76 Of 17 July 1992 * Republished

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

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LAW No. 76 of 17 July 1992 * Republished on measures for repayment of credits resulting from the action of clearing, payments to businesses, preventing the failure of payment and ISSUING financial deadlock PARLIAMENT Published in MONITORUL OFICIAL NR. 172 of 22 July 1993 Note *) Republished pursuant to art. II of law No. 43 of 29 June 1993, published in the Official Gazette of Romania, part I, no. 149 of 6 July 1993, Rosca articles a new numbering.

Law No. 76/1992 was published in the Official Gazette of Romania, part I no. 178 of 28 July 1992.

Chapter 1 concerning the repayment of credits resulting from the action of clearing Article 1 the Government and National Bank of Romania shall inform Parliament by 30 September 1992, with the result of control over how the proxies for the State Councils and boards of the economic agents who have received loans in the wake of the compensation action brought to fruition the measures provided According to art. 2 of law No. 80/91, in order to ensure reimbursement of such loans to the timelines in the graphs drawn up with banks.
Until the same date, the Government and National Bank of Romania will inform Parliament of the result of the valuation of stocks available, and with the balance of payments of arrears, as well as measures taken for the return of such goods and values into the economic circuit.
Audit committees are required to ensure that the balance sheets to reflect the results of the application of the provisions of this law.

Article 2 Any compensation, outstanding loans at maturity, banks will recover from subsequent proceeds without admitting other priorities payments, except for salaries, for a maximum of 2 months from the time fixed for the repayment in full of the credit clearing.

Article 3 the banks have the right to retain and use for its repayment at maturity of loans and compensation related to the interest of the operators proceeds from the disposal of movable and immovable property constituted guarantees of the appropriations concerned.

Article 4 the pursuit forced through outlawing the sale of assets pledged as collateral for the loans of compensation under art. 2 of law No. 80/1991 is initiated by banks and run according to regulations in force, in the event that it has not been ensured the repayment of the loan and the interest incurred in by the operator within 30 days of the expiry of the due payments rate.
Capitalization will be made only by selling at auction. The starting price for the auction to movables which is the result of the assessment provided for in law. For real estate, the starting price for the auction is determined in relation to the market value on the date of commencement of execution. If one of the parties does not agree with the value of the market caused by the bailiff, it will set the judicial process.

Article 5 in the case of full credit in irregularites tracking forced and liquidation proceedings of the unit responsible for payment provided for in the rules, the guarantee granted by the State for compensation of economic operators under art. 2 of law No. 80/1991, becomes chargeable and shall run in favor of the creditor banks through the payment of the amounts provided for in the State budget with this destination.

Chapter 2 regarding the payments to businesses, preventing the failure of payment and financial blockage Article 6 operators, regardless of the form of organization and type of property, have the obligation to carry out all payments owed to any creditor legal entity, including those for payment obligations with the State title, in order of maturity.
A payment due date shall be fixed by: contracts between economic operators; credit agreements; titles; legislation in the case of taxes and fees. In the case of payments for which no provision is made for maturity, this is determined by the creditor by the debtor with notice at least 10 days before the deadline for payment.
The task of the prosecution of payment in due order shall be the responsibility of the debtor in the case of non-compliance with Article 7, within a period of 30 days from the due date, the obligations under article 4. 6 paragraph 1. 1, borrowers will pay the amount owed, in addition, a penalty of 0.15% per day of delay, except where the Convention or other penalties were stipulated.
Trade agreements between operators, regardless of the form in which they are concluded, the parties have the obligation to provide for penalties for delay in settlement of not less than 0.15% per day of delay, unless other contractual penalties that may be stipulated.
Total penalties for delay in settlement referred to in paragraph 1. 1 and 2 may not exceed the amount which they are calculated.
Where the penalties provided for in this article shall not cover in full the injury suffered by lateness of payment, the lender may request for awarding damages in addition, according to the provisions of the common law.

Article 8 boards of economic agents, regardless of the form of organization and type of property, are required to track and take action on their own funds, including capital, supplemented by commercial bank loans or received in accordance with the law, to ensure the financial coverage of existing fixed assets and current assets, as well as the availability of money needed for current activity and investment.

Article 9 conduct payments in another priority than that resulting according to maturities are used shall be determined by law, will be provided for expressly in the cause and nature of obligations during the period of application of the priority concerned. Such payments shall be carried out under supervision.

Article 10 with effect from the date of entry into force of this law, shall be deemed in default operators, regardless of the form of organization and type of property, which have outstanding payments whose due date has been exceeded by 30 days.
The inability to establish payment and shall be notified to the debtor of any creditor after expiry of that period.
For legal obligations owed by businesses of the State budget, the default is notice and shall be communicated by the Ministry of finance.

Article 11 after the delay of the debtor and finding its payment incapacity under art. 10, the lender may request at any time the debtor, within the general term of prescription, either by the amount due, be distinct from it, the penalties provided for in article 10. 7, on the way to court.
To this end, the creditor will ask the competent court in whose territory the debtor is a debtor of the judgment by which the legal delay, and in default, be liable to pay the amount owed and, where appropriate, to the penalties provided for in article 10. 7. Cause it will judge promptly.
Stamp duty for bringing the action shall be at 10,000 lei, regardless of the amount of flow.

Article 12 final lag After judgment, the lender has the right to pursue, in accordance with the law, on behalf of the amounts awarded by way of claims or, where appropriate, penalties, estate of the debtor, in the following order: (a)), including the availability of funds placed in bank accounts;

b) financial assets of any kind;

c) finished products, raw materials, capital goods;

d) claims and other proprietary components contained in the civil circuit.

Article 13, Title is engendered by the executor creditor banks, or other juridical persons possessing, in whatever form, of the debtor's patrimonial elements and pre-emption right over any other operations ordered by the debtor in the case.

Article 14 economic agents, regardless of the form of organization and type of property, will ensure record-keeping obligations of payment due and will submit the list of outstanding payments and monthly financial position at Ministry of finance bodies and the National Bank of Romania.

Article 15 the Ministry of finance and the National Bank of Romania will analyze the economic and financial situation of the economic operators which have outstanding payments, regardless of the nature of the creditor, and shall declare, in justified cases, the default.
List of economic operators which are in a State of incapacity of payment shall be the date public.
Until 31 January 1993, the National Bank of Romania shall inform the European Parliament on a quarterly basis, with the situation, the causes and the measures required for the Elimination of the backlog of payments to businesses.

Article 16 for the purpose of payment of payment obligations and avoid a stalemate in extending financial economics, boards of economic operators which are in a State of default are obliged as within 30 days of the occurrence of this situation to take, in order, the following measures: a) of some lenders analyze possibilities for deferral of debt reconstruction by concordats mergers or other exit from the State of cessation of payment;

b) with banks analysis of the possibilities of day-to-day operation of bank credit due or obtaining new loans;

c aminarii's request with maximum) 60 days after payment of taxes and contributions payable to the State budget, under the conditions provided for by law;

d) Bank loan request, granted with Government guarantee, in duly justified cases, to a maximum ceiling on what is approved annually by the budget law.

Article 17 operators declared in default in accordance with art. 10, which continues the activity, will adopt measures to improve liquidity, including compulsory: a) will stop any advance payment for deliveries;

b) will pay any distribution and sista from net income, past or current year, including the share of employees;

c) will increase any payment relating to the sista, allowances or awards for management personnel of the unit in question. In the category of senior staff include: Director, Deputy Directors, Chief Accounting Officer and other functions treated as such.

Article 18 In the situation provided for in art. 16 lit d), operators are in default, until the start of the actual activity of the funds of Private property and State property Fund, the Government Commission made up of representatives of the Ministry of finance, banks, the Ministry of labour and social protection and the Ministry will analyze the causes and, on the basis of feasibility studies, where appropriate, shall propose measures for restructuring privatization, or declaring bankruptcy status.

Chapter 3 article 19 Offence Constitutes contravention of the rules concerning the establishment and communication of inability to pay the economic agents, the following facts: (a) failure of the debtor) of the payments in due order;

(b) failure to provide evidence of obligations) payment due by the debtor;

(c) failure of the debtor) of the list of outstanding payments in accordance with article. 14 of this law.

Article 20 the violation of art. 17 constitutes contravention and shall be sanctioned with a fine of 100,000 to 300,000 lei.

Article 21 Offences referred to in articles. 19 of this law shall be sanctioned with a fine of 100,000 to 300,000 lei from.
The penalty may be applied to legal persons.

Offences referred to in article 22 of this law shall be subject to the provisions of law No. 32/68 on the establishment and sanctioning of offences, with the exception of art. 25-27.
Finding contraventions and penalties are carried out by specialized bodies of the Ministry of finance.

Chapter 4 final provisions Article 23 the provisions of this law shall apply to all economic operators, except in cases in which the provisions have been stipulated expressly relating only to operators with all or a majority of the State.

Article 24 the Government and National Bank of Romania to propose to Parliament, no later than 30 September 1992, additional measures and appropriate solutions to ensure the removal and prevention of deadlock in the chain.

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