Entrepreneurs who fail to liquidate their companies or formally declare them inactive may find themselves facing debts claimed by the National Agency for Fiscal Administration (ANAF) even after five years, warns Dobrev SCA managing partner Luisiana Dobrinescu in an analysis."Unfortunately, tax obligations do not disappear. The Fiscal Procedure Code regulates situations in which these tax liabilities are transferred to directors and shareholders. ANAF has therefore intensified its efforts to recover such debts by establishing the joint liability of directors and shareholders. As a result, an increasing number of entrepreneurs have recently found their bank accounts frozen and their assets seized, as ANAF has been unable to serve procedural documents through the [Virtual Private Space] SPV system or at their registered addresses," Dobrinescu said.According to her, the fact that a company accumulated tax liabilities ten years ago or that shareholders have since sold their stakes does not guarantee that they cannot still be personally pursued for long-forgotten debts.Under ANAF current practice, the limitation period for establishing joint liability is five years from the date the company is declared insolvent, meaning it has no recoverable assets."The courts' approach is not uniform. However, one interpretation, which we support, is that the limitation period for establishing the liability of directors and shareholders is only three years because, in the absence of an explicit deadline in tax legislation, the provisions of general civil law should apply," Luisiana Dobrinescu explained.For anyone wishing to cease trading through a company, specialists recommend either liquidating the business or registering it with the Trade Register as temporarily inactive for a maximum period of three years.Simply stopping business activity and no longer paying the accountant is not sufficient, the lawyer stressed. ANAF may initiate enforcement proceedings years later, by which time accrued interest and penalties may significantly exceed the original tax liabilities.
Bucharest is entering a new stage of real estate market maturity. The pricing gap versus major Central and Eastern European capitals, a tightening residential supply pipeline and the strong performance of the hospitality sector are strengthening the investment case for Romania's capital. Bucharest's real estate market is undergoing an accelerated process of maturation at a […]
Romanian majority state-owned and BVB-listed gas transmission operator Transgaz (BVB: TGN) reduced its net profit by more than 40% in the first half of this year, from RON 519 million in the same period last year to RON 303 million, as a result of declining revenues and increasing operating expenses, according to a new report. […]
Romania News Today: Read the latest headlines from Nine O’Clock’s print edition for 6 August 2026, covering Romanian politics, business, the economy, diplomacy, and international affairs: Nadia Comăneci, guest of honour at the 2026 Singureni Manor Polo Cup international tournament The third edition of the event will take place from...
Romanian News: Nine O’Clock’s Top Stories in Brief – August 13, 2026: Zsolt Sándor, Hungary’s Chief of Defence Staff, Visits Romania as Bucharest and Budapest Strengthen Military Cooperation https://nineoclock.ro/zsolt-sandor-hungarys-chief-of-defence-staff-visits-romania-as-bucharest-and-budapest-strengthen-military-cooperation/ Nadia Comăneci, guest of honour at the 2026 Singureni Manor Polo Cup international tournament https://nineoclock.ro/nadia-comaneci-guest-of-honour-at-the-2026-singureni-manor-polo-cup-international-tournament/ David Popovici wins European 100m freestyle gold in Paris with...
The Romanian Lottery announced on Thursday, August 14, that the largest prize in the history of the Loto 6/49 game, worth more than EUR 10 million, has been won. The lucky ticket was played in Oradea and cost RON 8.50 (EUR 1.6), according to the official press release. This is the second first-category win obtained […]
An interview with the Japan Aerospace Exploration Agency (JAXA) on humanity’s future in space, from the Moon and Mars to the broader challenges of exploration, education, and international cooperation. By Dr. Adrian Leonard Mociulschi—Special for Nine O’Clock The Perseid meteor shower, visible each August, offers a reminder of humanity’s enduring...
