Debt facilities and installments. How to get them?

ANAF has drafted a document reminding companies of the main structures they can use to avoid getting into trouble, considering the next period in which the debts postponed during the emergency period will be completed and will begin to be executed. We summarize them below:

They concern the way in which debts are paid to the State. The legislation already contains new and existing provisions at the time of the state of emergency:

12-month payment schedule

Conditions: The company had no outstanding debts at the time of the state of emergency.

How to obtain: With an application submitted to ANAF by 15 December.

Settlement deadline: Maximum 5 days.

Installment payments over a period of six months up to a maximum of five years

Payment of the installment can be obtained according to the tax procedure code, for a period of 6 months and a maximum of 5 years, depending on whether the guarantee can be submitted or not.

Conditions:

• the company is in difficulty due to a lack of liquidity and has the financial capacity to pay during the period of the installment;
• the company has guarantees;
• the company is not in bankruptcy proceedings, in liquidation, no liability has been established for insolvency/joint and several liabilities.

How to obtain: with an application submitted to ANAF.

Cancellation of payment obligations of ancillary instruments relating to the main budgetary obligations outstanding at 31.03.2020

Conditions:

• all major budgetary obligations outstanding at 31 March 2020 are extinguished on 15 December 2020;
• all key and ancillary budgetary obligations are extinguished, with payment deadlines between 1 April 2020 and the date of submission of the request for cancellation of the accessories;
• the company is not in bankruptcy proceedings, in liquidation, no liability has been established for insolvency/ joint and several liabilities

How to obtain: with an application submitted to ANAF by 15 December.

Restructuring of balance sheet liabilities outstanding at 31 July 2020 for a maximum period of 7 years

Companies may obtain the restructuring of their outstanding balance sheet debt at 31 July 2020 for a maximum period of seven years, with the possibility of cancelling ancillary payment obligations and 50 % of the main budgetary obligations if up to 15 % of the principal obligations due are met by the date of application.

Conditions:

• the conditions for receipt of payment entitlements are not met;
• a restructuring plan and a prudent private creditor test prepared by an independent expert shall be submitted;
• not be in insolvency/winding-up proceedings at the date of the decision approving the restructuring of the balance sheet;
• to meet the prudent private creditor test

How to obtain: submitting a notification to ANAF by 31 March 2021 and by 30 June 2021.

With the prudent private creditor test, ANAF takes the position of a private creditor and analyses how it optimizes its gains: budget restructuring/forced execution/bankruptcy.