Romania’s tax collection agency ANAF will draft each year a list of companies whose net assets are under half of their share capital and companies included on the list for two consecutive years may risk being dissolved, local Profit.ro reported.
Under current regulations, any stakeholder, including ANAF, can initiate the procedures of dissolving undercapitalized companies (without waiting for two years) but as a practice this does not happen. In fact, many companies are in the situation of negative equity, meaning the value of their assets is lower than their total debts, and they are still legally functioning.
Companies that fail to send their financial statements to ANAF for two consecutive years also risk being dissolved. However, companies will have a six-month grace period after the legal deadline for the second year to comply.The procedures will not be initiated for those companies complying with the regulations within this six-month period.
(photo source: Pixabay.com)