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    Home»Companies»How the Tax Authority is changing the rules for companies with financial problems: ANAF is scrutinizing the period before insolvency
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    How the Tax Authority is changing the rules for companies with financial problems: ANAF is scrutinizing the period before insolvency

    Romania has faced major challenges in collecting state budget revenues for many years. In this complicated economic landscape, the insolvency procedure has often been viewed by certain entrepreneurs as an easy lifeline.
    By Andreea IonescuApril 4, 2026No Comments6 Mins Read
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    The new insolvency legislation changes fundamentally how the National Agency for Fiscal Administration (ANAF) treats companies facing financial difficulties. State authorities have realized that simply declaring bankruptcy is no longer sufficient for recovering budget debts. According to an analysis by Sierra Quadrant, Tax inspectors' attention is now shifting to the early identification of problems in companies.

    Romania has been facing major challenges in collecting state budget revenues for years. In this complicated economic landscape, insolvency proceedings has often been seen by certain entrepreneurs as a Easy rescue colander. At the same time, for the Romanian state, it has represented a total legal blockage numerous times in the way of enforcement proceedings.

    New European and national legislation is urgently trying to rebalance this situation. Tax inspectors will analyze the activity of companies in the period preceding the opening of judicial proceedings much more carefully. The main goal is Early detection of financial difficulties and avoiding the definitive collapse of viable businesses.

    According to experts at Sierra Quadrant, recent.

    This control strategy allows the state to identify potential difficulties that a commercial company encounters in the market early on.

    ANAF data shows that approximately 18%of all ongoing procedures today belong to taxpayers who have been under the insolvency law for at least ten years. During this huge time interval, arrears uncollected by the state budget have increased by a record 155%.

    Furthermore, a close look at the major debtors reveals the true extent of the losses suffered by the Treasury.
    The massive balance of receivables owed by the top 30 taxpayers in insolvency is composed precisely of current tax obligations. These huge amounts were generated directly during the reorganization process, far exceeding the initial historical debts.
     
    An early warning system for business rescue

    Besides the effort to recover public funds, the new legal mechanisms also play an essential supportive role for the private sector. The European directive on preventive restructuring obliges the state to create functional early warning systems. ANAF will send specific notifications to companies as soon as they begin to accumulate first significant debts.

    Thus, entrepreneurs are actively encouraged to turn to financial restructuring solutions before their business went to court.

    ,”We are going through a turbulent period for the economy in which financial challenges are everywhere. For any company, regardless of size, actively monitoring business relationships and financial flows must be a top priority," says Ovidiu Neacșu, coordinating partner at Sierra Quadrant.

     The latest data published by the National Trade Register Office (ONRC) indicate a% 13.17% increase in the number of insolvencies in the period January-February 2026, compared to the similar period last year. In total, 1,091 economic entities resorted to this judicial procedure in the first two months of the year. The largest number of companies and individual entrepreneurs (PFA) entering insolvency were registered in Bucharest, respectively 222, a% 8.64% decrease compared to the first two months of 2025.

    In terms of fields of activity, the largest number of insolvencies was registered in: wholesale and retail trade, repair of motor vehicles and motorcycles, construction, manufacturing, and transportation and storage.


    How to Save Your Business from Bankruptcy: Concrete Steps for Preventive Restructuring

    Romanian legislation has undergone a major transformation, offering entrepreneurs modern tools to avoid financial collapse.

    Through the transposition of a European directive, specifically Law 216/2022, the state has introduced clear preventive restructuring mechanisms. These tools allow companies in difficulty to renegotiate their debts and continue their operations, away from the stigma and rigidity of the classic bankruptcy procedure. The two main routes a company can follow are the restructuring agreement and the preventive composition.

    ,Restructuring agreement represents a confidential and partially out-of-court procedure, designed specifically for rapid interventions. This mechanism is ideal for companies that have detected financial problems early and want to resolve them discreetly, without alerting competitors or the entire market. The major advantage is that the entrepreneur retains full control over their business throughout the entire process,” says Ovidiu Neacșu.

    The first concrete step is to hire a restructuring administrator, meaning a licensed insolvency practitioner. Together with this person, the company's management analyzes the current accounting situation and drafts a detailed agreement proposal. The document must clearly show how the business will recover and to propose a new payment schedule for existing debts.

    The second step consists of direct negotiation of this plan with business partners. The law provides a 60-day period during which the project can be modified and adapted to market requirements. It is essential to know that negotiations are conducted exclusively with those creditors whose claims are to be affected or written off.
    The third step is the actual voting process. Involved creditors accept or reject the proposed restructuring plan by voting. Once the required majority is obtained, the process moves to the final stage.
    The fourth step is the confirmation of the agreement by the bankruptcy judge. The court only intervenes at the end, in a closed-door hearing, practically validating an understanding already agreed upon by the parties. From this moment on, the agreement becomes legally binding, including for creditors who initially voted against it.

    When does a preventive agreement become the saving solution?

    The preventative agreement is the second legal option available to companies.

    According to experts at Sierra Quadrant, this is a more complex judicial procedure, but one that offers much stronger protection in court. This option is recommended when The company is already facing the imminent risk of account seizures. or from state or supplier enforcement actions.

    Unlike an out-of-court agreement, insolvency proceedings begin directly in court. Once the procedure is opened, all enforcement actions are automatically suspended for a period of four months. This break gives the business the necessary breathing room to reorganize.

    The suspension can be extended, under specific conditions, up to a maximum of one year. During this period of calm, the debtor develops a complex plan, categorizes creditors by interests, and negotiates new payment terms. If the plan is voted on by creditors and approved by the court, any enforcement actions are canceled, and the company recovers.

    Why is it vital to act at the first signs of difficulty

    Romania's business culture is gradually transitioning from simply acknowledging failure to early prevention.

    ,”The success of these mechanisms depends almost exclusively on the timing of their activation. The sooner a manager recognizes that their company is facing its first liquidity problems, the exponentially greater the chances of salvation. We recently launched a service dedicated to preventing these situations. Compass is a consulting service that allows for the diagnosis of a company's financial situation, based on performance indicators," states Ovidiu Neacșu, managing partner of Sierra Quadrant.

    Ignoring financial problems and waiting until accounts are completely frozen turns insolvency into an inevitable reality. New laws practically offer a second chance to viable companies, replacing endless litigation with open collaboration between entrepreneurs and creditors.

    ,,The restructuring agreement, as well as the preventative concordat, essentially offers an alternative to insolvency, which often carries a negative stigma.. Focusing on rehabilitation, the narrative shifts from failure to resilience and adaptability.

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