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Analele Universităţii “Constantin Brâncuşi” din Târgu Jiu, Seria Ştiinţe Juridice, Nr. 3/2011

Annals of the „Constantin Brâncuşi” University of Târgu Jiu, Juridical Sciences Series, Issue 3/2011

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FUZIUNEA ȘI DIVIZAREA

SOCIETĂŢILOR COMERCIALE -

FORME DE REORGANIZARE ÎN

CONTEXTUL NOILOR

REGLEMENTĂRI

Conf. univ. dr. Constantin ENEA, Universitatea Constantin Brâncuşi din Tîrgu-Jiu Abstract: Din punct de vedere juridic, operatiunile de fuziune si divizare sunt reglementate prin Legea nr. 31/1990 privind societatile comerciale, republicata, cu modificarile si completarile ulterioare (art. 233-245).

Fuziunea este operatiunea prin care doua sau mai multe societati comerciale hotarasc separat transmiterea elementelor de activ si de pasiv la una dintre societati sau infiintarea unei noi societati comerciale in scopul desfasurarii comune a activitatii. Divizarea se face prin impartirea integrala a elementelor de activ si de pasiv ale unei societati comerciale care isi inceteaza existenta, intre doua sau mai multe societati comerciale existente ori care iau astfel fiinta.

Fuziunea sau divizarea are ca efect dizolvarea, fara lichidarea societatii comerciale care isi inceteaza existenta, si transmiterea universala a elementelor sale de activ si de pasiv catre societatea sau societatile comerciale beneficiare, in starea in care se afla la data fuziunii sau a divizarii. Data fuziunii sau a divizarii reprezinta data transmiterii efective a elementelor de activ si de pasiv si a inregistrarii la registrul comertului. Societatea comerciala nu isi inceteaza existenta in cazul in care o parte din elementele de natura activelor si pasivelor ei se desprind si se transmit catre una sau mai multe societati comerciale existente ori care iau astfel fiinta.

Noile reglementari legale aduc clarificari in privinta regimului fuziunilor si divizarilor societatilor comerciale. Practica va decide insa in ce masura aceste modificari ofera un cadru legal adecvat pentru desfasurarea acestor operatiuni. Cel putin in privinta regimului fuziunilor, vor mai exista modificari viitoare, avand in vedere necesitatea implementarii de catre Romania a Directivei privind fuziunile transfrontaliere.

Cuvinte cheie: fuziune, divizare,

eficientizare, mediul de afaceri european

MERGING AND SPLITTING

COMPANY - FORMS OF

REORGANIZATION IN THE

CONTEXT OF THE NEW

REGULATIONS

Constantin ENEA, Associate Professor

Ph.D. Constantin Brancusi University of Targu-Jiu

Abstract: In terms of legal, merger and division are regulated by Law no. 31/1990, republished, with subsequent amendments (art. 233-245).

Fusion is the operation by which two or more companies decide separately transfer of assets and liabilities from one company or establishment of new companies for the purpose of carrying out joint activities. The division is made by dividing the full assets and liabilities of a company which ceases to exist, between two or more existing companies or taking such being.

Merger or division has the effect of dissolution without liquidation of the company which ceases to exist, and its elements of universal transmission assets and liabilities to the beneficiary company or companies, in the state is on the merger or division. Date of merger or division is effective the date of transmission assets and liabilities and registration at the Trade Register. Not the company ceases to exist if some of the items of assets and liabilities and send them off to one or more existing companies or taking such being.The new regulations clarify the legal regime with regard to mergers and divisions of companies. Practice will decide to what extent these changes but provides an adequate legal framework for carrying out these operations. At least on the mergers regime, there will be future changes, given the need to implement the Directive on cross Romania.

Keywords: fusion, division, efficiency, European business

Introduction: In terms of legal, merger and

division are regulated by Law no.



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Introducere: Din punct de vedere juridic,

operatiunile de fuziune si divizare sunt reglementate prin Legea nr. 31/1990 privind societatile comerciale, republicata, cu modificarile si completarile ulterioare (art. 233-245).

Fuziunea este operatiunea prin care doua sau mai multe societati comerciale hotarasc separat transmiterea elementelor de activ si de pasiv la una dintre societati sau infiintarea unei noi societati comerciale in scopul desfasurarii comune a activitatii. Divizarea se face prin impartirea integrala a elementelor de activ si de pasiv ale unei societati comerciale care isi inceteaza existenta, intre doua sau mai multe societati comerciale existente ori care iau astfel fiinta.

Fuziunea sau divizarea are ca efect dizolvarea, fara lichidarea societatii comerciale care isi inceteaza existenta, si transmiterea universala a elementelor sale de activ si de pasiv catre societatea sau societatile comerciale beneficiare, in starea in care se afla la data fuziunii sau a divizarii. Data fuziunii sau a divizarii reprezinta data transmiterii efective a elementelor de activ si de pasiv si a inregistrarii la registrul comertului. Societatea comerciala nu isi inceteaza existenta in cazul in care o parte din elementele de natura activelor si pasivelor ei se desprind si se transmit catre una sau mai multe societati comerciale existente ori care iau astfel fiinta

Aportul unei parti din elementele de activ ale unei societati comerciale la una sau mai multe societati comerciale existente ori care iau astfel fiinta, in schimbul actiunilor sau partilor sociale ce se atribuie asociatilor acelei societati la societatile comerciale beneficiare, este supus in mod corespunzator dispozitiilor legale privind divizarea, daca are loc prin desprindere potrivit alineatului precedent.

Reglementări juridice privind fuziunea societăţilor în statele memebre ale Uniunii Europene:

În general, fuziunea societatilor

31/1990, republished, with subsequent amendments (art. 233-245).

Fusion is the operation by which two or more companies decide separately transfer of assets and liabilities from one company or establishment of new companies for the purpose of carrying out joint activities. The division is made by dividing the full assets and liabilities of a company which ceases to exist, between two or more existing companies or taking such being.

Merger or division has the effect of dissolution without liquidation of the company which ceases to exist, and its elements of universal transmission assets and liabilities to the beneficiary company or companies, in the state is on the merger or division. Date of merger or division is effective the date of transmission assets and liabilities and registration at the Trade Register. Not the company ceases to exist if some of the items of assets and liabilities and send them off to one or more existing companies or taking as beingThe contribution of part of assets of a company to one or more existing companies or taking as being, in exchange for shares which is attributable to shareholders of that company to the beneficiary companies, is subject to legal provisions on properly division, if the separation takes place under the preceding paragraph.

Legal regulations on the merger

of the member States of the European Union:

In general, merging companies is done in two ways:

1. merger by absorption of one or more companies by another company. The company acquires rights absorbing and the company is bound by obligations which it absorbs;

2. fusion by the fusion of two or more companies to form a new company.



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comerciale se realizeaza prin doua modalitati: 1. fuziunea prin absorbirea uneia sau mai multor societati comerciale de catre o alta societate comerciala. Societatea comerciala care absoarbe dobandeste drepturile si este tinuta de obligatiile societatii comerciale pe care o absoarbe; 2. fuziunea prin contopirea a doua sau mai multe societati comerciale pentru a alcatui o societate comerciala noua. In cazul fuziunii prin contopire, drepturile si obligatiile societatilor comerciale care isi inceteaza existenta trec asupra noii societati astfel infiintate.

In conformitate cu prevederile art. 26 alin. (1) din Legea contabilitatii nr. 82/1991, republicata, fiecare societate comerciala are obligatia sa intocmeasca situatii financiare cu ocazia fuziunii sau divizarii, in conditiile legii.

Societatile comerciale care fuzioneaza sau se divizeaza au obligatia, conform prevederilor art. 8 alin. (1) din Legea contabilitatii nr. 82/1991, republicata, sa efectueze inventarierea elementelor de activ si de pasiv. Potrivit prevederilor art. 9 din Legea contabilitatii nr. 82/1991, republicata, evaluarea elementelor detinute cu ocazia inventarierii si prezentarea acestora in situatiile financiare se fac conform normelor si reglementarilor contabile. Cu ocazia fuziunii prin absorbţie au loc următoarele operaţiuni:

1. inventarierea si evaluarea elementelor de activ si de pasiv ale societatilor comerciale care fuzioneaza, potrivit Legii contabilitatii nr. 82/1991, republicata, normelor si reglementarilor contabile, inregistrarea rezultatelor inventarierii si ale evaluarii, efectuate cu aceasta ocazie;

2. a) intocmirea situatiilor financiare de catre societatile comerciale care urmeaza sa fuzioneze si care aplica Reglementarile contabile armonizate cu Directiva a IV-a a Comunitatilor Economice Europene si cu Standardele Internationale de Contabilitate,

In case of merger by merger, rights and obligations of companies that ceases to exist as companies pass on the new set up. In accordance with Art. 26 para. (1) of the Accounting Law no. 82/1991, republished, each company is obliged to prepare financial statements on the merger or division, under the law.

Merging companies or divide have an obligation under Art. 8 para. (1) of the Accounting Law no. 82/1991, republished, to conduct an inventory of assets and liabilities. According to art. 9 of the Accounting Law no. 82/1991, republished, inventory valuation and presentation held at their financial statements are in accordance with accounting rules and regulations.

On the merger by absorption occur following operations:

1. inventory and evaluation of assets and liabilities of the merging companies, according to the Accounting Law no. 82/1991, republished, rules and regulations books, records inventory and assessment results performed on this occasion;

2. a) preparation of financial statements by companies that are going to merge and applying accounting regulations harmonized with Directive IV of the European Economic Community and the International Accounting Standards, approved by Ministry of Public Finance no. 94/2001, the format provided in the head. III of these regulations;

2. b) preparation of financial statements by companies that are going to merge and applying accounting regulations harmonized with EU directives, approved by Ministry of Public Finance no. 306/2002, the format provided in the head. IV of these regulations;

3. determining equity (net assets) [1] based on the balance of fusion;



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aprobate prin Ordinul ministrului finantelor publice nr. 94/2001, pe formatul prevazut la cap. III din reglementarile respective; 2. b) intocmirea situatiilor financiare de catre societatile comerciale care urmeaza sa fuzioneze si care aplica Reglementarile contabile simplificate, armonizate cu directivele europene, aprobate prin Ordinul ministrului finantelor publice nr. 306/2002, pe formatul prevazut la cap. IV din reglementarile respective; 3. determinarea capitalului propriu (activului net) [1] pe baza bilantului de fuziune; 4. determinarea raportului de schimb al actiunilor sau al partilor sociale, pentru a acoperi capitalul societatilor comerciale absorbite. In cadrul acestei operatiuni se efectueaza: a) determinarea valorii contabile a actiunilor sau a partilor sociale ale societatilor comerciale care fuzioneaza, prin raportarea capitalului propriu (activului net) la numarul de actiuni sau de parti sociale emise; b) stabilirea raportului de schimb al actiunilor sau al partilor sociale, prin raportarea valorii contabile a unei actiuni ori parti sociale a societatii absorbite la valoarea contabila a unei actiuni sau parti sociale a societatii absorbante, aprobat de experti conform prevederilor art. 239 alin. (1) lit. e) din Legea nr. 31/1990, republicata, cu modificarile si completarile ulterioare;

c) determinarea numarului de actiuni sau de parti sociale ce trebuie emise de societatea comerciala care absoarbe, fie prin raportarea capitalului propriu (activului net) al societatilor comerciale absorbite la valoarea contabila a unei actiuni sau parti sociale a societatii comerciale absorbante, fie prin inmultirea numarului de actiuni ale societatii comerciale absorbite cu raportul de schimb;

d) determinarea majorarii capitalului social la societatea comerciala care absoarbe, prin inmultirea numarului de actiuni care

4. determining the exchange ratio of shares or shares to cover capital companies absorbed.

During this operation is performed:

a) determining the carrying amount of stock or shares of the merging companies, by reporting on equity (net assets) the number of shares or shares issued;

b) establishing the exchange ratio of shares or of shares, by comparing the book value of a share or shares of the acquiring company at book value of shares of the acquiring company, approved by experts according to Art. 239. (1). e) of Law no. 31/1990, republished, with subsequent amendments;

c) determining the number of shares or shares to be issued by the company that absorbs or by reporting on equity (net assets) of companies absorbed the carrying value of a share or shares of the company acquiring, or by multiplying the number shares of the company absorbed the exchange ratio;d) determination of the share capital increase the company that absorbed by multiplying the number of shares to be issued by the company absorbs the nominal value of a share or shares in this company; e) calculating the first fusion, the difference between the carrying amount of the shares or the shares and their nominal value.

The companies that are absorbed dissolve and lose their legal status.

Example: The acquiring company has net

assets of 8,000,000,000 lei accounting and a total of 200,000 shares. The carrying amount of each share is 40,000 lei (8.000.000.000 lei: 200.000 lei). Their nominal value is 10,000 lei.

Company B has a net asset absorbed accounting 3,750,000,000 lei



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trebuie emise de societatea comerciala care absoarbe cu valoarea nominala a unei actiuni sau a unei parti sociale de la aceasta societate comerciala;

e) calcularea primei de fuziune, ca diferenta intre valoarea contabila a actiunilor sau a partilor sociale si valoarea nominala a acestora. Societatile comerciale care sunt absorbite se dizolva si isi pierd personalitatea juridica.

Exemplu: Societatea absorbanta A are un activ

net contabil de 8.000.000.000 lei si un numar de 200.000 de actiuni. Valoarea contabila a unei actiuni este de 40.000 lei (8.000.000.000 lei : 200.000 lei). Valoarea nominala a acestora este de 10.000 lei.

Societatea absorbita B are un activ net contabil de 3.750.000.000 lei si un numar de 125.000 actuni. Valoarea contabila a unei actiuni este de 30.000 lei (3.750.000.000 lei : 125.000 lei). Valoarea nominala a acestora este de 10.000 lei.

Se stabileste raportul de schimb al actiunilor sau al partilor sociale, prin raportarea valorii contabile a unei actiuni ori parti sociale a societatii absorbite la valoarea contabila a unei actiuni sau parti sociale a societatii absorbante:

30.000 : 40.000 = 3 / 4, adica se schimba 4 actiuni ale societatii B pentru 3

actiuni ale societatii A. Se determina numarul de actiuni de

emis de societatea A, fie prin raportarea aportului net al societatilor comerciale absorbite la valoarea contabila a unei actiuni a societatii comerciale absorbante, fie prin inmultirea numarului de actiuni ale societatii absorbite cu raportul de schimb:

125 mii actiuni x 3 / 4 (raportul de schimb) = 93.750 actiuni.

Se calculeaza cresterea capitalului social la societatea A prin inmultirea numarului de actiuni care trebuie emise de societatea A cu valoarea nominala a unei actiuni de la aceasta societate comerciala:

93.750 actiuni x 10.000 lei (valoarea

and a total of 125,000 Action. The carrying amount of each share is 30,000 lei (3.750.000.000 lei: 125.000 lei). Their nominal value is 10,000 lei.It sets the exchange ratio of shares or of shares, by comparing the book value of a share or shares of the acquiring company at book value of shares of the acquiring company:

30.000: 40.000 = 3 / 4, ie change four

shares of Company B for 3 shares of the company A.

Determine the number of shares

issued by company A, or by reporting net intake of companies absorbed the carrying amount of an absorbent action of the company or by multiplying the number of shares of the acquiring company in exchange ratio:

125 000 shares x 3 / 4 (exchange

ratio) = 93 750 shares. Calculate the capital increase from

Company A by multiplying the number of shares to be issued by Company A with a nominal value of shares from this company:

93.750 x 10.000 lei shares

(nominal value of shares) = 937.500 thousand capital

Merger premium is calculated as

the difference between book value of shares and their nominal value:

3,750,000 thousand - 940 thousand

lei lei = 2.8125 million merger bonus. Shareholders will receive from

Company B, following the merger, 93,750 shares to 10,000 lei (nominal value of shares).

The companies that are absorbed dissolve and lose their legal status, with



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nominala a unei actiuni) = 937.500 mii lei capital social

Se calculeaza prima de fuziune, ca diferenta intre valoarea contabila a actiunilor si valoarea nominala a acestora: 3.750.000 mii - 940.000 mii lei = 2.812.500

mii lei prima de fuziune. Actionarii de la societatea B vor

primi, ca urmare a fuziunii, 93.750 de actiuni a 10.000 lei (valoarea nominala a unei actiuni).

Societatile comerciale care sunt absorbite se dizolva si isi pierd personalitatea juridica, odata cu inregistrarea in registrul comertului a incetarii existentei lor.

Evidentierea in contabilitatea societatilor a operatiunilor efectuate cu ocazia fuziunii se face astfel:

- Veniturile provenite din transferul activelor (contul 7583 - Venituri din cedarea activelor si alte operatii de capital) sunt venituri neimpozabile. Cheltuielile privind activele cedate (contul 6583 - Cheltuieli privind activele cedate si alte operatii de capital - sunt cheltuieli nedeductibile.

- Societatea absorbita trebuie sa transmita societatii absorbante valoarea fiscala a fiecarui element de activ si pasiv transferat. Valoarea fiscala a mijloacelor fixe amortizabile, definite in conformitate cu prevederile Codului fiscal, se determina luand in calcul valoarea utilizata pentru calculul amortizarii fiscale (art. 24 din Codul fiscal) fara a folosi datele din contabilitate sau orice reevaluare contabila a acestor active, urmand sa se amortizeze pe durata normala ramasa.

- In conformitate cu prevederile art. 22 alin. (5) din Codul fiscal, reducerea sau anularea oricarui provizion ori a rezervei care a fost anterior dedusa la determinarea profitului impozabil se include in veniturile impozabile ale societatii absorbite. In cazul in care acest provizion sau rezerva este preluat ca atare si inregistrat in evidenta contabila, nu se mai impune valoarea lor. Exemple de rezerve anterior deduse: rezerva legala de 5% din profitul contabil brut pana

the trade registration of termination of their existence.

Highlight companies accounting operations performed on the merger is as follows:

- Income from the transfer of assets (account 7583 - Income from disposal of capital assets and other operations) are taxable income. Expenditure on assets disposed of (account 6583 - Expenditure on assets disposed of and other capital operations - are non-deductible expenses.

- The company absorbed the acquiring company must send the tax value of each asset and liabilities transferred. Tax value of depreciable assets as defined in accordance with the provisions of the Tax Code, is determined taking into account the value used to calculate depreciation (Article 24 of the Tax Code) without using data from accounting or accounting revaluation of these assets, and will be amortized over the remaining normal.

- In accordance with Art. 22 para. (5) of the tax reduction or cancellation of any provision or reserve that was previously deducted in determining taxable income is included in taxable income of the company. If this provision or reserve is taken as such and recorded in the accounts, no longer impose their value. Examples of previously deducted reserves: legal reserve 5% of gross accounting profit until it reaches 20% of registered capital, reserves established as a consequence of this facility not imposing tax on a portion of taxable income, revaluation reserves.

- According to art. 34 para. (8) of the Tax Code, the acquiring company is obliged to submit tax declaration and pay income tax to 10 days before closure of the trade register registration.

- According to art. 26 para. (2) of the Tax Code, tax loss recorded by the acquiring company is not recovered by



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ce aceasta atinge 20% din capitalul social varsat, rezervele constituite ca urmare a aplicarii facilitatii fiscale privind neimpunerea unei parti din profitul impozabil, rezervele din reevaluare.

- Potrivit prevederilor art. 34 alin. (8) din Codul fiscal, societatea absorbita are obligatia sa depuna declaratia de impunere si sa plateasca impozitul pe profit cu 10 zile inainte de data inregistrarii incetarii existentei la registrul comertului.

- Potrivit prevederilor art. 26 alin. (2) din Codul fiscal, pierderea fiscala inregistrata de societatea absorbita nu se recupereaza de catre societatea absorbanta.

Pierderea fiscala a societatii absorbante, inregistrata pana la data reorganizarii si declarata prin declaratia de impunere anuala, se recupereaza de catre aceasta, la fiecare termen de plata, in limita a 5 ani consecutivi.

Societatea absorbanta foloseste la determinarea profitului impozabil valorile fiscale ale activelor si pasivelor transmise de catre societatea absorbita. Aceasta amortizeaza din punct de vedere fiscal valoarea fiscala a mijloacelor fixe amorti zabile transferate de la societatea absorbita, aplicand regulile prevazute la art. 24 din Codul fiscal care s-ar fi aplicat de catre societatea absorbita in situatia in care fuziunea nu ar fi avut loc. In situatia in care societatea absorbanta nu cunoaste valoarea fiscala pe care activele si pasivele transferate au avut-o la societatea absorbita, valoarea fiscala a activelor si pasivelor respective pentru societatea absorbanta este zero.

In cazul in care se preiau de la societatea absorbita rezerve si/sau provizioane care au fost deductibile la determinarea profitului impozabil, acestea nu sunt impozitate.

In situatia in care valoarea rezervei legale, rezultata in urma operatiei de fuziune, depaseste o cincime din capitalul subscris si varsat al societatii absorbante, diferenta nu se trateaza ca venit impozabil atata timp cat aceasta rezerva se mentine la valoarea rezultata. Valoarea corespunzatoare

the acquiring company. Tax loss of the acquiring company,

registered until reorganization and declared by annual tax statement, shall be recovered by it in each pay period, up to 5 consecutive years.

The acquiring company uses to determine taxable income tax values of assets and liabilities submitted by the acquiring company. It pays the tax for the tax value of assets transferred Zabi numb in the acquiring company, applying the rules laid down in art. 24 of the Tax Code that would be applied by the acquiring company in case the merger not occurred. If the acquiring company knows that the value of tax assets and liabilities were transferred to the acquiring company a value of tax assets and liabilities of the acquiring company that is zero.

If the company being acquired are taken from reserves and / or provisions that were deductible in determining taxable income, they are not taxed.

If the amount of legal reserve, resulting from the operations of merger, exceed one fifth of the subscribed and paid capital of the acquiring company, the difference is not treated as taxable income as long as it remains subject to the resulting value. Corresponding value diminishing legal reserve is taxable income subsequent reconstitution of the reserve is not deductible in determining taxable income.

On the merger by merging place the following:

1. inventory and evaluation of assets and liabilities, preparation of financial statements and determining fusion equity (net assets) undertaken in accordance with the terms of the letter. The sections 1-3;

2. establishment of new companies based on equity (net assets) of the merging companies and determining the number of shares, by reporting on equity (net assets) at the nominal value of a



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diminuarii rezervei legale reprezinta venit impozabil, reconstituirea ulterioara a rezervei nefiind deductibila la determinarea profitului impozabil.

Cu ocazia fuziunii prin contopire au loc următoarele operaţiuni:

1. inventarierea si evaluarea elementelor de activ si de pasiv, intocmirea situatiilor financiare de fuziune si determinarea capitalului propriu (activului net), efectuate in conformitate cu precizarile de la lit. A pct. 1-3;

2. constituirea noii societati comerciale pe baza capitalului propriu (activului net) al societatilor comerciale care fuzioneaza si determinarea numarului de actiuni, prin raportarea capitalului propriu (activului net) la valoarea nominala a unei actiuni sau a unei parti sociale;

3. reflectarea in contabilitatea societatii comerciale nou infiintate a capitalurilor aportate, a drepturilor si obligatiilor societatilor comerciale care isi inceteaza existenta;

4. reflectarea in contabilitatea societatilor comerciale care s-au dizolvat a elementelor de activ si de pasiv transmise noii societati comerciale.

Exemplu: Doua societati care fuzioneaza

Societatea C si Societatea D. La societatea C situatia se prezinta astfel:

Activ net contabil = 1.600.000 mii lei Aport net = 1.800.000 mii lei Valoarea nominala a unei actiuni este

de 10.000 lei. La Societatea D avem: Activ net contabil = 3.000.000 mii lei Aport net = 3.600.000 mii lei Valoarea nominala a unei actiuni este

de 10.000 lei. Determinarea numarului de actiuni

noi care trebuie emise de noua societate pe baza aportului net al societatilor C si D:

Pentru societatea C: 1.800.000 mii lei : 10.000 lei = 180 mii actiuni;

Pentru societatea D: 3.600.000 mii lei : 10.000 lei = 360 mii actiuni.

share or shares; 3. reflected in the company the

company start-ups contribution of capital, rights and obligations of companies which ceases to exist;

4. reflected in the accounts of companies which were dissolved the assets and liabilities submitted to the new company.

Example: Two companies merged Company

C and Company D. Company C The situation is as follows:

Net assets accounting = 1.6 million lei

Net intake = 1.8 million lei The nominal value of shares is

10,000 lei. At Company D, we have: Net assets = 3,000,000 thousand

accounting Net intake = 3.6 million lei The nominal value of shares is

10,000 lei. Determining the number of new

shares to be issued by the new society based on net intake of companies C and D:

For Company C: 1.8 million lei: 10,000 RON = 180 000 shares;

For Company D: 3.6 million lei: 10,000 RON = 360 000 shares.

Highlight companies accounting operations performed on the merger. Reflecting the Company's newly established accounting of capital contribution, the rights and obligations of companies which cease to exist. Coverage accounting companies that have dissolved the assets and liabilities submitted to the new company.

Legal regulations concerning the division of companies in EU member States:

Operations division is carried out when:

1. inventory and evaluation of



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Evidentierea in contabilitatea societatilor a operatiunilor efectuate cu ocazia fuziunii. Reflectarea in contabilitatea societatii comerciale nou-infiintate a capitalurilor aportate, a drepturilor si obligatiilor societatilor comerciale care isi inceteaza existenta. Reflectarea in contabilitatea societatilor comerciale care s-au dizolvat a elementelor de activ si de pasiv transmise noii societati comerciale.

Reglementări juridice privind divizarea societăţilor în statele memebre ale Uniunii Europene:

Operatiunile care se efectueaza cu ocazia divizarii:

1. inventarierea si evaluarea elementelor de activ si de pasiv, inregistrarea rezultatelor inventarierii si ale evaluarii, efectuate cu aceasta ocazie;

2. impartirea elementelor de activ si de pasiv ale societatii comerciale care se divizeaza, care se transmit societatilor beneficiare pe baza protocolului de predare-primire;

3. stabilirea realitatii creantelor, obligatiilor, provizioanelor si a altor elemente de activ si de pasiv;

4. calcularea primei de divizare, ca diferenta intre valoarea contabila a actiunilor sau partilor sociale si valoarea nominala a acestora;

5. reflectarea in contabilitatea societatilor comerciale a elementelor de activ si de pasiv primite de la societatea comerciala care s-a divizat;

6. reflectarea in contabilitatea societatii comerciale care s-a divizat a transmiterii elementelor de activ si de pasiv ca urmare a divizarii.

Societatile comerciale care au aplicat Reglementarile contabile armonizate cu Directiva a IV-a a Comunitatilor Economice Europene si cu Standardele Internationale de Contabilitate, iar in urma divizarii nu mai indeplinesc criteriile de marime stabilite prin Ordinul ministrului finantelor publice nr. 94/2001 au obligatia sa continue aplicarea

assets and liabilities, recording inventory and assessment results performed on this occasion;

2. division of assets and liabilities of the company being divided, which are transmitted on beneficiary companies handover protocol;

3. reality determining claims, liabilities, provisions and other active and passive elements;

4. calculating the first division, the difference between the carrying amount of shares and their nominal value;

5. reflected in companies' accounting of assets and liabilities received from the company to split;

6. reflected in the accounting division of the company to transfer assets and liabilities as a result of division.

Companies that have applied Accounting Regulations harmonized with Directive IV of the European Economic Community and the International Accounting Standards and the division no longer meet the criteria established by Order Size of Public Finance no. 94/2001 are obliged to continue to apply these regulations to ensure comparability of financial statements. Also, companies absorbent and the results from the division, which fall under the Accounting Regulations harmonized with Directive IV of the European Economic Community and the International Accounting Standards, are required to enforce these regulations.

Dissolution and liquidation of

companies In terms of legal dissolution of the

company is regulated by Law no. 31/1990, republished, with subsequent amendments (art. 222-232). The liquidation of the companies are regulated by art. Of Law No. 246-264. 31/1990, republished, with subsequent amendments, and the Law. 64/1995 on judicial reorganization and bankruptcy,



28

acestor reglementari pentru asigurarea comparabilitatii situatiilor financiare.

De asemenea, societatile comerciale absorbante si cele rezultate in urma divizarii, care intra sub incidenta Reglementarilor contabile armonizate cu Directiva a IV-a a Comunitatilor Economice Europene si cu Standardele Internationale de Contabilitate, au obligatia sa aplice aceste reglementari.

Dizolvarea si lichidarea societatilor comerciale Din punct de vedere juridic,

dizolvarea societatilor comerciale este reglementata de Legea nr. 31/1990, republicata, cu modificarile si completarile ulterioare (art. 222-232). Operatiunile de lichidare a societatilor comerciale sunt reglementate de art. 246-264 din Legea nr. 31/1990, republicata, cu modificarile si completarile ulterioare, si de Legea nr. 64/1995 privind procedura reorganizarii judiciare si a falimentului, republicata, cu modificarile si completarile ulterioare. La dizolvarea si lichidarea societatilor comerciale cu capital de stat se vor avea in vedere si precizarile elaborate de Autoritatea pentru Privatizare si Administrarea Participatiilor Statului. Incetarea existentei societatilor comerciale ca persoane juridice presupune parcurgerea a doua etape: dizolvarea si lichidarea. Operatiunile care se efectueaza in situatia dizolvarii societatii comerciale, in cazurile prevazute la art. 222 alin. (1) [cu exceptia modului de dizolvare prevazut la lit. f)] si la art. 223-232 din Legea nr. 31/1990 privind societatile comerciale, republicata, cu modificarile si completarile ulterioare, pentru lichidarea societatii comerciale: 1. inventarierea si evaluarea elementelor de activ si de pasiv ale societatilor comerciale care urmeaza sa se lichideze, potrivit Legii contabilitatii nr. 82/1991, republicata, normelor si reglementarilor contabile, inregistrarea rezultatelor inventarierii si ale evaluarii, efectuate cu aceasta ocazie;

republished, with subsequent amendments. The dissolution and liquidation of state-owned companies will be taken into account and details developed by the Authority for Privatization and Management of State. Termination of corporate existence requires companies that has two stages: dissolution and liquidation.

Operations that are performed in case of dissolution of the company, in cases stipulated in art. 222 par. (1) [with the exception of the points provided dissolution. f)] and in art. Of Law No. 223-232. 31/1990, republished, with subsequent amendments, for the liquidation of the company:

1. inventory and evaluation of assets and liabilities of companies that are going to liquidate, according to the Accounting Law no. 82/1991, republished, rules and regulations books, records inventory and assessment results performed on this occasion;

2.a) preparation of financial statements by companies that are to be liquidated and applying accounting regulations harmonized with Directive IV of the European Economic Community and the International Accounting Standards, approved by Ministry of Public Finance no. 94/2001, the format provided in the head. III of these regulations;

2.b) preparation of financial statements by companies that are to be liquidated and applying accounting regulations harmonized with EU directives, approved by Ministry of Public Finance no. 306/2002, the format provided in the head. IV of these regulations;

3. determination by the general meeting of shareholders or members of the operations to be performed by the liquidator on behalf of the company;

4. capitalization of assets (sale of assets and inventory, collection of



29

2.a) intocmirea situatiilor financiare de catre societatile comerciale care urmeaza sa se lichideze si care aplica Reglementarile contabile armonizate cu Directiva a IV-a a Comunitatilor Economice Europene si cu Standardele Internationale de Contabilitate, aprobate prin Ordinul ministrului finantelor publice nr. 94/2001, pe formatul prevazut la cap. III din reglementarile respective;

2.b) intocmirea situatiilor financiare de catre societatile comerciale care urmeaza sa se lichideze si care aplica Reglementarile contabile simplificate, armonizate cu directivele europene, aprobate prin Ordinul ministrului finantelor publice nr. 306/2002, pe formatul prevazut la cap. IV din reglementarile respective;

3. stabilirea de catre adunarea generala a actionarilor sau a asociatilor a operatiunilor care urmeaza sa fie efectuate de catre lichidator in numele societatii comerciale;

4. valorificarea elementelor de activ (vanzarea imobilizarilor si a stocurilor, incasarea creantelor, a investitiilor financiare pe termen scurt etc.);

5. achitarea datoriilor societatii comerciale catre bugetul de stat, bugetul asigurarilor sociale de stat, precum si a celorlalte obligatii sociale catre alte fonduri, salariati si alti terti;

6. stabilirea rezultatului lichidarii (profit sau pierdere);

7. calcularea, retinerea si virarea impozitului pe profit/venit si a impozitului pe dividende in urma actiunii de dizolvare/lichidare:

Calcularea si virarea impozitului pe profit/venit

Profitul impozabil in cazul dizolvarii/lichidarii se calculeaza ca diferenta intre veniturile si cheltuielile efectuate pentru realizarea acestora, calculate cumulat de la inceputul anului fiscal, potrivit dispozitiilor Legii nr. 414/2002 privind impozitul pe profit, cu modificarile si completarile ulterioare, luandu-se in calcul:

receivables, short-term financial investments, etc..)

5. Company's debt repayment to the state budget, state social insurance budget and other social obligations to other funds, employees and other third parties;

6. the outcome of liquidation (profit or loss);

7. calculation, withholding and remittance of tax on profit / income and the tax on dividends from action for dissolution / liquidation:

Calculation and payment of

income tax / income Taxable income in case of

dissolution / liquidation is calculated as the difference between revenues and expenses for their realization, calculated cumulatively from the beginning of the fiscal year, according to the provisions of Law no. 414/2002 on income tax, as amended and supplemented, taking into account: profit from the liquidation of assets, the amounts of cancellation provisions, the amounts recorded in equity accounts consist of gross profit and which were not taxed at the date of.

If taxable income microenterprises, according to Government Ordinance no. 24/2001, as amended and supplemented, at the time when the act of dissolution / liquidation income tax is calculated taking into account: income shown in the credit accounts 7th grade 'income accounts', except group recorded 78 "of provisions," and proceeds from debt relief and increase the state budget, taking into consideration income from the liquidation of assets.

When calculating the income tax owed by taxpayers who ceases to exist after dissolution or liquidation operations are not taxed reserves from net income, including amounts of tax rate reductions, the sources of funding distributed during



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profitul din lichidarea patrimoniului, sumele din anularea provizioanelor, sumele inregistrate in conturi de capitaluri proprii constituite din profitul brut si care nu au fost impozitate la data constituirii.

In cazul microintreprinderilor platitoare de impozit pe venit, potrivit Ordonantei Guvernului nr. 24/2001, cu modificarile si completarile ulterioare, la momentul inceperii actiunii de dizolvare/lichidare, impozitul pe venit se calculeaza luandu-se in calcul: veniturile evidentiate in creditul conturilor din clasa a 7-a "Conturi de venituri", cu exceptia celor inregistrate in grupa 78 "Venituri din provizioane", si veniturile rezultate din anularea datoriilor si majorarilor la bugetul de stat, luandu-se in calcul si veniturile din lichidarea patrimoniului.

La calculul impozitului pe profit datorat de contribuabilii care isi inceteaza existenta in urma operatiunilor de dizolvare sau lichidare nu sunt impozitate rezervele constituite din profitul net, inclusiv sumele aferente unor reduceri ale cotei de impozit, repartizate ca surse proprii de finantare pe parcursul perioadei de functionare, potrivit legii, acestea fiind tratate in conformitate cu prevederile Ordonantei Guvernului nr. 26/1995 privind impozitul pe dividende, aprobata si modificata prin Legea nr. 101/1995, cu modificarile ulterioare. Acelasi tratament se aplica si rezervelor constituite din diferente de curs favorabile capitalului social in devize sau din evaluarea, in conformitate cu actele normative in vigoare, a disponibilului in devize, daca legea nu prevede altfel.

In cazul divizarii si fuziunii societatilor comerciale, precum si al dizolvarii unei societati comerciale cu asociat unic ce atrage transmiterea universala a elementelor de activ si de pasiv ale societatii catre asociatul unic, fara lichidare, nu sunt impozitate rezervele constituite din profitul brut, daca sunt inregistrate in aceleasi conturi la societatea care preia elementele respective.

the operation, law, which are treated in accordance with the provisions of Government Ordinance no. 26/1995 on the tax on dividends, approved and amended by Law no. 101/1995, as amended. The same treatment applies to reserves from favorable exchange rate differences in currency or capital assessment, in accordance with the regulations in force, the available funds in foreign currency, if the law provides otherwise. If division and merger of companies, and the dissolution of a single-member companies that attract universal transfer of assets and liabilities of the company by the sole, without liquidation, are not taxed reserves from gross profit, if they are registered the same accounts to companies acquiring these items.

Calculation, withholding and

remittance of tax on dividends Is determined, withheld and

remitted tax on dividends was calculated after tax / income for the following items:

- Profit gained through the operation of liquidation of companies;

-Capital increased by the use of equity features (differences from revaluation of assets and stocks, by law, amounts recorded in the reserves of exchange rate differences etc.).

-Equity (net assets), consisting of gross profit, according to the law (legal reserves, reductions or exemptions for reinvested profit tax etc.).

-Equity (net assets), established in accordance with the law, without equity amounts to be included in income previously highlighted (differences from revaluation of assets, exchange rate differences of foreign currency availability assessment, differences in the application of reduced rate for export activity, investment subsidies, etc.)..

For items of equity (net assets), consisting of net profit (statutory



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Calcularea, retinerea si virarea impozitului pe dividende

Se determina, se retine si se vireaza impozit pe dividende dupa ce a fost calculat impozitul pe profit/venit, pentru urmatoarele elemente: -profit obtinut in urma operatiunii de lichidare a societatilor comerciale; -capital social majorat prin utilizarea unor elemente de capitaluri proprii (diferente provenite din reevaluarea imobilizarilor si a stocurilor, potrivit legii, sume inregistrate la rezerve din diferente de curs valutar etc.); -capitaluri proprii (activ net), constituite din profitul brut, potrivit prevederilor legale (rezerve legale, reduceri sau scutiri de impozit pe profit pentru profitul reinvestit etc.); -capitaluri proprii (activ net), constituite in conformitate cu prevederile legale, fara ca sumele cuprinse in capitaluri sa fie evidentiate in prealabil la venituri (diferente provenite din reevaluarea imobilizarilor, diferente de curs valutar din evaluarea disponibilitatilor in valuta, diferente din aplicarea cotei reduse pentru activitatea de export, subventii pentru investitii etc.).

Pentru elementele de capital propriu (activ net), constituite din profitul net (rezerva statutara, alte rezerve, profitul net realizat in exercitiile precedente a carui repartizare a fost amanata etc.), se calculeaza si se vireaza numai impozit pe dividende.

Inainte de incheierea lichidarii societatii comerciale, repartizarea capitalului propriu (activului net) intre asociati/actionari reprezinta livrare de bunuri pentru activele in natura si este supusa taxei pe valoarea adaugata, in conformitate cu prevederile art. 3 lit. d) din Normele de aplicare a Legii nr. 345/2002 privind taxa pe valoarea adaugata, aprobate prin Hotararea Guvernului nr. 598/2002, iar din punct de vedere al impozitului pe profit sau pe veniturile microintreprinderilor este asimilata cu o valorificare a elementelor de activ;

8. intocmirea bilantului de partaj, in

reserves, other reserves, net profit achieved in previous years whose distribution was delayed, etc..), Is calculated and remitted tax only on dividends.

Before completion of the liquidation the company, the distribution of equity (net assets) from associates / shareholders is delivery of goods for assets in nature and is subject to VAT, in accordance with Art. 3 letter. d) of the Implementing Rules of the Law no. 345/2002 on VAT, approved by Government Decision no. 598/2002 and in terms of corporate tax or income is treated as a micro capitalization of assets;

8. drawing up the balance of partition, in accordance with cases provided in section 2;

9. conducting partition on equity (net assets) of the company, resulting from the liquidation of the company, according to:

a) the statute and / or company contract;

b) The decision of general meeting of shareholders / associates, records on the General Assembly meetings;

c) share capital participation. Division consists of dividing the

equity (net assets) resulting from liquidation, between shareholders or the company. Stock companies, which are subject to Law no. 314/2001 to regulate the situation of companies, as amended and supplemented, have mandatory appointment of liquidators in accordance with Art. 258 of Law no. 31/1990, republished, with subsequent amendments.

Operations are carried out if the

company enters bankruptcy. These operations, which is performed in accordance with Art. Of Law No. 77-123. 64/1995 on judicial reorganization and bankruptcy, republished, as subsequently amended, are:



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conformitate cu situatiile prevazute la pct. 2; 9. efectuarea partajului capitalului

propriu (activului net) al societatii comerciale, rezultat din lichidarea societatii comerciale, in functie de:

a) prevederile statutului si/sau ale contractului de societate;

b) hotararea adunarii generale a actionarilor/asociatilor, consemnata in registrul sedintelor adunarii generale;

c) cota de participare la capitalul social.

Partajul consta in impartirea capitalului propriu (activului net), rezultat din lichidare, intre actionarii sau asociatii societatii comerciale.

Societatile comerciale pe actiuni, care intra sub incidenta Legii nr. 314/2001 pentru reglementarea situatiei unor societati comerciale, cu modificarile si completarile ulterioare, au obligativitatea numirii lichidatorilor in conformitate cu prevederile art. 258 din Legea nr. 31/1990, republicata, cu modificarile si completarile ulterioare.

Operatiunile care se efectueaza in cazul in care societatea comerciala intra in faliment. Aceste operatiuni, care se efectueaza in conformitate cu art. 77-123 din Legea nr. 64/1995 privind procedura reorganizarii judiciare si a falimentului, republicata, cu modificarile ulterioare, sunt:

1. sigilarea si conservarea bunurilor care fac parte din averea societatii comerciale;

2. inventarierea si evaluarea elementelor de activ si de pasiv ale societatii comerciale, potrivit Legii contabilitatii nr. 82/1991, republicata, normelor si reglementarilor contabile, inregistrarea rezultatelor inventarierii si ale evaluarii, efectuate cu aceasta ocazie;

3.a) intocmirea situatiilor financiare de catre societatile comerciale care urmeaza sa se lichideze si care aplica Reglementarile contabile armonizate cu Directiva a IV-a a Comunitatilor Economice Europene si cu Standardele Internationale de Contabilitate,

1. sealing and preservation of property belonging to the company;

2. inventory and evaluation of assets and liabilities of the company, according to the Accounting Law no. 82/1991, republished, rules and regulations books, records inventory and assessment results performed on this occasion;

3.a) preparation of financial statements by companies that are to be liquidated and applying accounting regulations harmonized with Directive IV of the European Economic Community and the International Accounting Standards, approved by Ministry of Public Finance no. 94/2001, the format provided in the head. III of these regulations;

3.b) preparation of financial statements by companies that are to be liquidated and applying accounting regulations harmonized with EU directives, approved by Ministry of Public Finance no. 306/2002, the format provided in the head. IV of these regulations;

4. sale of perishable goods subject to depreciation or imminent;

5. sale of imported goods of the debtor (land, factories, installations) as profitable and faster, with the prior consent of the creditors;

6. deposit with the bank, the account debtor, the amount realized from the sale of goods;

7. establish, by law, the passive mass;

8. distinct shift in the tax documents of the obligations arising during bankruptcy proceedings, to those born before declaring bankruptcy;

9. amounts realized from the liquidation distribution under the plan of distribution among creditors in the order prescribed by law;

10. preparation and approval of final report;



33

aprobate prin Ordinul ministrului finantelor publice nr. 94/2001, pe formatul prevazut la cap. III din reglementarile respective;

3.b) intocmirea situatiilor financiare de catre societatile comerciale care urmeaza sa se lichideze si care aplica Reglementarile contabile simplificate, armonizate cu directivele europene, aprobate prin Ordinul ministrului finantelor publice nr. 306/2002, pe formatul prevazut la cap. IV din reglementarile respective;

4. vanzarea bunurilor perisabile sau supuse deprecierii iminente;

5. vanzarea bunurilor importante din averea debitorului (terenuri, fabrici, instalatii) cat mai avantajos si cat mai repede, cu acordul prealabil al creditorilor;

6. depunerea la banca, in contul debitorului, a sumelor realizate din vanzarea bunurilor;

7. stabilirea, potrivit legii, a masei pasive;

8. trecerea distincta pe documentele fiscale a obligatiilor nascute in timpul procedurii de faliment, fata de cele nascute anterior declararii procedurii de faliment;

9. distribuirea sumelor realizate din lichidare, potrivit planului de distribuire intre creditori, in ordinea prevazuta de lege;

10. intocmirea si aprobarea raportului final;

11. intocmirea situatiilor financiare finale.

Daca lichidarea se prelungeste peste durata unui exercitiu financiar, lichidatorii sunt obligati sa intocmeasca situatiile financiare anuale ale societatilor comerciale aflate in proces de lichidare conform reglementarilor contabile aprobate prin Ordinul ministrului finantelor publice nr. 94/2001 sau Ordinul ministrului finantelor publice nr. 306/2002, dupa caz, si sa le depuna la unitatile teritoriale ale Ministerului Finantelor Publice la care este inregistrata persoana juridica.

11. preparing the final accounts. If liquidation is extended beyond

the duration of a financial year, the liquidators are obliged to prepare annual financial statements of companies under liquidation in accordance with accounting regulations approved by Ministry of Public Finance no. 94/2001 and Minister of Finance Order no. 306/2002, as appropriate, and submit them to the territorial units of the Ministry of Finance which is registered legal person.

Withdrawal or the exclusion of associated companies

In legal terms, the withdrawal or the exclusion of associated companies is regulated by art. Of Law No. 217-221. 31/1990, republished, with subsequent amendments.

Operations that are performed during the withdrawal or exclusion of associates:

1. Valuation of assets and liabilities;

2. determining equity (net assets) based on balance sheet or trial balance;

3. conducting partition on equity (net assets) of the company, in order to establish the party that associates ought to retire, according to legal provisions in force, according to:

a) the statute or the contract of society;

b) The decision of general meeting of shareholders, records on the General Assembly meetings;

c) share capital participation, as appropriate. In accordance with Art. 219 par. (2) of Law no. 31/1990, republished, with subsequent amendments, excluded associate is paid the amount of money that represents the proportion of equity (net assets) / social heritage.

Financial statements prepared on the merger, division or closure of companies that apply accounting regulations harmonized with Directive IV



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Retragerea sau excluderea unor asociati din cadrul societatilor comerciale Din punct de vedere juridic,

retragerea sau excluderea unor asociati din cadrul societatilor comerciale este reglementata de art. 217-221 din Legea nr. 31/1990, republicata, cu modificarile si completarile ulterioare.

Operatiunile care se efectueaza cu ocazia retragerii sau excluderii unor asociati:

1. evaluarea elementelor de activ si de pasiv;

2. determinarea capitalului propriu (activului net) pe baza bilantului sau pe baza balantei de verificare;

3. efectuarea partajului capitalului propriu (activului net) al societatii comerciale, in vederea stabilirii partii ce se cuvine asociatilor care se retrag, potrivit dispozitiilor legale in vigoare, in functie de: a) prevederile statutului sau ale contractului de societate; b) hotararea adunarii generale a asociatilor, consemnata in registrul sedintelor adunarii generale; c) cota de participare la capitalul social, dupa caz. In conformitate cu prevederile art. 219 alin. (2) din Legea nr. 31/1990, republicata, cu modificarile si completarile ulterioare, se achita asociatului exclus suma de bani care reprezinta partea proportionala din capitalul propriu (activul net)/patrimoniul social.

Situatiile financiare intocmite cu ocazia fuziunii, divizarii sau incetarii activitatii societatilor comerciale care aplica Reglementarile contabile armonizate cu Directiva a IV-a a Comunitatilor Economice Europene si cu Standardele Internationale de Contabilitate, aprobate prin Ordinul ministrului finantelor publice nr. 94/2001, sunt supuse auditului financiar, care se efectueaza de catre auditori financiari, persoane fizice sau juridice autorizate, potrivit legii.

Situatiile financiare intocmite de societatile comerciale cu ocazia fuziunii,

of the European Economic Community and the International Accounting Standards, approved by Ministry of Public Finance no. 94/2001, are subject to statutory audit which is performed by auditors, natural or legal persons authorized by law.

Financial statements prepared by companies on the merger, division or liquidation can not be submitted to the territorial units of the Ministry of Finance. In accordance with Art. 3. (6) of Law no. 345/2002 on VAT, delivery of goods is not total or partial transfer of assets and liabilities of a taxpayer, paid or free, made during merger and division of companies. On the occasion of merger or division of assets received by legal persons involved in such operations will be recognized or accepted as depreciated tax value tax deduction for that asset to the person who transferred the asset, before evaluating it. Absorbent and absorbed companies holding equity in companies absorbed or absorbed will cancel those titles, the book value by reducing other reserves, the first of the merger or share capital amounts to be approved by the general meeting of shareholders. At balance sheet date of the merger, division or cessation of trading, exchange rate differences between the exchange rate at that date and the exchange rate on record in accounting, from assessing availability in currency and other Treasury securities, as are in foreign government securities, letters of credit and short-term deposits in foreign currency are recorded in the revenue and expenditure of foreign exchange differences, as appropriate.Currency receivables and liabilities are evaluated based on the exchange rate in effect at the balance sheet date of the merger, division or cessation of activity. Exchange rate differences, favorable or unfavorable, between the date of



35

divizarii sau lichidarii nu se depun la unitatile teritoriale ale Ministerului Finantelor Publice.

In conformitate cu prevederile art. 3 alin. (6) din Legea nr. 345/2002 privind taxa pe valoarea adaugata, nu se considera livrare de bunuri transferul total sau partial al activelor si pasivelor unei persoane impozabile, cu plata sau cu titlu gratuit, efectuat cu ocazia operatiunilor de fuziune si divizare a societatilor comerciale.

Cu ocazia operatiunilor de fuziune sau divizare, elementele de activ primite de persoanele juridice implicate in astfel de operatiuni vor fi recunoscute sau amortizate fiscal la valoarea acceptata ca deducere fiscala pentru acel activ la persoana care a cedat activul, inaintea evaluarii acestuia.

Societatile comerciale absorbante sau absorbite care detin titluri de participare la societatile comerciale absorbite sau absorbante vor anula titlurile respective, la valoarea contabila, prin diminuarea altor rezerve, a primei de fuziune sau a capitalului social, cuantumuri care vor fi aprobate de adunarea generala a actionarilor.

La data intocmirii bilantului de fuziune, divizare sau incetare a activitatii, diferentele de curs valutar dintre cursul de schimb de la aceasta data si cursul de schimb de la data inregistrarii in contabilitate, rezultate din evaluarea disponibilitatilor in valuta si a altor valori de trezorerie, cum sunt titlurile de stat in valuta, acreditive si depozite pe termen scurt in valuta, se inregistreaza in conturile de venituri si cheltuieli din diferente de curs valutar, dupa caz.

Creantele si datoriile in valuta se evalueaza pe baza cursului de schimb in vigoare la data intocmirii bilantului de fuziune, divizare sau incetare a activitatii. Diferentele de curs valutar, favorabile sau nefavorabile, intre cursul de la data inregistrarii creantelor sau datoriilor in valuta ori fata de cursul la care au fost raportate in situatiile financiare anterioare si cursul de schimb de la data intocmirii

registration rate debt or foreign currency debt times the rate at which they were reported in previous financial statements and exchange rate balance sheet date are recorded in income or expenditure differences exchange rate, respectively.

Operations that occur after the balance sheet date of merger or division is made only with approval by the acquiring company or by companies receiving the division of assets and liabilities. Activities that will be shown in company accounts is absorbed or divided and will be considered in preparing documents for handover protocol and trial balance.

Registration takeover of assets and liabilities of the acquiring company in the acquiring company is the acquiring company before removal from the register of commerce. Merging companies or which is divided and which will stipulate accounting loss recorded in documents merger or division concluded between the parties how the loss of coverage. In case the company is liquidated is accounting loss that can not be covered during the liquidation, how it will be the coverage provided in the final and irrevocable court decision in the final preparation of financial statements.

The taxpayers filed tax loss ceases to exist through division or merger is not recovered by the newly established taxpayers or by those who take the acquiring company assets, as appropriate.Companies which ceases to exist by merger or division and have negative net assets and equity are taken over assets and liabilities without issuance of shares and companies that are liquidated and in the same situation applies the law .

The companies that are in liquidation will invariably make statements (tax, health insurance, unemployment fund, etc..) And the VAT, the deadlines set by legal regulations. They are signed by the liquidator.



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bilantului se inregistreaza la venituri sau cheltuieli din diferente de curs valutar, dupa caz.

Operatiunile care au loc dupa data intocmirii bilantului de fuziune sau divizare se efectueaza numai cu aprobarea acestora de catre societatea absorbanta sau de catre societatile care primesc prin divizare elementele de activ si de pasiv. Activitatile respective vor fi evidentiate in contabilitatea societatii absorbite sau care se divizeaza si vor fi avute in vedere la intocmirea documentelor privind protocolul de predare-primire si balanta de verificare.

Inregistrarea preluarii elementelor de activ si de pasiv ale societatii absorbite la societatea absorbanta se face inainte de radierea societatii absorbite de la registrul comertului.

Societatile comerciale care fuzioneaza ori care se divizeaza si care au inregistrat pierdere contabila vor stipula in documentele de fuziune sau divizare incheiate intre parti modalitatile de acoperire a pierderii.

In situatia in care societatea comerciala care se lichideaza are pierdere contabila care nu poate fi acoperita cu ocazia lichidarii, modalitatea de acoperire a acesteia va fi cea prevazuta in hotararea judecatoreasca definitiva si irevocabila, in vederea intocmirii situatiilor financiare finale.

Pierderea fiscala inregistrata de contribuabilii care isi inceteaza existenta prin divizare sau fuziune nu se recupereaza de catre contribuabilii nou-infiintati sau de catre cei care preiau activele societatii absorbite, dupa caz.

Societatilor comerciale care isi inceteaza existenta prin fuziune sau divizare si care au activ net si capitaluri proprii negative li se preiau elementele de activ si de pasiv fara emisiune de actiuni, iar societatilor comerciale care se lichideaza si se gasesc in aceeasi situatie li se aplica prevederile legale.

Societatile comerciale care se afla in

According to art. 247 par. (5) of Law no. 31/1990, republished, with subsequent modifications, liquidators auditors fulfill their mandate under control, the companies have the obligation of their existence.During the liquidation of the company, the auditors will check all the operations mentioned in the rules for the liquidation of companies.

In accordance with Art. 20 para. (4) of Law no. 414/2002 on income tax, as amended and supplemented, shall cease to be legal persons are required to submit tax declaration and pay income tax to 10 days before closure of the company registration with the Trade Registry. These detailed rules are not intended to regulate, but to ensure the correct and uniform application of legal regulations related to financial and economic operations on the merger, division, dissolution and liquidation of companies and the withdrawal or the exclusion of associated companies commercial.

Conclusions: Generic fusion and division are

legal and technical processes through which companies restructuring is done.

The old regulations provided a succinct definition of the merger, stating that this is possible by absorption of a company by another company or by merging of two or more companies to form a new society. The latest amendments to the Act, the merger is the operation whereby:

a) one or more companies are wound up without going into liquidation and transfer all their assets to another company in exchange for distribution to shareholders of the company or companies being acquired of shares in the acquiring company and possibly a cash payment of up to 10% of nominal value of shares so distributed, or



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lichidare vor depune in mod obligatoriu declaratiile (de impozit, asigurari de sanatate, fond de somaj etc.), precum si decontul de T.V.A., la termenele stabilite de reglementarile legale. Acestea se semneaza de lichidator.

Potrivit prevederilor art. 247 alin. (5) din Legea nr. 31/1990, republicata, cu modificarile si completarile ulterioare, lichidatorii isi indeplinesc mandatul sub controlul cenzorilor, la societatile care au obligativitatea existentei acestora.

In perioada lichidarii societatii comerciale, cenzorii vor verifica toate operatiunile prevazute in normele privind lichidarea societatilor comerciale.

In conformitate cu prevederile art. 20 alin. (4) din Legea nr. 414/2002 privind impozitul pe profit, cu modificarile si completarile ulterioare, persoanele juridice care inceteaza sa existe au obligatia sa depuna declaratia de impunere si de a plati impozitul pe profit cu 10 zile inainte de data inregistrarii incetarii existentei societatii comerciale la registrul comertului.

Prezentele norme metodologice nu au scopul de a reglementa, ci de a asigura aplicarea corecta si unitara a reglementarilor legale in vigoare referitoare la operatiunile economico-financiare privind fuziunea, divizarea, dizolvarea si lichidarea societatilor comerciale, precum si retragerea sau excluderea unor asociati din cadrul societatilor comerciale. Concluzii:

Generic, fuziunea si divizarea reprezinta procedee tehnico-juridice prin intermediul carora se realizeaza restructurarea societatilor comerciale.

Vechea reglementare oferea o definitie succinta a fuziunii, statuand faptul ca aceasta este posibila prin absorbirea unei societati de catre o alta societate sau prin contopirea a doua sau mai multe societati pentru a alcatui o societate noua.

Potrivit ultimelor modificari ale Legii, fuziunea reprezinta operatiunea prin

b) more companies are wound up without going into liquidation and transfer all their assets to a company which is, in exchange for their shares to the shareholders of the newly formed company and possibly a cash payment of up to 10% the nominal value of shares so distributed.

If the previous definition was a defective division, this process is possible by dividing the entire assets of a company ceases to exist between two or more existing companies or so being taken currently, legislation provides a broader definition process, as described the operation whereby:

a) a company, after it dissolved without going into liquidation, transfer all assets of several companies or, in exchange for the stock split to shareholders in the recipient companies, and possibly a cash payment of up to 10% of the nominal shares so distributed;

b) a company, after it dissolved without going into liquidation, transfer all assets and formed several new companies in exchange for distribution to shareholders divided by shares in companies newly-established and possibly a cash payment of up to 10 % of nominal value of shares so distributed.

By law, merger or division may be as defined above, and dissolved the company in liquidation, provided that it has not yet begun distribution of assets between partners are ought after liquidation. By introducing art. 238 par. 2, the division has become possible to simultaneously transfer the company's assets divided by one or more existing companies and one or more new companies formed. In the merger or division may be involved only companies that can wear the same legal form or forms. The decision of companies involved in the division or merger is legal under the rules respecting change of association.



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care: a) una sau mai multe societati sunt

dizolvate fara a intra in lichidare si transfera totalitatea patrimoniului lor unei alte societati in schimbul repartizarii catre actionarii societatii sau societatilor absorbite de actiuni la societatea absorbanta si, eventual, al unei plati in numerar de maximum 10% din valoarea nominala a actiunilor astfel repartizate; sau

b) mai multe societati sunt dizolvate fara a intra in lichidare si transfera totalitatea patrimoniului lor unei societati pe care o constituie, in schimbul repartizarii catre actionarii lor de actiuni la societatea nou-constituita si, eventual, al unei plati in numerar de maximum 10% din valoarea nominala a actiunilor astfel repartizate.

http://www.vf.ro/Daca anterior definitia divizarii era una lacunara, acest proces fiind posibil prin impartirea intregului patrimoniu al unei societati care isi inceteaza existenta intre doua sau mai multe societati existente sau care iau astfel fiinta, actualmente, legislatia in vigoare ofera o definitie mai cuprinzatoare procedeului, fiind descris ca operatiunea prin care:

a) o societate, dupa ce este dizolvata fara a intra in lichidare, transfera mai multor societati totalitatea patrimoniului sau, in schimbul repartizarii catre actionarii societatii divizate de actiuni la societatile beneficiare si, eventual, al unei plati in numerar de maximum 10% din valoarea nominala a actiunilor astfel repartizate;

b) o societate, dupa ce este dizolvata fara a intra in lichidare, transfera totalitatea patrimoniului sau mai multor societati nou-constituite, in schimbul repartizarii catre actionarii societatii divizate de actiuni la societatile nouconstituite si, eventual, al unei plati in numerar de maximum 10% din valoarea nominala a actiunilor astfel repartizate.

Potrivit legii, poate face obiectul fuziunii ori divizarii, asa cum sunt definite mai sus, si o societate dizolvata in lichidare, cu conditia ca aceasta sa nu fi inceput inca

If the actions of several categories, the extraordinary general meeting is the supreme body that decides on merger or division, the decision of the subordinate voting block, expressed in terms of the law provided for their validity.

The process involves the merger or division operations that must meet certain legal provisions.In accordance with the laws, responsible for the preparation of merger or division are directors of companies. The law establishes mandatory elements to be included in the content of merger or division. These are:

a) the form, name and address of all companies involved in merger or division;

b) merger or division foundation and conditions;

c) the conditions of allocation of shares in the acquiring company or the recipient companies;

d) the date on which the shares mentioned above, give the holder the right to participate in profits and any special conditions affecting that entitlement;

e) the rate of shares and amount of any cash payment;

f) Amount of the merger or division;

g) the rights conferred by the acquiring company shareholder or beneficiary who gives special rights to those who hold other securities except for actions or measures proposed concerning them;

h) any special advantage granted to the experts and members of the administrative or control of the companies involved in merger or division;

i) the date on which financial statements were approved by the participating companies, which were used to determine the conditions of the merger or division;



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distribuirea intre asociati a activelor ce li s-ar cuveni in urma lichidarii.

Prin introducerea art. 238 alin. 2, divizarea a devenit posibila si prin transferul simultan al patrimoniului societatii divizate catre una sau mai multe societati existente si una sau mai multe societati nou-constituite.

In procesul fuziunii ori divizarii pot fi implicate numai societatile comerciale, care pot imbraca aceeasi forma juridica sau forme diferite. Hotararea societatilor comerciale implicate in procesul divizarii ori fuziunii este legala in conditiile respectarii normelor privind modificarea actului constitutiv.

In cazul actiunilor de mai multe categorii, adunarea generala extraordinara reprezinta organul suprem care decide asupra fuziunii ori divizarii, hotararea fiind subordonata votului pe categorii, exprimat in conditiile legii prevazute pentru validitatea acestora.

Procesul fuziunii ori divizarii implica anumite operatiuni care trebuie sa respecte dispozitiiile legale.

In conformitate cu dispozitiile legale, responsabili de intocmirea proiectului de fuziune ori divizare sunt administratorii societatilor comerciale. Legea stabileste elementele obligatorii care trebuie inserate in cuprinsul proiectului de fuziune ori divizare. Acestea sunt:

a) forma, denumirea si sediul social ale tuturor societatilor implicate in fuziune sau divizare;

b) fundamentarea si conditiile fuziunii ori divizarii;

c) conditiile alocarii de actiuni la societatea absorbanta sau la societatile beneficiare;

d) data de la care actiunile sau partile sociale prevazute mai sus, dau detinatorilor dreptul de a participa la beneficii si orice conditii speciale care afecteaza acest drept;

e) rata de schimb a actiunilor sau partilor sociale si cuantumul eventualelor plati in numerar;

f) cuantumul primei de fuziune sau de divizare;

j) the date on which the acquiring company or split transactions are treated for accounting purposes as belonging to that company or one or other of the beneficiary companies. If additional division shall state the law and need to be included in the project, in addition to data specified above;

k) the description and the exact distribution of assets and liabilities to be transferred to each recipient company;

l) the distribution to shareholders or the company being divided of shares, ie shares, the beneficiary companies and the criteria upon which the distribution is made.

Undistributed assuming an asset in the draft terms of division, when interpreting the project does not make a decision on the allocation, asset item in question or its equivalent shall be distributed among all recipient companies in proportion to the share of net assets allocated to such companies, Under the draft terms of division. By analogy, if a liability is assigned to draft terms of division and where the interpretation does not permit a decision on its allocation, beneficiary companies jointly liable for the liability item in question.

The merger or division, signed by representatives of the participating companies shall be submitted to the Trade Registry registration of each company. This project must be accompanied by a statement that the company ceases to exist after merger or division, about how the liabilities or extinguishing. The merger or division, in which the delegated judge shall be published in the Official Gazette at the expense of the parties, in whole or extracted, according to the judge's delegate or request Parties at least 30 days before the Extraordinary General Assembly meetings will to decide on merger or division.

The legislator did not lose sight of protecting the interests of creditors of the



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g) drepturile conferite de catre societatea absorbanta sau beneficiara detinatorilor de actiuni care confera drepturi speciale si celor care detin alte valori mobiliare in afara de actiuni sau masurile propuse in privinta acestora;

h) orice avantaj special acordat expertilor si membrilor organelor administrative sau de control ale societatilor implicate in fuziune sau in divizare;

i) data la care au fost aprobate situatiile financiare ale societatilor participante, care au fost folosite pentru a se stabili conditiile fuziunii sau ale divizarii;

j) data de la care tranzactiile societatii absorbite sau divizate sunt considerate din punct de vedere contabil ca apartinand societatii absorbante sau uneia ori alteia dintre societatile beneficiare. In cazul divizarii legea face precizari suplimentare, fiind necesar a fi introduse in proiect, pe langa datele precizate mai sus;

k) descrierea si repartizarea exacta a activelor si pasivelor care urmeaza a fi transferate fiecareia dintre societatile beneficiare;

l) repartizarea catre actionarii sau asociatii societatii divizate de actiuni, respectiv parti sociale, la societatile beneficiare si criteriul pe baza caruia se face repartizarea. In ipoteza nerepartizarii unui element de activ in proiectul de divizare, atunci cand interpretarea proiectului nu permite luarea unei decizii privind repartizarea, elementul de activ in cauza sau contravaloarea acestuia se repartizeaza intre toate societatile beneficiare, proportional cu cota din activul net alocat societatilor in cauza, in conformitate cu proiectul de divizare. Prin analogie, daca un element de pasiv nu este repartizat in proiectul de divizare si daca interpretarea proiectului nu permite luarea unei decizii privind repartizarea sa, societatile beneficiare raspund solidar pentru elementul de pasiv in cauza.

Proiectul de fuziune sau de divizare, semnat de reprezentantii societatilor

companies participating in the restructuring, so that gave them the right to oppose. Benefit from this as any creditor of the company involved in merger or division, whose claim is prior to the project and its publication is not due on the date of publication. The right may be exercised within 30 days after publication of the merger or division in the Official Gazette.

Suspend the execution creditor opposition to the merger or division until after the court decision becomes final, unless the debtor proves that the payment of debts or warranties accepted by creditors or ends with an agreement to pay these debts.

In addition, assuming the division, if a creditor of the company to whom the obligation is transferred in accordance with the draft terms of division has not obtained the realization of his claim, all the recipient companies are liable for that obligation, to the extent that net assets have been transferred by division, except the company that has been transferred obligation, to unlimited liability.

Administrators companies participating in the merger or division are required to prepare a detailed written report, explaining the merger or division and specify its legal and economic basis, especially on the share exchange ratio. In case of division, the report will include also the criterion for the allocation of shares, as well as information on the preparation and evaluation report for recipient companies and the register on which it is made. The report must describe any special difficulties arising in making the assessment.

Administrators divided society, are obliged, under current law to inform the general meeting of the company divided, and administrators recipient companies so they can inform, in turn, the general assemblies of the respective companies of any substantial changes to assets and



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participante, se depune la Oficiul Registrului Comertului unde este inmatriculata fiecare societate. Acest proiect trebuie insotit de o declaratie a societatii care inceteaza a exista in urma fuziunii sau divizarii, cu privire la modul de stingere al pasivului sau.

Proiectul de fuziune sau de divizare, vizat de judecatorul delegat, se publica in Monitorul Oficial, pe cheltuiala partilor, integral sau in extras, potrivit dispozitiei judecatorului delegat sau cererii partilor, cu cel putin 30 de zile inaintea datelor sedintelor in care adunarile generale extraordinare urmeaza a se hotari, asupra fuziunii ori divizarii.

Legiuitorul nu a pierdut din vedere protejarea intereselor creditorilor societatilor participante la operatiunea de restructurare, astfel incat a conferit acestora dreptul de a face opozitie. Beneficiaza de acest drept orice creditor al societatii implicate in fuziune ori divizare, a carui creanta este anterioara datei publicarii proiectului si nu este scadenta la data publicarii. Dreptul se poate exercita in termen de 30 de zile de la data publicarii proiectului de fuziune sau divizare in Monitorul Oficial.

Opozitia creditorului suspenda executarea fuziunii sau a divizarii pana la data la care hotararea judecatoreasca devine irevocabila, in afara cazurilor in care societatea debitoare face dovada platii datoriilor sau ofera garantii acceptate de creditori ori incheie cu acestia un acord pentru plata datoriilor.

In plus, in ipoteza divizarii, daca un creditor al societatii careia ii este transferata obligatia in conformitate cu proiectul de divizare nu a obtinut realizarea creantei sale, toate societatile beneficiare sunt raspunzatoare pentru obligatia in cauza, in limita activelor nete care le-au fost transferate prin divizare, cu exceptia societatii careia i-a fost transferata obligatia respectiva, care raspunde nelimitat.

Administratorii societatilor care participa la fuziune sau la divizare au obligatia de a intocmi un raport scris,

liabilities , occurred between the date and time of project design division general meeting the company being divided which is to decide on the draft terms of division.

A new provision introduced by the judge has delegated appointment of one or more experts, individuals or legal entities, acting on behalf of each of the companies involved in the merger or division, but independent of them, to consider the proposed merger or division, as and prepare a written report to shareholders.

The report will contain information on the correct exchange rate shares, the method used to determine the proposed rate will indicate if the method or methods used are appropriate to the case, indicate the values obtained by applying each of these methods and will include expert opinion on the weight attributed to such methods in arriving at the value finally retained. The report will also describe any special difficulties in carrying out the assessment. Judge has the option to designate one or more experts acting for all companies involved, but independent of them, at the joint request of the companies involved in the merger or division. In order to prepare a report as real can get any of the experts appointed from any of the companies involved in the merger or division of all relevant information and documents to make all necessary investigations.

The management bodies of companies involved in the merger will provide the shareholders or associates, at the company, at least one month before the extraordinary general meeting which is to decide on the draft merger or division, the following documents:

a) the merger or division; b) report by the governing bodies; c) the annual financial statements

and management reports for the last three financial years of companies taking part



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detaliat, in care sa explice proiectul de fuziune sau de divizare si sa precizeze fundamentul sau juridic si economic, in special cu privire la rata de schimb a actiunilor. In cazul divizarii, raportul va include, de asemenea, criteriul de repartizare a actiunilor, cat si si informatii referitoare la intocmirea raportului de evaluare pentru societatile beneficiare, si registrul la care acesta trebuie depus. Raportul trebuie sa descrie orice dificultati speciale aparute in realizarea evaluarii.

Administratorii societatii divizate, au obligatia, conform legislatiei actuale, de a informa adunarea generala a societatii divizate, dar si administratorii societatilor beneficiare, astfel incat acestia sa poata informa, la randul lor, adunarile generale ale societatilor respective asupra oricarei modificari substantiale a activelor si pasivelor, intervenita intre data intocmirii proiectului de divizare si data adunarii generale a societatii divizate care urmeaza sa decida asupra proiectului de divizare.

O prevedere nou introdusa dispune desemnarea de catre judecatorul delegat a unuia sau mai multor experti, persoane fizice ori juridice, actionand pe seama fiecareia dintre societatile care participa la fuziune sau divizare, dar independent de acestea, in scopul examinarii proiectului de fuziune ori divizare, cat si pentru intocmirea unui raport scris catre actionari.

Raportul va cuprinde informatii referitoare la corectitudinea ratei de schimb a actiunilor sau partilor sociale, metoda sau metodele folosite pentru a determina rata de schimb propusa, va preciza daca metoda sau metodele folosite sunt adecvate pentru cazul respectiv, va indica valorile obtinute prin aplicarea fiecareia dintre aceste metode si va contine opinia expertilor privind ponderea atribuita metodelor in cauza pentru obtinerea valorii retinute in final. Raportul va descrie, de asemenea, orice dificultati deosebite in realizarea evaluarii. Judecatorul delegat, are posibilitatea de a desemna unul sau mai multi experti actionand pentru toate

in the merger or division; d) financial statements, prepared

not earlier than the first day of the third month preceding the date of merger or division, if the latest annual financial statements have been prepared for the financial year ended more than six months before this time;

e) the auditors' report or, where appropriate, financial auditor's report;

f) expert report; g) record of contracts with values

exceeding RON 10,000 each and under execution and their distribution in case of division of society.

Shareholders or members may obtain free copies of the documents listed above, or extracts from them.

The directors of the acquiring company or society which is divided liability of shareholders or members of that company for irregularities committed in preparation and completion of the merger or division.The experts who wrote the report on behalf of the acquiring company or split liability of shareholders or associates of these companies for irregularities committed in the performance of their duties. The new regulation introduces specific provisions The holders of their securities other than shares to which special rights. So, if the merger, holders have the prerogative to grant them in the acquiring company has certain rights at least equivalent to those they held in the acquiring company, unless the alteration of those rights is approved by a meeting of such holders individual titles or by the holders of such securities or unless the holders are entitled to get their redemption. In case of division, the same categories of persons shall be given in the recipient companies whom may oppose such rights arising from securities, in accordance with the draft terms of division, at least equivalent to those



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societatile implicate, dar independent de acestea, la solicitarea comuna a societatilor implicate in procesul de fuziune ori divizare. In scopul intocmirii unui raport cat mai real, oricare din expertii desemnati poate obtine de la oricare dintre societatile care participa la fuziune sau la divizare toate informatiile si documentele relevante pentru a face toate investigatiile necesare.

Organele de conducere ale societatilor implicate in procesul de fuziune, vor pune la dispozitia actionarilor sau asociatilor, la sediul societatii, cu cel putin o luna inainte de data adunarii generale extraordinare care urmeaza sa se pronunte asupra proiectului de fuziune sau de divizare, urmatoarele documente:

a) proiectul de fuziune sau de divizare;

b) raportul intocmit de catre organele de conducere;

c) situatiile financiare anuale si rapoartele de gestiune pentru ultimele 3 exercitii financiare ale societatilor care iau parte la fuziune sau la divizare;

d) situatiile financiare, intocmite nu mai devreme de prima zi a celei de-a treia luni anterioare datei proiectului de fuziune sau de divizare, daca ultimele situatii financiare anuale au fost intocmite pentru un exercitiu financiar incheiat cu mai mult de 6 luni inainte de aceasta data;

e) raportul cenzorilor sau, dupa caz, raportul auditorului financiar;

f) raportul expertilor; g) evidenta contractelor cu valori

depasind 10.000 lei fiecare si aflate in curs de executare, precum si repartizarea lor in caz de divizare a societatii.

Actionarii sau asociatii vor putea obtine gratuit copii de pe actele enumerate mai sus, ori extrase din ele.

Administratorii societatii absorbite sau ai societatii care este divizata raspund civil fata de actionarii sau asociatii acelei societati pentru neregularitatile comise in pregatirea si realizarea fuziunii sau divizarii.

Expertii care intocmesc raportul pe

rights which they enjoyed in divided societies, with rights unless the amendment has been approved by a meeting of holders of such securities or by them individually or unless the holders are entitled to obtain redemption of securities held.

Decision on merger or division is made in the above documents presented by the general meeting of each company participating in the operation. Decision must be taken within two months from the closing date of the law to exercise opposition, or as appropriate, the date on which the decision became final courth. In case of a merger or division by setting up new companies, the merger or division and if the document is contained in a separate memorandum or articles of association of the new project or new companies will be approved by the

Assembly general each company is to cease its existence.

Conditions of quorum and majority decision to adopt the merger or division are provided for the validity of the Extraordinary General Assembly deliberations. Notwithstanding, the law requires decisions to be taken unanimously, merger or division when it has the effect of increasing the obligations of one of the companies participating associates. This provision is a condition imposed by the need to protect the interests of members, against operations which might aggravate the situation their.

The acquiring company records act modifying association with the Trade Registry in whose district the company has its headquarters, in which the delegated judge shall be transmitted ex officio to the Official Gazette. They are able to perform and advertising for the acquiring company, in cases where those companies have not done it, within 15 days of targeting act modifying the constitution of that company by Judge



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seama societatii absorbite sau divizate, raspund civil fata de actionarii ori asociatii acestor societati pentru neregularitatile comise in indeplinirea indatoririlor lor.

Noua reglementare introduce dipozitii speciale cu privire le detinatorii de valori mobiliare, altele decat actiuni, care confera drepturi speciale. Asftel, in cazul fuziunii, detinatorii acestora au prerogativa acordarii in cadrul societatii absorbante a unor drepturi cel putin echivalente cu cele pe care le detineau la societatea absorbita, cu exceptia cazului in care modificarea drepturilor in cauza este aprobata de o adunare a detinatorilor de astfel de titluri ori individual de catre detinatorii de astfel de titluri sau a cazului in care detinatorii au dreptul de a obtine rascumpararea titlurilor lor. In cazul divizarii, aceleiasi categorii de persoane trebuie sa li se acorde in cadrul societatilor beneficiare carora li se pot opune drepturile decurgand din asemenea valori mobiliare, in conformitate cu proiectul de divizare, drepturi cel putin echivalente cu cele de care beneficiau in societatea divizata, cu exceptia cazului in care modificarea drepturilor in cauza este aprobata de o adunare a detinatorilor de astfel de valori mobiliare ori de catre acestia in mod individual sau a cazului in care detinatorii au dreptul de a obtine rascumpararea valorilor mobiliare detinute.

Hotararea privind fuziunea sau divizarea este luata, in baza documentelor mai sus prezentate, de catre adunarea generala a fiecareia dintre societatile participante la operatiune. Hotararea trebuie luata in termen de cel mult doua luni de la expirarea termenului stabilit de lege pentru exercitarea opozitiei, sau dupa caz, de la data la care hotararea judectoreasca a devenit irevocabila.

In cazul unei fuziuni sau divizari prin infiintarea unor noi societati, proiectul de fuziune sau de divizare si, in ipoteza in care sunt continute intr-un document separat, actul constitutiv sau proiectul de act constitutiv al noii ori noilor societati vor fi

delegate. Reorganization of companies

through the merger or division-specific effects.

Point at which the two effects is different phenomena. Thus, according to law, if one or more companies setting up new effects occur after the date of registration in the Trade Register of the new company or the last of them. In other cases, the legislature amended the previous provisions (under which the effect occurs on the date of registration in the Commercial Register of the mention of that company's share capital) at present, the moment of impact, the final decision on registration of the general assembly approved operation, except where by agreement, stipulates that the operation will take effect at a later date, but can not be the current financial year following the end of the acquiring company or companies benefiting, not the last financial year ended prior to completion of the company or companies that transfer their assets.

Effects of merger or division are:a) transfer to the acquiring

company or each of the recipient companies of all assets and liabilities acquired or divided, both in relations between the company being acquired or acquiring company or companies divided and the recipient, and in relations with third parties. The merger or division is the document that establishes rules under which virtue will be transferred. This transfer will be made in accordance with the distribution rules set forth in the merger or division;

b) shareholders or the acquiring company or divided become shareholders, shareholders of the acquiring company in question, that of the recipient companies in accordance with the distribution rules set forth in the merger or division;

c) termination of the existence of the acquiring company or divided.



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aprobate de catre adunarea generala a fiecareia dintre societatile care urmeaza sa isi inceteze existenta.

Conditiile de cvorum si majoritate pentru adoptarea hotararii privind fuziunea ori divizarea sunt cele prevazute pentru validitatea deliberarilor adunarii generale extraordinare. Prin derogare, legea impune ca hotararea sa fie luata cu unanimitate de voturi, atunci cand fuziunea ori divizarea are ca efect marirea obligatiilor asociatilor uneia dintre societatile participante. Aceasta prevedere reprezinta o conditie impusa de necesitatea protejarii intereselor asociatilor, impotriva unor operatiuni care ar putea agrava situatia acestoara.

Societatile absorbante inregistreaza actul modificator al actului constitutiv in Registrul Comertului in a carui circumscriptie isi are sediul societatea si, vizat de judecatorul delegat, se transmite, din oficiu, la Monitorul Oficial al Romaniei. Acestea au posibilitatea de a efectua si publicitatea pentru societatea absorbanta, in cazurile in care acele societati nu au efectuat-o, in termen de 15 zile de la vizarea actului modificator al actului constitutiv al societatii absorbante de catre judecatorul delegat.

Reorganizarea societatilor comerciale prin procesul de fuziune ori divizare produce efecte specifice.

Momentul de la care cele doua fenomene produc efecte este diferit. Astfel, conform legislatiei in vigoare, in cazul constituirii uneia sau mai multor societati noi, efectele se produc de la data inmatricularii in Registrul Comertului a noii societati sau a ultimei dintre ele. In celelalte cazuri, legiuitorul a modificat dispozitiile anterioare (conform carora efectele se produceau de la data data inscrierii in registrul comertului a mentiunii privind majorarea capitalului social al societatii absorbante), actualmente, momentul producerii efectelor, fiind data inregistrarii hotararii ultimei adunari generale care a aprobat operatiunea, cu exceptia cazului in care, prin acordul partilor, se stipuleaza ca

The new regulations clarify the legal regime with regard to mergers and divisions of companies. Practice will decide to what extent these changes but provides an adequate legal framework for carrying out these operations. At least on the mergers regime, there will be future changes, given the need to implement the Directive on cross Romania.

Chamber of Deputies adopted on March 1, 2011 approving the draft emergency ordinance amending and supplementing Law no. 31/1990, which have streamlined operations and supply division, in order to improve activity, with significant positive impact on business. According to the explanatory memorandum, the law provides the following changes:

1. Opposition to the institution remodeling division. The new structure is based on the following principles:

- Removal suspension character of the opposition;

- Social creditor can not block merger or division;

- Social creditor having an outstanding debt, liquid and before the publication of the proposed merger and has not already guarantees the right to obtain adequate collateral or prepayment of debt, if the financial position of the debtor or the successor in title company requires.

Similar solutions have been adopted by other European Union member states.

Thus, in France, was chosen for fusion to the creditor unenforceability opponent with a decision in his favor, in Bulgaria, unenforceability merger in a given period (6 months after completion of the operation), in Belgium and Luxembourg, chargeability claim in Hungary, which aims to share collateral, if the successor company's registered capital is less than the rights of the debtor company. The draft bill were taken into



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operatiunea va avea efect la o alta data, care nu poate fi insa ulterioara incheierii exercitiului financiar curent al societatii absorbante sau societatilor beneficiare, nici anterioara incheierii ultimului exercitiu financiar incheiat al societatii sau societatilor ce isi transfera patrimoniul.

Efectele fuziunii ori divizarii sunt urmatoarele:

a) transferul catre societatea absorbanta sau fiecare dintre societatile beneficiare, al tuturor activelor si pasivelor societatii absorbite ori divizate, atat in raporturile dintre societatea absorbita sau divizata si societatea absorbanta ori societatile beneficiare, cat si in raporturile cu tertii. Proiectul de fuziune ori divizare este documentul care stabileste regulile in virtutea carora va fi efectuat transferul. Acest transfer va fi efectuat in conformitate cu regulile de repartizare stabilite in proiectul de fuziune ori divizare;

b) actionarii sau asociatii societatii absorbite sau divizate devin actionari, respectiv asociati ai societatii absorbante, respectiv ai societatilor beneficiare, in conformitate cu regulile de repartizare stabilite in proiectul de fuziune ori divizare;

c) incetarea existentei societatii absorbite sau divizate.

Noile reglementari legale aduc clarificari in privinta regimului fuziunilor si divizarilor societatilor comerciale. Practica va decide insa in ce masura aceste modificari ofera un cadru legal adecvat pentru desfasurarea acestor operatiuni. Cel putin in privinta regimului fuziunilor, vor mai exista modificari viitoare, avand in vedere necesitatea implementarii de catre Romania a Directivei privind fuziunile transfrontaliere.

Camera Deputatilor a adoptat pe 1 martie 2011 proiectul de lege privind aprobarea ordonantei de urgenta pentru modificarea si completarea Legii nr. 31/1990 privind societatile comerciale, prin care s-au simplificat operatiunile de furnizare si divizare, in vederea eficientizarii activitatii,

account the conclusions of the judicial practice in the field, proving that the opposition is rejected, in their overwhelming majority, for non-fulfillment of eligibility. Such statistics justify rethinking quick suspension opportunity and utility character of opposition to the merger / division. Continuing its targets in the Memorandum on "Reducing the number of taxes and countries, starting with those whose incomes are above cost effective management", approved in Government session 3/11/2009, draft emergency ordinance proposes to amend the text of Art. 185 of Law no. 31/1990 "in order to simplify ways to bring out by merchants to disclose the annual financial statements, simplifying the administrative costs be reduced by making this legal obligation." Bringing national public service (number of centers for filing financial statements increases to 40 - the number of offices of the Registry of Commerce - 400 - number of units of the Ministry of Finance, as the premises offers a more systematic collection and use of a more efficient of information in financial statements by creating a unified database for the state and reduce the time needed to obtain information to be included in the centralized database.

Draft legislation had a positive long-term macroeconomic impact by simplifying the conditions of the reorganization of the main actors of commerce, and companies. It was expected that the normative act will have a substantial and positive impact on business.

Substantially simplifying the procedure for conducting merger and division, the new regulation allows rapid implementation of these processes of corporate reorganization, in compliance with the protection of all parties. Reorganization of the company in a



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cu impact pozitiv semnificativ asupra mediului de afaceri. Conform expunerii de motive, legea prevede urmatoarele modificari:

1. Remodelarea institutiei opozitiei la divizare. Noua structura se bazeaza pe urmatoarele principii:

- eliminarea caracterului suspensiv al opozitiei;

- creditorul social nu poate bloca operatiunea de fuziune sau divizare;

- creditorul social care are o creanta certa, lichida si anterioara publicarii proiectului de fuziune si care nu detine deja garantii are dreptul de a obtine garantii adecvate sau plata anticipata a creantei, daca situatia financiara a societatii debitoare sau a societatii succesoare in drepturi o impune.

Solutii similare au fost adoptate si de alte state membre ale Uniunii Europene.

Astfel, in Franta, s-a optat pentru inopozabilitatea fuziunii fata de creditorul oponent care are o hotarare in favoarea sa, in Bulgaria, inopozabilitatea fuziunii intr-o perioada determinata (6 luni de la finalizarea operatiunii), in Belgia si Luxemburg, exigibilitatea creantei, in Ungaria, actiune prin care se urmareste constituirea de garantii, in cazul in care capitalul social al societatii succesoare in drepturi este mai mic decat al societatii debitoare. La elaborarea proiectului de act normativ s-au avut in vedere si concluziile analizei practicii judiciare in materie, care atesta faptul ca opozitiile sunt respinse, in majoritatea lor covarsitoare, pentru neindeplinirea conditiilor de admisibilitate. O asemenea statistica justifica regandirea rapida a oportunitatii si utilitatii caracterului suspensiv al opozitiei la fuziune/divizare. Continuand directiile de actiune stabilite in Memorandumul cu tema „Reducerea numarului de taxe si tarile, incepand cu cele ale caror costuri de administrare sunt superioare incasarilor efective”, aprobat in sedinta Guvernului din 11.03.2009, proiectul de ordonanta de urgenta propune modificarea textului art. 185 din Legea nr.

significantly shorter period will lead to efficiency of their activity. Legal norm thus comes in support of economic development objectives and functional sustainability. GEO no. 90/2010 was published in the Official Gazette, Part I, no. 674 of October 4, 2010. Emergency ordinance aimed at reshaping the institution opposition to the merger and division.

The new structure is based on the following principles:

- Removal suspension character of the opposition;

- Social creditor can not block merger or division;

- Social creditor having an outstanding debt, liquid and before the publication of the proposed merger and has not already guarantees the right to obtain adequate collateral or prepayment of debt, if the financial position of the debtor or the successor in title company requires.

Under the transitional aspect, the enactment states that the new regulations only apply to merger and division for which the merger, division that draft has been published since the entry into force. "This bill was removed as a suspension of the opposition character. He went on the idea of preserving the creditor's rights in the sense that, necessarily, that the debtor is to merge or divide must constitute adequate safeguards for creditors so that they are satisfied in their rights and have the guarantee that future they will claim against the company's future, "said Secretary of State for Justice, following the adoption of normative act by the Government. Also, in case the debtor refuses to form these guarantees, the judge, especially immediately and will declare creditor's claim is not yet due, as a chargeable and will go on foreclosure proceedings, said Secretary of State in the Ministry of Justice.



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31/1990 „in scopul simplificarii modalitatilor de aducere la indeplinire de catre comercianti a obligatiei de publicitate a situatiilor financiare anuale, simplificare ce atrage reducerea costurilor administrative legate de realizarea acestei obligatii legale”.

Apropiind serviciul public de cetatean (numarul centrelor la care se depun situatiile financiare creste de la 40 – numarul de oficii ale registrului comertului – la 400 – numarul de unitati ale Ministerului Finantelor Publice, masura ofera premisele unei mai sistematice colectari si a unei mai eficiente utilizari a informatiilor din situatiile financiare, prin crearea unei baze de date unitare pentru institutiile statului si reducerea timpului necesar obtinerii informatiilor ce trebuie incluse in aceasta baza de date centralizata.

Proiectul de act normativ a avut un impact macroeconomic pozitiv pe termen lung, prin simplificarea conditiilor de reorganizare a principalilor actori ai circuitului comercial, societatile comerciale. S-a preconizat ca actul normativ va avea un impact pozitiv substantial si asupra mediului de afaceri.

Simplificand substantial procedura de derulare a operatiunilor de fuziune si divizare, noua reglementare permite implementarea rapida a acestor procese de reorganizare societara, cu respectarea standardelor de protectie a tuturor partilor implicate. Reorganizarea societatilor intr-un termen semnificativ mai scurt va conduce la eficientizarea activitatii acestora. Norma legala vine astfel in sprijinul realizarii obiectivelor de dezvoltare economica si sustenabilitate functionala.

OUG nr. 90/2010 a fost publicata in Monitorul Oficial, Partea I, nr. 674 din 4 octombrie 2010. Ordonanta de urgenta a vizat remodelarea institutiei opozitiei la fuziune si la divizare.

Noua structura se bazeaza pe urmatoarele principii:

- eliminarea caracterului suspensiv al opozitiei;

These changes assume that the merger and reorganization division can be an essential activity of companies likely to co ¬ efficient Mercia, given that, currently, the procedures are lengthy and cumbersome. "The checks were made to the courts to see that process often takes one, two, three, four years, in which the merger or division, which are recognized as reorganized solutions were stopped," he Secretary of State said. Thus, according to the normative act, if a creditor has obtained from the company achieve its debt which is assigned debt division, all companies participating in the division are responsible for that obligation, up to the net asset values have been assigned by division, except the company that was assigned that duty, that unlimited liability. "National Trade Register Office will send the National Agency for Tax Administration, in 3 days after submission of the draft merger / division, a notice of the deposit of the project. Creditors companies taking part in the merger or division are entitled to adequate protection of their interests. Any such creditor who has an outstanding debt, liquid and prior to the date of publication of merger or division, not yet due and which follows the publication of an injury prevention through merger / division can meet opposition in order to guarantee its debt, according to of this article. The opposition is made within 30 days after publication of the merger or division in the Official Gazette, Part IV. It is submitted to the Trade Register, which, within three days from the filing date, will be mentioned in the register, to be submitted to the competent court. Decision rendered on the opposition is subject only to appeal.

Formulation of an opposition does not suspend the execution of the merger or division and not impede the merger or division.

If, in examining the financial and



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- creditorul social nu poate bloca operatiunea de fuziune sau divizare;

- creditorul social care are o creanta certa, lichida si anterioara publicarii proiectului de fuziune si care nu detine deja garantii are dreptul de a obtine garantii adecvate sau plata anticipata a creantei, daca situatia financiara a societatii debitoare sau a societatii succesoare in drepturi o impune.

Sub aspect tranzitoriu, actul normativ stabileste ca noua reglementare sa se aplice doar operatiunilor de fuziune si divizare pentru care proiectul de fuziune, respectiv proiectul de divizare, a fost publicat incepand cu data intrarii in vigoare a acesteia.

„Prin acest act normativ a fost inlaturat caracterul suspensiv de drept al opozitiei. S-a mers pe ideea conservarii drepturilor creditorului, in sensul ca, in mod obligatoriu, societatea debitoare care urmeaza sa fuzioneze sau sa se divida trebuie sa constituie garantii adecvate pentru creditori, astfel incat acestia sa fie satisfacuti in drepturile lor si sa aiba garantia ca pe viitor isi vor recupera creantele de la viitoarea societate” a declarat secretarul de stat in Ministerul Justitiei, in urma adoptarii actului normative de catre Guvern.

De asemenea, in situatia in care societatea debitoare refuza sa constituie aceste garantii, judecatorul, de indata si cu precadere, va declara creanta creditorului care nu este inca exigibila, ca fiind una exigibila si se va merge pe procedura executarii silite, a precizat secretarul de stat in Ministerul Justitiei.

Aceste schimbari pornesc de la premisa ca fuziunea si divizarea pot constitui solutii de reorganizare esentiale, de natura sa eficientizeze activitatea societatilor co¬merciale, in conditiile in care, in prezent, procedurile sunt indelungate si greoaie.

“Din verificarile care au fost facute la nivelul Instantelor de judecata s-a constat ca de multe ori procesele dureaza un an, doi, trei, patru ani, situatie in care fuziunea sau divizarea, care sunt recunoscute ca solutii

commercial operating-company receivable / society successor in rights and obligations of the debtor, it follows that there is no need adequate provision of guarantees or, where appropriate, new collateral or the debtor or, if necessary The company successor in rights and obligations of the debtor has made proof of payment of debts or the parties have entered into an agreement to pay debts or guarantees or privileges already adequate to satisfy the debt, the court rejected the opposition. The court also rejected the opposition and if the constitution is rejected by the creditor in court by the deadline of closing, the collateral offered. If the debtor or, where appropriate, the company successor in rights and obligations of the debtor made during the bid process for provision of additional collateral or the court valued privileges as necessary and appropriate to satisfy the creditor's claim, the court will issue an order that will give the parties a deadline for setting up those guarantees. conclusion given by the court is subject to appeal reserved.If the debtor or, where appropriate, the company successor in rights and obligations of the debtor makes no warranties or appropriate to satisfy the claim or privilege, even if warranties or privileges, do not constitute reasons that he is responsible, the date set by court by concluding, the court allowed the opposition and force the debtor or, where appropriate, the company successor in rights and obligations of the debtor to pay the debt immediately or within a certain time limit to the value of debt and liabilities of the debtor company or, where appropriate, the company's successor in rights and obligations of the debtor. The decision to accept the opposition is enforceable.

Opposition to judge the urgency and priority. Lenders participating in the division or merger of companies who



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pentru reoganizere, erau oprite”, a afirmat secretarul de stat. Astfel, potrivit actului normativ, daca un creditor nu a obtinut realizarea creantei sale de la societatea careia ii este repartizata creanta prin divizare, toate societatile participante la divizare raspund pentru obligatia in cauza, pana la concurenta valorii activelor nete care le-au fost repartizate prin divizare, cu exceptia societatii careia i-a fost repartizata obligatia respectiva, care raspunde nelimitat.” Oficiul National al Registrului Comertului va transmite Agentiei Nationale de Administrare Fiscala, in 3 zile de la depunerea proiectului de fuziune/divizare, un anunt cu privire la depunerea proiectului.

Creditorii societatilor care iau parte la fuziune sau la divizare au dreptul la o protectie adecvata a intereselor lor. Orice astfel de creditor care detine o creanta certa, lichida si anterioara datei publicarii proiectului de fuziune sau de divizare, nescadenta la data publicarii si care urmareste impiedicarea producerii unui prejudiciu prin fuziune/divizare, poate face opozitie in vederea garantarii satisfacerii creantei sale, in conditiile prezentului articol.

Opozitia se face in termen de 30 de zile de la data publicarii proiectului de fuziune sau de divizare in Monitorul Oficial al Romaniei, Partea a IV-a. Ea se depune la oficiul registrului comertului, care, in termen de 3 zile de la data depunerii, o va mentiona in registru si o va inainta instantei judecatoresti competente. Hotararea pronuntata asupra opozitiei este supusa numai recursului.

Formularea unei opozitii nu are ca efect suspendarea executarii fuziunii sau divizarii si nu impiedica realizarea fuziunii sau divizarii.

In cazul in care, din examinarea situatiei financiare si operational-comerciale a societatii debitoare/societatii succesoare in drepturile si obligatiile societatii debitoare, rezulta ca nu este necesara acordarea de garantii adecvate ori, dupa caz, de noi garantii sau societatea debitoare ori, dupa

meet to oppose the opposition can make a request under Art. 61 para. (1) against the decision of the company's statutory body regarding the association changes only if they relate to other changes than those arising from or in connection with the division or merger.

The provisions do not apply to claims deriving salary nature of individual labor contracts or collective agreements applicable to conditions laid down in para. (1), whose protection is made under the provisions of Law no. 67/2006 on the protection of employees' rights in the transfer company, the unit or parts thereof, and under other applicable laws

Government Emergency Ordinance amending Law 31/1990 was applied as a model in terms of Belgian regulations. References: 1. http://www.avocatnet.ro/content/articles /id_21529/Legea-societatilor-comerciale- modificata-de-Guvern.html 2.http/www.legestart.ro/Norma-metodologica-2003 -fuziunea-divizarea-dizolvarea-lichidarea- societatilor-comerciale-precum-retragerea- excluderea-unor-asociati-cadrul- societatilor-comerciale-(MjE1Mjg-).htm 3.http://www.avocatnet.ro/content/articles /id_9720/Regimul-juridic-al-fuziunii-si- divizarii-potrivit-noilor-reglementari legale.html



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caz, societatea succesoare in drepturile si obligatiile societatii debitoare a facut dovada platii datoriilor sau partile au incheiat un acord pentru plata datoriilor ori exista deja garantii sau privilegii adecvate pentru satisfacerea creantei, instanta respinge opozitia. De asemenea, instanta respinge opozitia si in cazul in care este refuzata de catre creditor constituirea, in termenul stabilit de instanta prin incheiere, a garantiilor oferite. Daca societatea debitoare sau, dupa caz, societatea succesoare in drepturile si obligatiile societatii debitoare a facut in cursul procesului o oferta pentru constituirea unor garantii sau privilegii apreciate de instanta ca fiind necesare si adecvate pentru satisfacerea creantei creditorului, instanta va pronunta o incheiere prin care va acorda partilor un termen pentru constituirea acelor garantii. incheierea pronuntata de instanta este supusa recursului odata cu fondul.

Daca societatea debitoare sau, dupa caz, societatea succesoare in drepturile si obligatiile societatii debitoare nu ofera garantii ori privilegii adecvate pentru satisfacerea creantei sau, chiar daca ofera garantii ori privilegii, nu le constituie, din cauze ce ii sunt imputabile, in termenul stabilit de instanta prin incheiere, instanta admite opozitia si obliga societatea debitoare sau, dupa caz, societatea succesoare in drepturile si obligatiile societatii debitoare la plata creantei de indata ori intr-un anumit termen stabilit in functie de valoarea creantei si de pasivul societatii debitoare sau, dupa caz, al societatii succesoare in drepturile si obligatiile societatii debitoare. Hotararea de admitere a opozitiei este executorie.

Opozitia se judeca de urgenta si cu precadere. Creditorii societatilor participante la divizare sau fuziune care indeplinesc conditiile pentru a face opozitie pot formula o cerere de opozitie in temeiul art. 61 alin. (1) impotriva hotararii organului statutar al societatii privitoare la modificarile actului constitutiv numai daca acestea privesc alte modificari decat cele care decurg din sau in



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legatura cu procesul de divizare sau fuziune. Dispozitiile nu se aplica creantelor de

natura drepturilor salariale derivand din contractele individuale de munca sau contractele colective de munca aplicabile, care indeplinesc conditiile prevazute la alin. (1), a caror protectie se realizeaza potrivit dispozitiilor Legii nr. 67/2006 privind protectia drepturilor salariatilor in cazul transferului intreprinderii, al unitatii sau al unor parti ale acestora, precum si potrivit altor legi aplicabile

Ordonanta de Urgenta a Guvernului care modifica Legea 31/1990 privind societatilor comerciale a avut ca model reglementarile in materie practicate de Belgia. Bibliografie: 1. http://www.avocatnet.ro/content/articles /id_21529/ Legea-societatilor -comerciale- modificata-de-Guvern.html 2.http/www.legestart.ro/ Norma-metodologica-2003-fuziunea- divizarea-dizolvarea- lichidarea- societatilor-comerciale- precum-retragerea-excluderea- unor-asociati-cadrul- societatilor-comerciale- (MjE1Mjg-).htm 3.http://www.avocatnet.ro/ content/articles/ id_9720/ Regimul-juridical-fuziunii-si- divizarii-potrivit- noilor-reglementari legale.html

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