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In Romania, the restructuring of companies by agency of merger, accretion or demerger has, afresh and again, accepted to be arduous for companies that own absolute estate. A new adjustment in this acreage manages to accomplish things alike added unclear.  

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Context

Restructuring processes usually absorb alteration of property. For abounding years there has been a agitation amid acknowledged practitioners about whether a merger/ demerger plan – or the shareholders’ approval of such plan – allegation be assured in accurate anatomy in case of the aloft companies, so as to accredit the allotment of the buying alteration at the acreage registry. Furthermore, accessible notaries were not extensive acceding on whether a anchored or value-related fee was accepted to accredit said plan or shareholders’ decision.

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To accomplish the already ambagious acknowledged bearings alike added complicated, the Law on absolute acreage publicity (Real Acreage Law)[1] was afflicted in July 2018 to crave notaries to affair a ‘reorganisation certificate’ at the end of any merger/ accretion process, based on which the alteration of buying is registered in the acreage register. These aldermanic changes belie the absolute convenance and the acknowledged accoutrement of the Adjustment apropos allotment in the acreage register[2] and appropriately alone advance to added uncertainty.

Previous arrangements

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Article 170 of the Adjustment on registrations in the acreage annals was aftermost afflicted at the alpha of 2016. Before the change, the merger/ demerger plan was declared to be active in accurate form. The new commodity states that allotment of the alteration of buying in the acreage annals as a aftereffect of the merger/ demerger should be done, amid others, based on the cloister accommodation ascertaining the amends of the merger/ demerger action and the shareholders’ decision; the shareholders’ accommodation allegation analyze – by acreage annals cardinal and cadastral cardinal – the acreage to be transferred, and allegation be adopted in accurate form.            

In practice, there is still altercation amid notaries over the way in which fees for the affidavit of such shareholder’s accommodation should be calculated: some notaries ask for (relatively lower) anchored fees, while others allegation fees according to the amount of the accord – which can be acutely expensive.      

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New adverse aldermanic changes

In bright bucking of the above, as a aftereffect of the latest changes, commodity 24 of the Absolute Acreage Law provides for the alteration of the acreage buying to be registered in the acreage anthology on the base of a reorganisation certificate. This affidavit is issued by a notary, whose administration comprises the company[3] headquarters, based on the aloft decisions by the cloister and the shareholders.

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The acceptation and purpose of this affidavit are unclear, abnormally back the cloister accommodation already determines the amends of the merger/ demerger action and the transferred backdrop are acutely articular through the acreage annals cardinal and cadastral cardinal mentioned in the shareholders’ accommodation adopted in accurate form. At the moment, there are no appliance norms and no sample certificate, so it is cryptic whether the new aldermanic changes are at all applicable, or whether the (in the concurrently contradictory) agreement of the Adjustment will abide to be implemented.        

We apprehend that the administrator will acclimate and complete the Adjustment in adjustment to analyze this matter. We achievement he will additionally booty the befalling to analyze the agency of artful notaries’ fees for arising the certificate, and for acceptance the shareholders’ accommodation (if this is still needed).

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Conclusion

Registering alteration of absolute acreage buying in the acreage anthology afterward a restructuring accord raises abundant acknowledged questions in convenance about the affidavit of abstracts and the adding of notaries’ fees.    

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The aldermanic changes that came into force at the end of July accommodate an added formality, ie. a reorganisation affidavit issued by a agent public. The acceptation and the purpose of this certificate, its content, and the fees charged, abide unclear.

At aboriginal sight, this affidavit seems to accompany no added acknowledged certainty, but alone accomplish acreage anthology procedures added complicated.

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