An interview with Gianluca Carlesso of The Carlesso Law Firm, about his path from Italy to Romania.
Intra-group loans and guarantees are frequently encountered in the activity of group companies, especially when centralized capital and liquidity management systems are in place. Intra-group loans are often used as tools to maximize liquidity at the group level while reducing the cost of funds, while the guarantees provide group companies with better access to external financing or high-value commercial contracts.
Needless to say, the COVID-19 pandemic has been extremely challenging for organizations worldwide, both experienced and start-ups. The new reality has also compelled a vast majority of entrepreneurs in Romania to quickly adapt to a new economic context – significantly impacting the data protection domain.
We are now one year on from the first lockdown, and although many worried in the early days of the pandemic that Romania’s court system might not be able to cope with the large number of insolvencies that were expected, in fact the highly-anticipated wave of restructurings is yet to happen, as the debt moratorium which was enacted and then extended and the availability of the state aid package as well as the generally supportive approach of the lenders have helped companies manage their debt service and need for liquidity. While there is no shortage of funding, the uncertainty of the lockdown period and its impact on future developments have resulted in more amend-and-increase or amend-and-extend transactions, with borrowers adding to their existing lender groups rather than seeking a full refinancing.
From an economic and social point of view, throughout Europe, the COVID-19 pandemic period could be summarized in two words: digitalization and flexibility. These words were also key to employment matters, with a tendency for both employers and employees to be more open to establishing cross-border employment relationships, switching to remote work performed from a different EU Member States or, in case of expatriates, returning to their country of origin while continuing to work remotely for the same employer.
Navigating the maze of zoning, planning, and land-use-approval processes can result in significant delays and escalating costs, which may spell the difference between a development project’s success and failure. With the economic growth of Romania over the last few years having generated investor interest in developing new real estate projects, particularly in well-established urban areas like the country’s capital, the authorities have repeatedly expanded and amended the country’s urban planning laws.
Economic, policy, and legislative factors have revived investors’ interest in Romania’s renewables sector over the last year. As the second-largest market in Central and Eastern Europe, Romania managed to attract about EUR 8 billion in renewables investments in the first wave from 2008-2016 – mainly in solar (over 1.5 GW) and wind (over 3 GW) – benefitting from the green certificate support scheme, although Romania reached its 2020 target for green energy and investments slowed down significantly over the last five years.
The European Data Protection Supervisor has published a case-law digest on the transfer of personal data to third countries¹. The case-law digest aims to clarify the structure of the analysis carried out by the Court of Justice of the European Union (“CJEU”) in judgments concerning the transfer of personal data to third countries, in particular by highlighting the steps followed and the jurisprudential acquis in relevant case law.
On April 19, 2021, CEE Legal Matters reported that Tuca Zbarcea & Asociatii had advised Coca-Cola HBC Romania on its acquisition of 50% of the share capital in the Stockday b2b e-commerce platform from Heineken Romania. CEE In-House Matters spoke with Raluca Alexandru, Legal Manager at Coca-Cola HBC Romania, to learn more about the deal.