Romania can’t keep adopting key normative acts without consulting the business environment, Steven van Groningen, vice-president of the Council of Romanian Investors, said Wednesday at a conference.
Insolvency proceedings last too long, entail high costs, while the debt recovery rate is too low, he said, adding that the new Insolvency Code does not do away with all these problems.
van Groningen welcomed the overruling of the new Code by the Constitutional Court, which found the normative act unconstitutional in its entirety.
Nobody will invest in Romania unless the country ensures predictability, he said.
Present at the same conference, Florin Pogonaru, president of the Association of Businesspeople in Romania (AOAR), said only representatives of the Government and central bank experts participated in consultations on the new insolvency regulations.
Prime Minister Victor Ponta harshly criticized the decision issued by the Constitutional Court, accusing it of obstructing the government’s crackdown on tax evasion.