A seminar held on 20 October 2011 by the NRCC analysed the impact on the business environment of the New Civil Code provisions, which came into force on 1 October 2011. Ms. Cristina Gheorghita, the Legal Partner at TPA Horwath Romania, and Mrs. Irina Popescu of Fine Law coordinated the discussions held with participants from large corporations, SMEs and notaries as part of the seminar. The seminar clarified issues relating to the application of the New Civil Code provisions, the new rules applying to contracts and acquisitions, as well as the new concepts introduced by the new legislation such as the “hardship” clause meant to enable the business partners to negotiate the defavorable situations occurred due to market constraints.
Due to the complex changes and significant implications of the New Civil Code for the day-to-day business activities, a follow up event on this subject will be held in February 2012.
