Following the decision of the Constitutional Court no. 708/2021 the Law no. 214/2023, has provided the criteria for determining the amount of a day‑fine.In the content of the article, the criteria established by the legislator are analyzed, on the one hand, in the case of legal persons that have the obligation to prepare annual financial statements or, as the case may be, in annual accounting reports (total income and total assets), and,...

Practice and much of the doctrine present the document of merger or division as an authenticated one, which is a mistake. Firstly, the document is not the decision of the general assembly, and this, as negotium juris, is not a legal act but a sui generis act. Secondly, the document is the plan of merger or division, which is then subject to approval by the general assembly or assemblies. Unfortunately, the mistake is based on...

This article discusses concentration operations have taken place on the EU stock market over the last 20 years, with a particular focus on two recent developments: the merger of the London Stock Exchange Group and Deutsche Börse Group (stopped by the European Commission in 2016 due to antitrust concerns and the merger of the Bucharest stock exchange and the Sibiu stock exchange to form a unique Romanian stock exchange (which was completed effec...

There are several means for acquisition of companies, among which also with leverage buy-out combined with merger that is quite rare in practice, but not impossible. Therefore, a good knowledge of how leveraged buy-out works, how you select a target company, which are the stages of the acquisition and the possibility to use merger to facilitate the acquisition, are elements necessary for a better understanding of such operation in order to use...