PRESIDENTIAL DECREE OF THE REPUBLIC OF MOLDOVA

of April 19, 1994 No. 109

About measures for repayment of payment obligations for overdue debt and stabilization of financial position of the companies and organizations

For the purpose of ensuring repayment of payment obligations on overdue debt, the President of the Republic of Moldova decides improvements of financial position of the companies and organizations of the republic, acceleration of payments and calculations in economy:

Art. 1. - Recommend to National Bank of Moldova and commercial banks to make together with the ministries, departments and the organizations offset of debt as of April 1, 1994.

The companies and the organizations of all patterns of ownership and types of activity, and also the budget take part in offsetting.

Non-state business entities, except kolkhozes and the companies of consumer cooperation, are allowed to offsetting within credit revenues to the account on offsetting, at the same time in first-priority procedure claims of the budget and Social fund are accepted.

Art. 2 - Determine that

the amounts of credit balance on accounts go in equal shares for repayment of bank overdue loans and the percent added on them and on settlement accounts of the companies and organizations;

debit balances on repayment interoffsetting by the means which are available on settlement, currency accounts and also at the expense of the credits of commercial banks under the acting percent, within the available credit resources.

Art. 3. - To the government together with National Bank of Moldova:

in a month to make offers on repayment of the debit balances which remained after offset and are not extinguished at the expense of the means provided in paragraph three of Art. 2 of this Decree;

till April 20, 1994 to form Republican commission, district and city commissions of representatives of local government bodies, joint-stock commercial banks, financial bodies and bodies of customs control, Department of statistics and specialists of the corresponding profile from the companies and bodies for assessment of financial condition of all debtor enterprises.

To confer responsibility for the organization of activities of said commissions on heads of local government bodies.

Art. 4. - To again formed commissions till May 15, 1994:

constitute the list of business entities of all patterns of ownership having non-payments and which opened deposit, currency accounts in commercial banks of the Republic of Moldova and beyond its limits with indication of the amounts which are on these accounts as of April 1, 1994;

determine by specific business entities of the amount of unremitted foreign currency for the export of products and services which did not arrive at the scheduled time into currency accounts at the time of work of the commission.

Art. 5. - To business entities of all patterns of ownership till April 25, 1994 to submit for collection to the settlement documents (payment requirements orders) for the debt for the sold goods, services and the performed works for the companies and the organizations of the republic which is not repaid for April 1, 1994 serving banks.

Art. 6. - Determine that the term of passing of payment documents between organizations of banks from another town, and also between them and Settlement center of National Bank of Moldova, implementation of account transactions of clients and banks constitutes no more than 3 working days, since day of transfer of the amounts by the payer or bank.

Art. 7. - Implementation of payments by one business entity in repayment of obligations of another, opening to business entities of all patterns of ownership of parallel settlement, current accounts without the permission of National Bank of Moldova, the direction of proceeds from sales of products and services, performance of works into deposit accounts is not allowed, passing settlement, current accounts.

Art. 8. - Permit the state companies and the organizations to sell part of the debts in the form of debt obligations at auctions with the permission of the Ministry of privatization and management of state-owned property.

Art. 9. - To the Ministry of Finance, the Main state tax authorities and Financial guard to enforce forcibly overdue payments in the budget from currency accounts of the companies and the organizations.

Art. 10. - Recommend to National Bank of Moldova:

in week time to develop procedure for receipt of documents by commercial banks in card-indexes N 1 and 2 and to establish terms of representation to National Bank of information on non-payments;

in 10-day time to determine delivery dates of payment documents in Settlement center of National Bank of Moldova and procedure for informing the clients by banks about time of write-off or transfer of their funds for accounts of banks;

make the changes following from Art. 6 and 7 of this Decree to the regulations;

together with the Ministry of Finance to develop and provide offers on establishment of sanctions against the heads of the companies and organizations, commercial banks of the Republic of Moldova who allowed violations of procedure of payments and terms of passing of payment documents both within one bank and in interbank calculations through Settlement center of National Bank of Moldova and by means of direct correspondent accounts of commercial banks;

together with the Ministry of Finance, other ministries till May 1, 1994 to develop the mechanism of forced collection of payment on overdue payments for the account of currency means of the companies.

Art. 11. - To the government:

bring in the resolutions regulating the procedure for the organization of auctions, amendments extending operations of these resolutions to cases of sale by the companies and organizations of the debts, and also to cases of sale of property of the business entities declared bankrupt;

organize till September 1, 1994 circulation of bills between business entities of the republic, having allocated necessary material resources for these purposes.

Art. 12. - Declare invalid paragraph two of item 10 of the Presidential decree of the Republic of Moldova N 198 of September 8, 1992.

Art. 13. - This Decree becomes effective from signature date.

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