* Most companies or associations that have arrears have been removed from the football business, being left as empty shells
Football clubs that are heavily indebted are getting to ready to file for bankruptcy. While this may be bad news for the state, the clubs were careful to cover all their bases early on, with the help of the Romanian Football Federation, by spinning off their troubled companies and creating new, "clean" ones.
The Dinamo Football Club Association (ACSFC Dinamo) has entered insolvency. Creditors have until to September 7th to register their claims. AA Total Insolvency IPURL was appointed as the trustee in bankruptcy of ACSFC Dinamo, an association which was created in 1994 (at the time the Ministry of Internal Affairs supplied the sports facilities, while investors provided the funding). Starting with 2001, ACSFC Dinamo functioned alongside SC Dinamo 1948 SA, both having the same line of business: the football team. It needs mentioning that ACSFC Dinamo was one of the shareholders of SC Dinamo 1948 SA. In a nutshell, the debts would be recorded in the accounts of ACSFC Dinamo, whereas SC Dinamo 1948 SA which was debt-free, held the license from the Romanian Football Federation.
After five years of demanding that the club pay up its arrears, the Administration of Public Finance of the First District of Bucharest decided to get its money back and requested the bankruptcy of ACS FC Dinamo, for a debt of 10 million Euros, representing taxes on the wages of the players, social security contributions, VAT and default fees. Vasile Turcu, a shareholder of the football team also attempted to sue the club to get his investment back. The football players have contracts signed with SC Dinamo 1948 SA, so there is no problem with freezing the funds obtained by the club from any transfers of its players. The management of the club does not agree
