Dragne & Asociatii SCA is a top choice for some of Romania’s largest insolvencies and restructurings. The firm is instructed by a broad range of corporate debtors, creditors, banks and financial institutions, as well as public authorities. Dispute resolution is a core area of expertise for the firm, so clients are well catered for in related court proceedings and contentious debt recovery matters. Daniel Cirstea is regularly involved in major enforcement proceedings and often represents administrators and liquidators. Managing partner Stelian Garofil acts on behalf of domestic and international clients, including shareholders, while Andreia Dumitrescu has strong credentials for cross-border matters.
Restructuring and insolvency in Romania
Dragne & Asociatii SCA
Practice head(s):
Stelian Garofil; Andreia Dumitrescu; Daniel Cirstea
Other key lawyers:
Gabriel Paraschiv
Key clients
Authority for Financial Supervision
Alpha Bank AE London Branch
Sind Tour Trading
Garanti Bank
Patria Bank
Work highlights
- Advised the Financial Supervisory Authority on the financial reorganisation of Astra, and represented the client in the subsequent bankruptcy process.
- Representing Alpha Bank in multiple insolvencies with creditors.
- Representing Sind Tour Trading, as creditor, in several insolvency proceedings against other companies.
Nestor Nestor Diculescu Kingston Petersen
Nestor Nestor Diculescu Kingston Petersen is regularly instructed by debtors and creditors on 'complex high-value cases which require strong professional competence and a hands-on approach'. The multifaceted group has a deep bench of lawyers capable of handling all stages of contentious and non-contentious insolvency and restructuring proceedings, including the sale and acquisition of distressed assets and non-performing loan portfolios. Banking and capital markets head Manuela Nestor jointly leads the team with disputes head Ana Diculescu-Sova. Other key litigators include Sorina Olaru, Emil Bivolaru and Marius Ezer. On the advisory side, Alina Radu and Valentin Voinescu are the names to note.
Practice head(s):
Manuela Nestor; Ana Diculescu-Sova
Other key lawyers:
Sorina Olaru; Emil Bivolaru; Marius Ezer; Alina Radu; Valentin Voinescu
Testimonials
‘NNDKP are very organised and treat every legal case with professionalism. The lawyers in the firm have high legal knowledge, even if they are specialised in different areas.’
‘We collaborate excellently with Sorina Olaru. She is very professional and gives legal advice in a short time, offering legal solutions to different problems that could arise in insolvency and restructuring cases.’
‘NNDKP has a great litigation team. We have collaborated with them for more than a decade in complex high-value cases which require strong professional competence and a hands-on approach. The team is very capable and offers efficient solutions to the sensitive issues raised by our restructuring and insolvency cases. What makes them stand out is the high level of service and client-centred approach.’
‘Emil Bivolaru is a heavyweight litigator and a great team leader. We appreciate his strategic thinking and ability to find solutions to difficult situations. His advice has been of tremendous help in all the years we have worked together.’
‘Marius Ezer provides advice of the highest calibre. He is very focused and pragmatic and understands the commercial side of each case. He is a sharp lawyer, and we rely on him to fight our corner.’
Key clients
MTU Maintenance Lease Services
Huincas Ltd (part of Argo Capital Group)
BRD Groupe Societe Generale
TAS Investment Fund
Keytrade Iberia
Arlyn Limited
Peris
Work highlights
- Represented Huincas, part of Argo Capital Group, the sole shareholder of a Romanian special purpose vehicle which owns a shopping centre, in its €85m insolvency procedure.
- Representing BRD Groupe Societe Generale in a series of 670 insolvency procedures linked to non-performing loans.
- Advising a major group of companies active in the agribusiness sector on a €100m turnaround and restructuring process.
Popovici Nitu Stoica & Asociatii
Popovici Nitu Stoica & Asociatii has a stellar track record representing creditors and debtors in major debt restructurings and insolvency proceedings. The firm has been particularly active on the trade creditor side, taking key roles in multiparty disputes across a range of industries, including energy, infrastructure, and financial services. Clients comment that the team ‘has proven its outstanding quality by always being present and approachable‘. Litigation head Ciprian Dontu is the key contact for contentious work, while on the advisory side managing partner Florian Niţu is commended for ‘his oversight and capability to put things into perspective from various angles‘. Ilinca Ștefănescu-Goangă also handles insolvency disputes, while Valentin Creața has a strong niche in real estate-related workouts.
Practice head(s):
Florian Nițu
Other key lawyers:
Ilinca Ștefănescu-Goangă; Valentin Creața; Ciprian Dontu
Testimonials
‘The team at PNSA has supported this company for several years now and has proven its outstanding quality by always being present and approachable, with the highest professionality and by not just reacting or waiting for input but by actively watching the client’s interest, anticipating developments and preparing well considered positions ahead of time. This has greatly helped during the proceedings.’
‘Particular attention is deserved by Florian Nițu for his client orientation, his oversight and capability to put things into perspective from various angles.’
Key clients
Auchan
BADSI Nissan
Banque Banorient France
Axpo Group
Burda International
Deutsche Leasing
Hidroconstructia
Hochtief
Immofinanz AG
KBC Bank NV and KBC Bank Ireland
Lincoln Electric (Ductil SA)
Compagnie Fruitière
Medist
Property Fund
ProSiebenSat.1 Media SE
SAP
SIMAVI
Societe Generale Group
Swietelsky
Work highlights
- Represented the Property Fund in the insolvency proceedings of the World Trade Center, involving $65 million in receivables, as well as in a related litigation retrial.
- Representing Swietelsky, a major railway construction company, in the insolvency proceedings of Euroconstruct and Aktor.
- Representing the Axpo Energy Romania, a major Swiss renewable energy company, in a commercial dispute with CET Arad, which is currently in insolvency proceedings.
Zamfirescu Racoti Vasile & Partners
Zamfirescu Racoti Vasile & Partners fields a team which provides ‘excellent knowledge and significant experience in insolvency matters‘. Litigation is one of the firm’s core offerings and this is reflected in the group’s ability to handle contentious insolvency proceedings for debtors and creditors. Practice head Stan Tirnoveanu is a noted figure who is praised for his ‘ability to anticipate and overcome difficulties‘ and is often instructed to consult on legislative changes. The firm also has a highly regarded bench of junior practitioners, including managing associates Andreea Macasoi and Alexandru Iorgulescu.
Practice head(s):
Stan Tirnoveanu
Other key lawyers:
Andreea Macasoi; Alexandru Iorgulescu
Testimonials
‘Excellent knowledge and significant experience in insolvency matters.’
‘Stan Tirnoveanu: great experience, ability to anticipate and overcome difficulties encountered, excellent availability.’
‘The individuals have a personal approach, are trustworthy and dedicated to the solution of the legal issue and not the billing.’
‘Zamfirescu Racoti Vasile & Partners is a law firm that provides exceptional client service, has positive word-of-mouth, embraces technology, and has a team with expertise that is consistent with the firm’s mission and clients’ expectations.’
‘Andreea Macasoi explains the law, outlines in clear language the steps in the process that need to be done. She is reassuring, articulate, knowledgeable and effective. Andreea makes the process so much easier and give us peace of mind in a stressful environment for a successful outcome.’
Key clients
Apatel Properties
Piraeus Bank
Bank of Cyprus
APS ZETA
Eurobank
First Bank
R.A. Aeroportul Iasi
AFV Beltrame Group
UniCredit Bank
UniCredit Leasing Corporation IFN
Vista Bank
Work highlights
- Advising Apatel Properties, an office building developer, on its reorganisation plan, and also on challenges submitted by the creditors.
- Advising as the local consultant selected for the transposition of the EU Directive 2019/1023 relating to preventive restructuring frameworks.
- Advising AFV Beltrame Group on the acquisition of assets as a result of the insolvency proceedings of Cos Targoviste, a Romanian steel producer.
Tuca Zbârcea & Asociatii
The ‘atmosphere of professionalism and dedication is wonderful’ at Tuca Zbârcea & Asociatii, which has a stellar track record in high-end insolvencies and restructurings. The firm is instructed by debtors and creditors at all stages of the insolvency journey, from refinancings through to court proceedings and distressed asset sales and acquisitions. Key senior contacts include certified insolvency practitioner Ciprian Dragomir and litigator Robert Rosu. The firm’s focus on this area was demonstrated by the recent partner promotions of litigators Catalina Mihailescu and Alina Ungureanu, both of whom are active on the insolvency side. The firm also has a specialised insolvency arm comprising lawyers, insolvency practitioners and accountants who work as official receivers.
Practice head(s):
Ciprian Dragomir; Robert Rosu; Catalina Mihailescu
Other key lawyers:
Alina Ungureanu
Testimonials
‘A professional team of lawyers, and each problem is analysed in detail. The efficiency is maximum.’
‘The analysis of every detail and teamwork was the key to success, and the atmosphere of professionalism and dedication is wonderful.’
Key clients
Omilos Oradea
Edificia Star Construct
Azienda Ospedale Universita Padova
Vienna Insurance Group (VIG)
Webuild (formerly Astaldi S.p.A.)
Govora Com Management
Banca Comerciala Romana (BCR)
BRD Groupe Société Générale
ELMŰ-ÉMÁSZ Energiakereskedő Kft., Hungary
Seliak Grup
Y.G. Proprietăți
Work highlights
- Representing Webuild in various restructuring and insolvency proceedings.
- Representing a group of international companies as creditors in the bankruptcy case of Societatea de Asigurare Reasigurare with a view to recovering €12.5m of outstanding debts.
- Representing BRD Groupe Société Générale in a complex insolvency proceeding and multimillion euro debt recovery against a corporate client.
Bondoc si Asociatii SCA
Bondoc si Asociatii SCA brings a ‘holistic approach and attention to detail‘ to its restructuring and insolvency work. Clients include major lenders, trade creditors and some big-ticket debtors, with the firm heavily involved in several longstanding workouts in key Romanian industries. The large-scale nature of some of the firm’s mandates often leads to cross-border and EU-level advice on issues such as state aid. Viorel Dinu, managing partner Lucian Bondoc and recently promoted partner Ioana Katona make up the core team. Banking experts Simona Petrisor and Diana Ispas are also active in this space.
Practice head(s):
Viorel Dinu; Simona Petrisor
Other key lawyers:
Lucian Bondoc; Diana Ispas; Ioana Katona
Testimonials
‘They have a solid, senior multidisciplinary team. They have top experience in the healthcare sector and a lot of experience in restructuring.’
‘In terms of collaboration, what we appreciate most is their effort for holistic approach and attention to detail.’
‘Very good professionals, work well together, as well as with other departments that need to be involved, and promote pragmatic approaches. Are not afraid of late hours and interventions in weekends if needed. Attentive to detail. The core senior team of relevance for this area with whom we have interacted includes Viorel Dinu, Lucian Bondoc and Ioana Katona.’
Key clients
Engie
Air Lease Corporation
Oltchim
Deutsche Bank
GlaxoSmithKline
Restart Energy
Johnson & Johnson Romania
Amcham Romania
Yapi Kredi Ve Bankasi
Novo Nordisk Pharma
Work highlights
- Successfully represented Engie Romania in the insolvency of ELCEN, the thermal energy producer for the city of Bucharest, resulting in the return of €35m.
- Advised Air Lease Corporation, as a creditor, on various negotiations linked to a composition plan for the Romanian airline operator, BlueAir.
- Successfully represented Oltchim in a dispute before the ECJ for the annulment of an alleged illegal state aid decision by the European Commission in the context of the client’s reorganisation procedure.
CMS
CMS has an active cross-practice insolvency and restructuring group which leverages the firm’s broader international network to advise on mandates with a multijurisdictional aspect. Litigator Horia Draghici leads on the contentious front and often represents clients in court-based insolvency proceedings. Corporate expert Rodica Manea has a strong track record in company reorganisations and distressed asset sales. Banking and finance specialists Ana Radnev and Cristina Reichmann are likewise active, offering strong expertise in refinancings, debt restructurings and non-performing loan portfolios. Clients also single out senior counsel Alina Tihan.
Practice head(s):
Ana Radnev; Rodica Manea; Horia Draghici; Cristina Reichmann
Other key lawyers:
Alina Tihan
Testimonials
‘CMS Romania is part of one of the biggest pan-European legal platforms and this is very useful for our multijurisdictional projects.’
‘Alina Tihan – very experienced and very knowledgeable, efficient and resourceful.’
Key clients
Hidroelectrica
National Bank of Greece (NBG)
Work highlights
- Advised Hidroelectrica on the acquisition of an operational 108MW wind farm located in Constanta County from STEAG group, and a subsequent internal restructuring to complete the integration.
- Advised the National Bank of Greece on the disposal of a €174m Romanian risk corporate non-performing and sub-performing loan portfolio to Bain Capital Credit.
Dentons
Dentons is a go-to choice for cross-border restructurings and company reorganisations, where it is instructed both debtors and trade creditors. The offering includes advice on pre-insolvency refinancings and restructurings, as well as assistance with the sale and purchase of distressed assets, and any related tax issues. On the non-contentious side, banking and finance experts Simon Dayes and Simona Marin are the names to note. The firm also has an experienced disputes offering, with Tiberiu Csaki and Bogdan Papandopol regularly representing clients in related litigations and cross-border arbitrations.
Practice head(s):
Tiberiu Csaki; Simon Dayes
Other key lawyers:
Simona Marin; Bogdan Papandopol
Key clients
Synthos
Prosegur Alarmas
Anadiag
Clearanswer Call Centers
Downtown Business Centre
FP Marine Limited
Consulco Limited
Ernst & Young (EY)
Work highlights
- Representing Synthos, a major manufacturer of chemical raw materials, in insolvency proceedings.
- Advising Prosegur on the insolvency of its Romanian subsidiaries.
- Representing the agricultural research company, Anadiag Group, in the bankruptcy of its Romanian subsidiary.
Filip & Company
Filip & Company has a noted track record for complex refinancings and restructurings, where it advises debtors, creditors and investors into distressed assets. The firm often handles the Romanian aspects of cross-border insolvencies and Chapter 11 proceedings. The advisory side of the practice has been particularly active recently, and has assisted several high-value debt restructurings. Ioan Dumitrascu and Alina Stancu Birsan are the team leads for non-contentious, pre-insolvency issues. Litigator Catalin Alexandru and counsel Razvan Ionescu are the key contacts for contentious proceedings. Since publication, Smaranda Vacaru left the firm.
Practice head(s):
Ioan Dumitrascu
Other key lawyers:
Alina Stancu Birsan; Catalin Alexandru; Razvan Ionescu
Key clients
Tiriac Group
Raiffeisen Bank S.A.
ING Bank N.V. Amsterdam, Bucharest Branch
Work highlights
- Assisting Tiriac Group with a group consolidation at the level of its local insurance and pension business.
- Assisting Raiffeisen Bank and ING Bank with the €52.5m refinancing of the leveraged buyout of La Fantana.
Kinstellar
Kinstellar is popular with international clients and regularly advises on cross-border group restructurings and reorganisations. Recently, the firm has been involved in several multiparty debt restructurings, with practitioners advising both lenders and borrowers. On the contentious side, the firm also acts for major debtors and creditors on both pre-litigation issues and insolvency proceedings which reach the courts. Litigation expert Remus Codreanu leads the team and offers strong expertise on insolvencies with a white-collar crime element.
Practice head(s):
Remus Codreanu
Key clients
Envisan NV
Work highlights
- Representing Culiţă Tȃrȃţă, a Romanian businessman active in the agricultural sector, in over 30 civil, insolvency and criminal cases.
KPMG Legal - Toncescu & Partners SPRL
At KPMG Legal - Toncescu & Partners SPRL, practice head Nicoleta Mihai is a qualified insolvency practitioner and has an extremely strong track record for advising debtors and creditors on a range of issues, including out-of-court restructurings and related fraud investigations. Litigation head Vlad Peligrad and associate Călin Dragoman are the key contacts from the active disputes side of the practice. The firm has recently acted on high-profile mandates in the financial services, aviation and media industries.
Practice head(s):
Nicoleta Mihai
Other key lawyers:
Vlad Peligrad; Călin Dragoman
Key clients
FSA Sisteme de Asamblare
Blue Air Aviation
Totalgaz Industrie
Transenergo COM
Astra Asigurari
Fabricom Sisteme de Asamblare
Mediafax Group
CEMS SA Automatica
Work highlights
- Advising Blue Air Aviation on its restructuring.
- Advising FSA Sisteme de Asamblare, a Romanian subsidiary of the Hitachi Group, on its voluntary liquidation.
- Acting as liquidator of Astra Asigurari, including acting in 300 cases amounting to over €380m.
Musat & Asociatii
Musat & Asociatii fields a ‘very responsive and accurate‘ team of insolvency and restructuring practitioners. The firm combines a strong disputes element with an experienced selection of transactional experts to offer a comprehensive service which covers the full range of related contentious and non-contentious issues. In addition to advising debtors and creditors, the firm also assists investors with distressed asset acquisitions. Litigator Mihai Popa leads the well regarded team, which also includes recommended managing associate Dana Buscu.
Practice head(s):
Mihai Popa
Other key lawyers:
Dana Buscu
Testimonials
‘The firm has a team of experts who are always there to help you. Very responsive and accurate to what they are requested to do.’
‘I value the honesty of the people that I work with and this is something special when you have to cooperate with laywers. Furthermore, the fact that they can work with strict deadlines with an outstanding result, it is something that you don’t meet very often.’
Key clients
Gordian Holdings
Hidroconstructia
Unicon
Emon Electric
Ram Integrity
ECE Projektmanagement International
Auto Car Group
RADET Bucuresti
Kaufland Romania
Biotest
Sermedic
Work highlights
- Representing Hidroconstructia in its insolvency and restructuring proceedings.
- Representing RADET București, a major heating system administrator in Romania, in a high-value insolvency dispute filed by Electrocentrale Bucureşti, as principal creditor, against the Municipality of Bucharest.
- Advised ECE Projektmanagement International on successfully implementing the voluntary liquidation procedure of its subsidiary in Romania ECE Projektmanagement.
Popescu & Asociatii
Popescu & Asociatii has established itself as a prominent fixture on the Romanian insolvency and restructuring market, backed by its extensive litigation credentials. Clients, including major debtors and creditors, praise the team’s ‘tidy, methodical, and strategic work‘. Other key names include ‘renowned‘ founder Octavian Popescu and Dana Bivol. Since publication, Iuliana Bidalache has left the firm.
Practice head(s):
Octavian Popescu; Dana Bivol
Testimonials
‘They do tidy, methodical, and strategic work. A great virtue they have is their experience in highly complex insolvencies and litigations. I have the best opinion of their eagerness to assist clients with insight and tactics when negotiating.’
‘A very experienced team which has diverse areas of specialisation, and which provides good legal analyses in order to resolve restructuring issues. Every single Popescu & Asociatii lawyer I have dealt with has shown an impressive level of commercial awareness. It is clear to me that the firm nurtures an institutional culture of always having the client’s business needs at the forefront of everything it does.’
‘Dana Bivol is an excellent professional who has vast experience in our matters, which allows us to fully trust her actions. She has sufficient expertise to evaluate any case and provide you with tailor-made solutions, is very thorough and on top of every case you entrust her. It’s really enjoyable working with her, as a true professional.’
‘Octavian Popescu is the only lawyer you want to have alongside you in Romania. He is highly responsive and has deep knowledge in the field, understanding our business very well, being very involved in each case and able to respond quickly to queries that we might have. He is very professional, calm and collected during tense negotiations, providing leadership to handle the matter at hand. We would never have solved the dispute without his expertise.’
‘Dana Bivol has extraordinary expertise in international and local mandates, combined with an excellent understanding of very diverse business interests. A very dynamic lawyer, oriented towards future solutions and opportunities, with a great ability to offer advice in an easy-to-understand way and with an incredible level of responsiveness.’
‘Octavian Popescu – a renowned lawyer with high expertise in all areas of law. The peculiarities of his work mainly include the unique way in which he addresses legal issues, by providing always new solutions. His courage to offer alternative solutions and how he manages to convey arguments not only in courts, but also in negotiations, recommends him as an excellent lawyer!’
Key clients
Electrica Furnizare
Teamnet International
Mega Image
First Bank
Mytilineos Holding
Atlantic Motors
First Bank (formerly Leumi Bank)
Triticum Sebes Agrotineret
2na Farm
Work highlights
- Advised Atlantic Motors on its insolvency, which entailed the submission of successive reorganisation plans in order to save the company.
- Advised First Bank on the annulment of €40m in financial contracts connected to an insolvency procedure.
- Representing Electrica Furniture in the insolvency proceedings of Oltchim.
Pro Legal Iosif & Asociatii SCA
Pro Legal Iosif & Asociatii SCA is a highly regarded restructuring and insolvency boutique which brings together an experienced team of lawyers, insolvency practitioners and business consultants to handle the full spread of relevant matters, from pre-litigation restructurings and refinancings through to court-based insolvency proceedings. Clients include major domestic and international creditors and debtors operating across a broad range of industries. Managing partner Iulian Iosif is ‘always looking for innovative solutions‘.
Practice head(s):
Iulian Iosif
Testimonials
‘The team is highly knowledgeable, client-oriented and results driven.’
‘Iulian Iosif is one of the best insolvency lawyers in Romania. Very knowledgeable, he is also very pragmatic, always looking for innovative solutions.’
Key clients
Hachette Fascicoli
Standard Textile
Grundfos
Probit
Gefco Romania
Wabag Water Services
Protan
Banca Comercială Română
Vasifral Structures
Revolution Beauty
Ager Leasing Ifn
O.M.A. Officina Metalmeccanica Angelucci Romania
Caterpillar Financial Services
Aida
Kubo Ice Cream Company
Laro Distribution
Unforced
Dc & Co
En Vogue
Simplu Prest
Work highlights
- Advised Hachette Fascicoli, the Italian division of the Hachette publishing group, on the insolvency procedure of a Romanian distribution company, City Logistic.
- Advised Standard Textile on the pre-insolvency audit and restructuring of a local manufacturing company.
- Represented Grundfos, a major global pump manufacturer, and Probit, a Romanian manufacturer of electronic components, in the insolvency proceedings of Hidroconstructia.
Voicu & Filipescu SCA
Voicu & Filipescu SCA fields a specialised insolvency practice led by Mariana Popa, which has a strong track record handling administration procedures. The firm’s liquidator work is done through its dedicated offshoot, which is often appointed as official receiver on related proceedings. The team also assists private and public sector creditors with debtor reorganisations and restructurings, and has experience across several key sectors including insurance, travel, real estate, and oil and gas.
Practice head(s):
Mariana Popa
Key clients
Buzau City Hall
ONT Carpati
Institutul Pasteur
Industrial Parc Sabaru
UCM Resita
Editura Intact
Atlantis Proconstruct
Omilos Oradea
Moldova Universal
Eustis Real Estate
United Prodimpex
Vitra Real Estate
Interagro Construct
Tahion Solar
Unis Steel Distribution
Steel & Fluid
Glosa Natural
Wolf Theiss
Wolf Theiss‘ multidisciplinary group handles the full spectrum of relevant contentious and non-contentious issues, including support with matters relating to the personal liability of directors. Banks and trade creditors regularly instruct the firm on debt recovery proceedings, and clients commend disputes expert Ligia Popescu and counsel Andreea Zvâc for their ‘great experience in the context of major disputes‘. Corporate head Ileana Glodeanu leads the overall team, in which managing partner Bryan Jardine is also noted for his ‘hands-on experience‘. Bogdan Bibicu plays a key role on the investigations side. Smaranda Văcaru was a new arrival in August 2023.
Practice head(s):
Ileana Glodeanu
Other key lawyers:
Bryan Jardine; Ligia Popescu; Bogdan Bibicu; Andreea Zvâc; Smaranda Vacaru
Testimonials
‘Precise answers, experienced team, result-oriented and excellent teamwork, deadlines always met on time.’
‘Bryan Jardine has hands-on experience.’
‘It’s obvious to me that they work as a cohesive team.’
‘Individuals respond effectively and in a short space of time. If they are unavailable, they always offer a named person to stand in for them in their absence.’
‘Ligia Popescu and Andreea Zvâc have great experience in the context of major disputes in the energy sector and are great negotiators too.’
‘Wolf Theiss Romania is a team of experienced lawyers that can provide services in a wide range of legal areas.’
‘I usually work with Ileana Glodeanu, who is a hands-on, efficient and client-oriented lawyer.’
‘Wolf Theiss’ team proved to be ready, capable and reliable in their execution. The advice given was clear and precise and confirmed by the judgment in the relevant proceedings. The team is also equipped with important soft skills.’
Key clients
Energreen Investment Europe S.A.
GE JENBACHER GmbH & Co OG
DenizBank Anonim Şirketi
KAYAK Europe GmbH
LAND POWER SA
Work highlights
- Representing Energreen Investment Europe and its Romanian subsidiaries in enforcement proceedings for a €32 million claim made by a third party.
- Advising GE Jenbacher, a company operating in the energy sector, on the insolvency of a major energy provider based in Brasov County.
- Representing Denizbank Anonim Şirketi, as creditor, in the insolvency proceedings of Kirazoglu Corporation, a Romanian subsidiary of the Turkish group of companies Kirazoglu.
bpv Grigorescu Stefanica
The ‘expertise is top quality‘ at bpv Grigorescu Stefanica, where the corporate and restructuring practices work closely together to provide an integrated approach. The versatile group advises trade creditors and debtors on refinancings and debt restructurings, as well as representing clients in court-based insolvency proceedings. Practice head and corporate expert Alexandru Rusu is a ‘master of the restructuring industry who can handle any situation’. Daniel Stefanica also has ‘a great deal of experience, both in dispute resolution, but also on the commercial side‘. Cătălin Grigorescu is another key contact.
Practice head(s):
Alexandru Rusu; Catalin Grigorescu
Other key lawyers:
Daniel Stefanica
Testimonials
‘Team members are very clear and commercial in their advice and in giving us both the options and their recommendations. The firm’s corporate practice is fully integrated with the restructuring practice and the two work together far better here than in some other Romanian law firms. The thing about them is that they work well as a team, which builds trust in the process and makes it more efficient because we don’t have to double-check things. And we work together flexibly on strategy.’
‘Their expertise is top quality and they are commercial; some others may charge the same, or more, but are not as effective or commercial. What we really appreciate about them is their great ability to simplify the problem and give really clear advice you can act on.’
‘Daniel Stefanica offers a great deal of experience, both in dispute resolution, but also on the commercial side. He has a wealth of experience; he’s very business-oriented, has very technical knowledge and great judgement.’
‘Alexandru Rusu is a master of the restructuring industry who can handle any situation, who needs no introduction because he stands out in terms of innovation, being regularly encountered around the big issues. A highly regarded practitioner who acts for creditors as well as administrators, liquidators and receivers on complex restructurings. A very commercial lawyer who always cuts through the issues and helps us achieve great outcomes.’
‘One of their greatest strengths is their ability to think strategically and act as real counsel, understanding our position and offering creative solutions.’
Key clients
KWS Seminte
KWS Momont
Signify Romania (former Philips Lighting)
Seacave
STILL Material Handling
Voestalpine Group
Trenkwalder
Shapir Structures
Turbo Tub
Orion Auto Invest
BHL Logistic
Groenland Poultry
Inform Tehnica Medicala
Totto Security
Amfiboswin
Salubriserv
Theming and Animatronics Industries
Work highlights
- Represented Signify Romania, as creditor, in five insolvency cases.
- Representing Still Material Handling in six cases in which STILL Material Handling is acting as a creditor.
- Represented voestalpine Group, as creditor, in three insolvency proceedings before the courts.
Mitel & Asociatii
Mitel & Asociatii has a versatile practice capable of handling a broad range of debt recovery and insolvency procedures on behalf of both creditors and debtors. The firm’s creditor work includes advice to unsecured creditors and creditors’ committees, including assistance with out-of-court restructurings and acquisitions of distressed assets. Magda Dima heads the team and is noted for her extensive court credentials, as well as her pre-litigation advice. Dima is supported by managing associate Alina Ostroveanu.
Practice head(s):
Magda Dima
Other key lawyers:
Alina Ostroveanu
Key clients
Continental Hotels
Galaxy Tobacco
Arbos Eastern Europe
Diamedix Impex
Grampet
Henkel Romania
P&S EAST GROWTH
Paravion Tour
REWE Romania
Tripsta.net
Rosequeens Properties
Work highlights
- Advising Continental Hotels on the recovery of debts in a complex reorganisation and bankruptcy procedure.
- Representing P&S East Growth in an insolvency procedure initiated against the purchaser of shares held by the client in a large Romanian company.
- Representing Arbos Eastern Europe in a cross-border dispute concerning insolvency and contractual liability.
MPR Partners
MPR Partners is adept at advising debtors and creditors on the full range of company reorganisations and debt restructurings, as well as handling court-based insolvency proceedings and debt recovery claims. Typical clients include both public and private sector entities. Practice head and corporate expert Dana Rădulescu has a extensive experience in corporate restructurings and associated transactional support, including distressed asset sales and acquisitions. Disputes specialist Gelu Maravela is also noted.
Practice head(s):
Dana Rădulescu
Other key lawyers:
Gelu Maravela
Testimonials
‘Gelu Maravela and his associates provided us with highly friendly and professional services, which assured our business success.’
Key clients
Getica
Bacău Municipality
Work highlights
- Representing Getica 95 Com in its €33m insolvency proceedings.
- Advising Bacău Municipality on the recovery of its power heating plant from a state-owned company undergoing a bankruptcy procedure.
Noerr
Noerr is primarily focused on creditor-side mandates, where it acts for a range of major domestic and international companies. Debt recovery work and related insolvency claims feature prominently on the agenda, with the firm particularly active for clients operating in the energy, financial services, chemicals and automotive sectors. Advice on cross-border procedures is a notable strength. The team is led by litigation and compliance head Alexandru Ene-Dragan, who is a registered insolvency administrator.
Practice head(s):
Alexandru Ene-Dragan
Work highlights
- Represented an energy company in the recovery of over €5.5m in receivables from a Romanian energy company through an insolvency procedure.
- Representing a major reinsurance company in the recovery of over €25m in receivables during the bankruptcy procedure of a Romanian insurance company.
- Representing a major bank in claims of over €3m against a Romanian company undergoing an insolvency procedure.
Pavel, Margarit & Associates Romanian Law Firm
Pavel, Margarit & Associates Romanian Law Firm has an ‘excellent understanding of the field‘ and a particularly strong track record representing clients in the real estate, manufacturing, retail and natural resources sectors, both on the debtor and creditor side. Work also includes support with distressed asset sales and acquisitions, debt recovery claims, debt restructurings, and court-based insolvency proceedings. Managing partner Radu Pavel is the lead contact, providing ‘wise counsel specifically tailored to addressing client needs‘.
Practice head(s):
Radu Pavel
Testimonials
‘Pavel, Margarit & Associates has an excellent understanding of this field. What impressed me the most was the hard-working spirit.’
‘They provided high-quality advice and you can have every confidence in them. The team is very known for the confidence inspired. I would not choose any other team to handle my cases.’
‘Radu Pavel has done a stellar job regarding my insolvency matter. He provides wise counsel specifically tailored to addressing client needs.’
‘The lawyers are very communicative and responsive, known for their understanding of complex matters. Their advice is always spot on and objective.’
Schoenherr si Asociatii SCA
At Schoenherr si Asociatii SCA, 'insolvency specialists have a very personalised approach'. The firm represents a broad mix of creditors, and has strong credentials for debt recovery proceedings and out-of-court restructurings. Managing partner and disputes head Sebastian Gutiu is ‘an excellent coordinator'. Litigator Iustin Armașu ‘stands out as a key figure‘.
Practice head(s):
Sebastian Gutiu; Iustin Armașu
Testimonials
‘Schoenherr has a very tightly knit interdisciplinary team, which enables you to tap seamlessly into the expertise of several practice groups without delay. They have highly skilled individual lawyers in each practice group, which get together in ad-hoc diverse project teams.’
‘The insolvency specialists have a very personalised approach. Iustin Armașu stands out as a key figure.’
‘They are excellent professionals who always strive to deliver their best, great client skills and business-oriented approach.’
‘Sebastian Gutiu does a great job, he is an excellent coordinator and he takes great care of his clients.’
STOICA & Asociatii – Attorneys at Law
STOICA & Asociatii – Attorneys at Law fields an experienced team of insolvency lawyers who ‘give excellent legal advice in a short time‘. The firm has the capacity to handle large-scale debt recovery programmes for major creditors, which puts it among the top choices for several of Romania’s largest banks, including Banca Comerciala Romana and BRD – Groupe Societe Generale. A stellar reputation for litigation also ensures a regular flow of instructions on high-value insolvency proceedings. Cătălina Dicu leads the team, which also includes ‘brilliant‘ Dragoș Bogdan and founding partner Valeriu Stoica.
Practice head(s):
Cătălina Dicu
Other key lawyers:
Valeriu Stoica; Dragoş Bogdan
Testimonials
‘We must say that we are very pleased with the services they provide. They treat every legal case with professionalism.’
‘The lawyers in the firm have high legal knowledge in different areas.’
‘Dragoş Bogdan is a brilliant lawyer.’
‘They give excellent legal advice in a short time, offering legal solutions to different problems that could arise. We have an excellent communication.’
Key clients
Banca Comerciala Romana
BRD- Groupe Societe Generale
Romstrade
Work highlights
- Assisting Banca Comerciala Romana with the case management of a portfolio of more than 1,000 insolvency cases of micro-enterprises throughout Romania.
- Representing BRD – Groupe Societe Generale in the insolvency of a former Romanian aeronautical company.