Dragne & Asociatii SCA is one of the leading firms for major insolvencies and restructurings, where creditor and debtor clients appreciate its ‘certainty of better service‘ and ‘outstanding professionalism‘. The firm’s excellent dispute resolution credentials make it particularly strong for related court proceedings and contentious debt recovery work. Lead partners Daniel Cirstea  , Stelian Garofil  and Andreia Dumitrescu are all highly-experienced litigators with good credentials, and the team as a whole is commended for its ‘innovative approach and the practical solutions‘. Gabriel Paraschiv  is also singled out by one client ‘for the time and attention he devotes to his cases‘.

Filip & Company provides a good mix of ‘knowledge, availability and flexibility‘ on contentious and non-contentious insolvency and restructuring proceedings. The firm’s market-leading corporate finance practice fields a selection of highly experienced partners such as Ioan Dumitrascu  and Alina Stancu Birsan  with good track records in refinancings and out-of-court proceedings. This includes advice to banks and unsecured creditors operating across a wide range of industries. The litigation side of the practice includes disputes head Catalin Alexandru  and counsel Razvan Ionescu who ‘has extensive knowledge in the insolvency field, and is quick in offering suitable solutions and preparing a solid case for us‘.

Nestor Nestor Diculescu Kingston Petersen has ‘one of the best teams of lawyers for restructuring and insolvency work on this market – strong, focused and dedicated to their clients and work‘. The multidisciplinary practice is jointly led by disputes head Ana Diculescu-Sova  and banking and capital markets head Manuela Nestor . Creditor and debtor clients receive support on all stages of the restructuring journey, from out-of-court pre-insolvency measures through to litigation, as well as advice on distressed asset sales and non-performing loan portfolio acquisitions. On then non-contentious side, other key partners include Alina Radu and Valentin Voinescu  whose ‘responsiveness and market insights really stand out‘. Other standout partners on the disputes front include Sorina Olaru , Emil Bivolaru (‘depth of experience‘), and Marius Ezer  (‘the perfect mix of legal expertise and business sense‘).

Popovici Nitu Stoica & Asociatii has a highly-rated multidisciplinary team with strong capabilities on both the contentious and non-contentious aspects of major insolvencies and restructurings. Experienced litigation head Ciprian Donțu  leads the practice which regularly represents creditors and debtors across a wide range of industries. Insolvency processes in the real estate, energy and construction sectors have been a major feature of the firm’s work in recent years. Further contentious support is provided by partner Ilinca Ștefănescu-Goangă  , while managing partner Florian Nițu  is especially good on the non-contentious side. Valentin Creața   has plenty of experience on healthcare and real estate-related restructurings.

Zamfirescu Racoti Vasile & Partners fields a strong team of lawyers who are ‘experienced, deeply committed and handle a broad range of insolvency related disputes‘. Court proceedings and insolvency procedures are a major strong point, and the firm has also been called upon to consult on legislative amendments. Team head Stan Tirnoveanu has an expansive practice that encompasses the non-contentious side as well, with debtor and creditor clients quick to praise ‘an insolvency guru‘ with ‘an outstanding ability to find winning solutions‘. Tirnoveanu is backed by an experienced team of managing associates including Andreea Macasoi and Alexandru Iorgulescu, who is praised for his ‘keen knowledge‘.

Tuca Zbârcea & Asociatii fields an extremely strong team of lawyers with ‘good knowledge and practice in insolvency procedures‘. The firm represents a broad mix of creditors and debtors on contentious and non-contentious proceedings and also offers administrator services through its specialist insolvency spin-off, TZA Insolventa. Combined with its market leading banking team, the firm is regularly involved in major debt restructurings and has good credentials for the disposal of non-performing loan portfolios. On the insolvency side, it has taken on several significant creditor side mandates for banks and trade creditors. Ciprian Dragomir  is a certified insolvency practitioner, and alongside Robert Rosu , is a leading figure in this area. Ionut Serban  , Ioana Gelepu  , Christina Vladescu  , and Dan Cristea  are all highly active on the disputes side.

Bondoc si Asociatii SCA has a strong reputation for creditor side mandates on major restructurings and insolvencies. This encompasses advice to trade creditors including the energy company Engie, as well as lenders, such as Raiffeisen Bank which it is assisting with several significant refinancings. An aptitude for debtor side work is demonstrated by its representation of Oltchim in a €335 million EU state aid dispute with significant implications for its insolvency process. Simona Petrisor is highly experienced in court-based and out-of-court restructurings. Managing partner Lucian Bondoc, banking partner Diana Ispas  , and on the disputes side, managing counsel Ioana Katona, also have active practices.

CMS has an experienced insolvency and restructuring practice that approaches the market from several different angles. Banking partners Ana Radnev  and Cristina Reichmann regularly assist lenders and other creditors on financial restructurings and refinancings, as well as the disposal of non-performing loan (NPL) portfolios. Corporate partner Rodica Manea is also active on the restructuring side, including company reorganisations. Disputes partner Horia Draghici is the main contact for insolvency-related disputes and related court proceedings. Clients benefit from the firm’s impressive international network, particularly on cross-border mandates. Recently the firm assisted National Bank of Greece on its sale of NPLs to Bain Capital Credit.

Dentons offers a comprehensive restructuring and insolvency service with a strong emphasis on cross-border mandates. The full-service nature of the firm, including an expanded banking and finance team, allows it to cover all aspects of the process. This includes advice to creditors and debtors on pre-insolvency restructurings and refinancings, with partners Simon Dayes and Simona Marin particularly active on the non-contentious side. The versatile Tiberiu Csaki  handles insolvency-related litigation and also has experience of distressed asset sales. Bogdan Papandopol  also has good contentious expertise and has recently represented several major creditors in related proceedings.

Kinstellar has an experienced  practice that is currently led by disputes partner Remus Codreanu. This follows several partner departures in the past 18 months including Razvan Popa, currently at the management consultants Dewi Advisory, and Bogdan Bibicu, now a partner at Wolf Theiss. The firm still boasts good credentials for cross-border mandates and regularly represents major creditors on debt recovery proceedings and insolvency disputes. In addition to trade creditors, the firm is often instructed by major banks, including Citibank and BRD Groupe Société Générale, on high-value refinancings and restructurings.

KPMG Legal – Toncescu & Partners SPRL has an impressive one-stop service that links strong legal capabilities with the wider offering of the KPMG network. Lead partner Nicoleta Mihai  bridges the gap between the two disciplines as a lawyer with over 20 years’ experience and as a qualified insolvency practitioner. This includes advice on out-of-court restructurings as well as related litigations. Dispute resolution head Vlad Peligrad  adds extra weight to the contentious side, with associate Călin Dragoman  also active on this front. The firm represents debtors and creditors, with a particular emphasis on the banking and insurance sectors.

Musat & Asociatii has a well-regarded multidisciplinary team that comfortably handles both the transactional and litigation aspects of major restructuring and insolvency proceedings. The firm has recently assisted creditors and investors in several high profile distressed asset acquisitions. The team is led by the ‘very prompt and professional‘  Mihai Popa  who ‘demonstrated high flexibility and attention to detail‘. Managing associate Dana Buscu is also considered ‘a good listener and a very good strategist, always offering the optimal solution‘. The group works closely with other departments in the firm, including corporate, finance, energy and real estate.

Pro Legal Iosif & Asociatii SCA is a relatively new firm, with just five years in the market, but its main lawyers have a wealth of experience in restructuring and insolvency matters. Managing partner Iulian Iosif is ‘one of the most experienced and knowledgeable insolvency lawyers in Romania‘. In a short time the firm has attracted an impressive range of debtor and creditor clients, including major banks such as Banca Comerciala Romana and BRD – Groupe Société Générale. Many clients are impressed by the ‘mixed teams of lawyers and insolvency practitioners’ who ‘provide integrated legal and insolvency/administration services at the highest standards.

Schoenherr si Asociatii SCA has a strong grounding in restructuring and insolvency law, as well as related debt recovery programmes. The firm is especially experienced on cross-border matters, where it represents public and private sector clients. Creditor-led work is a major focus, including advice on out-of-court restructurings and any related litigation that might arise. The firm also has good credentials for advising distressed borrowers on company reorganisations and refinancings. The team is jointly led by managing partner and disputes head Sebastian Gutiu, and the recently promoted partner Iustin Armașu, who are both highly active on the contentious front.

Voicu & Filipescu SCA places a heavy emphasis on insolvency work and has a specialist company, VF Insolventa, that is regularly appointed as official receiver on insolvency proceedings. The firm is also extremely active on the creditor side and assists private and public sector entities on restructuring work-outs and high volume debt collection programmes. Practice head Mariana Popa  is a specialist with over 17 years’ experience as a licensed insolvency practitioner. Recently the firm has been involved in several high profile mandates in the travel, insurance, oil and gas, healthcare, and real estate sectors.

Wolf Theiss provides good support on contentious and non-contentious insolvency proceedings. The team has been involved in several significant court disputes and regularly assists banks and other creditors on high value debt recovery claims. Corporate head Ileana Glodeanu  and managing partner Bryan Jardine  are highly experienced on the out-of-court restructuring side, while disputes partner Ligia Popescu  is one of the main contacts for contentious matters. The arrival of former Kinstellar partner and practice head Bogdan Bibicu  also adds significant weight to an already strong offering.

bpv Grigorescu Stefanica has a versatile practice that represents a mix of creditors and debtors. Recent years have seen the firm represent a large number of trade creditors on related proceedings before the courts. The experienced team includes Alexandru Rusu , a qualified insolvency practitioner with over 15 years’ experience in the market. Managing partner Catalin Grigorescu  also has strong credentials for advising on restructurings. Clients, particularly on the debtor side, benefit from access to the firm’s specialist offshoot, Fractal Insolvency, which offers administrator services.

Clifford Chance Badea fields a strong team of ‘resourceful‘ lawyers with particularly good experience advising major creditors. Banks and trade creditors regularly instruct the firm on restructurings and any subsequent insolvency proceedings. This includes advice on the sale and acquisition of non-performing losnd. Cross-border insolvencies and restructurings are another area of strength, and the Bucharest team works closely with colleagues in key centres across the firm’s international network. Practice head Radu Ropota is praised for his ‘creativity‘ and availability ‘whenever needed‘. Managing partner Daniel Badea  is especially experienced on the banking side, while Simona Neagu is the main disputes contact.

Mitel & Asociatii is praised for its ‘client oriented’ approach and ‘extremely good communication‘. The firm is especially active on the trade creditor side, where it assists with related insolvency litigations and debt recovery proceedings. This is in addition to support on out-of-court restructurings and company reorganisations, where it also advises debtors. Practice head Magda Dima  represents clients from across a wide range of industries. Together with her team she combines ‘expertise and the highest professional and ethical standards‘.

Noerr represents a mix of domestic and international companies and banks on a range of insolvency and restructuring proceedings. The firm is particularly experienced in advising creditors in debt recovery claims before the courts as well as out-of-court proceedings. It is notably strong on cross-border mandates, including advice to major clients in the commodities, banking, retail and financial services sectors. Litigation head Alexandru Ene  leads the team.

Pavel, Margarit & Associates Romanian Law Firm impresses with its ‘flexibility and quick access to staff and partners at all times‘. With over 16 years’ experience in the market, the ‘very helpful and accessible‘ managing partner Radu Pavel is the main contact. Areas of expertise include refinancings, distressed asset sales, pre-insolvency procedures and related litigations and debt recovery actions. The firm represents creditors and debtors, and has been particularly active in the manufacturing, natural resources, and real estate and construction sectors.

Popescu & Asociatii has an impressive track record on contentious insolvency proceedings where it regularly represents creditors and debtors. The firm continues to assist several major trade creditors in the energy and financial services sectors. The team also has experience of pre-insolvency matters and often assists with debt renegotiations and refinancings. Key team members include Octavian Popescu , who is a certified insolvency practitioner and particularly active on the litigation side. The versatile Dana Bivol and Iuliana Bidalache also bring plenty of experience to table, and handle a mix of contentious and non-contentious issues.

STOICA & Asociatii – Attorneys at Law is a leading advisor to some of the largest banks operating in Romania, including Banca Comerciala Romana and BRD – Groupe Societe Generale. The creditor-led work includes the management of high volume debt recovery programmes, as well as more bespoke proceedings against larger debtors. The firm is especially strong on the litigation side, and fields an experienced group of senior partners with a wide range of contentious expertise, including Valeriu Stoica, Dragos Bogdan and Cătălina Dicu.