Restructuring and insolvency in Romania

Dragne & Asociatii SCA

Dragne & Asociatii SCA has established itself as one of the top choices for complex insolvency proceedings and restructurings. The team is especially experienced in litigation, regularly representing creditors and debtors in insolvency-related court proceedings. Clients include banks, trade creditors, debtors and administrators, who ensure a strong flow of mandates, including major liquidations. Key partners include litigator Daniel Cirstea, versatile managing partner Stelian Garofil, and Andreia Dumitrescu , who has a good track record in domestic and international arbitrations. Managing associate Gabriel Paraschiv is another name to note.

Practice head(s):

Stelian Garofil; Andreia Dumitrescu; Daniel Cirstea

Other key lawyers:

Gabriel Paraschiv

Key clients

BNP Paribas Personal Finance SA Paris Bucharest Branch

Garanti Bank SA

Authority for Financial Supervision (ASF)

Patria Bank SA

Work highlights

  • Advising the Financial Supervisory Authority,  on the financial reorganisation of Astra SA, and the subsequent bankruptcy process.
  • Representing Alpha Bank in various insolvency proceedings against several debtors, with values between €1.5m and €35m.
  • Assisting Garanti Bank on the insolvency procedure of Autonomous Administration for Nuclear Activities, the only producer of heavy water in Romania.

Filip & Company

Filip & Company has a multi-faceted insolvency and restructuring practice often combining mixed teams of corporate, finance and litigation lawyers. The firm handles creditor and debtor work across a range of industries, and has a good track record advising banks on non-performing loan portfolios. The team works closely with international firms on high profile cross-border restructurings and reorganisations.  Practice head Ioan Dumitrascu and Alina Stancu Birsan  are the lead partners on the non-contentious side. Disputes head Catalin Alexandru leads on the litigious elements. Versatile senior associate Razvan Ionescu is especially well-regarded.

Practice head(s):

Ioan Dumitrascu

Other key lawyers:

Alina Stancu Birsan; Catalin Alexandru; Razvan Ionescu


‘We had cases together for years now, with excellent results. What makes us very pleased about this cooperation is the fact that always the advice is prompt, to the point, sometimes innovative and always with the right course of action.’

‘Razvan Ionescu is a senior associate with excellent knowledge, great litigation skills, and on the spot advice.’

Key clients

Ambient S.A.

National Bank of Greece S.A.,

Veranda Obor SA

Banca Transilvania

Work highlights

  • Ongoing advice to the Romanian DIY retailer, Ambient, on the complex restructuring of its financial arrangements with its senior creditors, this followed the opening of insolvency proceedings in late 2015.
  • Assisting National Bank of Greece on the sale of a portfolio of non-performing receivables and the restructuring of certain other receivables and distressed assets.
  • Assisting PPLI Group in relation to the refinancing, with a leading Romanian bank, of the existing debts of Veranda Obor S.A., a project company for a well-known mall in Bucharest.


Kinstellar has a broad-based insolvency and restructuring practice built around its corporate finance and disputes practices. The size and depth of the firm ensures a strong service, with highly-rated litigator Remus Codreanu managing the contentious side, and Razvan Popa handling the advisory and corporate restructuring seam of work. The firm's strong regional offering makes it a sound choice for cross-border mandates. The firm also has several up-and-coming lawyers, notably senior associate Smaranda Văcaru. Former practice head Bogdan Bibicu has retired from private practice.

Practice head(s):

Răzvan Popa; Remus Codreanu

Other key lawyers:

Smaranda Văcaru

Key clients

Agera Pharma


BRD Groupe Société Générale

Logistic Contractor

Envisan NV

Work highlights

  • Represented Agera Pharma AG, a leading Swiss drugs producer, before the Romanian courts on the preservation and recovery of its receivables against Casa Farm, a major Romanian drugs producer and distributor that is undergoing insolvency proceedings.
  • Advised Logistic Contractor, a regional logistic services provider, on an insolvency claim filed by Gleeds Romania, a company active in the building and construction industry.
  • Assisted Envisan NV on the restructuring of its operations related to the planned closure of its interests in Pitești, and the recovery of receivables from several debtors.

Nestor Nestor Diculescu Kingston Petersen

Nestor Nestor Diculescu Kingston Petersen's market-leading team is jointly led by banking and capital markets head Manuela Nestor and disputes head Ana Diculescu-Sova. The two-pronged approach ensures that the contentious and non-contentious needs of its debtor and creditor clients are met. The multidisciplinary team is regularly involved in major court proceedings, group restructurings and distressed asset sales, including buyer side advice on non-performing loan portfolios. Other key partners include corporate finance partners Alina Radu and Valentin Voinescu. The contentious side is equally well-served by Emil BivolaruSorina Olaru, and the up and coming Marius Ezer.

Practice head(s):

Manuela Nestor; Ana Diculescu-Sova

Other key lawyers:

Alina Radu; Valentin Voinescu; Emil Bivolaru; Sorina Olaru; Marius Ezer

Key clients


ADM International SARL

Aurea International DOO, Lord Travel Amstedam BV


Keytrade AG

Veneto Banca SpA

Private Insurer NV

Cosmo Ventures SRL

Edison Trading SpA

Energheia Group

Work highlights

  • Advised Edison Trading on the insolvency proceedings of a local energy trader in Romania.
  • Advised BRD on the complex insolvency of a company linked to the development of a major residential complex in Cluj County and Maramuser County.
  • Representing ADM International SARL, which had a €4.3m claim in the €22.5m insolvency proceedings of Bioromoil SRL.

Popovici Nitu Stoica & Asociatii

Popovici Nitu Stoica & Asociatii is strong on both the contentious and non-contentious side of the restructuring piece. The team is led by well-regarded litigation head Ciprian Donțu, and regularly represents creditor and debtor clients in related litigation and arbitrations. The firm's market leading corporate finance arm is well equipped to handle complex group restructurings, and managing partner Florian Niţu has good experience assisting on related issues, including advice to investors on distressed asset sales and acquisitions. Ilinca Ștefănescu-Goangă and Valentin Creața are respectively involved on the disputes and advisory sides.

Practice head(s):

Ciprian Donțu

Other key lawyers:

Florian Nițu; Ilinca Ștefănescu-Goangă; Valentin Creața

Key clients

Air France



BADSI Nissan



Burda International

Deutsche Leasing

Filasa International



Immofinanz AG

KBC Bank NV and KBC Bank Ireland

Lincoln Electric (Ductil SA)


Property Fund

ProSiebenSat.1 Media SE



Societe Generale Group



Work highlights

  • Advised Property Fund on the €65m insolvency proceedings of World Trade Center, as well as on the retrial of the related insolvency litigation file.
  • Assisted Filasa International, a French investor in wind energy, in connection with the reorganization, asset resolution, insolvency and ultimately bankruptcy, of a €250m wind power development projects portfolio, involving 42 distinct projects and companies.
  • Advised Swietelsky, a major railway construction company, in connection with the insolvency proceedings of the debtor EUROCONSTRUCT.

Zamfirescu Racoti Vasile & Partners

Zamfirescu Racoti Vasile & Partners has one of the top disputes practices in Romania, and this adds great weight to its restructuring and insolvency work. Practice head Stan Tirnoveanu is one of the country's leading insolvency specialists and litigators, having led on several precedent-setting cases. The team as a whole is entrusted by leading banks to act on their most complex and high-value creditor claims, typically involving a cross-border angle. The firm also acts for trade creditors and debtors and provides strong support on the non-contentious aspects of company reorganisations and restructurings.

Practice head(s):

Stan Tîrnoveanu


‘Strong experience in the restructuring field, combined with high availability of the partners and transparent billing.’

‘Stan Tarnoveanu is a long time recognized authority in the restructuring field, writing manuals and reviews regularly.’

‘ZRVP has a highly experienced team in insolvency proceedings and we work with them in some of the most complex reorganization cases encountered in Romania. Their proficiency in dealing with procedural steps of the proceedings together with their pragmatic approach of the cases are only some of the strengths continuously demonstrated. The ability to anticipate of the next steps and to create a complete strategy, able to respond to each possible development are other aspects that differentiate them from other firms.’

‘Stan Tarnoveanu for his availability to discuss and advise, understand the client’s real needs and develop smart strategies.’

‘People with a passion for building lasting relationships. It’s a pleasure to work with them.’

‘Good responsiveness, and lawyers who ask great questions and actively listen to answers.’

Key clients

Alro S.A.

Banca Transilvania

Bank of Cyprus

BRD Groupe Societe Generale

Compania de Apa Oradea

County Council Maramureș

Engie Romania S.A.

First Bank

Gordian Holdings

Octagon Contracting & Engineering S.A.

OMV Petrom

Patria Bank

Piraeus Bank

Raiffeisen Bank

UniCredit Bank Romania

UniCredit Leasing Corporation IFN SA

Vista Bank Romania

Work highlights

  • Representing BRD Groupe Societe Generale in €1bn insolvency procedures conducted against six companies that are part of Murfatlar group, the largest wine producer in Romania, and in which BRD has a claim of over €25m.
  • Achieved, for Vista Bank, a mandatory ruling from the Supreme Court regarding the impact of precautionary criminal measures on the creditors’ rights in an insolvency procedure, which correlated with a directive from the European Parliament.
  • Assisting UniCredit Group in several major cross-border and domestic insolvency cases involving controversial Romanian legal issues, including 20 claims in the past year worth over €150m.

Tuca Zbârcea & Asociatii

Tuca Zbârcea & Asociatii has established itself as a top provider of debtor and creditor advice. The firm offers administrator services through its specialist insolvency offshoot, TZA Insolventa, in which lead partner Ciprian Dragomir is a certified insolvency practitioners in addition to their legal practice. Dragomir also handles the restructuring and consultancy side, demonstrating the firm's ability to handle contentious and non-contentious issues for major banks and multinationals. Other key individuals include insolvency specialist Dorin Petcu, and disputes partners Ionut Serban, Ioana Hrisafi, Christina Vladescu, and recently promoted Dan Cristea.

Practice head(s):

Ciprian Dragomir

Other key lawyers:

Ionut Serban; Christina Vladescu; Ioana Gelepu; Dan Cristea; Dorin Petcu

Key clients

Société Générale

OMV Petrom


Omilos Oradea

BRD Groupe Société Générale

Carpatair and Mr. Nicolae Petrov, the current President and Chief Executive of Carpatair

Raiffeisen Leasing

Y.G. Proprietăți SRL

Banca Comerciala Romana (BCR)

ELMŰ-ÉMÁSZ Energiakereskedő Kft., Hungary

Astaldi SPA Italia Sucursala Romania București

Work highlights

  • Representing Société Générale in the insolvency proceedings of the Romanian company ELCEN regarding over €28m in outstanding receivables.
  • Assisting Carpatair as special administrator on its insolvency proceedings, involving €17m in receivables.
  • Assisting Astaldi SpA Italia sucursala Romania Bucuresti as debtor and creditor in various insolvency proceedings worth €8.5m.

Bondoc si Asociatii SCA

Bondoc si Asociatii SCA is no stranger to complex restructurings and insolvency proceedings, offering clients a strong arsenal of contentious and non-contentious expertise. The corporate team often handles group reorganisations and distressed asset sales, and the firm as a whole has good experience of heavily-regulated sectors such as pharmaceuticals, aviation, energy and utilities. Viorel Dinu is the main partner contact for related litigation proceedings, while Simona Petrisor is particularly adept at the restructuring and finance side. Lucian Bondoc and Diana Ispas also provide related non-contentious advice.

Practice head(s):

Viorel Dinu; Simona Petrisor

Other key lawyers:

Lucian Bondoc; Diana Ispas


‘Excellent team, very professional, with adaptability, flexibility, and in depth knowledge.’

‘The team has a high sense of following trough the matters, effectively monitoring the evolution of each file and case, being dedicated to the case and treating all cases seriously, looking at all angles and providing thorough legal advice in all situations.’

‘The team is very skilled and with a hands-on approach, whilst Simona Petrisor has a wealth of knowledge in insolvency field. Her team is very well prepared and they are all excellent lawyers and provide us with great service.’

‘Lucian Bondoc is, arguably, the best business lawyer today in Romania. The partners, including Mihaela Bondoc and Viorel Dinu are excellent lawyers very committed to their clients.’

Key clients

ENGIE Romania SA

Air Lease Corporation

Tapbury Management

Johnson & Johnson

Novo Nordisk Pharma


Yapi Kredi ve Bankasi as (Yapi Bank)

Procter & Gamble

Distrigaz Sud Retele SRL

JD Norman Brasov

Raiffeisen Bank International AG

Raiffeisen Bank Romania

Work highlights

  • Representing Engie Romania and Distrigaz Sud Retele, the gas distribution services branch of Engie Romania, who were exposed to the insolvency of state-owned ELCEN and related bankruptcy of RADET, the company managing the thermal energy system of Bucharest.
  • Assisting Johnson & Johnson on the insolvency of Polisano, formerly one of the largest pharma distributors in Romania, with a view to maximizing the recovery rate by identifying the pre-insolvency intra-group transactions of the debtor company, and  close supervision of the sale of the debtor assets.
  • Advised Air Lease Corporation on the execution of lease agreements and various amendments to existing agreements linked to a pre-insolvency procedure opened by the Romanian airline operator, BlueAir.

bpv Grigorescu Stefanica

bpv Grigorescu Stefanica is a reliable choice for creditors and debtors. The firm has its own specialised insolvency company, Fractal Insolvency, through which it regularly acts as liquidator. The firm's partners, particularly Alexandru Rusu, also offer strong support on contentious and non-contentious legal issues. This includes advice on debt recovery proceedings, tax, distressed asset sales, refinancing deals, and company reorganisations and restructurings.

Practice head(s):

Alexandru Rusu; Catalin Grigorescu

Key clients

KWS Seminte

KWS Momont

Signify Romania (former Philips Lighting)


STILL Material Handling


Shapir Structures

Turbo Tub

Orion Auto Invest

BHL Logistic

Groenland Poultry

Inform Tehnica Medicala

Totto Security



Theming and Animatronics Industries

Work highlights

  • Advised Signify Romania as creditor on five insolvency files and reorganisation procedures and related debt recovery issues.
  • Representing STILL as creditor before the court in six cases.
  • Ongoing advice as liquidator, through its specialised insolvency firm, Fractal Insolvency, to Shapir Structures, a construction firm with over 150 creditors and €64m in debts.


CMS combines its banking, corporate and disputes teams to support creditors and debtors on their restructuring and insolvency issues. Banking head Ana Radnev and Cristina Reichmann have good experience of refinancings and non-performing loans, while corporate partner Rodica Manea has a strong focus on corporate restructurings and reorganisations. Contentious insolvency issues are the domain of disputes partner Horia Draghici. The firm is also noted for its cross-border expertise, which is particular use on regional mandates for major multinationals. Recently the firm was involved in significant cases in the IT, financial services and life science sectors.

Practice head(s):

Ana Radnev; Rodica Manea; Horia Draghici

Key clients

Alpha Bank

Work highlights

  • Advising a CEE private equity firm on a complex roll-over transaction entailing the reorganization of its portfolio companies.
  • Advising a leading Greek bank with respect to a significant sale of a portfolio of corporate NPLs.


Dentons offers clients a strong combination of domestic and international expertise, and is regularly involved in major local and cross-border restructurings and insolvencies. Disputes partner Tiberiu Csaki leads the team, which  includes highly experienced litigator Bogdan Papandopol, who is also experienced on the non-contentious front. Both partners regularly represent creditors and debtors in related litigations and arbitrations, and Csaki is strong on directors' liabilities. The firm's recent expansion of its banking and finance team adds weight to the advisory side of the practice.

Practice head(s):

Tiberiu Csaki

Other key lawyers:

Bogdan Papandopol

Key clients



Prosegur Alarmas

Unirea Shopping Center


Poledil Srl

FP Marine Limited

Kerala Expert Srl


Work highlights

  • Representing Synthos, a large manufacturer of chemical raw materials, in ongoing complex insolvency proceedings and insolvency-related claims.
  • Advised Prosegur on the insolvency of its Romanian subsidiaries, which provide security and cash in transit services.
  • Representing a Romanian mall operator in connection with insolvency proceedings  and restructuring-related matters.

KPMG Legal - Toncescu & Partners SPRL

KPMG Legal - Toncescu & Partners SPRL has a head start on the market thanks to its membership of the KPMG network, and the legal arm is well respected in its own right. Litigation head Vlad Peligrad has made a strong name for himself in contentious insolvency proceedings. He co-heads the team with Nicoleta Mihai, who regularly assists with out-of-court restructurings and company reorganisations. Disputes associate Călin Dragoman is also experienced in this area.

Practice head(s):

Nicoleta Mihai; Vlad Peligrad

Other key lawyers:

Călin Dragoman

Key clients

Iveco Capital

Astra Asigurari

Mediafax Group

Romexterra Leasing IFN

CEMS SA Automatica

Intrarom SA

Alerria Management Company SA

Antreprize Rezidentiale SRL

Work highlights

  • Represented Iveco Capital as creditor in a portfolio of over twenty litigation files, including three separate insolvency procedures against debtors from the same group of companies.
  • Acting as liquidator of Romania’s largest insurance company, Astra Asigurari, which includes a portfolio of over 5,000 claims filed by creditors.
  • Advising the media company, Alerria Management Company SA, on a major reorganisation, including the €2m sale of the Pro TV Building in Bucharest.

MPR Partners

MPR Partners has a good reputation for advising creditors, debtors and investors on high-profile insolvency and restructuring proceedings. The firm has a good niche in representing investors buying distressed assets. Corporate partner and practice head Dana Rădulescu is highly experienced on the advisory side, and is especially strong on cross-border proceedings.

Practice head(s):

Dana Rădulescu

Work highlights

  • Advising Astra Holdings on its €120 million acquisition of Jolidon, a Romanian textile producer with a global presence, which was facing insolvency proceedings.
  • Advising the IT company Teamnet International, which is undergoing insolvency proceedings.

Musat & Asociatii

Musat & Asociatii brings a strong multidisciplinary approach to its well-regarded restructuring and insolvency service. The firm acts for a diverse range of clients from across many sectors, including banks, distressed debt investors, trade creditors and debtors. It also offers a specialised insolvency service which often acts as judicial administrator on insolvency proceedings and liquidations. The versatile Mihai Popa leads the team, offering a mix of contentious and non-contentious expertise. Managing associate Dana Buscu is also well regarded.

Practice head(s):

Mihai Popa

Other key lawyers:

Dana Buscu


‘The restructuring & insolvency department of Musat & Asociatii stands out through the quality of advice and standards, as well as the out of the box business strategy. The responsiveness is prompt accurate and the expertise is very extensive, covering a full range of legal practices. Therefore, we strongly recommend the legal services, as the firm is one of the leading outfits in the field.’

‘The firm is professional, with a great team of lawyers displaying depth of knowledge. One strong point of the team is their leading partner, Mihai Popa. He is resourceful, very skilled negotiator and has an excellent understanding of the practicalities of restructuring and insolvency. We have also worked with Dana Buscu, Diana Dobromir and Roxana Secita and they deserve gratitude for their energy and work effort. ’

Key clients

Gordian Holdings Limited

PVS International (S) PTE. LTD.

Chloe Acquisition Consulting

ECE Projektmanagement International GmbH and Co.KG

Auto Car Group

RADET Bucuresti

HSBC, JP Morgan, RBC, Citibank, Northern Trust, State Street, The Bank of New York Mellon


Biotest AG



Emon Electric

Work highlights

  • Advised Auto Car Group on opening bankruptcy proceedings against City Insurance.
  • Advised Biotest AG on increasing its recovery of receivables by making personal liability claims against a debtor’s former board of directors.
  • Advised Gordian Holdings Limited on implementing a Cypriot Interim Order in Romania against several limited liability companies.

Pavel, Margarit & Associates Romanian Law Firm

Pavel, Margarit & Associates Romanian Law Firm has built a strong and varied client base including creditors, debtors, distressed asset investors and shareholders.  The team handles contentious and non-contentious issues, and also has a solid track record on directors' liabilities. Recently the firm was involved in several significant mandates in the real estate and financial services sectors. Managing partner Radu Pavel is well regarded.

Practice head(s):

Radu Pavel


‘PMA has represented us in court and we were impressed with their expertise in insolvency law, their in-court performance and involvement into creating a case strategy that really pursues the interest of the client. They understand what it is needed in order to win, they plan for it and act accordingly’

‘Radu Pavel, the managing partner, is very savvy and has an impressive track record of successful restructuring and insolvency case files. Besides the legal knowledge, he can manage his team very well so as to deliver an all encompassing assistance pertaining to matters across various practices.’

Key clients

Patria Bank SA

Work highlights

  • Advised Patria Bank SA on the voluntary insolvency winding-up procedure of one of its subsidiaries.

Schoenherr si Asociatii SCA

Schoenherr si Asociatii SCA has a comprehensive insolvency and restructuring practice that is equally adept at representing creditors and debtors. This includes advice on debt collection programmes, company restructurings, insolvency procedures and litigation. There is good cohesion between Bucharest and other offices in the network, making it an attractive option for cross-border matters. Managing partner and disputes head Sebastian Gutiu is one of the lead partners, with strong support from managing attorney Iustin Armașu. Former partner Adina Jivan joined Zamfirescu Racoti Vasile & Partners.

Practice head(s):

Sebastian Guțiu; Iustin Armașu

Key clients

Banca Comerciala Romana

Gold Plast Production


Vestas CEU Romania

Work highlights

  • Assisting Gold Plast Production in connection with the group’s insolvency in Romania and Italy.
  • Assisting an international company in out-of-court debt recovery proceedings in Romania for the collection of €60m receivables from one of its business partners.
  • Advised a manufacturing company as creditor in the insolvency proceedings of one of its business partners (a company facing debts of over €17m).

Voicu & Filipescu SCA

Voicu & Filipescu SCA has a highly-specialised insolvency practice with a strong track record in liquidations and debt recovery proceedings. Mariana Popa heads the team, both as lawyer and head of the firm's specialist company VF Insolventa SPRL, which regularly acts as official receiver in major insolvency proceedings. The team is well equipped to handle high-volume debt collection projects for public and private sector clients, including a major leasing company.

Practice head(s):

Mariana Popa

Key clients

Buzau City Hall

ONT Carpati

Institutul Pasteur

Industrial Parc Sabaru

UCM Resita

Editura Intact

Atlantis Proconstruct

GBS Industrie

Auto One

Omilos Oradea

Eustis Real Estate

United Prodimpex

Euronautica Motors

Fresco Proiect

Vitra Real Estate

Lemnking Industries

Marsib Service

Platinum Star TV

Interagro Construct

Tahion Solar

Unis Steel Distribution

Royal Land Impex

Work highlights

  • Appointed as liquidator in the bankruptcy file of ONT Carpati, the oldest Romanian travel company.
  • Appointed as official receiver in the insolvency file of Institutul Pasteur, a Romanian research institute.
  • Appointed as official receiver in the insolvency file of UCM Resita, a heavy equipment manufacturer.

Wolf Theiss

Wolf Theiss stands out for its ability to handle a broad range of cross-border and domestic restructurings and insolvencies. The team, led by Ileana Glodeanu, works closely with colleagues in other jurisdictions to provide an integrated regional approach. This includes advice to major debtors and creditors on contentious and non-contentious issues, including distressed asset sales and acquisitions and NPL portfolios. Bryan Jardine is also well regarded.

Practice head(s):

Ileana Glodeanu

Other key lawyers:

Bryan Jardine


‘Ileana Glodeanu has a very hands-on, pragmatic approach, and good and fast service.’

Clifford Chance Badea

Clifford Chance Badea brings a strong level of finance and litigation expertise to bear on complex insolvency and restructuring matters. The firm's large banking client base makes it an obvious choice for creditor-side mandates, often with a heavy cross-border element. Counsel Radu Ropota leads the team with strong input from experienced managing partner Daniel Badea.  Litigator Simona Neagu is one of the lead partners on the contentious side.

Practice head(s):

Daniel Badea; Radu Ropota

Other key lawyers:

Simona Neagu

Key clients

UniCredit Bank

Banca Comerciala Romana

Work highlights

  • Advised a syndicate of banks as creditors in relation to the insolvency proceedings opened against a Polish clothing retailer operating throughout the CEE, which was guarantor under certain financing agreements.
  • Representing an international bank on the insolvency of electricity and natural gas supplier Transenergo Microhidro.
  • Representing a leading Romanian bank as creditor in the insolvency of a major debtor, in a case concerning the annulment of certain sell-out transactions, and criminal complaints for possible fraud prior to and during the insolvency procedure.

Mitel & Asociatii

Mitel & Asociatii offers clients strong experience of insolvency procedures and related disputes. The team is led by litigator Magda Dima, who is also strong on non-contentious matters, including the pre-litigious phases of corporate restructurings and company reorganisations. Distressed asset sales and debt recovery proceedings also feature prominently on the firm's workload, representing both debtors and creditors, including domestic and international companies and banks.

Practice head(s):

Magda Dima

Key clients

P&S East Growth S.a.r.l.


Conban SA

REWE Romania

Armonie Investitii

Paravion Tour



Diamedix Impex

CEE Investments Romania

Work highlights

  • Advised P&S EAST GROWTH S.a.r.l. on an insolvency procedure initiated against the purchaser of the shares held by it client in a large Romanian company.
  • Advised Paravion throughout the company’s insolvency, including issues concerning creditors’ meetings, challenges in the creditor’s table, a reorganisation plan proposition, and the conclusion of financing agreements.
  • Representing Diamedix Impex in connection with insolvency procedures initiated by contractors.


Noerr provides strong support and advice on high-end insolvency-related disputes and debt recovery proceedings. Litigation head Alexandru Ene has considerable experience in the market, representing clients from across diverse sectors, including financial services, healthcare and energy. The team regularly advises multinationals on cross-border issues, including company reorganisations and restructurings.

Practice head(s):

Alexandru Ene

Work highlights

  • Advised an energy client in the recovery of over €5.5m in receivables from a Romanian energy company through an insolvency procedure.
  • Representing an Austrian bank in court proceedings and debts recovery cases worth over €3m.
  • Representing a leading reinsurance company in the recovery of over €2.7m in receivables during a major bankruptcy procedure of a Romanian insurance company.

Popescu & Asociatii

Popescu & Asociatii is a relatively new firm, but its lawyers bring a huge amount of contentious and non-contentious insolvency expertise to the table. Clients include major international and domestic debtors and creditors, who regularly use the firm for complex restructurings, debt recovery proceedings, and court claims. Disputes partner Octavian Popescu is highly experienced representing banks, and public and private sector clients on high profile disputes. Loredana Popescu and Dana Bivol are also certified insolvency practitioners, as is Iuliana Bidalache, who was promoted to the partnership in early 2022.

Practice head(s):

Octavian Popescu; Dana Bivol; Loredana Popescu

Other key lawyers:

Iuliana Bidalache

Key clients













Work highlights

  • Represented Electrica Furnizare as creditor in insolvency proceedings against Oltchim.
  • Acted for Teamnet International and its affiliates in €63m worth of insolvency disputes concerning its contracts with Romanian State Authorities.
  • Representing Mega Image, one Romania’s largest retailers, in complex insolvency proceedings involving Bucharest Film Studio.

Pro Legal Iosif & Asociatii SCA

Restructuring and insolvency work is a core area of focus for Pro Legal Iosif & Asociatii SCA. The firm is relatively new, having launched three years ago, but its partners come with a huge amount of pedigree, particularly Iulian Iosif, a certified insolvency practitioner with over a decade and a half of experience in the market, including time as a partner at one of Romania's top law firms. The firm has built up a strong debtor and creditor client base, and works closely with international law firms on cross border matters.

Practice head(s):

Iulian Iosif


‘The restructuring and insolvency team of Pro Legal comprises the right blend of talent, knowledge, experience and passion. Unlike other traditional law firms, which comprise only lawyers, they have mixed teams of lawyers, business advisors and insolvency practitioners, covering all the angles of the insolvency procedures, not only the legal ones.’

‘Their legal services are top comprehensive and fast served as they have collaborators on different areas in order to satisfy including the associated requirements.’

‘Due to the combination between rich legal knowledge and hands-on experience on one side and the personal qualities of the attorneys-at-law on the other side, the results and the customer satisfaction are at the very top.’

‘The entire team is great, but Iulian Iosif is extraordinary: he is very sharp, creative, business-oriented and available at all times.’

‘All the team members are very familiar with the latest technology; probably this is why they are more efficient comparing to other firms.

Key clients


Banca Comercială Română (member of Erste Group)

Banca de Export-Import a Romaniei – EximBank

BRD – Groupe Société Générale

Ager Leasing IFN S.A.

O.M.A. Officina Metalmeccanica Angelucci Romania

Caterpillar Financial Services



DC & CO Ltd.


LARO Distribution SRL

Unforced SRL




Work highlights

  • Advised a subsidiary of the Italian metal construction works company  O.M.A. Group, on its concordat procedure and subsequent insolvency procedure.
  • Advised PROTAN S.A on all legal issues linked to its bankruptcy procedure.
  • Advised AGER LEASING IFN S.A., on its complex insolvency procedure involving over €100m in receivables claimed by five major banks and other local and international creditors.


SCPA FIRON BAR-NIR has strong links to the Israeli market and several partners, including Ron Bar-Nir, divide their time between between Tel Aviv and Bucharest (travel restrictions notwithstanding). Litigation and bankruptcy head Catalin Cotorogea is the main partner on the ground in Bucharest, and the practice represents clients from a broad range of industries.

STOICA & Asociatii – Attorneys at Law

STOICA & Asociatii – Attorneys at Law is a popular choice for major creditors, including leading banks such as Banca Comerciala Romana. The advice ranges from high-volume debt recovery claims against smaller debtors, through to high-value complex proceedings against major companies. This includes creditor advice on debtor reorganisation plans, and the sale and acquisition of distressed assets. Litigation head Valeriu Stoica is highly experienced.

Practice head(s):

Valeriu Stoica

Key clients

Romanian Commercial Bank (BCR)

Banca Transilvania SA

Work highlights

  • Acting for Banca Comerciala Romana on the case management of a portfolio of over 1,000 insolvencies of micro-enterprises throughout Romania.
  • Assisting Banca Comerciala Romana in the bankruptcy procedure of a pharmaceutical company.
  • Assisting Banca Comerciala Romana in the insolvency procedure of a major construction group.