Firms To Watch: Restructuring and insolvency

At Peli Partners, real estate-related insolvencies and restructurings are key areas of instruction for the team. Head of real estate Oana Bădărău and senior associate and litigator Ana Atanasiu are the key names.

Firms in the Spotlight Restructuring and insolvency

Popovici Nitu Stoica & Asociatii

Popovici Nitu Stoica & Asociatii logo

Popovici Nitu Stoica & Asociatii is a leading Romanian independent law firm. Established in 1995, as one of the first incorporated partnerships, the firm brings together strong local resources, with exceptional credentials, outstanding records and distinguished careers in law, business and academia.

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Filip & Company

Filip & Company logo

Filip & Company is one of the leading law firms in Romania providing top quality assistance in all relevant areas of law for businesses operating in Romania or considering Romania.

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Restructuring and insolvency in Romania

Bondoc si Asociatii SCA

At Bondoc si Asociatii SCA, the wide-ranging restructuring and insolvency practice is sought after by a large client roster of multinational entities, major utility providers, and well-known domestic companies. The offering includes advice on complex restructurings, the acquisition of assets from insolvent entities and court-based insolvency proceedings. The practice is led by the triumvirate of litigation expert Viorel Dinu, Simona Petrișor and Ioana Katona, who advises on bankruptcy procedures. Corporate law expert Lucian Bondoc is well versed in advising on restructuring matters.

Practice head(s):

Viorel Dinu; Simona Petrisor; Ioana Katona

Other key lawyers:

Lucian Bondoc; Florin Sandu; Razvan Agarici; Silviu Vasiliu; Alexandru Golu


‘We admire the people and their collaboration.’

‘Razvan Agarici is a true professional who is constantly looking for the best solutions.’

Key clients








Work highlights

  • Representing Air Lease Corporation in the insolvency procedure of Blue Air Aviation.
  • Advising Engie Romania on the insolvency procedure of ELCEN Constanta.
  • Advised Air Lease Corporation on its restructuring process.

Dragne & Asociatii SCA

With an excellent track record in handling debt recovery proceedings, bankruptcy procedures and liquidation matters, the restructuring and insolvency practice at Dragne & Asociatii SCA regularly acts for banks, financial institutions, public authorities, corporate debtors and creditors in a range of matters. The group is particularly strong in advising on related court proceedings, as well as complex financial reorganisations. Daniel Cirstea and Gabriel Paraschiv are highly regarded practitioners; the duo have extensive experience in advising on high-profile insolvency proceedings, restructurings, enforcement proceedings and dispute resolution. Cirstea and Paraschiv co-head the practice with Stelian Garofil, Andreia Dumitrescu and Ana-Maria Filip.

Practice head(s):

Stelian Garofil; Andreia Dumitrescu; Daniel Cirstea; Gabriel Paraschiv; Ana-Maria Filip


‘The teamwork system is efficient, with each member adding their professional contribution. Good communication with the client and adequate understanding of its needs – finding the best legal solution.’

‘Experienced and dedicated lawyers.’

‘They function as a team, which allows them to fully cover different areas of expertise in front of the courts.’

Nestor Nestor Diculescu Kingston Petersen

Nestor Nestor Diculescu Kingston Petersen's restructuring and insolvency team 'stands out in the local market'. On the contentious side, the 'tactically and strategically brilliant' Emil Bivolaru, dispute resolution specialist Sorina Olaru, and Marius Ezer handle a wide range of disputes in the space, while Alina Radu and Valentin Voinescu are key names for non-contentious matters. Key areas of instruction include debt restructurings, insolvency proceedings and non-performing loan portfolios. Senior partners Manuela Nestor and Ana Diculescu-Sova jointly head up the practice.

Practice head(s):

Manuela Nestor; Ana Diculescu-Sova

Other key lawyers:

Emil Bivolaru; Sorina Olaru; Marius Ezer; Valentin Voinescu


‘NNDKP’s restructuring and insolvency team stands out in the local market. Their strong expertise and outstanding commitment to preparing the most effective strategy and achieving the best outcome for the client are valuable assets of the firm. Also, they have been very responsive and prompt in clarifying any legal matters of concern to us, throughout our collaboration. It has been a pleasure to work with them.’

‘Our excellent collaboration with Emil Bivolaru goes back a long way. He is a first-rate advisor and a hands-on partner for restructuring and insolvency. His practical approach and his ability to provide comprehensive and tailored solutions in critical situations enabled us to successfully navigate the intricacies of corporate restructuring and insolvency. He has been of tremendous help to us, and I have full confidence in his legal expertise.’

‘Their ability to find solutions when things get complicated, and their excellent level of service make them stand out in the litigation services market. They are very well-prepared to manage high-stakes cases and can distribute the right resources to oversee the legal matters entrusted to them, forming highly effective cross-disciplinary teams when needed. I also appreciate that fact that they keep us in the loop every step of the way, making sure we are up to date with the latest case developments. This makes it so much easier to collaborate with them and helps us have a clear idea of where we stand and what we can expect going forward.’

‘Emil Bivolaru is an excellent litigator with an impressive commitment to strong performance. He is tactically and strategically brilliant and very good at zeroing in on the key aspects that can tilt the balance in the client’s favour. On top of that, he has fantastic project management skills. Our collaboration with him has always been smooth and effortless. I highly recommend him for any type of litigation work.’

Key clients

Euroins Romania Asigurare-Reasigurare SA

BRD Group Societe Generale

Arlynn Limited

Peris SA

MTU Maintenance Lease Services BV

Electrocentrale Constanta

OMV Petrom SA

Altex Romania SA

Huincas Limited (part of Argo Capital Group)

Popovici Nitu Stoica & Asociatii

Popovici Nitu Stoica & Asociatii is a top choice for representing domestic and international clients in insolvency and restructuring proceedings. Insolvency litigation forms a key pillar of the practice, with litigator Ciprian Donțu often appearing in court proceedings pertaining to insolvency issues. Dontu jointly heads the team with managing partner Florian Nițu, who has extensive expertise in advising on corporate restructurings, and Valentin Creața, who regularly advises healthcare and real estate entities on reorganisations. Ilinca Ștefănescu-Goangă is a name to note for contentious insolvency matters.

Practice head(s):

Florian Nitu; Ciprian Dontu; Valentin Creața

Other key lawyers:

Ilinca Stefanescu; Camelia Patrascu


‘Prompt and stable support, consistent team, reliable advice with strong commercial understanding.’

Key clients


Banque Banorient France

Axpo Group

Enel Group

Deutsche Leasing



Immofinanz AG

KBC Bank NV and KBC Bank Ireland

Lincoln Electric (Ductil SA)

Compagnie Fruitière


Property Fund

ProSiebenSat.1 Media SE


Societe Generale Group


Work highlights

  • Advising Swietelsky on the insolvency proceedings of Euroconstruct, as well as on the insolvency of Aktor.
  • Advising Hochtief on the bankruptcy proceedings of former clients of a Hochtief group company active in the Romanian market.

Tuca Zbârcea & Asociatii

Tuca Zbârcea & Asociatii remains heavily involved in a high number of insolvencies; the firm is recognised for housing a specialised group of practitioners with a specific focus on insolvency matters. Debt restructurings form another key driver of work for the group. The practice is jointly led by the quintet of insolvency expert Ciprian Dragomir; the 'deeply experienced' senior partner Robert Rosu; Cătălina Mihăilescu, who specialises in insolvency and liquidation procedures; and litigators Ionut Serban and Alina Ungureanu. Managing associate Valentin Moga-Shaban is singled out for his contributions.

Practice head(s):

Robert Rosu; Catalina Mihailescu; Ionut Serban; Alina Ungureanu; Ciprian Dragomir

Other key lawyers:

Dorin Petcu; Valentin Moga-Shaban


‘The firm’s lawyers have vast experience and they are very competent as regards restructuring and insolvency advice. Lawyers are pragmatic, efficient, commercial-minded and they know the market very well.’

‘I highly recommend Catalina Mihailescu. She is super experienced, very attentive to detail and has an excellent reputation as an insolvency practitioner.’

‘Valentin Moga-Shaban is very good, with very good technical skills, very client-focused and efficient.’

‘Robert Rosu is deeply experienced, bright, tenacious, well known in courts! He has very good judgement, common sense and business sense.’

Key clients

Amromco Energy

Azienda ULSS 3 Serenissima

Azienda ULSS 4 Veneto Orientale

Azienda ULSS 5 Polesana

Azienda ULSS 6 Euganea

Azienda ULSS 7 Pedemontana

Azienda ULSS 8 Berica

Azienda Ospedale Universita Padova

BRD Groupe Société Générale

Eco Anvelope S.A.

Edificia Star Construct S.R.L.


Konica Minolta Business Solutions Romania

Omilos Oradea



Webuild S.p.A.


Work highlights

  • Acting for Webuild in high-value insolvency proceedings.
  • Representing Amromco in court proceedings concerning the insolvency of the company.

Zamfirescu Racoti Vasile & Partners

Zamfirescu Racoti Vasile & Partners has a stellar track record in litigation, and draws on its expertise in this area to advise banks and companies on contentious insolvency matters. Practice head Stan Tirnoveanu has an excellent reputation, with over two decades of experience in the field. Andreea Macasoi is a rising star in insolvency law in the Romanian market, as is Alexandru Iorgulescu, who is well versed in acting for creditors and debtors.

Practice head(s):

Stan Tîrnoveanu

Other key lawyers:

Andreea Macașoi; Alexandru Iorgulescu

Key clients

Pro Meat Fresh SRL

UniCredit Bank S.A.

UniCredit Leasing Corporation IFN S.A.

Credit Europe Bank S.A


BRD – Groupe Societe Generale

First Bank SA

AFV Beltrame Group

Work highlights

  • Advising UniCredit Bank S.A. and UniCredit Leasing Corporation IFN SA on the insolvency proceedings of Italian builder Tirrena Scavi.
  • Advising Pro Meat Fresh SRL on registering a tax receivable, and on a potential exit of the insolvency procedure as part of a reorganisation plan.
  • Advising AFV Beltrame Group on the acquisition of assets as part of the insolvency proceedings of Cos Targoviste.

bpv Grigorescu Stefanica

bpv Grigorescu Stefanica's team has a solid track record in handling all aspects of corporate restructuring matters, leveraging the firm's broader corporate expertise in order to provide advice to clients. Bankruptcy and insolvency proceedings are other key pillars of strength, and the group reports a recent increase in work concerning the latter area. The client roster includes a range of international entities drawn from various industries. The practice is jointly led by Alexandru Rusu and Catalin Grigorescu.

Practice head(s):

Alexandru Rusu; Catalin Grigorescu


‘bpv Grigorescu Stefanica has one of the most prominent corporate practices on the market that deals with complex cases of corporate governance, corporate restructuring and reorganization, and mergers and demergers, as well as insolvency and bankruptcy. They combine with a lot of innovation and efficiency all the legal advices. Alongside corporate restructuring, another feature and capability of their corporate practice have for a long time been insolvency advice. Their lawyers advise with a lot of dedication broadly on all aspects of restructuring and insolvency and their activity in this practice area is increasingly related to insolvency proceedings of borrowers and guarantors.’

‘Cătălin Grigorescu is a qualified insolvency practitioner and an experienced negotiator, and helped us to overcome difficult business situations in our relations with our internal stakeholders or with third party debtors or creditors. Catalin has particular expertise in corporate reorganisations, combining legal and tax knowledge with business acumen.’

‘Alexandru Rusu  has given us advice in most of the largest legal projects and has represented both in transaction negotiations and before the bankruptcy judge when middle ground could not be reached by the parties.’

Key clients

KWS Seminte

Signify Romania


STILL Material Handling

Voestalpine Group


Shapir Structures

Turbo Tub

Orion Auto Invest

BHL Logistic

Work highlights

  • Acted for Signify Romania, as creditor, in five insolvency cases.
  • Assisting Still Material Handling in six insolvency cases, in which it is acting as a creditor.
  • Represented Voestalpine Group, as creditor, in multiple insolvency proceedings.


CMS' Bucharest office houses a team with an excellent reputation in restructuring and insolvency work. The group advises on matters across the CEE region, often handling financial restructurings, corporate insolvency issues, out-of-court restructurings, and insolvency proceedings. The practice is jointly led by the quartet of Ana Radnev and Cristina Reichmann, who are well versed in advising on pre-insolvency issues and non-performing loans; Horia Draghici, who focuses on insolvency disputes; and corporate restructuring expert Rodica Manea.

Practice head(s):

Ana Radnev; Rodica Manea; Horia Draghici; Cristina Reichmann

Other key lawyers:

Alina Tihan; Andrei Cristescu


‘The multi-disciplinary approach is what sets the CMS restructuring and insolvency team apart. CMS is able to deal with restructuring holistically – advising on all legal areas that pertain to restructuring such as court restructuring, formal insolvency proceedings, corporate matters, employment, commercial contracts, real estate, etc. CMS is also capable of managing region-wide restructuring transactions from Romania (it has English law capability on the ground for both finance and corporate matters). The CMS Romanian restructuring and insolvency team is also fully integrated in the global restructuring practice of CMS and frequently works together with partners in other jurisdictions on cross-border restructurings of regional groups.’

‘Rodica Manea is highly experienced on cross-border restructurings, corporate reorganisations and post-acquisition restructuring projects. I was delighted to work with Rodica, finding her a very good business partner. I would definitely recommend her to any client, being sure that the added value brought by her is worth all the pennies spent. She is business-minded with a clear understanding of the expected commercial goals. Her experience, pro-activeness and diligence are very much valued. Rodica is always a pleasure to work with.’

‘On the financing part of our project, Alina Tihan made our life easier, coordinating the financing part of the project with a high degree of experience and in the same time in a very calm, reassuring and agreeable manner. She is very quick in response. Her opinions are very well structured. I appreciate very much our relationship.’

‘Excellent pan-European network.’

‘Great experience in dealing with the most challenging projects in the restructuring industry.’

Key clients

NewCold Coöperatief UA

B2 Holding ASA

Work highlights

  • Advised B2Holding ASA on the Romanian aspects of a pan-European NPL financing and restructuring transaction.
  • Advised NewCold Coöperatief UA on the acquisition of Qubiz Group, including a restructuring matter.


Dentons' office in Bucharest fields a restructuring and insolvency team with recognised expertise in restructuring litigation and financial restructurings. The group works closely with the office's dispute resolution, finance, tax and corporate law experts, as well as the firm's wider global network, in order to provide support to a client base of prominent domestic companies and multinational banks and financial institutions. Tiberiu Csaki and Simon Dayes co-head the practice. Bogdan Papandopol is highly experienced in assisting with real estate issues. At senior associate level, Andrei Orbesteanu and Lawrence Florescu are key names.

Practice head(s):

Tiberiu Csaki; Simon Dayes

Other key lawyers:

Bogdan Papandopol; Andrei Orbesteanu; Lawrence Florescu


‘Professionalism, availability, turn-key solutions.’

‘The practice is strong and unique and the are working very close together. The fact that they have experiences in different fields of activities allows them to perform and to have a better legal advice.’

‘They are open minded and good willing and we are working very close with Tiberiu Csaki and Andrei Orbesteanu. They are always available and always finding good, strong and well argued advice. They have exceptional skills on restructuring matters and their knowledge of the field is impressive.’

Key clients

Prosegur Alarmas


Downtown Business Centre

Filip & Company

Filip & Company is perhaps best known for its extensive expertise in financial restructuring matters, often pertaining to multiple high-value transactions in the Romanian market. Cross-border mandates are also prominent in the team's workload. Ioan Dumitrascu heads up the practice, in which litigation expert Catalin Alexandru and the 'true professionalRazvan Ionescu are key contacts.

Practice head(s):

Ioan Dumitrascu

Other key lawyers:

Alina Stancu Birsan; Catalin Alexandru; Razvan Ionescu; Camelia Iantuc; Rebecca Marina


‘We appreciate the speed and scope of the applied analyses. Rapid understanding of the client’s profile and its objectives and their reflection in the proposed solutions.’

Razvan Ionescu – Creativity and innovation, maximum seriousness, humanity.’

‘Collaboration with Filip & Company in matters related to insolvency is as good as possible. Their team is competent with a high level of professionalism in legal matters.’

‘Razvan Ionescu – true professional, efficient and focused.’

‘A highly respected, dynamic and professional team with excellent knowledge in the field, that offers solutions and understands the most complex legal issues.’

‘The firm offers an exceptional quality of work, with an admirable team of lawyers displaying in-depth knowledge in the specific field of insolvency.’

‘Team members are dedicated, efficient and respond very well to requests.’

‘We had and continue to have a very good collaboration with Razvan Ionescu during the last 11 years in complex legal situations.’

Key clients

Tiriac Group

Raiffeisen Bank S.A. and 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 S.A. and ING Bank with the refinancing of the leveraged buyout of La Fantana S.R.L.

KPMG Legal - Toncescu & Partners SPRL

KPMG Legal - Toncescu & Partners SPRL has strong credentials for insolvency and restructuring mandates, with a solid track record in advising on out-of-court restructurings and related fraud investigations. Cross-border matters are another key driver of work for the group. The client base includes prominent names within a wide spectrum of sectors. Insolvency law expert Nicoleta Mihai heads up the practice.

Practice head(s):

Nicoleta Mihai

Other key lawyers:

Vlad Peligrad; Călin Dragoman; Andreea Liviță

Key clients

FSA Sisteme de Asamblare SRL

Blue Air Aviation SA

Totalgaz Industrie SRL

Transenergo COM SRL

Astra Asigurari

Mediafax Group

Work highlights

  • Assisting Astra Asigurari with insolvency litigation.
  • Assisting Totalgaz Industrie with a reorganisation.

Musat & Asociatii

Musat & Asociatii's restructuring and insolvency practice fields expertise in both contentious and non-contentious matters. The team is sought after by international entities to act as Romanian counsel on multijurisdictional mandates, and is also widely recognised for its expertise in advising on a number of prominent, ongoing insolvency proceedings in Romania. Practice head Mihai Popa has an excellent reputation for handling insolvency litigation. Managing associates Diana Dobromir and Dana Buscu are singled out for their contributions.

Practice head(s):

Mihai Popa

Other key lawyers:

Diana Dobromir; Dana Buscu

Key clients

Blue Air Aviation



Ram Integrity

RADET Bucuresti

First Bank

Interoil Agritrading

Work highlights

  • Advising Blue Air Aviation on a reorganisation plan as part of its insolvency proceedings.
  • Acting for Hidroconstructia in relation to its insolvency proceedings.

Popescu & Asociatii

With an excellent reputation for handling insolvency disputes, Popescu & Asociatii's team is also recognised for its strength in representing companies in high-profile contentious matters in the Romanian market. The client base includes several prominent national and international companies, commercial banks and public institutions. Octavian Popescu is a highly regarded disputes practitioner; he co-heads the practice with Gheorghe Buta, Nicoleta Tandareanu and Dana Bivol, who focuses on energy and natural resources matters. Stefan Baiculescu is a name to note. Iuliana Bidalache has left the firm.

Practice head(s):

Octavian Popescu; Dana Bivol; Gheorghe Buta; Nicoleta Tandareanu

Other key lawyers:

Stefan Baiculescu


‘Professionals, humane, punctual in all capacities.’

‘We have used the support of this law firm for an insolvency case, and the lawyers involved in the case proved to be good professionals, engaged and always available.’

‘Octavian Popescu stands out for his professional attitude, good communication skills and business oriented approach.’

‘They are amazing lawyers, with great capabilities in a lot of practice areas, not only in dispute resolution, where I can find them incredible focused on winning or to get a very good outcome for us, as a client. Lately, we have faced many legal intricacies and got to them for advice to overcome the problems or for solutions.’

‘We found them to be very involved and keen to help us, pursuing our goals with a determination a have rarely seen. They are very knowledgeable, knowing all about the practices in the field, how courts are working, how decisions are made, and are two steps ahead the counterpart. I have seen them also in court and the level of involvement is complete, the arguments are invincible, and the strategies are greatly built, with patience and rigor.’

‘The Popescu team is assisting and representing us in all our legal matters. We are glad to have them on our side because our mandates are very difficult. We chose to work with the firm since the beginning of 2019 and decided to entrusted them all our legal matters considering the expertise on the Romanian market and the fact that they put clients interests on top, not the number of billable hours. I really appreciate that they are highly intelligent lawyers, dedicated to the cases and have well-earned expertise in the area, with great negotiation skills and are well known in the market, providing an added value for their clients. For us, they have the best disputes team in the market.’

‘Stefan Baiculescu is the most energetic member of the team and very applied to restructuring issues. A fantastic evolution on all levels until now. I like to work with him.’

‘Gheorghe Buta’s unmatched experience, impressive academic background and clear thinking paired with his track record represents the core of Popescu & Asociatii’s team; an impossible-to-beat proposition on the Romanian market.’

Key clients

Electrica Furnizare

Teamnet International

Mega Image

First Bank

Mytilineos Holding

Atlantic Motors

Leumi Bank Romania

IT Performance & Technology

Triticum Sebes Agrotineret

Ultimo Portfolio Investment

Balkan Geda Cement

European Drinks & Food Group

Multimarketing Company

Work highlights

  • Advised Electrica Furnizare on its insolvency proceedings.
  • Advised Atlantic Motors on a bankruptcy procedure.
  • Advised IT Performance & Technology on a number of insolvency and administrative disputes.

Pro Legal Iosif & Asociatii SCA

Boutique firm Pro Legal Iosif & Asociatii SCA is lauded for its 'impressive experience on major insolvency projects', and is sought after by major investors, leading financial institutions, local entrepreneurs and foreign companies doing business in Romania. Practice head Iulian Iosif is well known in the market as 'an outstanding insolvency practitioner'. Anca Iosif is well versed in handling restructuring matters.

Practice head(s):

Iulian Iosif

Other key lawyers:

Anca Iosif


‘Pro Legal have a very efficient team which never ceases to amaze us with its ability to deliver creative and pragmatic support for our needs.’

‘They like challenges and complex situations and, as they have an impressive experience on major insolvency projects, we do not hesitate to approach them on any legal matter, irrespective of the complexity.’

‘Our main point of contact is Iulian Iosif, the managing partner of the firm. He is a excellent business lawyer, hands-on, with an impressive experience in the management of highly complex and delicate projects. He always keeps his calm, works exceptionally well under pressure and manages to help our bank on very stringent matters.’

‘Iulian Iosif is an outstanding insolvency practitioner.’

‘Iulian Iosif is very knowledgeable, yet pragmatic and solution oriented. Always available for identifying solutions.’

‘I have been working with Pro Legal for may years on several complex insolvency procedure and I appreciate the team’s excellent knowledge of the law and, maybe more important, of the courts practice on very sensitive legal matters. They have a fair billing policy and provide excellent value for the money.’

‘The entire team is great and I received excellent services from each team member.’

‘Iulian Iosif is a top notch lawyer but also a wonderful person, always ready to help with creative solutions to our problems.’

Key clients



Imo-II Property Investments S.A.

Topvas SRL

Idonium Agroenergy SRL

Bonus SRL

Cemrom S.A.

Soceram S.A.



Standard Textile S.A.S.

Hachette Fascicoli

Probit SRL

Gefco Romania SRL

WABAG Water Services S.R.L.

Protan SA

Banca Comercială Română (member of Erste Group)

Cosna SA

Vasifral Structures SRL

Ager Leasing IFN S.A.

O.M.A. Officina Metalmeccanica Angelucci Romania

Caterpillar Financial Services



LARO Distribution SRL

Unforced SRL

DC & CO Ltd.

Work highlights

  • Advised Gefco Romania on a restructuring procedure pertaining to the acquisition of the Gefco group by CMA CGM Group.
  • Advised Turkish companies Pergamon Status Diş Ticaret Anonim Şirketi and Spot Tekstil Sanayi Ve Ticaret Anonim Şirketi on the insolvency procedure of Design & Project Business SRL.
  • Advised Probit on the insolvency procedure of Hidroconstructia.

Wolf Theiss

The Bucharest office of Wolf Theiss fields a team with robust experience in restructuring and insolvency matters. Key areas of instruction for the group include insolvency litigation, administration procedures and matters pertaining to the personal liability of directors. Ileana Glodeanu heads up the practice, in which Andreea Zvâc, Cornelia Postelnicu, Smaranda Văcaru and litigation expert Ligia Popescu are key practitioners.

Practice head(s):

Ileana Glodeanu

Other key lawyers:

Cornelia Postelnicu; Ligia Popescu; Andreea Zvâc; Smaranda Vacaru


‘The team is very smart, proactive and provides commercial and solution oriented advice.’

‘Cornelia Postelnicu is very knowledgeable and client focused, definitely a rising star in the restructuring space.’

‘Very well-experienced team with great expertise for creditors, as well as debtors, on complex restructurings and formal insolvencies.’

‘Cornelia Postelnicu is an experienced lawyer with an excellent ability to provide comprehensive legal advice in complex corporate restructuring involving multiple jurisdictions. She is attentive, operates at an intensively high level and covers all aspects of the corporate restructuring mandates.’

‘Well experienced team, involved in many big ticket restructuring processes and insolvency mandates on the market.’

‘Cornelia Postelnicu in particular was very innovative and commercial in her approach, she provides comprehensive advice in complex restructurings.’

‘Wolf Theiss’ restructuring and insolvency team has significant experience, being known for its continuity, out of the box ideas, as well as assisting the client in any necessary phase during a restructuring/reorganization process. The team is known for collaborating with other firms, while being focused on the client`s interest and maintaining their integrity.’

‘Cornelia Postelnicu stands out by always being available and willing to provide assistance. She has proven each time that she is client oriented, being able to foresee issues that may arise during the restructuring process, to propose and to implement measures for their successful prevention.’

Key clients


Energreen Investment Europe S.A.

GE Jenbacher

Jade Power Trust



Land Power SRL

Toros-Agroport Romania SA

Work highlights

  • Advising Energreen and its Romanian subsidiaries on a €32 million claim made by a third party.
  • Assisting GE JENBACHER GMBH & CO OG with the insolvency of a major energy provider based in Brasov County.
  • Acting for DenizBank A.Ş. in the insolvency proceedings of Kirazoglu Corporation S.R.L.


Noted for its strength in the energy and shipping sectors, Kinstellar‘s Romania office is well versed in handling a range of insolvency and restructuring matters, including dispute resolution. The team has been kept especially busy representing companies in proceedings against debtors. The practice is led by Remus Codreanu, who focuses on contentious restructuring and insolvency issues. Managing associate Vlad Simion is a name to note.

Practice head(s):

Remus Codreanu

Other key lawyers:

Vlad Simion; Raluca Constantin


‘Professionalism, promptness, completeness in responses.’

‘The team’s experience and expertise in this area is well known. Their strengths and key capabilities lie in their strategic planning, clarifying and quick answers, as well as being always available to help further. It is also clear that the diversity, innovation and collaboration are always present within the team. This not only reveals different perspectives to approach problems, but also demonstrates a personalized attention to the client.’

‘I have worked directly with Vlad Simion, who is a skilled and dedicated lawyer, always trying to provide the best legal support and guidance for the client. He stands out because he has a deep understanding of the legal aspects of the restructuring and insolvency area, as well as the emerging legal trends and decisions that might affect it. He also has the ability and the agility to handle various legal challenges that arise at the same time.’

Key clients


Work highlights

  • Acting for a HNWI in relation to several complex, high value civil, insolvency and criminal cases.
  • Advised MAVIR Zrt. on the insolvency of Arelco Power and Transenergo.

Mitel & Asociatii

Under the leadership of Magda Dima, Mitel & Asociatii's team is active on a broad range of matters, including contentious insolvency proceedings, debt recovery matters, and complex reorganisations and bankruptcy procedures. The client base includes domestic entities and multinational companies with operations in Romania. Managing associate Alina Ostroveanu is singled out for her contributions.

Practice head(s):

Magda Dima

Other key lawyers:

Alina Ostroveanu

Key clients

Continental Hotels

Galaxy Tobacco

Paravion Tour

Henkel Romania

Greco Romania

Georom Internaional

Kenzi Investments


Arbos Eastern Europe

REWE Romania


Diamedix Impex

Work highlights

  • Assisting Continental Hotels with debt recovery proceedings.
  • Advised Henkel on insolvency matters.

MPR Partners

MPR Partners fields a team with experience in handling distressed asset sales and corporate restructurings, both key areas of expertise for practice head Dana Rădulescu. The group is also well known for its solid track record in advising on insolvency proceedings and related litigation. Dispute resolution expert Anca Băițan is a name to note.

Practice head(s):

Dana Rădulescu

Other key lawyers:

Anca Băiţan


‘The most relevant thing in our relationship with RPM is the closeness of the team to the needs and specificities of our company. Our company had a complex activity in the past so that the insolvency period required increased attention and understanding. The RPM team through Dana Radulescu managed through professionalism and dedication to support us or come up with solutions for complicated situations, so we are grateful to them.’

‘Communication is very open and honest and their professionalism is obvious.’

Key clients


Bacău Municipality

JCR Christof Services S.R.L.

Work highlights

  • Representing Getica in insolvency proceedings.
  • Assisting Bacău Municipality with the recovery of its power heating plant from a state-owned company undergoing a bankruptcy procedure.
  • Acting for JCR Christof Services in its insolvency proceedings.


Led by Alexandru Ene-Dragan, the insolvency and restructuring team at Noerr has an excellent track record in assisting high-profile clients with insolvency procedures; debt recovery work is a key area of instruction for the group. Raluca Botea and Andrei Sălăgeanu are key names to note.

Practice head(s):

Alexandru Ene-Dragan

Other key lawyers:

Raluca Botea; Andrei Sălăgeanu

Work highlights

  • Assisted an energy company with the recovery of receivables from a Romanian energy company through an insolvency procedure.
  • Acting for a reinsurance company in the recovery of receivables during bankruptcy procedures of Romanian insurance companies.
  • Advising a major bank in relation to claims of over €3m against a Romanian company undergoing an insolvency procedure.

Pavel, Margarit & Associates Romanian Law Firm

Pavel, Margarit & Associates Romanian Law Firm is 'well-regarded in the field of restructuring and insolvency'. The firm is perhaps best known for its expertise in representing clients from the real estate sector in insolvency work, and has a solid track record in representing creditors in high-value debt recovery claims. Practice head Radu Pavel is 'extremely client-focused' and a 'trusted choice when it comes to restructuring and insolvency matters'.

Practice head(s):

Radu Pavel


‘Leaning towards the client’s needs, a good understanding of the field of activity and the micro and macro economic aspects.’

‘The entire team from Pavel, Margarit si Asociatii is excellently well prepared, both from the point of view of the relevant legislation and from the point of view of the ability to know and understand the characteristic aspects of each individual case.’

‘The firm is well-regarded in the field of restructuring and insolvency. The lawyers do a terrific job in handling complex cases. They always achieve the best outcome for their clients and are extremely good advisors. There is no other law firm that stands out like Pavel, Margarit si Asociatii does.’

‘I deeply admire the knowledge of the lawyers and their ability to come up with solutions. I can surely affirm that they are the best when it comes to restructuring and insolvency matters. Radu Pavel is extremely client-focused.’

‘Pavel, Margarit si Asociatii is highly known for its experience in handling complex restructuring and insolvency matters. The lawyers are a joy to deal with and have always provided top-notch advice. There is no other Romanian law firm that I would choose.’

‘I highly admire the teams’ constant support. The lawyers are very well-regarded practitioners in the restructuring and insolvency field and they are very different than any other lawyers that I have worked with. I was astonished by their ability to come up with amazing strategies and to deliver the best outcome for their clients. Radu Pavel is my trusted choice when it comes to restructuring and insolvency matters.’

Schoenherr si Asociatii SCA

Schoenherr si Asociatii SCA 'has established a strong reputation in restructuring and insolvency matters'. The team is sought after for its expertise in advising on insolvency and debt recovery proceedings, often acting for international and domestic entities in matters. The group is also adept at handling restructurings, and is well known for representing creditors in mandates. Sebastian Gutiu and Iustin Armașu co-head the practice; the duo are ably supported by Andrea Gál.

Practice head(s):

Sebastian Guțiu; Iustin Armașu

Other key lawyers:

Andrea Gál


‘Sebastian Gutiu is a very skilled lawyer able to provide a comprehensive service which covers the full range of related contentious and non-contentious issues.’

‘The Schoenherr brand is well known in Romania as a full-service business law firm. They have a sound dispute resolution practice, also covering insolvency and restructuring. I think what sets them apart is their ability to handle complex, large-volume projects, due to the size and depth of their team and also to their international nature.’

‘Sebastian Guțiu is a skilled real estate and dispute resolution lawyer. He runs Schoenherr’s insolvency and restructuring team, contributing with his driven attitude and project management skills.’

‘Schoenherr si Asociatii SCA maintains its high-quality professional standard throughout the entire conduct of the projects, even though the amount of work needed to be carried out is very high.’

‘Iustin Armasu’s knowledge and expertise combined with his open, friendly attitude helps the clients understand the importance of restructuring and how to prepare solid documentation to support the restructuring process.’

‘Sebastian Gutiu is an exceptional professional – attentive to details, business-oriented, dedicated to the client.’

‘Schoenherr Romania has established a strong reputation in restructuring & insolvency matters. The firm has a specialized team that covers everything from debt recovery to large insolvency proceedings. They are very commercially aware and make sure to understand the particularities of each case.’

‘The practice is run by Sebastian Gutiu, who does an excellent job in restructuring and insolvency matters. He leads a sizeable specialized team, assisting creditors and debtors in various matters.’


At STOICA & ASOCIAȚII, the insolvency and restructuring practice is well known for acting for banks in major insolvency proceedings; Banca Comerciala Romana and BRD – Groupe Societe Generale are two prominent names in the firm's client base. Cătălina Dicu heads up the practice; other key practitioners include Valeriu Stoica, Dragoș Bogdan, and Carmen Mureşan.

Practice head(s):

Cătălina Dicu

Other key lawyers:

Valeriu Stoica; Dragoş Bogdan; Carmen Mureşan

Key clients

Banca Comerciala Romana S.A. (BCR)

BRD- Groupe Societe Generale S.A.

Work highlights

  • Assisting BCR with the case management of a portfolio of over 1,000 insolvency cases of micro-enterprises across Romania.
  • Representing BRD in the insolvency of a former Romanian aeronautical company.

Voicu & Asociatii

Mariana Popa is the key contact at Voicu & Asociatii for restructuring and insolvency matters. The practice focuses on assisting with insolvency administration procedures, as well as handling corporate and financial restructurings. Insurance, travel, real estate, and oil and gas are key sector strengths for the group.

Practice head(s):

Mariana Popa

Key clients

Buzau City Hall

ONT Carpati

Institutul Pasteur

UCM Resita

Editura Intact

Atlantis Proconstruct

Omilos Oradea

Moldova Universal

Eustis Real Estate

Vitra Real Estate

Interagro Construct

Professional Magic Cleaning Group

Arh Club A

Steel & Fluid

Glosa Natural

Capgemini Services

Corteva (Pioneer/DuPont)