Restructuring and insolvency in Romania

Dragne & Asociatii SCA

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‘.

Practice head(s):

Stelian Garofil; Andreia Dumitrescu; Daniel Cirstea

Other key lawyers:

Gabriel Paraschiv


‘Certainty of better service.’

‘Outstanding professionalism.’

‘The team of lawyers have performed exceptionally in our insolvency cases. All our lawyers are impressive by their innovative approach and the practical solutions which they provide.’

‘We have worked closely with Gabriel Paraschiv and Alexandru Dragne. Gabriel Paraschiv is well known in our company for the time and attention he devotes to our cases. Alexandru Dragne is very knowledgeable, efficient and provided us with comprehensive and practical advice.’

Key clients

BNP Paribas Personal Finance SA Paris Bucharest Branch

Garanti Bank

Authority for Financial Supervision (ASF)

Patria Bank

Work highlights

  • Advising the Financial Supervisory Authority, on the financial reorganisation of Astra, and the subsequent bankruptcy process.
  • Representing Sind Tour Trading as creditor on several insolvency proceedings against other companies.
  • Representing Patria Bank as creditor in the insolvency of a major agricultural company.

Filip & Company

Filip & Company provides a good mix of ‘knowledge, availability and flexibilityon 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‘.

Practice head(s):

Ioan Dumitrascu

Other key lawyers:

Alina Stancu Birsan; Catalin Alexandru; Razvan Ionescu


‘We are working for some years now with Filip and Company and we appreciate the knowledge, availability and flexibility.’

‘From the team I can mention Razvan Ionescu, one of the best litigators I’ve worked with. He has extensive knowledge in the insolvency field, and is quick in offering suitable solutions and preparing a solid case for us.’


Key clients

Tiriac Group

Work highlights

  • Assisting Tiriac Group, one of the largest privately owned business groups in Romania, in relation to a group restructuring of its local insurance and pension business.

Nestor Nestor Diculescu Kingston Petersen

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‘).

Practice head(s):

Manuela Nestor; Ana Diculescu-Sova

Other key lawyers:

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


‘The focus and determination to win the client’s case. The ability to make the strategy in favor of the client and to adapt various situations arising within the insolvency procedure.’

‘We work with Marius Ezer. He is extremely determined to win the client case and has a generally very good and convincing speech in front of the judges during Court hearings.’

‘Valentin Voinescu is an absolutely leading lawyer in restructuring and insolvency in Romania. His responsiveness and market insights really stand out in the entire region.’

‘NNDKP has an incredibly experienced restructuring and insolvency practice that is extremely responsive, solution-orientated and always to the point.’

‘Valentin Voinescu is extremely experienced, responsive, solution-orientated and always to the point.’

‘Each of the lawyers we have worked with are responsive, detail oriented, and diligent with identifying risks. The team members have a diversity of knowledge and experience that makes the group very well-rounded. They have creative problem solving and quick understanding of business operations. This is one of the best teams of lawyers for restructuring and insolvency work on this market – strong, focused and dedicated to their clients and work.’

‘Emil Bivolaru and Marius Ezer are great lawyers. We have a longstanding relationship with Emil Bivolaru, who is the lead lawyer on many of our insolvency matters. Emil brings a depth of experience that can only be obtained through involvement in various projects, from high profile to more technical cases. Marius Ezer is a young and talented partner, who has the perfect mix of legal expertise and business sense. He is a dedicated and hardworking lawyer and he cares about the client’s long-term needs.’

Work highlights

  • Advice to MTU Maintenance Lease Services in the concordat procedure aiming to maintain the financial viability of Blue Air Aviation’s flying operations throughout the Covid-19 pandemic.
  • Advised a major financial institution on a complex restructuring, including a debt and equity restructuring, of a large renewable energy project in Romania.
  • Advised the sole shareholder of a Romanian SPV holding one of the biggest shopping centres in Oradea, in an insolvency procedure opened against the SPV involving €85 million in debts.

Popovici Nitu Stoica & Asociatii

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.

Practice head(s):

Ciprian Dontu

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

  • Assisted the Property Fund in the insolvency proceedings of the World Trade Center involving $65 million in receivables, as well as on a related litigation retrial.
  • 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.
  • Advising SAP on various insolvency procedures of clients and suppliers, including those of: Romsys SRL; Powertech IT Services; and Integrator.

Zamfirescu Racoti Vasile & Partners

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‘.

Practice head(s):

Stan Tîrnoveanu


‘They have best insolvency experience and specialisation. Some of the lawyers are insolvency practitioners too. Also the managing partners have very good connections in the government and politicians.’

‘The insolvency practice is one of the lead practices of ZRVP. They are experienced, deeply committed and handle a broad range of insolvency related disputes. ZRVP team is one of our first options when facing sensitive insolvency matters. We value their ability to take over an ongoing file and provide feasible solutions.’

‘Partner, Stan Tîrnoveanu is an insolvency guru and has an outstanding ability to find winning solutions. Managing associate, Alexandru Iorgulescu has a keen knowledge of the insolvency phenomenon. We trust him to safeguard our rights in the insolvency proceedings.’

‘Stan Tarnoveanu – very good knowledge of the insolvency law, excellent professional’.

Key clients

Agora Marketing & Consulting


Banca Transilvania

Bank of Cyprus Public Company Limited

BRD Groupe Societe Generale

Compania de Apa Oradea

Country Council Maramureș

Engie Romania


First Bank

Gordian Holdings

Octagon Contracting & Engineering

OMV Petrom

Patria Bank

Piraeus Bank

Raiffeisen Bank

UniCredit Bank Romania

UniCredit Leasing Corporation IFN

Vista Bank Romania

Vista Leasing IFN

Work highlights

  • Advising as a local consultant selected for the transposition of the Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 on preventive restructuring frameworks.
  • Representing BRD – Groupe Societe Generale as creditor, with over €25 million in receivables, in the insolvency proceedings of the Murfatlar Group.
  • Assisting First Bank in the insolvency procedure of Total Gaz, involving €6 million in receivables due to the bank.

Tuca Zbârcea & Asociatii

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.

Practice head(s):

Ciprian Dragomir; Robert Rosu

Other key lawyers:

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


‘TZA it is a firm with people capable and with good knowledge and practice in insolvency procedures. Oriented to solve the problems and to recover the debts as soon as possible.’

‘They are dedicated and willing to solve the problems they have a pro active attitude, offering solutions and involved in the process of recovering the debts. During the time I collaborated with Dorin Petcu and Cristian Voicu.’

‘Roberts Rosu’s team are absolutely outstanding professionals in the field of restructuring and insolvency in Romania.’


Key clients

Société Générale

Astaldi SPA Italia Sucursala Romania București

OMV Petrom


Omilos Oradea

BRD Groupe Société Générale

Edificia Star Construct

Raiffeisen Leasing

Y.G. Proprietăți

Banca Comerciala Romana

ELMŰ-ÉMÁSZ Energiakereskedő

Piraeus Leasing

Ensight Finance

Work highlights

  • Assisting Société Générale in the insolvency of the Romanian company Electrocentrale București SA (ELCEN) including over €28 million in outstanding receivables.
  • Advising OMV Petrom in insolvency proceedings against Oltchim SA – Romania’s largest petrochemicals company.
  • Representing Astaldi SpA Italia sucursala Romania Bucuresti in various insolvency proceedings totaling €8.5 million.

Bondoc si Asociatii SCA

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.

Practice head(s):

Viorel Dinu; Simona Petrisor

Other key lawyers:

Lucian Bondoc; Diana Ispas

Key clients











Work highlights

  • Assisting Oltchim – a company currently undergoing bankruptcy proceedings – in its challenge, before the General Court of the European Union of the European Commission, against a decision to recover over €300 million in alleged illegal state aid.
  • Advised Air Lease Corporation as a creditor on various negotiations linked to a composition plan for the Romanian airline operator, BlueAir.
  • Representing Engie Romania and Distrigaz Sud Retele, who were exposed to the insolvency of state-owned ELCEN and related bankruptcy of RADET, the company managing the thermal energy system of Bucharest.


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.

Practice head(s):

Ana Radnev; Rodica Manea; Horia Draghici

Key clients

National Bank of Greece (NBG)


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.

Practice head(s):

Tiberiu Csaki

Other key lawyers:

Bogdan Papandopol

Key clients



Prosegur Alarmas



Downtown Business Centre

FP Marine Limited



Work highlights

  • Representing Clearanswer Call Centers as a creditor in the insolvency of its Romanian subsidiary.
  • Advised Prosegur on the insolvency of its Romanian subsidiaries, which provide security and cash in transit services.
  • Representing the agricultural research company, Anadiag Group, on the bankruptcy of its Romanian subsidiary.


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.

Practice head(s):

Remus Codreanu

Key clients

Agera Pharma


BRD Groupe Société Générale

Logistic Contractor

Envisan NV

Work highlights

  • Advised Agera Pharma, a leading Swiss drugs producer, before the Bucharest Tribunal, 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 the recovery of debts from an insolvent construction company.
  • Assisted Envisan on the restructuring of its operations including the potential closure of its Romanian business, as well as several debt recovery proceedings.

KPMG Legal - Toncescu & Partners SPRL

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.

Practice head(s):

Nicoleta Mihai; Vlad Peligrad

Other key lawyers:

Călin Dragoman

Work highlights

  • Assisting The Romanian Civil Aeronautical Authority in recovering an aircraft from Germany.
  • Acting as liquidator of Romania’s largest insurance company, Astra Asigurari, which includes a portfolio of over 5,000 claims filed by creditors.
  • Advising FSA Sisteme de Asamblare, a Romanian subsidiary of the Hitachi Group, on its voluntary liquidation.

Musat & Asociatii

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.

Practice head(s):

Mihai Popa

Other key lawyers:

Dana Buscu


‘Working with Musat & Asociatii gave me access to this team’s expertise and professionalism. We were the beneficiary of their innovative, successful solutions for insolvency proceedings and refinancing. Their strengths are customer orientation and legal excellence. I had access in 2021 to their high quality services.’

‘I especially appreciated the fact that they anticipate the client’s needs. Mihai Popa and Dana Buscu propose different approaches, successful for the client, thanks to their huge expertise. I always received successful solutions for my complex legal cases. The collaboration with Mihai Popa was very prompt and professional and this makes the difference compared to other law firms in Romania I worked in the past. He demonstrated high flexibility and attention to details. Dana Buscu is a good listener and a very good strategist, always offering the optimal solution.’

Key clients

Gordian Holdings Limited

RADET Bucuresti

S.P.E.E.H. Hidroelectrica

BLG Aurum Limited

Chloe Acquisition Consulting

ECE Projektmanagement International

Auto Car Group

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

Kaufland Romania



Emon Electric

Work highlights

  • Advised Gordian Holdings Limited on implementing in Romania an Interim Order obtained in Cyprus against several limited liability companies.
  • Representing RADET București, the largest heating system administrator in Romania in a high-value insolvency dispute filed by Electrocentrale Bucureşti (ELCEN), as principal creditor, against the Municipality of Bucharest whose lack of payment, it is argued, led to RADET’s insolvency.
  • Assisting S.P.E.E.H. Hidroelectrica regarding the insolvency of UCM Reșita, and the potential acquisition of its assets.

Pro Legal Iosif & Asociatii SCA

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.

Practice head(s):

Iulian Iosif


‘Managing an insolvency procedure is a complex task. In order to successfully and efficiently handle our insolvency portfolio, we work only with the best experts on the market. Whenever we are facing complex insolvency issues, PRO LEGAL | Iosif si Asociatii is one of our top choices for legal support, as we are confident that we will receive the best legal services for fair and reasonable fees. Their team have excellent legal knowledge in multiple areas of law, they are technology proficient, and they have a pragmatic and commercial approach of the various legal issues arising during an insolvency procedure, which is really helpful.’

‘Iulian Iosif, the managing partner of the firm, is on our “speed dial” whenever we need fast, reliable and ingenious legal advice. We enjoy working with Iulian very much, as he is an excellent business lawyer, very smart and with excellent legal skills and knowledge, and he is always available and ready to provide us with the legal support we need.’

‘We have worked with them during the peak of pandemic and on a project with tight deadlines. We really were impressed by their support and ability to complete the project despite certain obstacles such as closure of trade registries and other governmental authorities due to the pandemic. Thanks to their support we had managed to deliver the desired support to our client.’

‘Our contact from the firm was Iulian Iosif. He is an expert and a hands-on partner. He was always accessible and provided the support we needed during the peak of pandemic. Overall, we were satisfied with his legal services.’

‘Iulian Iosif is one of the most experienced and knowledgeable insolvency lawyers in Romania. Hands on, pragmatic, efficient, client oriented and solution oriented.’

‘PRO LEGAL | Iosif & Asociatii is the “one stop shop” for us on any insolvency matters, as they have a mixed teams of lawyers and insolvency practitioners and they can provide integrated legal and insolvency/administration services at the highest standards. They have a very good knowledge of the business environment in Romania and excellent contacts with all the relevant authorities.’

‘Depending on the legal services we need, we are working with Iulian Iosif, Anca Iosif or Oana Boncica. Whenever we face a complex legal problem which seems impossible to resolve, we are contacting Iulian Iosif, the main partner of the firm, who is always able to surprise us with innovative and pragmatic solutions.’

‘We enjoy working with Iosif & Asociatii because they are not providing theoretical legal advice, but practical legal solutions tailored according to the needs of our business. We like also the fact that they are always available to us and they are very fast in delivering the legal services we require.’

‘The entire team is great, but, whenever we are in serious trouble, we are calling Iulian Iosif, the managing partner of the firm, who is able to provide the “diagnostic” very fast and precise. We are lucky to have Iulian as our close legal adviser, as he is highly experienced and is able to find the best solutions to our legal problems.’

Key clients





WABAG Water Services


Banca Comercială Română (member of Erste Group)

BRD – Groupe Société Générale

Ager Leasing IFN

O.M.A. Officina Metalmeccanica Angelucci Romania

Caterpillar Financial Services




LARO Distribution





Work highlights

  • Advised Banvit Foods (as part of the multinational BRF Group) in connection with a complex corporate restructuring and the divestiture of the Romanian subsidiary.
  • Advised engineering and infrastructure company, Vasifral Structures, on all legal aspects of its insolvency procedure.
  • Advised the Romanian subsidiary of the Italian metal construction works company, O.M.A. Group, on all legal aspects of its insolvency procedure.

Schoenherr si Asociatii SCA

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.

Practice head(s):

Sebastian Guțiu; Iustin Armașu

Work highlights

  • Advising a Romanian municipality in a complex debt recovery process in connection with the city’s district heating company.
  • Advising a multinational company as creditor in the ongoing insolvency of a Romanian insurance company.
  • Advising an international debt collection agency, under a long-term instruction, in pursuing debt recovery proceedings against Romanian debtors on behalf of the agency’s clients.

Voicu & Filipescu SCA

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.

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.
  • Representing UAT Buzau, the City Hall, as creditor on over 150 insolvency and debt recovery cases.
  • Appointed as official receiver in the insolvency file of Institutul Pasteur, a Romanian research institute.

Wolf Theiss

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.

Practice head(s):

Ileana Glodeanu

Other key lawyers:

Bryan Jardine

Key clients






Work highlights

  • Advising Energreen Investment Europe and its Romanian subsidiaries, in relation to enforcement procedures for a €32 million claim made by a third party.
  • Advising Denizbank Anonim Şirketi as creditor in the insolvency proceedings of Kirazoglu Corporation, a Romanian subsidiary of the Turkish group of companies, Kirazoglu.
  • Successfully representing Land Power as creditor in two arbitration cases and a related debt recovery procedure.

bpv Grigorescu Stefanica

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.

Practice head(s):

Alexandru Rusu; Catalin Grigorescu

Key clients

KWS Seminte

KWS Momont

Signify Romania (formerly Philips Lighting)


STILL Material Handling

Voestalpine Group


Shapir Structures

Turbo Tub

Orion Auto Invest

BHL Logistic

Groenland Poultry

Inform Tehnica Medicala

Totto Security



Theming and Animatronics Industries

Work highlights

  • Represented Signify Romania as creditor in five insolvency files.
  • Representing Still Material Handling before the court in six cases in which STILL Material Handling is acting as a creditor.
  • Advised voestalpine Group as creditor on three insolvency proceedings before the courts.

Clifford Chance Badea

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.

Practice head(s):

Daniel Badea; Radu Ropota

Other key lawyers:

Simona Neagu


‘This law firm is formed by resourceful people, who find alternative solutions. In these times, this is essential to be creative and to provide quality services.’

‘Radu Rapota – availability, creativity and to be at service whenever needed.’

Work highlights

  • Advised several owners and lessors of aircrafts in relation to the restructuring of a Romanian airline company.
  • Advising an international investment bank on the potential acquisition of a non-performing loan.
  • Advising a banking group in relation to the insolvency of one of its major debtors.

Mitel & Asociatii

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‘.

Practice head(s):

Magda Dima


‘The team is dedicated to the client, to understand the needs and to find solutions and alternatives, extremely good communication. Client oriented, not just very professional lawyers, but also a reliable partner.’

‘The partner Magda Dima and her team, combine expertise and the highest professional and ethical standards, also available for the client with focus on results.’


Key clients

Diamedix Impex


Henkel Romania


Paravion Tour

REWE Romania

Rosequeens Properties

Work highlights

  • Representing Henkel Romania in an insolvency dispute with a contractor over the construction of a factory.
  • Advising the rail company, Grampet, in a debt recovery claim against an insolvent contractor.
  • Representing Diamedix Impex in connection with insolvency procedures initiated by its contractors.


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.

Practice head(s):

Alexandru Ene

Work highlights

  • Advised an energy company 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.

Pavel, Margarit & Associates Romanian Law Firm

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.

Practice head(s):

Radu Pavel


‘We value the practice for flexibility and quick access to staff and partners at all times.’

‘We find the senior partner Radu Pavel very helpful and accessible.’


Popescu & Asociatii

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.

Practice head(s):

Octavian Popescu; Dana Bivol; Iuliana Bidalache


STOICA & Asociatii – Attorneys at Law

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.

Practice head(s):

Cătălina Dicu

Other key lawyers:

Valeriu Stoica; Dragoş Bogdan

Key clients

Banca Comerciala Romana

BRD – Groupe Societe Generale

Work highlights

  • Assisting Banca Comerciala Romana in connection with the case management of a portfolio of more than 1,000 insolvency cases of micro-enterprises throughout Romania.
  • Assisting BRD – Groupe Societe Generale in the complex insolvency of a former Romanian aeronautical company.