Restructuring and insolvency in Romania

Tuca Zbârcea & Asociatii

Ţuca Zbârcea & Asociaţii specialises in insolvency litigation, liquidations, corporate restructuring and reorganisation and debt restructuring. Ciprian Dragomir is advising Omilos Oradea, owner of the Era Park Oradea shopping mall, on its request for insolvency law protection against its creditors; the team supervised the debtor’s administration procedure. Christina Vladescu represents creditor Bancpost in relation to Creativ Proprietati Imobiliare's insolvency.


The team at CMS is jointly headed by Horea Popescu, Gabriel Sidere and Simon Dayes. Popescu is an expert in large-scale NPL portfolio transactions and Dayes is particularly strong in the restructuring of financing for energy and real estate projects. Sidere covers insolvency, debt recovery, and financial distress-related disputes. The group recently acted for the Romanian subsidiary of a multinational software-industrial company as creditor in three separate insolvency proceedings. Sales and purchases of credit assets form the recent caseload, as do a number of restructurings. One notable example is an instruction from an Italian global banking and financial services company. which sought lender advice on the financial restructuring of Serbia-based Victoria Group.

Dragne & Asociatii SCA

Dragne & Asociaţii SCA handles debt recovery, bankruptcy and liquidation matters, representing a client base consisting of banks and financial institutions in addition to corporate debtors and creditors. Joint practice heads Stelian Garofil, Andreia Dumitrescu and Daniel Cirstea are the names to note. Cirstea formed part of a team representing a Greek bank's London branch in insolvency proceedings against several debtors; Dumitrescu acted for creditor Sind Tour Trading in several insolvency proceedings.

Filip & Company

Recent highlights for Filip & Company include a number of insolvency proceedings and restructuring deals. Ioan Dumitrascu heads the practice, which has industry-specific knowledge and frequently acts for clients in the energy and natural resources, financial services, telecoms and FMCG sectors.


Bogdan Bibicu’s team at Kinstellar covers the gamut of restructuring and insolvency matters. It advised EFG Bank Luxembourg on state-owned Hidroelectrica's insolvency proceedings, particularly in relation to protecting the client’s receivables arising under a multi-currency facility agreement. The team is also advising Citibank and BRD – Groupe Société Générale on amendments to and restructuring of existing finance taken by RCS & RDS.

Nestor Nestor Diculescu Kingston Petersen

Nestor Nestor Diculescu Kingston Petersen's team consists of ‘knowledgeable individuals’ who form a ‘well balanced team’. Manuela Nestor and Ana Diculescu-Sova co-head the group, which excels in contentious matters and represented ADM International in insolvency proceedings of Bioromoil, seeking to recover €22.5m. Former Italian bank Veneto Banca instructed Valentin Voinescu to advise on an application for group insolvency proceedings aiming to recover €24m.

Popovici Nitu Stoica & Asociatii

Practice head Ciprian Donțu is the name to note at Popovici Nitu Stoica & Asociatii. The team covers the full range of legal issues arising from restructuring and insolvency, handling both contentious and transactional matters. In has advised Fondul Proprietatea in connection with $65m debt owed by the World Trade Center as part of its insolvency proceedings and Auchan on the insolvency of K&S Electric Power Point.

Bondoc si Asociatii SCA

Bondoc si Asociatii SCA is highly rated for its restructuring and insolvency work. Viorel Dinu and Simona Petrisor are the key names; the team has acted for Luscan Com on the acquisition of a business from an insolvent company in the extractive industry.

bpv Grigorescu Stefanica

bpv Grigorescu Ştefănică is equipped to handle the full range of restructuring and insolvency matters and represents both debtors and creditors. It acted for Frühwald following its insolvency; the team represented the client as judicial administrator and successfully proposed its reorganisation plan before the Creditors’ General Assembly. Alexandru Rusu heads the practice.

Clifford Chance Badea

Clifford Chance Badea is noted for its ‘extremely professional, knowledgeable and detail-oriented’ team. Counsel Vlad Peligrad, who heads the practice jointly with Daniel Badea, is ‘relentless in pursuing the client’s best interests’. He advised Cris-Tim on its acquisition of insolvent meat processing business, Diavist Process, including its distressed assets. On the restructuring side, the team advised a consortium of banks on the financial restructuring of debt held by a Greece-based manufacturer.


Dentons acts for debtors, creditors, shareholders, foreign and domestic investors as well as officers and directors of distressed companies. Practice head Tiberiu Csaki assisted an global agricultural cooperative with a successful debt recovery via insolvency proceedings involving a Romanian trader of cereals. Work for debtors includes the ongoing representation of a chemical manufacturing company in insolvency proceedings, where the group assisted in challenging the measures implemented by the judicial receiver.

Musat & Asociatii

Mihai Popa heads the practice at Muşat & Asociaţii and represents clients throughout all steps of restructuring and insolvency. The team acts for a  number of clients in the energy, construction, pharmaceutical, retail and financial industries. Managing associate Iuliana Bidalache is highly recommended.

Pavel, Margarit & Associates Romanian Law Firm

Pavel, Margarit & Associates Romanian Law Firm is ‘one of the most experienced law firms in restructuring and insolvency’. The ‘experienced’ and ‘responsive’ practice head Radu-Catalin Pavel ‘understands the client’s needs’. The team renders pre-insolvency restructuring advice, advises companies through the insolvency or restructuring procedures as well as on the continuation of distressed companies.

Schoenherr si Asociatii SCA

Emeric Domokos-Hancu is a ‘bright and resourceful insolvency lawyer’ and heads Schoenherr şi Asociaţii SCA's practice jointly with Sebastian Gutiu. The team is reputed for handling large-scale restructurings and major cross-border bankruptcy cases. Nortel Networks instructed the group as its Romanian counsel after filing insolvency proceedings across Europe, the US and Canada. Gutiu enjoys an ‘excellent reputation’ and ‘distinguishes himself through his professionalism’.

Voicu & Filipescu SCA

Voicu & Filipescu SCA’s team is headed by Mariana Popa, who tailors her practice towards insolvency administration, liquidation and restructuring. The group was appointed as liquidator in ONT Carpați's bankruptcy and was also elected as official receiver for the insolvency of the Romanian branch of research institute Institutal Pasteur.

Wolf Theiss

The practice at Wolf Theiss is jointly lead by Ileana Glodeanu, Bryan Jardine and Ligia Popescu. It handles the full range of insolvency-related issues, namely corporate matters, the enforcement of securities, judicial administrator challenges and related litigation. Jardine and Glodeanu are acting for MFC Commodities, one of the largest unsecured creditors in the insolvency proceedings concerning state-owned chemical producer Oltchim.

Zamfirescu Racoti Vasile & Partners

Zamfirescu Racoti Vasile & Partners represents OMV Petrom in relation to insolvency proceedings of both InterAgro SA and InterAgro SRL. Insolvent Hidroelectrica instructed the group in a dispute with electric energy traders, which raised the question of the extent to which a debtor in insolvency may be ordered to pay damages for the termination of agreements. Stan Tirnoveanu serves as practice head.

Biris Goran SPARL

At Biriş Goran SPARL, practice head Raluca Nastase is acting for Global Vision on its acquisition via public auction of 93ha of land from three companies in insolvency. Her team is particularly experienced in restructuring options analysis and is active in the construction and real estate, telecoms, energy and transport sectors.

Bulboaca & Asociatii

Practice head Andrada Bulgaru is the standout practitioner at Bulboaca & Asociatii, acting for MRI Trading and Astor Management in insolvency proceedings opened against a market-leading copper company. The team notably represents Unicredit Leasing in relation to insolvency proceedings against a large portfolio of debtors.

Firon Bar-Nir & Co (Europe) Ltd

Firon Bar-Nir & Co (Europe) Ltd handles all aspects of liquidation and insolvency. Work examples include insolvency-related litigation, schemes of arrangement and re-organisation. Catalin Cotorogea is the name to note in the Bucharest office.

Mitel & Asociatii

Mitel & Asociatii handles the full range of insolvency-related procedures and litigation and is particularly experienced in representing overseas investors. Magda Dima heads the team and represented Rewe Romania in relation to the bankruptcy procedure initiated against Vortex International.

MPR Partners | Maravela, Popescu & Roman

MPR Partners | Maravela, Popescu & Roman’s ‘client-oriented’ and ‘business-focused’ team is noted for its ‘proactive attitude and availability’. Recently promoted partner Dana Rădulescu heads the practice jointly with Gelu Titus Maravela. The duo assisted Chimcomplex with its acquisition of insolvent Oltchim's core business assets.


Noerr is recommended for its advice on insolvency procedures, including reorganisation and restructuring matters. Alexandru Ene heads the team, which has particular knowledge of the automotive, banking, chemical, energy, manufacturing and retail industries.

SCA Piperea & Associates

Recent highlights at SCA Piperea & Associates include assisting Bumbăcăria Românească with its insolvency procedure and representing BRD – Groupe Société Générale in its attempt to recover $1.2m of loans provided to OMV Global Husi. Prof Dr Gheorghe Piperea is the name to note in a team that is praised for its ‘knowledge, skills and professional yet close relationship with clients’.

Sioufas & Colaboratorii

The team at Sioufas & Colaboratorii is headed by Daniela Popescu and acts for both debtors and creditors. The firm is assisting debtor Bitulpetrolium Serv in an insolvency procedure that was opened as a means of protection from the tax authorities.

STOICA & Asociatii – Attorneys at Law

Valeriu Stoica’s team at STOICA & Asociaţii – Attorneys at Law regularly acts for Banca Comercială Română and has assisted the client with over 1,000 micro-enterprise insolvency cases. Stoica is also representing Bancpost in an  insolvency procedure of a real estate developer.

TMO Attorneys at Law in association with KPMG Romania

TMO Attorneys at Law in association with KPMG Romania acts for creditors, debtors, liquidators, receivers and stakeholders and handles the full range of insolvency procedures. Nicoleta Mihai heads the team alongside Alexandru Stanoiu and is assisting with the restructuring and insolvency of five entities belonging to Mediafax Group.