Firm Profile > Nestor Nestor Diculescu Kingston Petersen > Bucharest, Romania
Nestor Nestor Diculescu Kingston Petersen Offices
201 BARBU VACARESCU STREET, 18TH FLOOR
GLOBALWORTH TOWER, 2ND DISTRICT
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Nestor Nestor Diculescu Kingston Petersen > The Legal 500 Rankings
Nestor Nestor Diculescu Kingston Petersen has a first-class reputation for banking and finance. Well respected partners, such as practice head Alina Radu work alongside highly rated up-and-comers, including senior associate Monia Hantig, to offer a comprehensive service to the firm's impressive roster of banking and financial services clients. The team regularly advises on syndicated and bilateral loans, restructuring deals (a busy sector in 2019), and regulatory issues. The firm is also increasingly active in the payment services and fintech areas. Managing partner Manuela Nestor and Valentin Voinescu are also very active in this area.
Other key lawyers:
Manuela Nestor; Valentin Voinescu; Monia Hantig
‘They know the banking market and its subtleties very well. They have a unique understanding of the regulator’s requirements and a solid interpretation of the controversial aspects.’
‘Monia Hantig – her attention to each important detail, her understanding of the commercial aspects of the projects and her negotiation skills makes her a valuable presence and we are happy to have her by our side.’
Banca Comerciala Romana (BCR), part of Erste Group
Credit Europe Bank
Asociatia Romana a Bancilor (ARB) (Romanian Banking Association)
Nestor Nestor Diculescu Kingston Petersen has consistent form as one of the top commercial law firms in Romania. This is reflected in the firm's client base and the corporate transactional work it is regularly instructed on. The firm's heavyweight team of partners has the capability to handle multiple transactions at one time. Among them, Gabriela Cacerea, Ruxandra Bologa, Adina Chilim-Dumitriu, and Adriana Gaspar have all established excellent reputations for their expertise advising corporate and private equity clients. Other well regarded partners include Corina Dumitru and Razvan Vlad. Managing associate Mirela Preda also has an active practice.
Gabriela Cacerea; Ruxandra Maria Bologa; Adina Chilim-Dumitriu; Adriana Gaspar
Other key lawyers:
Corina Dumitru; Razvan Vlad; Mirela Preda
‘All questions were answered very quickly, in a simple and understandable way. This makes my experience with NNDKP unique and valued. I was able to feel their strong presence and support, and I believe we have established a good collegial relationship. I learned a lot about local law and also about factual practices, which was very helpful to orientate and make the right choices.’
Joyson Safety Systems (Ningbo Joyson)
Uriach Consumer Healthcare
Romania > Dispute resolution Tier 1
Nestor Nestor Diculescu Kingston Petersen is typically one of the first destinations for high profile administrative and civil disputes. The firm regularly represents contractors in public procurement and projects related claims against public sector bodies and municipalities. The highly respected Ana Diculescu-Sova leads the practice, which also includes Sorina Olaru, who is especially strong in international arbitration. Other key individuals include tax disputes expert Emil Bivolaru, and versatile partners Radu Damaschin and Peggy Suica-Neagu. Clients also rate up-and-coming partners Marius Ezer and Valeriu Mina. Associates Cristiana Chelu-Prodescu and Daniela Savin are also well regarded.
Other key lawyers:
Sorina Olaru; Emil Bivolaru; Radu Damaschin; Peggy Suica-Neagu; Marius Ezer; Valeriu Mina; Cristiana Chelu-Prodescu; Daniela Savin
‘They are extremely clear when giving us legal advice. For us it is crucial as it let us take decisions considering all factors. Apart from that, NNDKP’s deep knowledge of Romanian law and the case law related to the local jurisdiction is also an asset we do appreciate.’
‘The team holds a very pragmatic view, based on an extensive expertise in a myriad of domains, encompassing also a very good understanding of technical complex matters. They are able to provide structured advice covering a variety of intertwined matters, making complicated aspects look simple and proposing the most appropriate approach form all perspectives.’
‘Excellent firm for local law advice and litigation.’
‘NNDKP lawyers have managed not only to provide our company with innovative legal solutions, but also to successfully implement our opinions and ideas in order to obtain good results in the issues we have been involved. The combination between internal sectorial approach with NNDKP´s legal knowledge is quite important. The process of implementing such synergies when it comes to take care of our legal issues in front of a judge is what makes NNDKP a different (and, therefore, innovative) law firm. Apart from that, in respect of billing, we do appreciate NNDKP transparency and detailed report of their job from the beginning of any issue.’
‘Radu Damaschin is a smart lawyer and a wise man, whose advice is always very appreciated. Other important member of this team is Cristiana Chelu-Prodescu, a prominent and bright lawyer who has been successful when giving legal advice in complex issues in Romanian jurisdiction.’
‘Emil Bivolaru has the ability to pin point exactly the implications and relevance of the legal matters in a business context. His pleadings are very convincing and well grounded, as his skills are both technically and strategically very strong. He is a great communicator, both during and outside the court sessions, which greatly enhances the success of a litigation.’
‘Marius Ezer has a firm grasp of the legal provisions and is therefore able to convincingly translate the business matters into a legal language.’
‘Sorina Olaru remains a key asset for NNDKP. Working with her and with Daniela (Ghervas) Savin gave us the comfort that we made the best choice when we selected this law firm.’
BRD – Groupe Societe Generale SA
Banca Comerciala Romana (BCR)
Devagold SA, part of Eldorado Group
Selgross Cash & Cary
ROCHE ROMANIA SRL
Voith Hydro Holding GmbH & Co. KG
Wizzair KFT Hungary
Romania > Employment Tier 1
Nestor Nestor Diculescu Kingston Petersen has a hungry team with a top-notch reputation among the firm's clients, who trust them with their most sensitive contentious and non-contentious employment issues. While the firm has no specialist partners, managing associates (and practice co-heads) Gabriela Dinu and Roxana Abrasu share close to thirty years' experience between them. They are backed by a strong team of specialised senior associates, including Ionut Stancu and Laura Danescu. The standalone team acts for an impressive mix of leading global corporations and domestic players, and is also strong in areas such as immigration, pensions and benefits.
Roxana Abrasu; Gabriela Dinu
Other key lawyers:
Ionut Stancu; Laura Danescu
‘Nestor Nestor Diculescu Kingston Petersen is really what you call ‘one team’. There is always a lawyer available and they all know the full background if your own lawyer is not available. You never have to start over with a case or question. It is a proactive team as well. Always sending us info if they think it’s applicable to our company.’
‘NNDKP is been the best law firm I’ve ever worked with by far. What makes them unique is the human approach, the willingness to understand the context in order to give the best advice instead of enumarating a series of scenarios with the associated risks. They are professional and have the best response time to every query I’ve sent their way. They actually partner with the customer and give the best service.’
‘Good understanding our business and always providing solutions tailored to our needs. Ability to joggle with multiple complex topics in parallel, with very tight deadlines. Inputs provided in an accessible language (as opposed with other inputs received from other firms where we need to perform an ‘internal translation’ prior to sending the message to the business.’
‘Roxana Abrasu is always available, has good advisory skills and also understands business constraints which is critical for us.’
‘Ionut Stancu – his level of understanding our business and to handle very complex topics is impressive. His interactions with us and our clients were always very well prepared, his proposed solutions are very pragmatic but in the same time creative. He is one of the best prepared attorneys I’ve worked with.’
‘Laura Danescu and Gabriela Dinu stand out with their friendly and calm approach, always taking the time to explain things using a plain language instead of quoting the letter of the law. They has always been thorough and swift in their replies and took the time for actual conversations instead of back-and-forth emails.’
Nestor Nestor Diculescu Kingston Petersen has a highly specialised team with a top market reputation. Practice co-head Gabriela Cacerea has a strong focus on electricity, renewables and downstream natural gas, while fellow co-head Ruxandra Bologa also handles upstream matters, oil and gas, and mining. The firm acts for several key market players, including domestic and international oil majors and power suppliers. This includes advice on regulatory issues, disputes, and cross-border transactions and infrastructure projects. The team, including associates such as Mirela Preda, is especially experienced in Black Sea oil and gas issues.
Gabriela Cacerea; Ruxandra Bologa
Other key lawyers:
‘Strong legal knowledge, sound judgment, and unusually responsive. Great to work with.’
‘Ruxandra Bologa – experienced, strong advocate, sound judgment, and firm convictions. Clarity of thought and vision. Great appreciation for the big picture and political landscape.’
Wuxi Suntech Power Co. Ltd.
OMV Petrom SA
MOL Commodity Trading Kft.
Romania > EU and competition Tier 1
Nestor Nestor Diculescu Kingston Petersen is a leading choice for high-end competition and antitrust issues, representing some of the largest companies operating within Romania. The firm advises on a consistent flow of investigations and related court cases, and has a good track record in successfully challenging fines. This is in addition to its merger clearance work, which is a key adjunct to the firm's active M&A practice. Training and compliance work is another key offering to clients from across industry. Practice head Georgeta Dinu has a good reputation, ably supported by senior associate Anca Diaconu.
Other key lawyers:
Rompetrol (KazMunayGas Group)
Selgros Cash & Carry (TransGourmet Group)
Globalworth Real Estate Investments Limited
Nestor Nestor Diculescu Kingston Petersen has a versatile and extremely experienced practice that acts for public and private sector clients. Practice head Adina Chilim-Dumitriu enjoys a top reputation in the market, and is backed by an experienced team including managing associate Alexandru Aman and well-established partners such as Adriana Gaspar and Razvan Vlad. The firm's size and depth allows it to support clients on every stage of the process, from the initial bid and financing, through to the implementation and potential disputes. Recent highlights have included major road and rail projects, utilities and healthcare infrastructure projects.
Adina Chilim-Dumitriu; Adriana Gaspar
‘They always provide our company with a high grade of certainty when it comes to address legal issues related to public procurement. It is what makes them different in this regard: their profound knowledge of both our sector (which is crucial for us) and their accuracy when giving legal advice.’
‘One of the most relevant innovations they offer is the perfect mix between the lawyers who specialize in the regulatory area of the law with those lawyers who are expert in procedural law. It is a key factor when it comes to participating in tenders and in court files related to them. Last, but not least, the above-mentioned innovation allow us to count on their availability even in subsequent stages of the process.’
‘This practice is unique due to the high quality of its team members and exceptional professional training. Every individual working in the law firm, from the law professionals to the administrative staff, is deeply committed to provide the most professional experience to their customers.’
‘NNDKP’s team is made up of bright and prominent lawyers, competent and highly committed. In particular, Adina Chilim-Dumitriu has a broad experience and this inspires a lot of confidence. Adina is always available, providing us with a quick and high quality legal advice – she has an excellent overview of the possible legal risks, which brings us great clarity and transparency in her responses.’
‘Alexandru Aman has exceptional communication abilities during all the time he has worked for us, and a deep knowledge of the legal areas he specializes in.’
Impresa Pizzarotti & C S.p.A
PORR Construct SRL – PORR Bau GMBH
Siemens Mobility SRL
Roche Romania SRL
Rönesans Sağlık Yatırım A.Ș.
Nestor Nestor Diculescu Kingston Petersen has an impressive and comprehensive real estate service. The firm's network of five Romanian offices gives it an unrivalled domestic footprint for deal with a national scope. The specialised team works across a range of sectors, including retail, residential, hospitality, office and industrial, as well as areas such as agribusiness and forestry. Clients include major real estate financiers, investment funds, developers, construction companies and corporate owners and leaseholders. Ioana Niculeasa leads the three-partner team, which includes Vlad Tanase, who is active on the contentious side, and Lavinia Ioniță-Rasmussen. Managing associate Ioana Grigoriu is also well regarded.
Other key lawyers:
Vlad Tanase; Lavinia Ionita Rasmussen; Ioana Grigoriu
‘The strength of this team is the people. The expertise and self confidence shown by Vlad Tanase demonstrated to us that we made the right choice.’
‘Vlad Tanase’s experience and expertise is extremely valuable for us. Just talking with Mr. Tanase, he gives you the comfort he “has his hands on” the case. I believe he built his career on strong foundations sustained by important pillars: seriousness, knowledge, analytical thinking, and permanent engagement.’
Globalworth Real Estate Investments Limited
BCR (Erste Group)
AFI Europe (Africa-Israel Europe)
Columbus Real Estate
Weisenburger Real Estate
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 Bivolaru, Sorina Olaru, and the up and coming Marius Ezer.
Manuela Nestor; Ana Diculescu-Sova
Other key lawyers:
Alina Radu; Valentin Voinescu; Emil Bivolaru; Sorina Olaru; Marius Ezer
ADM International SARL
Aurea International DOO, Lord Travel Amstedam BV
Veneto Banca SpA
Private Insurer NV
Cosmo Ventures SRL
Edison Trading SpA
Romania > Tax Tier 1
Nestor Nestor Diculescu Kingston Petersen clients benefit from the firm's in-depth focus on tax consultancy and litigation work. The team has a broad mix of lawyers and tax consultants, ensuring a wide range of expertise in direct and indirect tax matters. Many clients work in heavily regulated industries, ensuring a flow of complex mandates, from cross-border transactions and projects through to tax audits and related court proceedings. Alina Timofti and Marius Ionescu jointly lead the team. Key individuals include Lucian Barbu, Silviu Badescu, and Alexandru Aparaschivei, who heads the firm's VAT department.
Romania > TMT Tier 1
Nestor Nestor Diculescu Kingston Petersen has a deep bench of specialised TMT lawyers. This includes a dedicated data protection team led by partner Roxana Ionescu, which assists clients from across a wide range of industries. The overall telecoms and media team is led by the highly-rated Adina Chilim-Dumitriu, who brings a vast amount of corporate and regulatory experience to the table. The lawyers regularly handle major outsourcing and procurement projects, both for sponsors and bidders. On the telecoms and broadcasting side, the team often advises on licensing issues, and provides contentious support before regulators such as ANCOM.
Adina Chilim-Dumitriu; Roxana Ionescu
A3 Biometric Connections SRL
BCR Leasing IFN SA
Biroul Roman de Audit Transmedia
Brainly sp z.o.o.
Romania > TMT: gambling law Tier 2
Nestor Nestor Diculescu Kingston Petersen acts for a selection of online and offline gambling companies. The firm offers the full spectrum of advice, with day-to-day activities including licensing and authorisation renewals, IP, corporate, employment and tax related issues. Senior associate Alina Tace leads the practice, and the cross-practice group is also strong on related tax matters, where Lucian Barbu is especially focused.
Alina Tace (formerly Dumitru)
Other key lawyers:
Favbet Gaming SRL
Favbet Online SRL
Bet Invest Limited
Blue Ribbon Software Malta Limited
Stakelogic Malta Limited
Credorax Bank Limited
AMS MONERTO DIGITAL SRL
ELKAB STUDIOS AB
Thunderkick Malta Limited
Romania > Capital markets Tier 3
Nestor Nestor Diculescu Kingston Petersen has a solid track record on debt and equity capital markets advice. The firm represents a mix of issuers and underwriters on IPOs and secondary public offerings, and also has good expertise on regulatory issues. Corporate partners Manuela Nestor and Adriana Gaspar, and banking head Alina Radu are all active in this area.
Manuela Nestor; Alina Radu; Adriana Gaspar
Nestor Nestor Diculescu Kingston Petersen has a specialised IP practice led by well-regarded senior associate Alina Tace. The department manages trade mark portfolios for an impressive range of domestic and international clients in the media, automotive, consumer goods and IT sectors. As well as providing strategic support on day-to-day commercial IP issues, including registrations and licensing matters, the practice works closely with colleagues in the disputes team to handle contentious infringement claims.
Alina Tace (formerly Dumitru)
‘The team was fully involved in every project, providing high professionalism, qualification, understanding of our needs and excellent technical skills.’
‘Even in tough situations, this team has managed not only to identify multiple solutions but also to direct our firm in choosing the most appropriate one, on a case by case basis.’
‘Very knowledgeable and proactive IP practice which makes this firm a standout.’
‘Alina Tace is a standout in the IP field. She adopts a proactive, skilled and collaborative approach to IP to ensure the best outcome for clients. Her technical knowledge, solutions oriented approach and strong engagement with clients is particularly noteworthy.’
Electronic Arts Inc.
Grab Holdings Inc.
Engie Romania (formerly GDF Suez)
Pro TV SRL
Smithfield Romania SRL
World Wildlife Fund/Allens
House of Cosmetics ApS
Copenhagen Care Brands ApS
Day Group/Day Assets Management SRL
Nala Cosmetics SRL
Bluehouse Capital Advisors Limited
Nestor Nestor Diculescu Kingston Petersen > Firm Profile
Nestor Nestor Diculescu Kingston Petersen (NNDKP) is a promoter of business law in Romania, providing integrated legal and tax services on the local market.
For over 30 years, corporations, financial institutions, private equity funds and entrepreneurs from diverse industries, including innovative and niche sectors, have provided us the opportunity to work together on both landmark transactions and projects that have contributed to the evolution of the local business environment. We have also provided strategic legal and tax advice on regular operations, helping clients move forward with their business initiatives.
NNDKP’s team brings together knowledgeable, talented and dedicated lawyers and tax advisors active in Romania, with an impressive track record that reflects a mix of industry insights, courtroom experience and practical business sense. Over 130 lawyers and tax and IP counsellors and 70 business services professionals form one of the largest and most respected teams of independent professional services providers in Romania. We are on the ground where needed, working either from our headquarters in Bucharest or from our regional offices located in some of the most important economic, academic and social hubs of Romania, including Timisoara and Cluj-Napoca.
To continuously add value to the services that would benefit our clients, NNDKP has established strong connections with leading international law firms and high-profile professional networks. On the domestic front, NNDKP has formed alliances with non-legal advisers with deep knowledge of the Romanian market to help clients pursue their business interests including outside the legal spectrum.
Committed to constant advancement and enhanced performance, NNDKP formalized in 2019 its Center of Excellence in Fiscal Disputes (or NNDKP CELF), an initiative built with the aim to provide clients access to highly specialized advice and best practices in fiscal disputes. Through NNDKP CELF, local and international companies as well as entrepreneurs benefit from integrated legal and tax services throughout all stages of a fiscal dispute.
In over three decades of practice, we have fostered a culture of continuous improvement to meet our clients’ needs and to adapt to the fast-changing economic landscape. As a pioneer of business law in Romania, we have also embraced technology and implemented tools to increase efficiency in the fields of information management, knowledge management, business development and finance. We are constantly looking for new feasible ways to evolve and adapt, for the direct benefit of our teams and clients.
Areas of practice: Along the years, we have expanded our practice areas to cover virtually all key areas of business law and to keep pace with clients’ evolving businesses. Our expertise covers: advertising, banking and finance, capital markets, competition and state aid, consumer protection, corporate / M&A and commercial, data protection, dispute resolution, employment, energy and natural resources, environment, EU law, gaming, immigration, insurance and private pensions, intellectual property, pharmaceuticals and healthcare, infrastructure, public procurement and PPP, real estate and construction, tax and telecommunications and media.
Industry wise, we frequently act in matters related to agribusiness, automotive, aviation, aerospace and defence, financial sector, healthcare, infrastructure and construction, IT and technology, manufacturing, mining, oil and gas, power and utilities, renewables, retail and consumer goods, transport and logistics.
|Banking and finance||Manuela Nestoremail@example.com|
|Banking and finance||Alina Radufirstname.lastname@example.org|
|Dispute resolution||Ana Diculescu-Sovaemail@example.com|
|Real estate||Ioana Niculeasafirstname.lastname@example.org|
|Competition and state aid||Georgeta Dinuemail@example.com|
|Intellectual property||Magda Popescufirstname.lastname@example.org|
|Infrastructure and PPP||Adriana Gasparemail@example.com|
|Public procurement||Adina Chilim-Dumitriufirstname.lastname@example.org|
|Capital markets||Manuela Nestoremail@example.com|
|Environment, data protection||Roxana Ionescufirstname.lastname@example.org|
|Gaming, consumer protection||Gabriela Cacereaemail@example.com|
|Gaming, consumer protection||Ruxandra Bologafirstname.lastname@example.org|
|Mrs Roxana Abrasu||Roxana is a Partner and Head of the Employment and Labour law…||View Profile|
|Alexandru Aparaschivei||Alexandru Aparaschivei has 15 years of professional experience and is a Tax…||View Profile|
|Mr Silviu Badescu||Silviu Badescu is a Tax Partner at NNDKP Tax Advisory Services. With…||View Profile|
|Mr Lucian Barbu||Lucian Barbu is a Tax Partner at NNDKP Tax Advisory Services. Specialized…||View Profile|
|Mr Emil Bivolaru||Emil Bivolaru is a Partner in the Dispute Resolution practice at NNDKP.…||View Profile|
|Mrs Ruxandra Bologa||Ruxandra Bologa is a Partner and Co-Head of Corporate/M&A and Energy and…||View Profile|
|Mrs Gabriela Cacerea||Gabriela Cacerea is a Partner and Co-Head of Corporate/M&A and Energy and…||View Profile|
|Mrs Adina Chilim-Dumitriu||Adina Chilim-Dumitriu is a Partner and Head of Telecommunications and Media Practice…||View Profile|
|Mr Radu Damaschin||Radu Damaschin is a Partner in the Dispute Resolution practice at NNDKP…||View Profile|
|Mrs Ana Diculescu-Sova||Ana Diculescu-Sova is a Senior Partner heading NNDKP’s Dispute Resolution Department. Her…||View Profile|
|Mrs Georgeta Dinu||Georgeta Dinu has over 17 years of experience in the legal field…||View Profile|
|Mrs Corina Dumitru||Corina Dumitru is a Partner in the Corporate/M&A and Public Procurement and…||View Profile|
|Mr Marius Ezer||Marius Ezer is a Partner in the Dispute Resolution Department at NNDKP.…||View Profile|
|Eva Forika||Eva Forika is a highly seasoned Romanian law qualified lawyer with over…||View Profile|
|Mrs Adriana Ioana Gaspar||Adriana Ioana Gaspar has over 28 years in the legal field and…||View Profile|
|Mrs Daniela Gramaticescu||Daniela Gramaticescu is a Partner in the Dispute Resolution practice at NNDKP.…||View Profile|
|Mrs Roxana Ionescu||Roxana Ionescu is a Partner heading NNDKP’s Environment and Data Protection practices…||View Profile|
|Mr Marius Ionescu||Marius Ionescu has over 23 years of professional experience and is a…||View Profile|
|Mrs Lavinia Ionita-Rasmussen||Lavinia Ionita-Rasmussen is a Partner in the Real Estate practice at NNDKP.…||View Profile|
|Mr Valeriu Mina||Valeriu Mina is a Partner in the Dispute Resolution practice at NNDKP.…||View Profile|
|Mrs Ioana Niculeasa||Ioana Niculeasa has over 21 years of experience in the legal field…||View Profile|
|Mrs Sorina Olaru||Sorina Olaru is a Partner in the Dispute Resolution practice at NNDKP.…||View Profile|
|Mrs Oana Partenie||Oana Partenie is a Partner in the Dispute Resolution practice at NNDKP.…||View Profile|
|Ciprian Paun||Ciprian Păun is a Romanian law qualified lawyer with over 16 years…||View Profile|
|Mrs Alina Radu||Alina Radu has over 24 years of professional experience and is a…||View Profile|
|Mrs Peggy Suica-Neagu||Peggy Suica-Neagu has 26 years in the legal field and is a…||View Profile|
|Mr Vlad Tanase||Vlad Tanase is a Partner in the Real Estate practice at NNDKP.…||View Profile|
|Mrs Alina Timofti||Alina Timofti is a Tax Partner and Co-Head of Tax Advisory Services…||View Profile|
|Mr Razvan Vlad||Răzvan Vlad is a Partner in the Corporate/M& and Public Procurement and…||View Profile|
|Mr Valentin Voinescu||Valentin Voinescu has 16 years of experience and is a Partner in…||View Profile|
Staff FiguresNumber of lawyers : 138 (including partners)
MembershipsThe South East Europe Legal Group (SEE Legal) Lex Mundi World Services Group
OtherContacts : Ion Nestor (email@example.com) Contacts : Manuela Nestor (firstname.lastname@example.org) Other offices : Cluj-Napoca Other offices : Timisoara
NNDKP respects, promotes and bases its success on value, including personal value and value resulted from the mix and interaction of perspectives. Thus, we have tended to and accommodated variety in every respect and at all levels, in the most natural manner.
Reflective of our belief in value, our overall teams have organically developed to comprise a diversity of groups, regardless of gender, ethnicity, religion and other distinguishing trait. That is how we have built a diverse and inclusive working environment, with equal chances for all.
NNDKP’s programmes, activities and initiatives are designed to accommodate equality and diversity and are carefully monitored and adjusted so as to pave the way for both personal and firm’s development and success, without prejudice. NNDKP’s continued policy has been to attract and retain top talent irrespective of differences. All members of our teams have benefitted from the same access to projects, training and rewards and have been encouraged to assume responsibilities and to achieve leading roles in the legal environment. We recognize individual contributions and reward professionals fairly, based on performance, accomplishments and contribution to the firm’s development.
A defining aspect of NNDKP’s corporate culture is encouraging female lawyers to achieve leading roles in the legal profession. We are a strong supporter of women and have always empowered them to reach their full potential, and this is reflected in our firm’s leadership –60% of our partners are women. At firm level, +60% of our professionals are women.
NNDKP was recognized as “Best Firm in Romania” for gender diversity three times at Euromoney’s “European Women in Business Law” Gala. The firm was also invited as expert at the “Equality Pays Off” business forum, organized as part of the European Commission’s initiative for gender diversity.
We believe that an inclusive environment creates a safe workplace, where professionals can grow. This also contributes to the quality of the services we provide to our clients, and also drives innovation and development.
A promoter of business law in Romania with 30 years of experience on the local market, NNDKP has proven that solid knowledge, professional skills, ethics and dedication are gender and age-neutral and that success can only be based on value.
NNDKP is committed to conducting its operations in a responsible way from a business, social and environmental perspective. We work towards building and maintaining best practices when it comes to running our business responsibly. Moreover, we are genuinely interested in finding ways to reduce the impact of our organization on the environment.
Our law firm also supports a number of causes and organisations that promote projects in the areas of education, health, community development or civil society. Specific programs we have recently supported include some that:
- respond to the needs of the elderly members of our community that find themselves in vulnerable situations,
- support children affected by autism spectrum disorders,
- service children and adults with disabilities in Romania, or
- prepare model teachers or professors, and support them to become factors of transformation in education.
We are devoted to a continuous exploration and broadening of our perspective and approach, and always look for ways in which our organisation can make an impact when it comes to corporate social responsibility.
As one of Romania’s largest and most respected independent business legal services providers, NNDKP has constantly strived to innovate to become increasingly more effective counsel for our clients.
Committed to providing outstanding legal and tax services and dedicated to helping clients navigate challenges wherever they might occur, we have connected with peers who share our vision and approach and have developed long-standing relationships with
- global law firms and major top-tier international law firms and
- leading independent advisory boutiques
with whom we work and team up regularly.
In addition, thanks to our firm’s reputation in this profession and to our standing in the domestic legal market, NNDKP is the exclusive member firm in Romania of high-profile global and regional affiliations such as:
- Lex Mundi – the world’s leading network of premier independent law firms
- World Services Group (WSG) – the world’s largest multidisciplinary network of professional services firms
- SEE Legal – a unique regional group of leading independent law firms from ten countries in South East Europe covering twelve jurisdictions in the region (NNDKP is a founding member of SEE Legal)
- International Attorneys Club (IAC) – a Europe-based network of independent international law firms
NNDKP is also a member or affiliate in organizations dedicated to specific practice areas, such as:
- The Energy Law Group (ELG) – the most extensive network of experts in energy and natural resources law in Europe, the Middle East and Africa
- Vogel Global Competition Network – a network of professionals specialized in competition law
- A leading legal service provider in employment, immigration and pensions law, including over 1500 professionals
- Various global or regional associations dedicated to the intellectual property professionals and brand owners
In addition, at local level, we are a long-standing member of the American Chamber of Commerce in Romania (AmCham) and of the Foreign Investors Council (FIC) and an affiliated member of ARB (the Romanian Association of Banks).
Thanks to our strong international connections, we are able to guide clients and help them access high-quality legal services in foreign jurisdictions, to ensure that their projects run smoothly.
Doing Business In
Romania is going through two processes of transformation.
One process, which has started more than 30 years ago, is one of continuous modernization and convergence with its EU more developed counterparts. Albeit for the average Romanian this may not be entirely apparent, Romania has indeed evolved dramatically from an economic standpoint, in many years showing more than 3-4% real GDP growth, well above the European median.
The second is one of recent transformation from facing a deep medical crisis, lockdowns and constant restrictive measures which have divided the population between pro and anti COVID measures, vaccines, etc. It is difficult to predict how this process will change mentalities, the approach with regard to the state, or the relationship between the private and public sector, in the long run.
Romania through the coronavirus crisis
In a nutshell, Romania went through the crisis surprisingly well, by comparison with some of the more developed states, as well as with what was expected (an almost catastrophic meltdown of the economy).
Some still comment that this is just “the calm before the storm” and that inflation, for once, is coming. Inflation has simply ravaged Romania in the 90s and is well kept in mind by the National Bank of Romania, an institution that is very conservatively oriented towards controlling this metric as a zero priority, before any others.
Others question the country’s further capacity to grow due to the very low level of financial intermediation (a quarter of the EU average) and the staggeringly high level of commercial credit, which can quickly turn into a complete blockage of the supply chain (and it has in the past, in the 90s and early 00s as well).
Romania’s COVID-19 vaccination campaign started on December 29, 2020. Structured as a 3-phase process, the campaign has as objective the vaccination of 10.4 million people (or 70% of the country’s population) by the end of September 2021, according to official declarations.
The COVID-19 pandemic was not the only one ravaging the Romanian economy. In 2020, 2.2 million hectares of arable land, a quarter of Romania’s cultivated land was subject to extreme drought. As agriculture remains one of the important business activities in Romania (with more than 20.5% of the active population working in the agricultural sector according to the data published by INS1), Romania has dealt with a great blow as a result of the extreme drought.
The impact of the drought is shocking when looking at the crops yield in 2020 compared to the previous year. The production of grains (wheat, corn, oat) has seen an important drop of 37,6% compared to the previous year due to lack of irrigation systems2.
2021 is so far expected to over perform many previous years in terms of crop yields and is another encouraging element going forward, but the “scarring” left in the economy by the 2020 drought still remains to be assessed.
The Romanian economy
Romania’s economy was indeed hardly hit by the first lockdown measures enacted, registering a 12.2% contraction in the second quarter of last year. However, the economy rebounded by 5.8% innthe third quarter of 2020, the last quarter of the year will most likely show a weakened economic activity as a result of the new wave of infections that led to reinforced restrictions.
According to the European Economic Forecast3, real GDP is expected to grow by 3.8% in 2021 and by 4% in 2022. Given that more people have access to vaccines and restrictions may start to be lifted, forecasts expect that private consumption shall also recover strongly from the second half of 2021.
The National Bank of Romania Financial Stability Report dated June 20204 warns that the risks to financial stability, already greatly impacted by the COVID-19 pandemic, can also be heightened by the interactions with the structural vulnerabilities of the Romanian economy:
- The weak payment discipline in the economy and vulnerabilities in the company’s balance sheets: Romania has a relatively high value of overdue payments in the economy and also a notable share of companies with equity below the minimum requirements set by law.
- Low financial intermediation: we continue to rank last in Europe, while other countries in our region boast significantly higher values of financial intermediation (34.7% in Hungary, 51.9% in Poland, 53.3 in Bulgaria, 53.4% in Czech Republic).
- The demographic problem: the number of elderly persons increased further, reaching 17% of the total population, while the persons aged below 14 years amount to merely 14.6% of the total population.
World economies are also struggling with rising unemployment rates and Romania is no exception. According to the data published by the Romanian National Institute of Statistics, the unemployment rate in 2020 was 5%, 1.1% higher than the previous year (3.9% in 2019) and, unfortunately, the highest unemployment rate was among young people (a rate of 17.3% for people aged between 15 and 24 years old).
Source: The Romanian National Institute of Statistics (INS)6
Corporate insolvencies during the pandemic
There is no doubt that lockdown measures intended to prevent the spread of the coronavirus have been a hard hit for companies across all Romanian industries, as most business activities have declined and some were even brought to a halt.
The past financial crisis has shown that such a decline of economic activity is closely linked to surges in insolvency fillings. Therefore, in an endeavor to implement the lessons of the 2008 global financial crisis, certain temporary measures with respect to the insolvency obligations of companies were launched during the state of alert enacted in Romania (which is still currently in place). The measures which intended to implement relaxed conditions for the initiation of insolvency proceedings seem to have stemmed, at least for a while, the looming tide of insolvencies, as the insolvency cases dropped in 2020 compared to 2019.
Source: Romanian Trade Registry7
However, the support programs will be eventually withdrawn and the economic effects of the pandemic will most likely be visible on the long term, meaning that business insolvencies are likely to surge in the following years.
As the feared wave of insolvencies was postponed rather than prevented, and since Romania lacks a diverse toolkit that could enable a distressed debtor to swiftly restructure their business, we still face a great challenge ahead, should measures not be taken.
In the Doing Business 2020 report8, Romania currently ranks 56th worldwide in resolving insolvency, four places down compared to the previous year. The average duration of proceedings is much longer in Romania (3.3 years) compared to the average duration for Europe (2.3 years), the recovery rate is also low (34.4 per cent while in high-income OECD countries the indicator can go up to 70.2 per cent) and at relatively high costs (10.5 per cent of the asset value).
Source: Doing Business 2020, World Bank Group
Opportunity for reform
The implementation into Romanian national law of the Directive (EU) 2019/1023 on restructuring and insolvency (the „Directive”) could represent the opportunity to reform the entire Romanian insolvency and restructuring system.
Romania is bound to adopt and publish, by July 17 2021, laws and regulations implementing into national law the provisions of the Directive. To this end, a draft law which aims to amend the existing insolvency law (i.e. Law no. 85/2014 on insolvency prevention procedures and insolvency proceedings) has already been made available for public consultation in March – April 2021.
There are however certain key aspects prescribed by the Directive which seem to have been overlooked, at least at this stage, by the draft law. These would need to be further addressed in order to provide for a truly modernized and enriched reform of the Romanian restructuring proceedings, such as:
- the implementation of early warning signs which would help to timely address a crisis;
- introducing a new regulated profession, namely the “restructuring practitioner”;
- a proper definition of the concept of “difficulty”, a central component of the new legislation; and
- designing restructuring frameworks that can work efficiently without excessive involvement of courts, or extensive bureaucratic processes.
Piece authored by Valentin Voinescu, Partner, Banking & Finance
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