Romania - Restructuring/Insolvency Lawyers & Law Firms - Europe - Chambers and Partners
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Europe Guide

Restructuring/Insolvency — Romania

Overview

The Tip of the Iceberg

2017 was a hectic year, with positive macroeconomic results but a rather complicated political and social arena, marked by events that influenced and challenged the Romanian business environment.

Even since the beginning of 2017, there have been significant public debates on topics relating to important legislative amendments mainly in the tax area. Major topics have revolved around the taxation of companies’ turnover by 1% as a general measure, split VAT and transfer of payment of contributions from employers to employees. The last quarter of the year faced an increase of the inflation rate, which reached its highest level of the last years, with an ever-increasing accelerated effect on the ROBOR interest rate index and the exchange rate, causing instability and a series of concerns on the financial market.

Nonetheless, Romania’s economic growth in 2017 was spectacular, our country ranking among the most dynamic economies of the European Union. It is a growth supported mainly by consumption, but which, according to estimates, will maintain also during 2018 at a level between 4% and 5%.

The past year remained stable in the insolvency area, there have been no major legislative changes, the developments of the previous years encouraging and pushing all participants in the insolvency procedure – businessmen, insolvency practitioners and professional bodies - to show more confidence by enhancing the transparency and predictability of the procedure.

In the insolvency area we could see an increase of the percentage of capitalisation of the assets of the companies in bankruptcy in the context of a market thawing specific to the sale of such assets, but also in the context of a slight increase in the number of new insolvencies.

In this regard, the available statistics today show a 7% rise in the number of insolvency proceedings opened in 2017 as compared to 2016, the year with the fewest registered insolvent companies since the debut of the economic crisis in 2007 until present.

The data show that insolvency is mainly caused by the accelerated growth of debts over income, corroborated with the accumulation of losses, which, practically, evidence the limited capacity companies have to become more efficient in the context of increased income, as well as by the financing of long-term investments with short-term resources.

Consequently, the increase in the number of insolvencies can be attributed to the lack of management experience of new small or medium-sized companies on the market, established after the economic crisis, but also to the boost of the polarisation of incomes, profits and liquidities among large companies.

Statistical data also show that at the end of 2016, the largest active companies in Romania, which represent 1% of the total number of active companies, concentrated approximately 58% of the liquidity of the entire business environment.

As we look forward to the new year, one of the landmark events of 2018 will be the becoming effective of the law on natural persons’ insolvency, which may represent a remedy for natural persons’ over-indebtedness as compared to the means that was previously available in certain situations, namely the law on giving in payment whose application was nuanced by a decision of the Constitutional Court in the sense of analysis of the applicability of the law in terms of the theory of hardship in agreements in all the cases in which the law would have been invoked by debtors.

In essence, the support offered by the law on natural persons’ insolvency consists in the establishing of the legal framework for the release from residual debts of those persons who are in debt payment default, are of good faith, have debts higher than their assets and pay non-commercial debts to a certain extent.

Similar to the insolvency law for professionals, the natural persons’ insolvency law also confers protection to debtors against individual enforcements, any such procedure existing at the procedure opening date being suspended and, at the same time, significant support is granted by the fact that from the same moment the accrual of default interests, penalties or other types of additional costs to the debts existing at the date when insolvency is initiated are stopped.

At the same time, we expect that in 2018 the effects of the law on split VAT on insolvent companies or that have debts to the state budget will lead to a decrease of available liquidities, which will affect the chances of reorganisation of the companies.

Against this background, we expect the number of insolvencies to remain at a relatively constant level during 2018, with possible changes in the second semester of the year due to a forecast fall of consumption as a consequence of inflation increase and implicitly of diminution of available incomes.

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Nestor Nestor Diculescu Kingston Petersen - Restructuring/Insolvency Department

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Band 1

第一等

Chambers Commentary (based on the Chambers research)

What the team is known for Well-resourced department, providing integrated representation in restructuring cases and complex financial projects. Highly knowledgeable about formal insolvency procedures, as well as enforcement proceedings and other related contentious matters. Works closely with the firm's corporate, banking and finance and litigation departments to provide comprehensive advice. Recent highlights include work for major banks and private equity firms. Recently active in the insurance and energy industries.

Strengths Clients praise the firm for its inventive approach: "The team has extensive experience in sophisticated transactions, and the firm's practice is distinguished by its creative and practical problem-solving ability, combined with a rigorous attention to detail."

Another satisfied client notes: "They are dedicated lawyers with a very good mindset for innovative solutions, and they provide good leadership in complex situations."

Work highlights Assisted BRD Groupe Société Générale with the co-ordination of a portfolio of over 800 insolvency and enforcement cases.

Notable practitioners

Alina Radu's clients include banks and real estate groups. She advises on restructuring and refinancing, and acts on both domestic and cross-border cases. Her advisory practice stands out to sources, who note that she is a "very good consultancy lawyer."

About the Team (content provided by Nestor Nestor Diculescu Kingston Petersen)

Complex, integrated advice combining key elements of  expertise in the corporate, banking & finance and litigation practice areas, and providing the clients with a fresh and business-oriented perspective, practical, time and cost efficient oriented.

A multidisciplinary team, authentically differentiated on the local market through:

  • integrated assistance, including due diligence assessments, for restructuring operations - mergers, de-mergers, transfers of undertakings, externalization of functions; assessment of default situations and feasibility of next steps, including interim protective measures, assistance with structural issues, drafting and negotiations of standstill agreements and finance documentation restructuring
  • representation on any contentious matters, including enforcement proceedings; dispute resolutions regarding objections to the enforcement procedure; insolvency proceedings as well as identification of any possibilities of recovering debt


All of our bank restructuring high profile mandates have been led by a joint team formed by on one side Alina Radu, and Valentin Voinescu as banking partners and on the other side by Emil Bivolaru and Sorina Olaru as litigation partners, which created a strong, consolidated approach particularly useful in setting the most appropriate restructuring strategy with maximum benefits for our clients.





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Zamfirescu Racoți & Partners Attorneys at Law (ZRP) - Restructuring/Insolvency Department

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Band 1

第一等

Chambers Commentary (based on the Chambers research)

What the team is known for Market-leading team with an excellent reputation for complex insolvency cases and ability to handle matters with contentious aspects. In addition to offering numerous dedicated insolvency practitioners within the department, it also houses banking expertise. Advises key financial institutions, representing an extensive client base of Romanian and global banks in financial restructuring and reorganisation matters, alongside insolvency work. Recently acted on insolvency cases in the manufacturing industry, assisting with the recovery of debts from insolvent suppliers.

Strengths Clients see the firm as a market leader: "We are absolutely delighted with the firm's services. The overall quality is extremely high."

Another interviewee says the team is "excellent," praising the lawyers as "very knowledgeable of the law and very business-oriented."

Work highlights Represented Piraeus Bank in two class actions relating to Euro Habitat's insolvency, seeking to partly annul the bank's credit agreement with Euro Habitat.

Notable practitioners

Stan Tirnoveanu is a leading figure in the Romanian market, with one source hailing him as "one of the pillars of insolvency law." Widely renowned as a litigator, he acts on cases relating to the recovery of receivables from debtors. He advised BRD Groupe Société Générale on the recovery of EUR9 million from TMUCB.

About the Team (content provided by Zamfirescu Racoți & Partners Attorneys at Law (ZRP))

We ensure legal assistance and representation both for the debtors and for the creditors in the insolvency procedure. Within such activities we advise and propose strategies to the clients depending on the legal assessment made, assist and/or represent them in the specific claims of such procedure, but also in actions related thereto, including objections to the decision of the creditors’ meeting, measures ordered by judicial liquidators, annulment claims, objections to debt claims, liability claims submitted against former debtors’ administrators, fraud matters etc.

Banking and corporate issues often arise within insolvency procedures, which often require legal advice and knowledge from other specialized departments of the law firm. We have a focused team of attorneys and insolvency practitioners who act on corporate recovery and insolvency work. They bring extensive experience from many practice areas of the firm, particularly in the field of finance, financial regulation, corporate and commercial law and dispute resolution. 

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Clifford Chance Badea - Restructuring/Insolvency Department

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Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Well-regarded team with strong capabilities to handle complex domestic and cross-border restructuring and insolvency mandates. Benefits from the support of finance, litigation and corporate experts to provide integrated advice. Notably active handling insolvency mandates in the real estate sector.

Strengths One interviewee is very pleased with the client-oriented team, saying: "The level of service is exquisite."

Work highlights Advised Convergence Development, as a shareholder, on its opposition to an insolvency request filed by a debtor.

Notable practitioners

Daniel Badea has a wealth of experience in contentious restructuring and insolvency mandates. A seasoned adviser for both domestic and international clients, he represents creditors in insolvency proceedings, as well as advising on financial restructuring matters.

Simona Neagu is well known for her litigation expertise, with sources praising her as being "very good in insolvency court proceedings." Working with clients in the real estate, banking and industrial chemicals industries, she often advises on debt recovery.

About the Team (content provided by Clifford Chance Badea )

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CMS - Restructuring/Insolvency Department

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Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Well versed in advising on substantial regional and cross-border restructuring projects, aided by the firm's extensive office network. Supported by banking and dispute resolution teams to provide dual expertise to large domestic and international companies, and numerous regionally active banks. Of late active on mandates from the insurance and energy sectors.

Strengths The firm is commended by clients for its attentiveness and cross-disciplinary expertise: "We consider them extremely prompt and fast in responding. They have people dedicated to their fields with a lot of knowledge."

Notable practitioners

Simon Dayes, Gabriel Sidere and Horea Popescu are the team's key contacts.

About the Team (content provided by CMS)

Department profile not yet provided by CMS. Please see their firm profile.

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Dragne & Asociatii - Restructuring/Insolvency Department

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Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Notably strong in advising financial institutions as creditors and financiers on restructuring and insolvency cases. Experienced in bankruptcy, recovery plans and liquidations in addition to insolvency-related litigation. Recently attracted a number of new clients to the practice, including Garanti Bank.

Strengths One client comments on the team's methodical approach and timeliness: "The lawyers proved to be strategic and tactical thinkers. They are also quick to provide a response to any new request."

Work highlights Advised Hidroelectrica, following its insolvency, on three litigation cases against energy traders concerning SPAs terminated by the judicial administrator.

Represented the Financial Supervisory Authority in the financial restructuring and subsequent bankruptcy proceedings of insurance company Astra.

Notable practitioners

Ion Dragne is known to be a "great litigation lawyer," and he specialises in insolvency cases, including those relating to the recovery of receivables. Interviewees see him as "a specialist in insolvency and restructuring matters," and his clients include companies from the energy and telecommunications industries.

About the Team (content provided by Dragne & Asociatii)

Department profile not yet provided by Dragne & Asociatii. Please see their firm profile.

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Țuca Zbârcea & Asociații - Restructuring/Insolvency Department

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Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Prominent firm which offers litigation and out-of-court services on matters of corporate insolvency and restructuring. Works closely with many international and local banks, as well as public and private financially distressed clients in the pharmaceutical, energy and real estate. Active on debt restructuring, asset disposal and regularly appointed as receivers in bankruptcy proceedings, offering an integrated service. Recently attracted RWE Energie as a new client.

Strengths Sources highlight the team's "excellent approach in court," adding that "they are supportive and proactive in finding solutions."

Another interviewee notes: "We have a good working relationship. They don't just provide one solution, they always provide at least two and let us know which one is the best."

Work highlights Advised Société Générale on the recovery of EUR28 million of receivables during Elcen's insolvency proceedings.

Assisted Bancpost with the recovery of EUR27 million from the insolvent Creativ Proprietati Imobiliare.

Notable practitioners

Robert Roşu is well regarded for his skills in litigation and frequently represents international clients in debt recovery disputes. Clients comment that "he is really sharp. Everything he says is very clear."

About the Team (content provided by Țuca Zbârcea & Asociații)

Tuca Zbarcea & Asociatii has significantly developed its bankruptcy/liquidation and insolvency practice over the past few years. Our department comprises lawyers with extensive expertise in debt recovery, bankruptcy and liquidation matters, including certified mediators and insolvency practitioners. As a matter of fact, our team in this area consists of certified insolvency practitioners.

Our services in this area include assistance in relation to debt recovery and appraisal of the best strategy to follow in case of threatened bankruptcy. Most of our mandates consisted of in-depth evaluation of clients’ options for the recovery of receivables, as well as assistance and representation in insolvency proceedings, assessment of the legal feasibility of reorganisation plans, analysis of the judicial reorganisation plans or concrete proposals for termination of fraudulent acts directed at diminishing the debtor’s assets.

Scope of Practice

  • Reorganisation and Judicial Liquidation
  • Voluntary Liquidation

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Mușat & Asociații - Restructuring/Insolvency Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Sizeable team covering a wide range of services, including corporate restructuring and representation in insolvency procedures. Provides expertise in pre-insolvency advice and restructuring plans, and also experienced in litigation. Acts for clients from a diverse range of sectors including pharmaceuticals, real estate, energy and construction.

Strengths One client highlights the integrated work provided by the firm: "We are very happy with the services provided, they were very effective," adding that "all the departments worked well together as a single team."

Work highlights Advised Piraeus Bank on the protection of its receivables during the insolvency proceedings of Romcab.

Assisted Termoelectrica with its voluntary winding-up during the last stage of its reorganisation.

Notable practitioners

Mihai Popa is the key contact for the firm.

About the Team (content provided by Mușat & Asociații)

Department profile not yet provided by Mușat & Asociații. Please see their firm profile.

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PeliFilip - Restructuring/Insolvency Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Solid team with broad expertise in financial restructuring, with strength in the real estate and manufacturing sectors. Assists national and global financial institutions, funds and companies with additional services on associated litigation cases. Also advises on enforcement proceedings relating to insolvency claims.

Strengths Clients highlight the lawyers' dedication: "We were impressed with the commitment, responsiveness and creativity of the team."

Notable practitioners

Ioan Dumitrascu and Francisc Peli are the key contacts at the firm.

About the Team (content provided by PeliFilip)

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Schoenherr si Asociatii SCA - Restructuring/Insolvency Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Advises a wide roster of clients, notably from the energy, insurance and transport sectors, on an array of insolvency and restructuring mandates. Combines knowledge of the Romanian market with experience of cross-border cases. Involved in a number of large-scale reorganisations and restructurings, acting for debtors, creditors and administrators. Additionally assists clients with the creation of specialised recovery plans.

Strengths One client lauds the team's level of experience: "The firm has demonstrated extensive expertise and a deep knowledge of even the most complicated legal issues in this field of practice."

Another interviewee comments: "I appreciate the quality of the legal advice and the lawyers' responsiveness."

Work highlights Advised Alpiq and certain subsidiaries on several disputes in connection with the insolvency of Hidroelectrica.

Notable practitioners

Sebastian Guțiu is a key client contact.

About the Team (content provided by Schoenherr si Asociatii SCA )

Department profile not yet provided by Schoenherr si Asociatii SCA . Please see their firm profile.

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STOICA & Asociaţii - Restructuring/Insolvency Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Well known for representing clients in contentious insolvency matters. Assists companies with asset recovery, pre-insolvency solutions and liquidations, and additionally acts on ancillary issues. Regularly advises local clients from an array of sectors, including banking.

Strengths One interviewee notes: "They are very responsive and the quality of their work is consistent."

Notable practitioners

The key contact for the team is Valeriu Stoica.

About the Team (content provided by STOICA & Asociaţii)

Department profile not yet provided by STOICA & Asociaţii. Please see their firm profile.

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Biriș Goran - Restructuring/Insolvency Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Assists international clients from the banking, energy and real estate sectors. Regularly handles financial reorganisations, bankruptcy proceedings and security enforcements. Often acts as a trustee for insolvent companies. Attracted multiple new clients to the practice, including Adivin 95.

Strengths Interviewees note: "They provide practical, client-oriented solutions, have a good understanding of the business climate, and offer targeted legal support and prompt advice on last-minute assignments."

Another source highlights the team's technical credentials: "They are good lawyers with an understanding of the economic reasoning behind insolvency."

Work highlights Assisted Benevo with the auction of the assets of the bankrupt Aversa.

Advised Wirom Gas on the recovery of debt from insolvent state-owned company Terma Serv.

Notable practitioners

Raluca Năstase heads the department and is a good point of contact.

About the Team (content provided by Biriș Goran)

We are well seasoned in restructuring options analysis, including the "step-in" options, security enforcement, initiating bankruptcy proceedings, and the sale of businesses as such. Our team has a solid understanding of the bankruptcy rules, proven both in our function as judicial trustee and that of consultants to companies seeking either creditors’ protection or recovery of debt from insolvent groups;

We offer interdisciplinary expertise with litigation, tax, banking and finance, and corporate teams.

Our practice is well known for successfully representing companies in landmark cases  as Aversa Manufacturing, the oldest and the only pump factory producer in Romania.

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Dentons - Restructuring/Insolvency Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Advises clients on all aspects of restructuring and insolvency, supported by solid dispute resolution, banking and corporate teams. Well resourced, with access to an extensive network of international offices. Often acts for international clients and has recently worked with companies in the manufacturing, TMT and engineering sectors.

Strengths Clients highlight the team's reactivity: "They are quick to respond to any questions and queries we have raised, with comprehensive and focused advice."

Another interviewee is impressed with the lawyers' dedication and notes that they are "focused on protecting our rights."

Notable practitioners

Tiberiu Csaki is the key contact at the firm.

About the Team (content provided by Dentons)

Department profile not yet provided by Dentons. Please see their firm profile.

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DLA Piper Dinu SCA - Restructuring/Insolvency Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Experienced team able to assist with all aspects of financial restructuring and insolvency projects with the support of its broad international network. Frequently advises distressed companies and acts for clients from the banking and real estate sectors. Provides assistance with litigation and asset recovery issues in multi-jurisdictional cases, as well as advising on challenges to the registration of claims.

Strengths Clients say that the department offers "very practical, responsive and efficient" advice.

Work highlights Assisted Redoxim with debt recovery procedures in connection with the insolvency of a former supplier.

Advised Agco on the maintenance of its distribution network, considering the potential insolvency of a distributor.

Notable practitioners

Marian Dinu is the key contact for the practice.

About the Team (content provided by DLA Piper Dinu SCA)

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Kinstellar SCA - Restructuring/Insolvency Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Well-reputed team advising clients on insolvency and bankruptcy proceedings, in addition to restructuring and refinancing work. Acts for several prominent banks, and lists clients from sectors including life sciences and logistics in its portfolio. Provides broad expertise in this field, drawing on banking and finance knowledge, and possesses strong capabilities with cross-border insolvencies due to co-operation with an extensive regional network.

Work highlights Advised Logistic Contractor on an insolvency claim filed by Gleeds Romania owing to unpaid contractual debts.

Notable practitioners

Bogdan George Bibicu assists banks and financial institutions with debt restructuring and the recovery of receivables. He regularly works with international clients on multi-jurisdictional mandates. Sources note that he is good to work with and commend his skills in matters relating to financing.

About the Team (content provided by Kinstellar SCA)

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Popovici Nițu Stoica & Asociații - Restructuring/Insolvency Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Recognised practice well known for representing banks and real estate groups in litigation proceedings relating to insolvencies and bankruptcies. Particularly active on matters relating to debt recovery. Well equipped to handle cross-border cases.

Strengths Clients note: "It is a very good team and they are responsive to our needs."

Interviewees also value the lawyers' "full commitment."

Work highlights Advised KBC Bank as lender on the bankruptcy proceedings of Bel Rom Sapte.

Assisted Auchan, as majority shareholder and creditor, with the insolvency of K&S Electric Power Point.

Notable practitioners

The key contacts for the firm are Ciprian Dontu, Bogdan Stoica and Valentin Creata.

About the Team (content provided by Popovici Nițu Stoica & Asociații)

Our insolvency specialists are always working together with our attorneys from the Banking & Finance, Corporate & Commercial, Litigation & Arbitration and Tax so that to provide the most appropriate solutions for the creditors, insolvent companies and/or their management bodies, and for investors.

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Radu Tărăcilă Pădurari Retevoescu SCA in association with Allen & Overy LLP - Restructuring/Insolvency Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Well-established team often advising international clients, including major financial institutions. Benefits from close co-ordination with Allen & Overy to combine international resources for cross-border cases. Utilises cross-disciplinary expertise in M&A, banking and finance and litigation to offer an integrated service to clients.

Strengths Clients appreciate the team's understanding and consideration of their commercial objectives: "They are very pleasant, reliable and always willing to help. What I appreciate most is that they know our business and their advice always takes our business goals into account."

Notable practitioners

Victor Pădurari is a point of contact at the firm.

About the Team (content provided by Radu Tărăcilă Pădurari Retevoescu SCA in association with Allen & Overy LLP )

Department profile not yet provided by Radu Tărăcilă Pădurari Retevoescu SCA in association with Allen & Overy LLP . Please see their firm profile.

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Overview

The Tip of the Iceberg

2017 was a hectic year, with positive macroeconomic results but a rather complicated political and social arena, marked by events that influenced and challenged the Romanian business environment.

Even since the beginning of 2017, there have been significant public debates on topics relating to important legislative amendments mainly in the tax area. Major topics have revolved around the taxation of companies’ turnover by 1% as a general measure, split VAT and transfer of payment of contributions from employers to employees. The last quarter of the year faced an increase of the inflation rate, which reached its highest level of the last years, with an ever-increasing accelerated effect on the ROBOR interest rate index and the exchange rate, causing instability and a series of concerns on the financial market.

Nonetheless, Romania’s economic growth in 2017 was spectacular, our country ranking among the most dynamic economies of the European Union. It is a growth supported mainly by consumption, but which, according to estimates, will maintain also during 2018 at a level between 4% and 5%.

The past year remained stable in the insolvency area, there have been no major legislative changes, the developments of the previous years encouraging and pushing all participants in the insolvency procedure – businessmen, insolvency practitioners and professional bodies - to show more confidence by enhancing the transparency and predictability of the procedure.

In the insolvency area we could see an increase of the percentage of capitalisation of the assets of the companies in bankruptcy in the context of a market thawing specific to the sale of such assets, but also in the context of a slight increase in the number of new insolvencies.

In this regard, the available statistics today show a 7% rise in the number of insolvency proceedings opened in 2017 as compared to 2016, the year with the fewest registered insolvent companies since the debut of the economic crisis in 2007 until present.

The data show that insolvency is mainly caused by the accelerated growth of debts over income, corroborated with the accumulation of losses, which, practically, evidence the limited capacity companies have to become more efficient in the context of increased income, as well as by the financing of long-term investments with short-term resources.

Consequently, the increase in the number of insolvencies can be attributed to the lack of management experience of new small or medium-sized companies on the market, established after the economic crisis, but also to the boost of the polarisation of incomes, profits and liquidities among large companies.

Statistical data also show that at the end of 2016, the largest active companies in Romania, which represent 1% of the total number of active companies, concentrated approximately 58% of the liquidity of the entire business environment.

As we look forward to the new year, one of the landmark events of 2018 will be the becoming effective of the law on natural persons’ insolvency, which may represent a remedy for natural persons’ over-indebtedness as compared to the means that was previously available in certain situations, namely the law on giving in payment whose application was nuanced by a decision of the Constitutional Court in the sense of analysis of the applicability of the law in terms of the theory of hardship in agreements in all the cases in which the law would have been invoked by debtors.

In essence, the support offered by the law on natural persons’ insolvency consists in the establishing of the legal framework for the release from residual debts of those persons who are in debt payment default, are of good faith, have debts higher than their assets and pay non-commercial debts to a certain extent.

Similar to the insolvency law for professionals, the natural persons’ insolvency law also confers protection to debtors against individual enforcements, any such procedure existing at the procedure opening date being suspended and, at the same time, significant support is granted by the fact that from the same moment the accrual of default interests, penalties or other types of additional costs to the debts existing at the date when insolvency is initiated are stopped.

At the same time, we expect that in 2018 the effects of the law on split VAT on insolvent companies or that have debts to the state budget will lead to a decrease of available liquidities, which will affect the chances of reorganisation of the companies.

Against this background, we expect the number of insolvencies to remain at a relatively constant level during 2018, with possible changes in the second semester of the year due to a forecast fall of consumption as a consequence of inflation increase and implicitly of diminution of available incomes.

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Eminent Practitioner

Clifford Chance Badea

From the Chambers Europe guide

Daniel Badea has a wealth of experience in contentious restructuring and insolvency mandates. A seasoned adviser for both domestic and international clients, he represents creditors in insolvency proceedings, as well as advising on financial restructuring matters.

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Band 1

Zamfirescu Racoți & Partners Attorneys at Law (ZRP)

From the Chambers Europe guide

Stan Tirnoveanu is a leading figure in the Romanian market, with one source hailing him as "one of the pillars of insolvency law." Widely renowned as a litigator, he acts on cases relating to the recovery of receivables from debtors. He advised BRD Groupe Société Générale on the recovery of EUR9 million from TMUCB.

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Band 2

Dragne & Asociatii

From the Chambers Europe guide

Ion Dragne is known to be a "great litigation lawyer," and he specialises in insolvency cases, including those relating to the recovery of receivables. Interviewees see him as "a specialist in insolvency and restructuring matters," and his clients include companies from the energy and telecommunications industries.

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Band 2

Piperea & Asociaţii

From the Chambers Europe guide

Gheorghe Piperea of Piperea & Asociaţii is recognised by one interviewee as "a good lawyer with a great reputation." He offers extensive experience as a litigator in insolvency cases.

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Band 2

Țuca Zbârcea & Asociații

From the Chambers Europe guide

Robert Roşu is well regarded for his skills in litigation and frequently represents international clients in debt recovery disputes. Clients comment that "he is really sharp. Everything he says is very clear."

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Band 3

Bogdan George Bibicu

Kinstellar SCA

From the Chambers Europe guide

Bogdan George Bibicu assists banks and financial institutions with debt restructuring and the recovery of receivables. He regularly works with international clients on multi-jurisdictional mandates. Sources note that he is good to work with and commend his skills in matters relating to financing.

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Band 3

Clifford Chance Badea

From the Chambers Europe guide

Simona Neagu is well known for her litigation expertise, with sources praising her as being "very good in insolvency court proceedings." Working with clients in the real estate, banking and industrial chemicals industries, she often advises on debt recovery.

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Band 3

Nestor Nestor Diculescu Kingston Petersen

From the Chambers Europe guide

Alina Radu's clients include banks and real estate groups. She advises on restructuring and refinancing, and acts on both domestic and cross-border cases. Her advisory practice stands out to sources, who note that she is a "very good consultancy lawyer."

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