Restructuring & Insolvency

Overview

Our team has a wealth of experience acting for stakeholders involved in corporate restructurings or experiencing financial stress. We advise a wide range of companies on the full spectrum of insolvency matters and represent an extensive client base of Romanian and global banks in financial restructuring and reorganization work, implementing sustainable solutions and managing thus the diversity of stakeholder expectations from start to finish. Our clients include key financial institutions, corporate debtors in various industries, investors and other parties involved when a company is in financial difficulty.
  • Capital restructuring
  • Complex loan restructurings
  • Dispute resolution and litigation
  • Distressed corporate finance
  • Financial institutions, funds and creditor representation
  • Financial modelling, financial restructuring and reorganization
  • Insolvency representation
  • Lender liability
  • Mergers & acquisitions
  • Recovery of receivables
  • Refinancing
  • Sovereign debt and bank restructuring
Examples of our work include:
  • Granting legal assistance in an ICSID investment arbitration which had as centerpiece one of the most striking insolvencies of the largest energy producer in Romania, Hidroelectrica, the value of the matter being over EUR 400 million;
  • Obtaining a unique judicial precedent due to the reinterpretation of the legal provisions on reorganization in insolvency proceedings, in a case of over EUR 65 million, where ZRVP represented a consortium of foreign and national major banks;
  • Providing legal assistance and representation of one of the largest banking and financial services group in Cyprus in insolvency proceedings against over 45 debtors for the recovery of receivables amounting up to EUR 112 million;
  • Representing banks ranked among the top 5 banks in Romania in credit restructuring operations involving insolvency aspects in matters of over EUR 50 million;
  • Successfully granting legal assistance in a case of over EUR 11 million built on a complex legal structure which involved a Danish entity which granted a supplier credit to a Romanian company specialized in forestry, biomass and renewable energy.
Chambers Europe, Romania: Restructuring / Insolvency
Chambers and Partners | 2020
Chambers Europe, Romania: Restructuring / Insolvency
Chambers and Partners | 2019
Legal 500 EMEA, Romania: Restructuring and Insolvency
The Legal 500 | 2019
The Insolvency Law gives rise to numerous interpretations and many tend to undermine its efficiency
Bursa ǀ 2020
Chambers Insolvency Practice Guide, Romania Chapter
Chambers | 2019
The Legal 500: Restructuring & Insolvency Country Comparative Guide, Romania Chapter
The Legal 500 | 2019
Thoughts on the development of the insolvency practice in Romania
Universul Juridic | 2019
ICLG: Corporate Recovery & Insolvency, Romania Chapter
ICLG | 2018
Interview on new proposed amendments to the Insolvency Law
Ziarul Financiar | 2018
The pros and cons of the New Insolvency Law
Bizlawyer | 2018
Opinion on the amendments brought to the Insolvency Law
Ziarul Financiar | 2018
The Romanian State may become shareholder of the insolvent companies
Ziarul Financiar | 2018
Banking and corporate issues often arise within insolvency procedures, which often require legal advice and knowledge from other specialized departments of the law firm. Using a holistic approach, we draw on multidisciplinary skills to provide advice on all aspects of restructuring and insolvency, as well as critical tax, employment and corporate issues. We work closely with our colleagues in these related areas to find creative and effective solutions for our clients.
Bolstering the firm’s reputation as a leader in the field, our lawyers have extensive experience with a wide array of insolvency and restructuring issues, and ability to handle matters with contentious aspects, having been involved in some of the largest and most high-profile insolvency cases in Romania.

Sources applaud the group’s ‘reliability and creativity’.

(Chambers and Partners | 2019)

The lawyers work closely with the client to craft proper legal solutions according to our business objectives, in all our complex insolvency cases. They help us with the adoption and implementation of the most effective solutions and sophisticated strategies.

(The Legal 500 | 2020)

A firm with deep knowledge of the insolvency field, with legal solutions tailored to make the life of their clients easier and with a very competitive price versus value delivered ratio.

(The Legal 500 | 2020)

They are the best litigators in Romania in insolvency; with a very good understanding of commercial restructuring matters combined with excellent litigators skills.

(The Legal 500 | 2020)

One interviewee praises the breadth of the team: ‘The team has a good distribution of tasks among its specialized lawyers, who are able to handle large mandates and are thus suitable for proceedings of any scale’

(Chambers and Partners | 2019)

“The solutions provided by the team are very accurate,” adding: “The lawyers go above and beyond to do whatever is necessary.”

(Chambers and Partners ǀ 2020)

Clients highlight the availability of the partners and the quality of the work, concluding: “It is one of the best local law firms”.

(Chambers and Partners ǀ 2020)

Key Contacts

Stan Tîrnoveanu

Senior Partner

stan.tirnoveanu@zrvp.ro

Elena Iacob

Partner

elena.iacob@zrvp.ro