The global economic crisis has implicitly affected Romania as well. Our lawyers specialized in insolvency have represented almost all of our clients in several insolvency procedures, they offered legal assistance from the beginning to the end of the procedure, in all its stages, by drafting the claim statement, preparing appeals to the table of claims or to different actions of the judicial trustee by which the interests of the creditors may have been affected. They analysed if the legal provisions applicable in case of insolvency were breached, they drafted procedural documents, they participated in the creditors’ committee and in the general creditor’ assembly, they offered legal assistance in respect to the reorganization procedure and also to the bankruptcy procedure, regarding the related contentious issues and the liability of the shareholders and administrators of the insolvent company.

In consideration of the potentially problematic aspects of the insolvency procedure, this practice is also involved in creating complex contractual mechanisms which allow an increased protection of our clients’ businesses in case their debtors become insolvent.

Significant projects

• Administrating a portfolio of over 20 mil euro in respect to the insolvency procedures to which approximately 20 debtors from all over the country were submitted, for one of the most important leasing company from South Germany.
• Participating in different restructuring and insolvency procedures, to the benefit of a German company active in the steel industry that has its headquarters in the Czech Republic.
• Analysis and preparation of the required insolvency steps and strategy for a German company active in the agricultural field and assistance in the draft of the reorganization plan
• Participating in the insolvency procedure, in the benefit of a company from the USA that produces airplane components
• Draft of the insolvency request and corresponding documents and monitoring of several insolvency procedures, in the reorganization or liquidation phase, to the benefit of debtors – manufacturing companies, as well as representing the administrators/associates in liabilities procedures
• Assistance and representation in the insolvency procedure to which the debtors of a German company that produces and distributes construction equipment, located in the South-Eastern part of the country, were submitted
• Assistance and representation of a German company in the insolvency procedure, company that distributes equipment used in the construction industry in order to urgently recover the equipment which were in the possession of the insolvent debtor and also negotiated the taking over conditions, respectively the conditions for continuing the contracts with the judicial trustee
• Creating protection mechanisms for potential insolvency cases, in order for them to be inserted in the frame-contracts of distribution, for a company that produces building materials
• Representation of a German company active in the wood processing industry, in the insolvency procedures to which its debtors were submitted
• Representation of the associate and administrator of an insolvent company active in the field of safe boxes in the appeal of the court decision by which they were held liable for the occurrence of the insolvency
• Representing a company whose object of activity is the road construction, for recovering the debts from its insolvent debtors and starting the legal procedures required for the responsible administrators to be held liable
• Assistance of a company active in the building finishes industry within the insolvency procedure, monitoring the procedural steps and drafting petitions in the name of the creditors’ committee with the scope of holding responsible the culpable administrators
• Assistance and representation of a German company that distributes steel components used in constructions, in the context of its debtors’ reorganization.
• Representation of the foreign associates (parent company) of several Romanian subsidiaries which became insolvent, against the attempt of the judicial trustee to hold them liable for the insolvency occurrence