Insolvency, Restructuring & Bankruptcy

Our department provides legal services at the highest standards, having expertise in advising companies in the insolvency and restructuring procedures, companies in financial distress or bankruptcy, inasmuch as with the pre-insolvency procedures.

We offer high-end legal services in Restructuring & Insolvency, providing multifaceted advice and assistance in complex insolvency cases to secured and unsecured creditors, debtors, lessors, creditors’ committees, equity holders, trustees, prospective acquirers of businesses or assets. Furthermore, we represent nearly every sector of the economy, including manufacturing, real estate and construction, retail, transportation, utilities, pharma, travel, chemical, or energy.

Lawyer’s analysis. The Insolvency procedure explained

Corporate lawyer in Romania. What does insolvency proceedings in Romania involve?

According to the provisions of the insolvency procedure in Romania under Law 85/2014, insolvency is the state of a debtor in Romania where the available cash funds are insufficient to cover certain, liquid, and due debts. Further defining this concept, the insolvency proceedings in Romania establish two key situations indicating a lack of financial resources: the presumption of insolvency – a debtor is presumed insolvent if they fail to pay their debt to a creditor in Romania within 60 days from the due date (this presumption is relative), imminent insolvency – a debtor is deemed to be in imminent insolvency if it is proven that they will not be able to pay their due debts at maturity, given the available financial resources.

International Recognition

Legal 500 2025

Legal 500: Pavel, Margarit and Associates Romanian Law Firm ranked Tier 3 in 2025

Pavel Margarit Leading Firm 2025

Tier 3 Restructuring and Insolvency

The Romanian law firm Pavel, Mărgărit and Associates is described as an “extremely experienced team in the field of restructuring and insolvency,” led by Radu Pavel. Clients regard Radu Pavel as a trusted lawyer in this area, and the team frequently provides legal services to creditors for the recovery of high-value debts. The real estate sector is one of the firm’s strong suits.”
“Pavel, Mărgărit and Associates has a team of highly skilled lawyers. They have worked in the field of insolvency for a long time and always find the best solutions for their clients. The team’s strength lies in their extensive knowledge and attention to detail.”
“The level of communication is as good as it gets. All the firm’s lawyers speak English very well. We have discussion groups for different cases where we receive direct responses (even outside working hours). Given their dedication, I know they truly care about their clients and the success of the case.”

Source Legal500 2025, Restructuring and insolvency

 

International Financial Law Review IFLR1000 2025

International Financial Law Review IFLR1000 2020

IFLR1000 2025 – Pavel, Mărgărit and Associates is recognized in the Tax and Banking Law practice area, as well as Commercial, Corporate Law, and Mergers & Acquisitions (M&A), assisting clients in both domestic and cross-border transactions.

The Romanian law firm was mentioned in the commercial, corporate and M&A sectors for advising clients on capital increases, mergers, acquisitions, joint ventures, sales and purchases of shares, as well as other corporate matters such as company restructurings and insolvency proceedings.
The firm was evaluated by IFLR1000 in a variety of sectors and industries, including natural resources, mining, real estate, manufacturing, and IT.

Client references include:

Insolvency:

“Pavel, Mărgărit & Associates is an exceptional firm with dedicated lawyers who provide outstanding service and strong execution. They have vast expertise and an excellent reputation in dissolution, mergers, and acquisitions in Romania.”

M&A:

“Pavel, Mărgărit & Associates from Romania has a full team of talented professionals, with strong technical expertise and valuable practical experience in the field of Mergers & Acquisitions.”

Source: IFLR 1000, 2025

 

Legal 500 2024

Legal 500: Pavel, Margarit and Associates Romanian Law Firm ranked Tier 3 in 2024

Tier 3 Restructuring and Insolvency

“The entire team from Pavel, Margarit si Asociatii is excellently well prepared, both from the point of view of the relevant legislation and from the point of view of the ability to know and understand the characteristic aspects of each individual case.”

“The firm is highly appreciated in the field of Restructuring and Insolvency in Romania. The lawyers do an extraordinary job in handling complex cases and are extremely good advisors. The best lawyers in Romania always achieve the best result for their clients and know how to stand out.”

“I deeply admire the lawyers’ knowledge and their ability to come up with solutions. I can confidently say that they are the best when it comes to issues in Restructuring and Insolvency in Romania.”

Source Legal500 2024, Restructuring and insolvency

 

International Financial Law Review IFLR1000 2024

International Financial Law Review IFLR1000 2020

IFLR1000 2024 – IFLR1000 (International Financial Law Review 1000) recognized the Romanian Law Firm Pavel, Mărgărit and Associates in the practice area of Project Development, for its expertise and involvement in major projects on the Romanian legal market.
IFLR1000 notes that Pavel, Mărgărit and Associates is a full-service Romanian law firm with a team of lawyers specialized in Banking and Finance Law, capable of advising clients in direct financing and debt restructuring services.

“The distinction granted by IFLR1000 honors us and reconfirms our position among the top law firms in Romania. This success reflects the continuous work, professionalism, and dedication of our team in handling complex legal cases. We focus on excellence and innovative solutions for our clients, constantly developing our expertise through strategic projects at both national and international levels,” said Dr. Radu Pavel, Managing Partner of Pavel, Mărgărit and Associates.

Source: IFLR 1000, 2024

 

Legal 500 2022

Leading Law Firm 2022

Tier 3 Restructuring and Insolvency

Pavel, Margarit & Associates Romanian Law Firm impresses with its flexibility and quick access to staff and partners at all times. With over 16 years experience in the market, the very helpful and accessible Managing Partner Radu Pavel is the main contact. Areas of expertise include refinancings, distressed asset sales, pre-insolvency procedures and related litigations and debt recovery actions. The Romanian Law firm represents creditors and debtors, and has been particularly active in the manufacturing, natural resources, and real estate and construction sectors.

We value the practice for flexibility and quick access to staff and partners at all times.

We find the Senior Partner Radu Pavel very helpful and accessible.

Source Legal500 2022, Restructuring and insolvency

International Financial Law Review IFLR1000 2022

International Financial Law Review IFLR1000 2020

In the Insolvency practice area, the clients testimonials include inter alia:

“They deliver a full range of services and helped us identify and manage legal risk.”

Source: IFLR 1000, 2022


Legal 500 2020

Tier 2 Restructuring and Insolvency

Leading Firm 2020 Restructuring and Insolvency

˜Excellent and quick service. Close and constructive involvement of senior partner. Good command of legal principles. Good value for money.

Selected Credentials

  • Assisted a real estate developer and private equity investor, in a cross-border insolvency in his capacity as a creditor, with a claim of over EUR 20 MIL. Our role was to create a strategy considering the legal possibilities through which the client could purchase all the assets of the insolvent company at the best value, performed out-of-court activities (patrimony inventory and assessments) and assisted during the negotiations with the creditors and insolvency practitioner.
  • Assisted a global leader and one of Turkeys key textile exporters, in a cross-border insolvency with more than USD 7 BIL worth of commodities to 70 countries across 5 continents since its foundation, in the insolvency file of one of Europes leading producers of ceramic products. Our role was to create and maximize the prospects of recovering of the receivables and draft all the documents pertaining to the legal proceedings for that purpose. The mandate also covered representation of the client before the syndic judge in order to secure the reinstatement within the time limit of the statement of claims and before the insolvency practitioner, with the aim to pursue the insolvency practitioner to analyze and acknowledge the claim and to register it in the final table of receivables as the client was not notified by the insolvency practitioner about the opening of the insolvency proceedings against the debtor.
  • Assisted a major Romanian real estate developer in a cross-border insolvency. The client had assets worth over EUR 8 MIL and liabilities amounting to approximately EUR 12 MIL. Our role was to assist during the observation stage, to draft and assist with the implementation of the reorganization plan, drafting also the objections against the evaluation report regarding the errors made by the expert.

Press Coverage

Top Legal Expertise in Insolvency, restructuring, and bankruptcy procedures

Our department offers top-notch legal services in the field of insolvency procedures in Romania and insolvency law in Romania, with expertise in advising companies on insolvency in Romania, restructuring in Romania, and bankruptcy procedures in Romania when they face financial difficulties. An insolvency lawyer in Romania from our department can provide guidance on various aspects, including both the general insolvency procedure in Romania and the simplified insolvency procedure in Romania. We are dedicated to protecting our clients’ interests by offering effective, tailored solutions for each situation, and assisting them in adopting preventive insolvency measures in Romania. An insolvency lawyer in Romania or a bankruptcy lawyer in Romania can advise you on the implications of initiating insolvency procedure in Romania, bankruptcy in Romania, and even the closure of insolvency procedures in Romania.

The Romanian law firm Pavel, Mărgărit & Associates is recognized for assisting companies experiencing financial issues, offering strategic solutions tailored to each individual case. We take pride in our team of specialized insolvency lawyers in Romania and liquidation lawyers in Romania, including personal bankruptcy attorneys, who can provide legal assistance in any complex situation related to insolvency service in Romania.

To initiate the insolvency procedures in Romania, several steps must be followed. Our team of professionals has first-class experience in handling complex insolvency cases, corporate debt restructuring in Romania, restructuring mandates for debtor companies, representing creditors and investors, and extensive experience in advising company directors on liability issues. Furthermore, an insolvency lawyer in Romania or bankruptcy lawyer in Romania from our team can provide consultancy on any aspect related to company insolvency in Romania or bankruptcy in Romania, including agreement with creditors in Romania, ad-hoc mandates, voluntary liquidation in Romania, company liquidation in Romania, judicial reorganization procedures in Romania, personal bankruptcy in Romania or recovery of claims in Romania.

Our law firm is internationally recognized for its highest quality legal services in the field of debt restructuring in Romania. An insolvency attorney in Romania or a bankruptcy attorney in Romania from our team can assist clients both in preventive insolvency procedures in Romania and in insolvency or bankruptcy proceedings in Romania, regardless of their status in the legal relationship (creditor in Romania or debtor in Romania).In our insolvency procedures assistance, an insolvency solicitor in Romania or a bankruptcy lawyer in Romania from our team insolvency service in Romania such as drafting statements of claim, contesting the preliminary creditors table, assistance in negotiations with the opposing party, debt recovery, implementation of restructuring plans, risk assessment, and the adoption of loss minimization strategies.

Regarding our insolvency and bankruptcy services, in the insolvency procedure in Romania we offer assistance such as business restructuring in Romania, judicial reorganization, initiating insolvency proceedings at the request of the debtor or creditor through a company insolvency petition, filing claims in the creditors’ list, asset sales during the insolvency procedure, and any other services related to this process. When a company is in bankruptcy in Romania, a bankruptcy attorney in Romania or an insolvency solicitor in Romania can assist you at all stages of the bankruptcy process, including company liquidation in Romania, wind up a company in Romania, filing for business bankruptcy in Romania.

We have assisted numerous companies from various practice areas with insolvency service in Romania and company insolvency advice in Romania, from small and medium-sized enterprises to multinational corporations, providing the necessary legal support to overcome financial challenges and to restore their activities in the long term.

We recommend contacting an insolvency attorney in Romania from our team who can provide strategic advice, having a strong track record in solving complex insolvency matters and assisting with business restructuring in Romania. Our team is also composed of liquidation lawyers who offer expert legal guidance in order to wind up a company in Romania, filing for business bankruptcy in Romania and providing advice for the sale of liquidated stock in Romania to satisfy the creditor claims.

Articles from the practice area

preventive concordat in Romania

The preventive concordat in Romania in the context of Insolvency Law and European rules: Categories of claims, enforcement mechanism, and implications for creditors (Statistics)

How can creditors recover their legal claims in the preventive concordat procedure vs. insolvency proceedings in Romania With the implementation of Directive No. 2019/1023, through amendments to the insolvency law on pre-insolvency and insolvency proceedings, the preventive concordat procedure now requires the establishment of categories of claims and any related subcategories, with the exception of […]

Green Energy Projects in Romania

PLx 255/2025: New facilities for green energy projects in Romania – Simplified authorization and expanded land use in Romania

Law supporting green investments in Romania: Building permits without PUZ and larger plots for solar and wind farms The legislative project PLx 255/2025 introduces substantial amendments to the current legislation, aiming to accelerate and simplify the procedures for developing electricity production capacities from renewable energy, such as solar energy and wind energy. The main changes […]

international guide IFLR1000

The Romanian Law Firm Pavel, Mărgărit & Associates recognized as one of the best law firms in Romania by the International Guide IFLR1000, 2025–2026 Edition

The Romanian law firm Bucharest Pavel, Mărgărit & Associates reaffirms its prominence in the Romanian legal services market, enjoying recognition in the 2025–2026 edition of the prestigious International IFLR1000 Guide for its outstanding performance in the practice areas of Tax and Banking Law, Commercial and Corporate Law, Mergers and Acquisitions, as well as Project Development. […]

“Golden Visa” Program

Romania launches the “Golden Visa” Program – Legal Framework, Conditions, and Implications for Foreign Investors

Legal Analysis of the Draft Law on Residency by Investment The draft legislation on the Golden Visa Program regulates the conditions for granting the right of residence in Romania to foreign nationals of third countries, with the aim of attracting foreign direct investment to Romania. According to the proposal, the adoption of this regulatory framework […]

Debt Collection and Enforcement

Debt Collection and Enforcement: Appeals, suspensions, and protecting your rights

In Romania, enforcement and enforcement proceedings play a crucial role in ensuring compliance with court decisions and financial obligations. When a debt collection process escalates to forced execution, understanding your rights becomes vital. If you receive a demand for payment from a bailiff or a notice regarding enforcement proceedings, it is important to act promptly. […]

Tort liability

Civil tort liability in the context of urban explosions and accidents in Romania

Liability in the case of urban explosions and building accidents Tort liability represents the legal institution through which a person is obliged to repair the damage caused by an unlawful act committed with fault, pursuant to Articles 1349–1395 of the Romanian Civil Code. It is one of the fundamental forms of civil liability in Romania, […]

Tax Residency and Romanian Citizenship

Tax Residency and Romanian Citizenship: Practical guide for individuals and companies

How to obtain tax residency in Romania and avoid double taxation Understanding tax residence and tax residency in Romania is essential for anyone planning to live, work, or invest in the country. Establishing your fiscal residence correctly can help you avoid unnecessary expat taxes and ensure compliance with Romanian and international tax regulations. Whether you […]

Recuperare creanțe

Debt Recovery: How to Collect Debts and Unpaid Invoices quickly and efficiently

Civil lawyer in Romania. Key steps to navigate a court procedure A civil lawyer in Romania plays a crucial role in guiding clients through the complex stages of the debt recovery procedure and the enforcement procedure of a writ of execution. In Romanian civil law, the process of debt recovery often involves multiple legal mechanisms, […]

société inactive de Bucarest

Pavel, Mărgărit & Associates obtains the suspension of a tax inactivity decision from “The Ghost Nest”

A major victory achieved by Pavel, Mărgărit & Associates for the business environment – the court suspends an abusive ANAF inactivity decision and reaffirms the principle of fiscal fairness The situation of companies declared inactive by ANAF within “The Ghost Nest” has generated a strong wave of reactions in the business community. Thousands of businesses […]

Real Estate Disputes in Romania

Real Estate Disputes in Romania: How a Real Estate Lawyer Can Help You Protect Your Property Rights and Avoid Major Losses

On the Romanian real estate market, the growing volume of transactions and their increasing legal complexity make the assistance of real estate lawyers from a professional real estate law firm indispensable. Before any acquisition, a meticulous review of the documents recorded in the land registry is essential to identify potential encumbrances, mortgages, pending property disputes, […]

Tagistrates’ strike in Romania

The Magistrates’ Strike and Its Impact on Divorce and Property Division Cases in Romania – What Litigants in Romania Need to Know

When Justice Stops: How Family Law Cases in Romania Are Affected and What Legal Solutions in Romania Exist During the Strike The magistrates’ strike in Romania has generated an unprecedented blockage in the activity of the courts, directly affecting thousands of divorces, procedures of divorce partition, property divisions, and other civil cases. The suspension of […]

Business and Assets Acquisitions in Romania

Business and Assets Acquisitions in Romania 2025: Regulations, risks, and essential steps

The acquisition process and business transfers in Romania has become increasingly complex and sophisticated, governed by an integrated legal framework derived from Law 31/1990, European directives, and fiscal, accounting, and competition regulations. European directives, and fiscal, accounting, and competition regulations. Whether it involves selling a business, buying a business, asset transfer, or transfer of shares, […]