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

Challenging the retirement decision in Romania: Legal solutions for pension recalculation and the protection of pensioners’ rights

Challenging the retirement decision in Romania: Legal solutions for pension recalculation and the protection of pensioners’ rights

Incorrect retirement decision, Pension too low or Uncredited contribution period: The role of a lawyer in challenging the pension before the court in Romania Law no. 360/2023 on the public pension system regulates the general legal framework applicable to the establishment, calculation, review, recalculation and challenge of pension rights in Romania. It sets out the […]

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Monopoly in the market and the intervention of the Competition Council in Romania: What affected companies can do and the lawyer’s role in the procedure

Anti-competitive practices and dominant position: How companies defend themselves and what risks competition investigations involve in Romania The functioning of a market economy is based on the existence of a sound competitive environment in which economic operators carry out their activity under conditions of equality and transparency. In Romania, the legal framework is governed primarily […]

Pavel, Margarit and Associates ranked in the top 3 best law firms in Romania in 2026, for the 10th consecutive year, by Legal 500 in London

Pavel, Margarit and Associates ranked in the top 3 best law firms in Romania in 2026, for the 10th consecutive year, by Legal 500 in London

Pavel, Margarit and Associates – Recognized among the top 3 law firms in Romania and awarded for Excellence in client relationships The Romanian Law Firm Pavel, Margarit and Associates, a reference law firm in Romania and a law firm Bucharest recognized in the legal and business environment, maintains its position in international rankings, being ranked […]

Insolvency, Dissolution and Liquidation of Companies in 2026: The Role of the Lawyer in Protecting Businesses in Times of Crisis

Insolvency, Dissolution and Liquidation of Companies in 2026: The Role of the Lawyer in Protecting Businesses in Times of Crisis

How a lawyer can intervene in insolvency, dissolution and liquidation: Legal solutions for companies facing financial distress in Romania In the current economic climate, marked by market fluctuations, rising operating costs and financing difficulties, the legal mechanisms governing insolvency, dissolution and liquidation of companies are becoming increasingly important for the protection of the business environment. […]

Salary transparency becomes a legal obligation in Romania: The impact of EU Directive 2023/970 on employers

Salary transparency becomes a legal obligation in Romania: The impact of EU Directive 2023/970 on employers

From salary ranges in job advertisements to reporting gender-based pay differences: The main obligations and sanctions laid down by EU Directive No. 970/2023 EU Directive No. 2023/970 on pay transparency introduces a new, more detailed and more intrusive legal framework for verifying compliance with the principle of equal pay for the same work or for […]

Romanians stranded in the Gulf due to the war

Romanians stranded in the Gulf due to the war: What rights do they have against travel agencies, airlines, and authorities?

How a lawyer can help tourists stranded in conflict zones: When can refunds, compensation, and consular assistance be sought? The escalation of an armed conflict in a region where Romanian citizens are present does not remove the application of legal rules, but rather requires a more rigorous distinction between the legal relationships arising between the […]

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The wave of wind and solar projecs transactions in Romania: Legal stages and specific procedures

Selling and buying a renewable energy project, step by step: How acquisitions are made and the role of lawyers in renewable energy Trading projects in the renewable resources sector has become, in recent years, one of the most active segments of the capital market and of the energy market in Romania, both for wind energy […]

Legal 500 2026

Pavel, Margarit and Associates Romanian Law Firm receives, for the second consecutive year, 4 accolades in the “Client Satisfaction” category from Legal 500 in 2026 for: Team quality, Billing and Efficiency, Industry Expertise, and Recommended Firm

From team quality to billing efficiency: What the Legal 500 2026 accolades and high client satisfaction score means for the Romanian business law market Pavel, Margarit and Associates Romanian Law Firm strengthens its leading position in Romania after receiving four accolades in a selection process conducted in London, United Kingdom, by the renowned Legal 500—the […]

Mergers and Acquisitions in Romania. Legal protection and risk control in business sales and purchases

The role of a specialized lawyer and legal assistance in sale and purchase agreement in Romania Selling a business or buying a business in Romania is a complex process involving strategic, financial, and legal stages, from preparing the business to the final transfer of participation interests or assets. The process typically takes several months and […]

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When does a company become Tax Inactive in 2026, according to the NAFA Press Release of 11 February 2026

Under what conditions does a company become Tax Inactive in 2026: NAFA criteria, statutory deadlines and the lawyer’s role in prevention and challenging decisions Accurate and timely financial reporting is a fundamental requirement in the tax administration of a company, and current tax legislation requires the submission of annual financial statements in accordance with the […]

Obligation to accept modern payment methods introduced from 1 January 2026: The impact on the business environment in Romania

How the new rules introduced by Ordinance 193/2002 on modern payment instruments affect company formation and existing companies The entry into force on 1 January 2026 of the amendments of the Ordinance no. 193/2002, in the consolidated version of 12 February 2026, changes the legal basis applicable to companies and professionals registered with the Trade […]

Cancellation and Withdrawal of Romanian citizenship

Cancellation and Withdrawal of Romanian citizenship: When citizenship may be lost under Law no. 21/1991 on Romanian citizenship

Legal conditions for the cancellation and withdrawal of Romanian citizenship. Procedures explained by an immigration lawyer The legal regime governing citizenship is regulated by Law no. 21/1991 on Romanian citizenship, which establishes both the methods of acquisition and the cases of loss of Romanian citizenship. The law sets forth a strict legal framework in which […]