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.
We strive to understand their industries, operations and goals, complementing them with our top-level knowledge of the insolvency law and market. We dedicate ourselves to help our clients with adoption and implementation of the most effective solutions and sophisticated strategies so we can protect their interests, to the best of our knowledge and abilities.
Our team of professionals has a first-class track record in terms of handling complex, large-scale insolvencies and restructuring mandates on behalf of debtors, creditors and investors, whilst also having strong expertise in advising on directors` liabilities issue.
Our Clients appoint us to act in our full capacity as lawyers, in order to supervise the activity of the liquidator or even ask us to choose a liquidator on their behalf, to closely monitor the insolvency procedure and ensure their success. Thus, putting our best efforts to protect and secure their interests we have managed to build up a portfolio of highly satisfied clients and receive top insolvency mandates.
Our Legal Services
- Insolvency (Observation, Reorganization & Bankruptcy)
- Debt Selling & Debt Collection
- Debt Recovery
- Non Performing Loan Restructuring (NPLs)
- Structured finance
- Collateral Guarantees Negotiation
- Potential Liability for Corporate Executives (allegations of negligence or fraud)
Legal 500 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
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
˜Excellent and quick service. Close and constructive involvement of senior partner. Good command of legal principles. Good value for money.
˜Pavel, Margarit & Associates is our law firm for 10 years now and they are very hardworking, timely and diligent insolvency lawyers. We are grateful because thanks to Mr. Pavel and his team of lawyers dedication we succeeded in restructuring our business after opening the insolvency proceedings.
˜Radu Pavel, the managing partner is an outstanding insolvency lawyer with a very entrepreneurial approach, being also an insolvency practitioner. He is also very creative in bankruptcy mandates.
Legal 500 2019
Tier 2 Restructuring and Insolvency
“Pavel, Margarit and Associates is one of the most experienced law firms in the field of restructuring and insolvency. Managing partner Radu-Catalin Pavel, experienced and always available to customers, understands all their needs. The lawyers at Pavel, Margarit and Associates advise companies in the pre-insolvency phase and in the insolvency or restructuring procedure. At the same time, they advise companies in critical phases regarding the continuation of the activity”.
Legal 500 2018
Tier 2 Restructuring and Insolvency
Pavel, Margarit & Associates Romanian Law Firm has ˜a strong technical legal background and excellent judgement. The firm provides ˜ingenious solutions to industrial-related insolvency mandates.
Radu Pavel has ˜a winning attitude.
Source Legal500 2018, Restructuring and insolvency
Legal 500 2017
Tier 2 Restructuring and Insolvency
Pavel Margarit & Associates is best known for its restructuring practice and has been involved in insolvencies and restructurings in the industrials, construction and natural resources sectors during the research period, though most of the firm work is confidential.
Pavel, Margarit & Associates team is united, smart and supportive. It has a particular strength in industrial related insolvency work, often advising insolvent companies. Radu-Catalin Pavel advised an iron and steel producer on its successful rehabilitation.
International Financial Law Review IFLR1000 2020
Banking and Finance, Corporate and M&A
Highly regarded lawyer expertise in Real estate, Restructuring and insolvency and Banking practice area
This year, the law firm was ranked among the best companies in Romania in Banking and Finance practice area. At the same time, IFLR1000 recognized the results obtained by Pavel, Margarit and Associates Romanian Law Firm within the Corporate practice area. This is the fourth year in a row that the famous publication recognizes the results obtained by the lawyers from Pavel, Margarit & Associates Romanian Law Firm.
IFLR1000 specialists note that Pavel Margarit & Associates specializes in the minerals sector advising foreign mining and development companies on both corporate transactions and project work. The research period saw the firm act on acquisitions, financings and restructurings for international mining groups. It also provided regulatory advice concerning mining explorations and operations in Romania. Elsewhere, work in real estate and financial sectors also kept the firm busy.
At the same time, IFLR 1000 ranked Radu Pavel, the Managing Partner of Pavel, Margarit & Associates Romanian Law Firm, as Highly regarded lawyer for his expertise in Real estate, Restructuring and insolvency and Banking practice area.
International Financial Law Review IFLR1000 2019
Banking and Finance, Corporate and M&A
Highly regarded lawyer expertise in Real Estate, Restructuring and Insolvency and Banking practice area
The guide has recently published the new rankings, valid for the year 2019. Pavel, Margarit & Associates Romanian Law Firm was ranked on top places in ‹‹Banking and Finance and Corporate practice area.
IFLR 1000 ranked Radu Pavel, Managing Partner of Pavel, Margarit & Associates Romanian Law Firm, as one of the most valuable and experienced lawyers in Romania in Banking and in Restructuring and Insolvency practice areas, in cases related to Real estate industry.
IFLR1000 specialists note: Pavel Margarit & Associates specializes in the minerals sector advising foreign mining and development companies on both corporate transactions and project work. The research period saw the firm act on acquisitions, financings and restructurings for international mining groups. It also provided regulatory advice concerning mining explorations and operations in Romania. Elsewhere, work in real estate and financial sectors also kept the firm busy.
International Financial Law Review IFLR1000 2018
Banking and Finance, Corporate and M&A and Restructuring and Insolvency
Pavel, Margarit & Associates Romanian Law Firm was ranked in ‹‹the Banking and Finance, Corporate and M&A and Restructuring and Insolvency practice areas.
In the M&A space the firm acted on a number of matters in the mining sector including acquisitions and disposals. In the banking space the firm has acted on corporate finance and restructurings. The firm also acted on a number of insolvency cases in the construction and manufacturing industries.
International Financial Law Review IFLR1000 2017
Radu Pavel – IFLR 2017
Banking and Finance, Restructuring and Insolvency
Pavel Margarit & Associates is best known for its restructuring practice and has been involved in insolvencies and restructurings in the industrials, construction and natural resources sectors during the research period.
Radu Pavel is one of the most valuable lawyers in Romania in Banking and in Restructuring and Insolvency practice areas.
IFLR1000 noted that the Romanian law firm Pavel, Margarit & Associates in the banking and finance area (¦) it can be said that the firm has been active on new lending and restructuring matters advising borrowers in the iron and steel and real estate sectors.
The guide to the world’s leading financial and corporate law firms, International Financial Law Review, has ranked Attorney at Law, PHDc, Managing Partner of Pavel, Margarit & Associates, Mr. Radu Catalin Pavel as a rising star in Romania in Restructuring and Insolvency and Banking Practice Areas in the Financial and Corporate 2017 Guide. Also, Attorney at Law Radu Catalin Pavel was ranked as Rising Star in the Real Estate Industry Sector in Financial and Corporate 2017 Guide, IFLR 1000.
Pavel, Margarit and Associates Romanian Law Firm received in 2018 the Award for Excellence in Restructuring and Insolvency from Legal Magazin review and has been designated one of the most important Romanian law firms in the field of Insolvency and Restructuring. This award is usually conferred to Romanian law firms that have achieved best results in this practice area in previous years.
Pavel, Margarit and Associates Romanian Law Firm, one of the best law firms in Romania in Insolvency and Restructuring practice area and Intellectual Property practice area
Source: Legal Magazin
- 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.
- Assisted a real estate developer and private equity investor, in a cross-border insolvency in connection with several litigations regarding the sale of the debtors assets amounting to EUR 4.4 MIL. We represented the client in front of syndic judge, at discussions with the judicial administrator, in creditors` meetings, strategizing together with other creditors in connection with the actions of the secured creditor and liquidator, reviewing and submitting evidence for supporting the client`s position.
- Assisted the parent company and its subsidiaries, a leading Romanian retail group of companies owning children products stores and a pharmaceutical chain, in a group insolvency file, one of the very few in Romania, holding debts amounting to over EUR 3.5 MIL. We assisted with the opening of the group insolvency proceedings of the parent company and its subsidiaries, with the scope of reorganizing and restructuring the business. Further, we created a strategy regarding the most efficient and feasible means for the client to open the given insolvency proceedings, identifying and analyzing the options in terms of restructuring and reorganization, assisting also with the financial and management strategies. In addition to that, we assisted and offered representation at the creditors` meetings and committee and with the process of identifying the applicable tactics in terms of optimizing the core activity of the company, the personnel structure and the collecting of the receivables.
- Assisted a major local Romanian iron and steel manufacturer, in its restructuring process. The creditor was a central Romanian bank, that requested the opening of the insolvency procedure for a claim valued at over EUR 2.8 MIL, assigning the claim to a non-banking debt collector company. Our role was to provide legal consultancy with regard to the Insolvency Law, the effects of opening the insolvency proceedings against the current business activity of the company, the admissibility conditions of a reorganization plan, the conditions imposed by the law regarding drafting, approval, confirmation, implementation and compliance with the reorganization plan. In addition to that, we assisted the client in front of the creditors, in front of the court and during negotiations with the creditor and the insolvency practitioner. The client has succeeded with the reorganization plan and managed to close the insolvency proceedings, being reintegrated in the economic circuit.
- Assisted a leading Romanian construction company in its bankruptcy procedure, initiated by the National Agency for Fiscal Administration, holding liabilities amounting to over EUR 2 MIL. Our services included the diligence in front of the insolvency practitioner, a legal opinion regarding the status of the procedure, the risks with the liabilities of the directors and shareholders, the possibilities of restructuring, the strategy for the recovery of its receivables, assistance and representation in the creditors meeting and committee, identifying the debtors fraudulent transactions prior to entering the insolvency procedure.
- Assisted a former director from a leading Romanian construction company, in a personal liability claim formulated by the insolvency practitioner in value of over EUR 1,8 MIL. Our mandate involved the analysis of the conditions under which such a claim can be submitted in accordance with the jurisprudence and legal provisions currently governing the field of insolvency, drafting the defense statement and drawing up a strategy aimed to obtaining the dismissal of the claim. We managed to obtain the dismissal of the claim filed by the National Agency for Fiscal Administration in the very first phase of the Trial. We filled an appeal and due to our representation and strategy, we ensured the dismissal of the claim in the Appeal Court.
- Assisted a top Romanian construction and infrastructure company with liabilities amounting to over EUR 1.3 MIL, in its bankruptcy proceedings. The project involved the initiation of the simplified bankruptcy procedure of the company before the Court, diligence in front of the insolvency practitioner and overall supervision of the entire procedure.
- Assisted an important Romanian bank listed on the Bucharest Stock Exchange, in a voluntary cross-border insolvency, winding-up procedure of its subsidiary. It was a complex procedure, that involved the evaluation and selling of the assets owned by the subsidiary, in value of over EUR 1 MIL. Our legal services included assistance with the auctions and sales of assets in the insolvency procedure, preparing all necessary documents, SPAs, corporate approvals for the insolvent subsidiary, distribution of revenues in insolvency to the sole shareholder, settlement agreements, selling of assets under litigation, and assistance with all steps and conditions requested by the insolvency procedure to wind up the subsidiary.
- Assisted a top Romanian manufacturer that provides processed natural stones to construction companies, in its bankruptcy file. We have advised on the selling strategy of the assets evaluated at over EUR 1 MIL, drafted and defended the challenges raised regarding the registration of receivables in the List of Debts and eventually counselled on the effects of opening the bankruptcy proceedings towards the current activity of the company. Moreover, our mandate also included drafting of the contestation against the request for the opening of the bankruptcy procedure.
- Assisted one of the directors from the board of a construction company with regard to a claim for director liability, in value of approximatively EUR 1.5 MIL. Our mandate consisted of an analysis of the judicial administrator`s report on the causes of the company for going under insolvency, as well as the possible existence of conditions for the incidence of a cause to attract the directors liability for going into bankruptcy and the conditions under which such a claim can be submitted in accordance with the jurisprudence and legal provisions currently governing the field of insolvency. We drafted the defense statement and conceived a strategy aimed at obtaining the dismissal of the claim.
- Assisted a top Romanian aluminum manufacturer, in an insolvency procedure, in order to recuperate its current debt. The debtor held liabilities amounting to over EUR 800,000. Our services included the creation of a strategy regarding the legal means by which the client can recover his receivables, assistance before the insolvency practitioner in relation to the sale and purchase agreement concluded during the insolvency stage.
- Assisted a leading steel manufacturing company to recover its assets, valued at over EUR 600,000, from a company undergoing bankruptcy proceedings. We created an optimized strategy regarding the legal means through which the client recovered two industrial assets from the debtor and represented the company in a file concerning the cancellation of the sale-purchase agreement, whilst assisted throughout the negotiations phase of the lease agreement and buying of the assets. Our services included drafting of all applicable documents related to the legal proceedings for the recovery of the related assets (memos, statements of defense, written conclusions, statements of recourse, summons), as well as representation in various court actions related to multiple litigious files.
- Assisted a Lithuanian authorized Iveco distributor, in a cross-border insolvency procedure of a Romanian transportation company, in order to ensure the recovery of its losses. The debtor held liabilities amounting to EUR 6.7 MIL. We assisted with the debtor`s insolvency file, in which the client has formulated a request for the registration of the abovementioned receivables in the List of Creditors, consulted during the negotiations with the debtors and filled a statement of claim. Additionally, we represented 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.
- Assisted a leading heavy industry manufacturer of ships and navy components, in a settlement with a leasing company for a claim valued at approximately EUR 300,000 that was not registered in the List of Creditors during the period the company was in insolvency. After the insolvency procedure was finalized and the reorganization was successfully completed, the leasing company started the foreclosure procedure against the client, in order to recover the unsettled debt. We negotiated on behalf of the client with the leasing company and agreed upon a settlement to pay a part of the claim in instalments. The case was particularly challenging as the client faced the risk that the leasing company may challenge the Court`s decision regarding the approval of the reorganization plan.
- Assisted the director of a company operating in the IT and telecommunications sector, in a personal liability claim as part of a special procedure in front of the National Agency for Fiscal Administration (NAFA). The procedure was special in the sense that it only rarely occurs that NAFA declares a company insolvent after an analysis, based on the Romanian Fiscal Procedural Code. Prior to declaring the company insolvent, NAFA might also issue a decision to claim the personal liability of the directors.
- Assisted a major company in the domain of ore extraction, part of a well-known group with a high reputation on the international market, in a cross-border insolvency case following an abusive request of a business partner for opening the insolvency procedure against the client. We represented the client in court, drafted the defense against the request of the creditor, the written arguments and other procedural documents for supporting the client`s position, reviewing and submitting evidence for counter-arguing the insolvency arguments of the other party. (EUR 160,000)
- Assisted a major active mining and exploration company in a cross-border insolvency case, to recoup the claims from other litigation files from the debtor in insolvency, a Romanian mining company. We prepared and drafted the statement of claim, creating the strategy to recoup the claims and offering legal assistance and representation in front of the Court, drafting written arguments and other procedural documents for supporting the client`s position.
- Assisted a major Romanian iron and steel manufacturer, as a creditor in insolvency procedures, in order to recuperate its current debts. The debtors were some major real estate companies in reorganization, holding liabilities of over EUR 4,7 MIL. We represented the client in front of the Court, drafted the claim request, created a strategy for the recovery of the receivables, and offered legal assistance and representation both before the syndic judge and the insolvency practitioner. We successfully registered both of the claims in the Table of Receivables and have been inserted on the list of payment in the reorganization plans of both debtors.
- Assisted a major Romanian iron and steel manufacturer and warehouse company in the reorganization stage of the insolvency procedure, holding assets amounting to over EUR 4 MIL and debt over EUR 3 MIL. We drafted the reorganization plan, created a strategy for securing the creditors` claim dilution after the evaluation of the mortgage assets, monitored the distribution of receipts to all creditors and also managed to obtain the creditor`s confirmations over their collection of receivables listed in the Consolidated List of Creditors.
- Assisted a real estate developer and private equity investor, as a creditor, with a claim exceeding EUR 8,500,000 in a cross-border insolvency file of a debtor who developed a residential project. The company in insolvency held assets in value of EUR 12,000,000 and liabilities amounting over EUR 35,000,000. We created a strategy regarding the legal possibilities through which the receivables could be recovered, assisted the debtor in the insolvency file, formulated a request for registration of the receivables in the List of Creditors, also assisted during the negotiations with the secured creditor for the buyout of the claim.
- Assisted the debtor, a top Romanian construction and infrastructure company, with liabilities amounting to over EUR 1.3 MIL, in its bankruptcy proceedings in front of the Bucharest Court. We evaluated the shares in nominal value estimated at EUR 500,000, owned by the debtor in a Romanian waste recycling former public company, prepared a strategy for selling of shares and represented in the bankruptcy file.
- Assisted the Managing Director of a telecommunications company, in bankruptcy procedure, in an appeal against The Romanian National Agency for Fiscal Administration that filed a claim of personal liability, for the companys unpaid debts. We analyzed the conditions under which such a claim could be submitted in accordance with the jurisprudence and legal provisions currently governing the field of insolvency, drafted a statement of defense and conceived a strategy aimed to obtaining the dismissal of the claim. Prior to that, we managed to obtain the dismissal of the claim filed by the National Agency for Fiscal Administration in the very first phase of the trial and due to our representation and strategy we ensured the dismissal of the claim in the Appeal Court, as well.
- Advised, assisted and represented the CEO of a top telecommunication Romanian company, with personal liability claims for companys unpaid debts amounting to over EUR 450,000, grounded on which the Romanian National Agency for Fiscal Administration filed a claim against. We analyzed the conditions under which such a claim might be submitted within the framework of the legal provisions currently in place in the field of insolvency and to secure the dismissal of the claim, assisted in the appeal stage, drafted the defense statement, the written conclusions and a strategy of defense for the purpose of maintaining the Court Decision for our Client.
- Assisted a top Romanian Telecommunications Company, in an insolvency file in order to clear the company with the Trade Registry. We initiated the simplified bankruptcy procedure of the company before the Court, drafted a report on the conditions and causes of the insolvency and supervised the entire procedure in order to close the file in the shortest time possible and have the company cleared of debts in the records of the Trade Registry.
- Assisted the former directors of a leading Romanian construction company, with personal liability for companys unpaid debts liabilities in value of over EUR 1 MIL. We analyzed the conditions in which such claim could be submitted, in accordance with the legal provisions on insolvency and to obtain the dismissal of the claim. Throughout the litigation, the Firm assisted and represented the directors, successfully obtaining the dismissal of the claim submitted by a creditor of the company, resulting in exempting the Clients of the personal liability.
- Assisted a major real estate developer, that developed a five-star resort of over EUR 100 MIL, on a 700,000 sqm property, in his capacity as creditor, having as object the insolvency procedure, filling a statement of claim amounting to over EUR 9 MIL from the debtor. We provided legal assistance and representation to the client for the registration of the debt requested by the client.
- Assisted and represented a major Romanian-Israeli construction company with operations in Romania, in the insolvency case of the year 2009, the cross-border insolvency of Mivan Kier Joint Venture Limited New Park Sucursala Bucuresti, a branch of the Ireland mother company Mivan Kier Joint Venture Limited, an insolvency file of debts over EUR 100 million of a major North Ireland company with general operations in Romania. We assisted the client in drafting and submitting a statement of claim valued at over EUR 645,000 (the equivalent of the construction works done by the client in New Town Residential Project (a 650 apartments project developed By Mivan Kier Joint Venture Limited New Park Sucursala Bucuresti and an international investment fund) and represented in front of the syndic judge, as well as in front of the insolvency practitioner. We successfully assisted and represented the creditor and submitted the statement of claim that was registered in the preliminary list of creditors.
- Assisted the former Director of a leading warehouse and wholesale of industrial and machinery equipment in a personal liability case for the company`s unpaid debts liability. We advised on the insolvency law in terms of undertaking the personal liability of the former Director, as well as on establishing an optimal defense strategy in order to reject the claim submitted by the insolvency practitioner. In addition to that, we asked for injunction of the case until the definitive settlement of another file tightly connected with this case consisting in an appeal for declaring the inadmissibility of a supplement of the report regarding the causes for the company insolvency.
- Assisted a major Romanian construction company, as promissory buyer of some properties built by a major Bucharest-based developer, that entered into insolvency, holding assets amounting to over EUR 25 MIL and liabilities amounting to over EUR 30 MIL. We managed to obtain for the creditor a position in the Creditors Committee of the insolvent company and prior to a dispute resolution case that appealed the rejection of the insolvency practitioner to sign the sale purchase contracts having as object the properties contracted by the client, their ownership, by winning the case in front of the Second Court and in front of the Court of Appeal.
- Assisted two Romanian major real estate developers as creditors with receivables amounting to over EUR 1.3 MIL representing 20.16% of the total receivables with voting privileges, in the insolvency procedure against the debtor, a company with assets amounting to over EUR 6 MIL and liabilities amounting to over EUR 7.3 MIL. We provided legal representation to the clients in the Creditors General Assembly supporting the interests of the two creditors.
- Assisted and represented a leading IT business solutions company in a litigation case having as object a contestation against the registration in the preliminary table of receivables, of a receivable amounting to EUR 2.7 MIL. We provided legal assistance and representation in order to reach a settlement in favor of our client.
- Assisted a major real estate developer and an Israeli investor, the shareholder of the company, in restitution of some properties, amounting to over EUR 200,000 located in a residential complex in insolvency. We provided legal assistance and representation before the syndic judge and the insolvency practitioner, filling a claim against the real estate developer in insolvency for execution and concluding of the obligations from the Pre-Sale and Purchase Agreements. The legal proceedings have been completed successfully, the judicial administrator concluded the agreements and the clients obtained ownership of the two real estate properties in the residential complex.
- Assisted a major mining company in Romania, holding liabilities amounting to over EUR 4 MIL, throughout a cross-border insolvency procedure, until it merged with another major international mining company. Our role was to assist and represent the debtor in the insolvency procedure, by appealing the Creditors Assembly Minutes and the acts taken by the insolvency practitioner in the case.
- Assisted a major Romanian construction company in a litigation having as object admission of the insolvency procedure against a major Italian construction company, for a receivable arising from a Subcontracting agreement for works on highway Brasov. The Romanian branch of the company held assets amounting to over EUR 7.5 MIL. We initiated the cross-border international insolvency case against the mother company and managed to successfully solve the case through a settlement between the parties and our client recouped the receivable owed by the Italian construction company.