Statistics show that a successful restructuring after insolvency proceedings are filed is quite rare. The effort to align usually conflicting interests amongst parties almost always fails due to the “no compromise” approach of creditors.
In Romania, the insolvency process is still associated with fraudulent debtors, vengeful creditors, biased insolvency practitioners (receivers), overloaded insolvency courts and judges with questionable reputations.
Our insolvency and restructuring team has extensive experience in navigating these highly complex proceedings and dealing with hostile debtors, co-creditors and insolvency practitioners alike. We have represented both debtors and creditors in sensitive insolvency cases that resulted in the successful implementation of restructuring plans.