Press Room

Zamfirescu Racoti Predoiu establishes ZRP Insolvency SPRL

Bucharest, December 5, 2011 – Zamfirescu Racoti Predoiu Attorneys at Law (ZRP) extend their insolvency practice by establishment of ZRP Insolvency SPRL. The new company will manage the insolvency projects with focus on reorganization and liquidation procedures. The establishment of ZRP Insolvency SPRL is part of the development strategy of the law firm and completes, together with ZRP Tax, the portfolio of integrated services rendered to the clients.

”Lately, we have been facing significant increase of the specialized services demand in what regards the management of the pre-insolveny and insolvency procedures, against the backgroud of difficulty in accessing banking financing and of low liquidity on the market of tangible and intangible assets, so that we felt it necessary to create a distinct entity to focus on this segment. The partners’ decision on the establishment of ZRP Insolvency was a natural one given the law firm’s solid expertise in insolvency, well-developed practice and complex and united team” said Stan Tîrnoveanu, Managing Partner Zamfirescu Racoti Predoiu.

ZRP Insolvency SRPL will centre around projects of reorganization of debtors in difficulty. The services offered include counselling of clients regarding the prophylaxis of commercial insolvency, management of crisis situations, pre-insolvency consultance, drafting of reorganization plan and redress analysis, management of reorganization procedures, judicial liquidation and voluntary liquidation.

The new entity will function, at a first stage, with a team of 5 insolvency practitioners, being coordinated by Stan Tîrnoveanu, Managing Partner of the law firm and Calin-Andrei Zamfirescu, Senior Partner of Dispute and Arbitration Department of ZRP. The two coordinators have significant expertise of over 30 years in the law field and of over 14 years as insolvency practitioners.

”The short-term strategy for development and consolidation of the insolvency practice aims at enlarging the multidisciplinary teams and coopting an executive manager who will manage the activity of the insolvency firm, a stage to be completed at the end of January 2012”, Stan Tîrnoveanu added.

One of the projects Zamfirescu Racoti Predoiu has developed in the insolvency field is representation of a group of creditors in the file on Cuprom debtor’ s insolvency, legal assistance rendered to a group of local and international financial institutions regarding the insolvency of Victoria Holding, and legal assistance in structuring a reorganization plan rendered to an important debtor whose creditors’ mass exceeds EUR 90 milion.

ZRP Insolvency SPRL was registered with the Registry of Organization Forms on October 28, 2011 under no. RFO II - 0571 and is a member of The National Union of Practitioners in Insolvency from Romania.

Zamfirescu Racoti Predoiu ranks first in Insolvency in the top of annual international directories Chambers Europe and Legal 500. Same publications agree that ”Stan Tîrnoveanu Sources is one of the best with respect to insolvency procedure cases. Clients view his background in the banking industry as a real plus.” (Chambers Global 2011)