Restructuring & Insolvency

Key Contacts

Overview

Our team has a wealth of experience acting for stakeholders involved in corporate restructurings or experiencing financial stress. We advise a wide range of companies on the full spectrum of insolvency matters and represent an extensive client base of Romanian and global banks in financial restructuring and reorganization work, implementing sustainable solutions and managing thus the diversity of stakeholder expectations from start to finish. Our clients include key financial institutions, corporate debtors in various industries, investors and other parties involved when a company is in financial difficulty.

Key Contacts

Stan Tirnoveanu
stan.tirnoveanu@zrvp.ro

Elena Iacob
elena.iacob@zrvp.ro

+40 21 311 05 17

Good expertise and communication.

(The Legal 500 | 2025)

The team has deep knowledge in insolvency procedures.

(The Legal 500 | 2026)

Proactive case management, and seamless client communication.

(The Legal 500 | 2026)

The expertise and the mix of the team enables them to handle complex or niche cases with confidence and authority.

(The Legal 500 | 2026)

Very good specialist in insolvency.

(The Legal 500 | 2025)

Banking and corporate issues often arise within insolvency procedures, which often require legal advice and knowledge from other specialized departments of the law firm. Using a holistic approach, we draw on multidisciplinary skills to provide advice on all aspects of restructuring and insolvency, as well as critical tax, employment and corporate issues. We work closely with our colleagues in these related areas to find creative and effective solutions for our clients.

Bolstering the firm’s reputation as a leader in the field, our lawyers have extensive experience with a wide array of insolvency and restructuring issues, and ability to handle matters with contentious aspects, having been involved in some of the largest and most high-profile insolvency cases in Romania.

Areas of Work

Capital restructuring
Complex loan restructurings
Dispute resolution and litigation
Distressed corporate finance
Financial institutions, funds and creditor representation
Financial modelling, financial restructuring and reorganization
Insolvency representation
Lender liability
Mergers & acquisitions
Recovery of receivables
Refinancing
Sovereign debt and bank restructuring

Selected Assignments

Examples of our work include:

Granting legal assistance in an ICSID investment arbitration which had as centerpiece one of the most striking insolvencies of the largest energy producer in Romania, Hidroelectrica, the value of the matter being over EUR 400 million;
Obtaining a unique judicial precedent due to the reinterpretation of the legal provisions on reorganization in insolvency proceedings, in a case of over EUR 65 million, where ZRVP represented a consortium of foreign and national major banks;
Providing legal assistance and representation of one of the largest banking and financial services group in Cyprus in insolvency proceedings against over 45 debtors for the recovery of receivables amounting up to EUR 112 million;
Representing banks ranked among the top 5 banks in Romania in credit restructuring operations involving insolvency aspects in matters of over EUR 50 million;
Successfully granting legal assistance in a case of over EUR 11 million built on a complex legal structure which involved a Danish entity which granted a supplier credit to a Romanian company specialized in forestry, biomass and renewable energy.

Awards & Accolades

Chambers Europe, Romania: Restructuring / Insolvency
Chambers and Partners | 2020
Chambers Europe, Romania: Restructuring / Insolvency
Chambers and Partners | 2019
Legal 500 EMEA, Romania: Restructuring and Insolvency
The Legal 500 | 2019