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Insolvency, Restructuring and Bankruptcy

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

In Memoriam: Assoc. Prof. Dr. Pavel Nicolae – A Life Dedicated to Law, Education, and Public Service

In Memoriam: Assoc. Prof. Dr. Pavel Nicolae – A Life Dedicated to Law, Education, and Public Service

It is with profound regret that we announce the passing of Assoc. Prof. Dr. Pavel Nicolae, Of Counsel, a distinguished professional whose career was dedicated to law, legal education, research, and public service. In his capacity as Of Counsel, Assoc. Prof. Dr. Pavel Nicolae supported the team through his extensive professional, academic, and institutional experience, […]

What Lesser-Known Rights Do Employees Have in Romania? Paid Days Off You May Not Know About

What Lesser-Known Rights Do Employees Have in Romania? Paid Days Off You May Not Know About

What Are the Lesser-Known Rights of Employees in Romania? Dr. Radu Pavel, Managing Partner of the Romanian Law Firm Pavel, Mărgărit and Associates, highlights that although most employees are familiar with their fundamental rights, such as the right to receive a salary or to take annual leave, Romanian employment legislation provides for a number of […]

Setting Up a PFA in Romania in 2026: Required Documents, Conditions, and What to Check Before Starting Your Business

Setting Up a PFA in Romania in 2026: Required Documents, Conditions, and What to Check Before Starting Your Business

Setting Up a PFA in Romania: When Do You Need a Lawyer’s Assistance? Setting up a PFA in Romania (an authorised self-employed person), although seemingly straightforward, involves more than completing and submitting documents. It is essential to establish whether the PFA has been properly registered and whether its registration corresponds to the activities that will […]

CAEN Rev.3 vs. CAEN Rev.2: which codes are changing and which are being eliminated? How to choose the right code for your company in Romania

CAEN Rev.3 vs. CAEN Rev.2: which codes are changing and which are being eliminated? How to choose the right code for your company in Romania

CAEN Rev.3 vs. CAEN Rev.2. CAEN codes when starting a company: how to choose correctly when incorporating a limited liability company (SRL) in Romania? The deadline for updating CAEN codes to Rev.3 has been extended. Accordingly, companies that had not completed the update by 25 September 2026 now have until 1 April 2027, pursuant to […]

Choosing a CAEN Code in Romania in 2026: CAEN Rev.3 for Company Incorporation and Updating Business Activities

Choosing a CAEN Code in Romania in 2026: CAEN Rev.3 for Company Incorporation and Updating Business Activities

Updating CAEN Rev.3 Codes in Romania in 2026: Deadline and Implementation Period Companies in Romania that have not yet updated their registered business activities in accordance with the new Classification of Activities in the National Economy – CAEN Rev.3 – are now beyond the implementation period. The 18-month period, calculated from 25 March 2025, ended […]

Apartments subject to enforcement proceedings: what should you know before buying a home at an ANAF auction?

Apartments subject to enforcement proceedings: what should you know before buying a home at an ANAF auction?

What does it mean when an apartment is subject to enforcement proceedings by ANAF, and how does it end up at auction? The National Agency for Fiscal Administration (ANAF) is the authority responsible for collecting and administering taxes owed by individuals and legal entities operating in Romania. It also handles the disposal of confiscated assets […]

Can you claim spousal maintenance from your former spouse after divorce in Romania? How a family lawyer can help you

Can you claim spousal maintenance from your former spouse after divorce in Romania? How a family lawyer can help you

Spousal maintenance lawyer in Romania. What is spousal maintenance? A marriage is dissolved through divorce. Following divorce proceedings, under certain conditions provided by law, a spouse who is in need is entitled to receive spousal maintenance. In such situations, the applicable legal framework in Romania is established by Article 389(2) of the Civil Code, which […]

Have You Built Without a Building Permit in Romania? How Can You Legalize the Construction Through the Regularization Permit Provided by the New Urban Planning Code

Have You Built Without a Building Permit in Romania? How Can You Legalize the Construction Through the Regularization Permit Provided by the New Urban Planning Code

Illegal Constructions in Romania. What Changes Have Been Introduced by the New Urban Planning Code? On August 10, 2026, Law no. 169/2026 on the Spatial Planning, Urban Planning and Construction Code was published in the Official Gazette of Romania. The law entered into force on August 25, 2026, replacing the previous regulations contained in Law […]

Construction Permits Are Going Digital in Romania: How Will the National One-Stop Shop Work and When Is a Lawyer’s Assistance Needed?

Construction Permits Are Going Digital in Romania: How Will the National One-Stop Shop Work and When Is a Lawyer’s Assistance Needed?

Urban Planning Lawyer in Romania. What Is the National One-Stop Shop and Why Was It Introduced? The new Spatial Planning, Urbanism and Construction Code (CATUC) in Romania, adopted by Law no. 169/2026, entered into force on 25 August 2026 and replaced the previous legislative framework, represented, among others, by Law no. 350/2001 and Law no. […]

National Urban Planning Geoportal in Romania and the New CATUC Rules: What Real Estate Developers Need to Know

National Urban Planning Geoportal in Romania and the New CATUC Rules: What Real Estate Developers Need to Know

Urban Planning Lawyer in Romania. National Urban Planning Geoportal in Romania. How Digitalisation Is Changing Access to Information on Land and Buildings Romania has adopted the Spatial and Urban Planning and Construction Code (CATUC), regulated by Law No. 169/2026. The Urban Planning Code in Romania aims to simplify the regulatory framework applicable to urban planning […]

The MOBIL IMM Guarantee and Financing for Companies in Romania: How a Lawyer Can Assist with Accessing and Managing Credit Facilities

The MOBIL IMM Guarantee and Financing for Companies in Romania: How a Lawyer Can Assist with Accessing and Managing Credit Facilities

The MOBIL IMM Guarantee. What SMEs Need to Know and When Legal Assistance Can Be Useful In a context in which an increasing number of companies are seeking funding to support their business activities, verifying the eligibility requirements and the obligations undertaken before accessing financing has become essential. A new financial guarantee instrument funded from […]

The Company’s Internal Regulations: The Document That Can Reduce the Risk of Employment Disputes, Disciplinary Sanctions, and Challenged Dismissals

The Role of Internal Regulations in Protecting Employers and Organizing Employment Relationships in Romania: From Online Company Formation to Employee Dismissal

The Role of Internal Regulations in Protecting Employers and Organizing Employment Relations. From Online Company Formation in Romania to Employee Dismissal Individual employment disputes, internal conflicts, challenged disciplinary sanctions, the annulment by the courts of dismissal decisions, and challenges against dismissal decisions are just some of the consequences that may arise from the absence of […]

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