Restructuring & Insolvency
We advise creditors, investors, debtors and directors when a Romanian business is under financial pressure. That means choosing between consensual restructuring, pre-insolvency procedures and formal insolvency under Law 85/2014, and coordinating the tax consequences with our tax partners.
Updated 28 October 2026 · General information, not legal advice
What we advise on
Pre-insolvency options
Ad hoc mandate and preventive composition (concordat preventiv) under Law 85/2014 to restructure debt before insolvency.
Creditor strategy
Claims filing, creditor committees, voting on reorganization plans and recovery of secured claims.
Distressed acquisitions
Purchase of assets or businesses from insolvent companies, including the protections available to buyers.
Directors and shareholders
Advice on the duty to file for insolvency and on liability actions under article 169 of Law 85/2014.
Tax coordination
Treatment of tax liabilities and restructuring steps, together with our tax adviser partners.
- Filing deadlines. A debtor in insolvency must file within the statutory period. Late filing increases the risk of personal liability for management.
- Look-back periods. Transactions made before insolvency can be challenged by the insolvency practitioner. Recent deals with a distressed counterparty need checking.
- Secured creditors. Security registered correctly keeps its priority in insolvency, but enforcement is suspended once proceedings open.
What is a preventive composition in Romania?
It is a court-confirmed agreement between a debtor in financial difficulty and its creditors under Law 85/2014, used to restructure debt and avoid insolvency. It needs the support of a qualified majority of creditors.
Can directors be personally liable when a Romanian company becomes insolvent?
Yes. Under article 169 of Law 85/2014, the court can order members of management to bear part of the company's liabilities if they contributed to the insolvency through acts listed in the law.
Tell us the decision you need to make
Describe the transaction or regulatory issue, the Romanian assets involved and your timetable.
Consultation