Mușat & Asociații este întotdeauna cu un pas înainte în ceea ce privește evoluția cadrului legislativ și a mediului de afaceri, anticipând nevoile clienților și acționând că un deschizător de drumuri în domeniu.
See All The Practices

Our Restructuring & Insolvency practice stands for the highest professional standards in restructuring and insolvency.

Acting both as lawyers or insolvency practitioners, we advise and represent various leading national and international companies, commercial banks and public institutions, both on the debtor and creditor side, on the full spectrum of restructuring and insolvency matters.

Our practice covers all industry sectors, such as pharmaceuticals, real estate, oil and gas, maritime technology, ferrous and nonferrous industry, transportation or constructions and is tightly integrated with our M&A, Corporate & Commercial, Banking & Finance, Taxation, Litigation & Arbitration and Real Estate & Construction practices.

Practice Highlights.

A selection of our deal highlights includes advising / representing:
  • An important Romanian State owned company, established in 2013, whose main activity is passenger air transport, throughout the insolvency proceedings. The mandate, in relation to the declared purpose of the insolvency proceedings, is to propose a Reorganisation Plan through which both the need to preserve a company of national strategic interest and to settle the claims of its creditors, which amount to over EUR 400 million.
  • The largest Romanian company specialized in construction of hydropower stations and dams, with a tradition in this field of over 75 years, currently in insolvency. The mandate consists mainly in developing a reorganization plan aimed at successfully reintegrating the company and paying off its debts amounting to approximately EUR 100 million.
  • An important construction company with investment objectives of national importance in the field of civil, social, municipal, agricultural and industrial construction. The mandate is to develop and implement a comprehensive business restructuring plan during insolvency proceedings.
  • One of the main players operating in the real estate sector, during the bankruptcy proceedings, with the aim to implement an effective strategy of assets liquidation and full coverage of the statement of affairs with a value exceeding EUR 15 million.
  • An important Romanian company operating in the Fats and Oils Refining and Blending industry in connection with the voluntary liquidation procedure as part of Bunge Group’s restructuring plan.
  • The largest Romanian electricity producer during its’ voluntary winding-up and bankruptcy. Our mandate covered the complete liquidation process, including the assets realization strategy and addressing all concerns relating to the company and debt recovery. So far, more than EUR 17 million were paid to the creditors.
  • One of the largest local construction companies, during the bankruptcy procedure with a total amount of creditor’s receivables requested during the procedure amounting to EUR 100 million.
  • One of the largest Romanian companies operating in the field of maintenance of electrical networks, both in the judicial reorganization procedure and in the bankruptcy procedure stage. The assistance during the reorganization phase was aimed at preparing the restructuring strategy, drafting the reorganization plan, carrying out a comprehensive analysis of the legal and economic activity of the company in order to maximize the debt recovery process, managing the assets problems and capitalizing the assets. During the bankruptcy period, the mandate consisted in preparing the strategy of liquidation of the company’s assets, successfully completing the collective dismissal procedure, debt recovery actions and the management of current operations.
  • Romania’s largest heating system administrator, in a high-profile high-value dispute filed by Electrocentrale Bucureşti S.A. (ELCEN) against the Municipality of Bucharest, Romania’s capital city. ELCEN, as principal creditor, requests that the Municipality of Bucharest be held liable for the entirety of the Client’s statement of affairs, worth more than EUR 850 million.
  • One of the leading local banks, owned by an American fund, on the complex legal issues to recover important receivables during the insolvency procedure against one the bank’s clients and, also, in connection with the acknowledgement of the bank’s right to payment of the accessory payments due up to the time of the intervention of the legal subrogation for the secured claim paid in full.
  • The world’s leading producers of premium cars, in connection with an extremely complex and sensitive case involving various areas of practice in which a major car parts manufacturer in Romania threatened to enter insolvency and stop producing and supplying components, likely to lead to significant damage, amounting up to EUR 40 million per day.
  • The Romanian subsidiary of the largest French manufacturer in the pharmaceutical field, in the insolvency procedure of two important Romanian distributors of pharmaceutical products. Our mandate in both procedures includes drafting the receivables claims, representing the client before the syndic judge and creditors’ meetings, writing and defending appeals regarding the registration of debts in the list of debts. The global debts requested by all the creditors amount to approximately EUR 63 million in the case one distributor, respectively EUR 58 million in the case of the other distributor.
  • One of the largest retailers in Romania, during the insolvency procedure against an important entrepreneurial and project management company in the field of constructions and installations located in Brașov, in order to recover significant secured receivables.
  • The Romanian Government and the Ministry of Communication and Information Technology (as a part of a consortium with Roland Berger), in connection with a complex restructuring process involving the Romanian national post company, as a first step towards its privatization to a strategic investor.
  • The Romanian Financial Supervisory Authority, in connection with the bankruptcy procedure of an important insurance/ reinsurance company. The counselling covers complex legal issues arising from the special procedure applicable to insurance companies facing financial difficulties.
  • A major local service provider in the hospitality industry, in all steps of the restructuring process, leading to a successful outcome.
  • A leading real estate investment group, during the insolvency procedures initiated against debtors, arising from the infringement of a FIDIC construction agreement, with aggregate claims of approx. EUR 21 million.
  • A major Romanian IT company, throughout its insolvency procedure, restructuring the company and optimizing its core activity.
  • A world-renowned company in the field of pharmaceuticals and medical devices, in the insolvency proceedings of two healthcare companies, in order to recover a series of debts arising from non-payment of bills and re-possession of the rented medical equipment.
  • The German national railway company, in the insolvency proceedings against Romanian railway manufacturers.
  • One of the world’s largest commercial jet aircraft leasing companies, managing at least 329 aircrafts, during the bankruptcy procedure of a major low-cost airline.
  • The major European energy distributor, in the successful restructuring of its Romanian subsidiaries in an unbundling process of its supply and distribution divisions in Romania.
  • The local subsidiary of the financing division of the world’s leading manufacturer of construction and mining equipment, in more than 30 cases of insolvency procedures and enforcement actions for the repossession of industrial equipment against its’ Romanian debtors.
  • A giant manufacturing company, during the insolvency proceedings declared against several of its’ significant debtors for the recovery of multi-million Euros receivables.
  • The local subsidiary of the world’s leading healthcare group, in the recovery of multi-millions of Euros during the insolvency procedure initiated against a major Romanian distributor of pharmaceutical products and two local pharmaceuticals store chains.

Other representative mandates of our Restructuring & Insolvency practice include advising:

  • A Germany-based global provider of plasma proteins therapies and diagnostics, in recovering multi-millions of Euro in commercial debts from a Romanian pharmaceuticals distributor, including assistance and representation against the former management of this company within the liability claim.
  • A U.S. private equity group, on a restructuring plan involving three factories producing spare parts for Volkswagen, Audi, and DAF, owned by its local affiliate. Following the restructuring process, three asset sale transactions to different purchasers emerged.
  • A leading global manufacturer of audio, video, communications, and information technology, with regard to restructuring its activities in Romania.
  • A group of leasing companies and a bank, part of an Italian financial group, during multiple successful insolvency and foreclosure proceedings initiated against debtors for the recovery of various commercial debts exceeding EUR 33 million.
  • A Dutch company, during insolvency proceedings for debts exceeding EUR 20 million of a Romanian shipyard company. We assisted our client in preparing for the recovery of the shipyard from insolvency, laying the groundwork for a potential joint venture.
  • A major U.S.-based agricultural company, in connection with the restructuring process of its group activities in Romania.
  • The official receiver of a Cypriot holding company, in efforts to protect the company’s assets from being sold by former managers. The biggest challenge was to reclaim assets that had already been sold.
  • A Romanian company in the electricity transport and distribution sector, during its liquidation process, aiming to cover as much of the total amount of claims of more than RON 14 million.
  • A successful real estate company in Northern Romania, on implementing an unprecedented strategy to cover the entire amount of claims within the observation period.
  • An important infrastructure construction company in the Romanian region of Transylvania, in developing a reorganization plan aimed at facilitating payments of approximately EUR 10 million. The company continues to pay all taxes and retain a significant number of employees.
  • Companies dealing with buying, selling, and renting real estate, supervising their activities throughout the observation period, and analyzing the feasibility of a reorganization plan and the bankruptcy proceedings.
  • A member of a European asset portfolio servicing group, in recovering millions of Euros in commercial debt across diverse cases.
  • Service companies of an automotive group, in connection with the request to open bankruptcy proceedings against one of the largest insurance/reinsurance companies in Romania and the recovery of a significant debt.
  • A leading Swedish provider of navigation systems and integrated bridge solutions, in recovering important commercial debts from an insolvent Romanian company.
  • A global leader in the supply of aftermarket aircraft, engines, OEM material, and asset management services, in relation to the recovery of approximately EUR 4.5 million in commercial debt against a former major low-cost airline carrier.
  • A major Greek air carrier, in the insolvency proceedings of a Romanian tour operator and in connection with an action filed by passengers.
  • An Austrian pharmaceutical company, in the insolvency and bankruptcy procedure of a major Romanian company dealing with the import and distribution of pharmaceuticals and medical equipment, aiming to recover the value of delivered pharmaceutical products.
  • A development and management affiliate of a major real estate group, throughout the debt recovery process against its tenants, successfully engaging in pre-judicial proceedings and negotiations with the tenants’ representatives.
  • A company with long-standing experience in the debt collection industry, in recovering significant debts from a major car parts distributor in Romania.
  • A Dutch multinational company specialized in financial and banking services, during the insolvency procedure of one of the largest state-owned chemical companies in Romania, aiming to recover important commercial debts.
  • The largest Romanian oil company, during the insolvency proceedings of a company owning a processing plant for the recovery of a debt exceeding EUR 30 million.
  • A Swiss-based manufacturer of compression socks and stockings, on the successful recovery of its commercial debt during the insolvency proceedings of a Romanian distributor of medical products.
  • A U.S.-based global company specialized in the petrochemical field, in the recovery of commercial debts exceeding USD 1 million during the insolvency procedure of a major Romanian chemical producer.
  • A leading French fire safety company, in relation to the insolvency procedure of the main manufacturer of electronic security systems in Romania. This resulted in the recovery of significant debts and the repossession of equipment granted to the debtor.
  • A major insurance broker from Bahrain, in the bankruptcy proceedings of Romanian companies in order to recover important debts.
  • A German company operating in the project management sector, during the insolvency bankruptcy proceedings of Romanian companies, providing a full service and securing the recovery of significant debts.
  • A major Romanian IT company, throughout its preventive arrangement proceedings and in negotiating a mutual arrangement in court with the company’s creditors, including major local banking entities.
  • A Romanian subsidiary of an international company in the pigments industry, in the recovery of an important claim in the insolvency procedure of a Romanian packaging company.
  • A Romanian water supply services provider, in filing all legal actions and claims to recover a commercial debt exceeding EUR 4 million from two well-known Romanian infrastructure contractors.
  • An Italian multinational company active in the wastewater collection, treatment, and disposal field, during the insolvency procedure of a Romanian debtor following a multi-million Euro commercial litigation.
  • A Japan-based global manufacturer in the automotive and industrial sector, during the insolvency proceedings initiated against a former large Romanian manufacturer of bearings and automotive bearings, in relation to several significant commercial claims.
  • A major construction company, during the insolvency proceedings and reorganization process.
  • The Czech market leader in trading and processing ferrous and non-ferrous scrap, during insolvency proceedings initiated against a Romanian company in the same field, to pursue the recovery of a multimillion commercial debt.
  • A leading company, during the insolvency proceedings undertaken against a group of Romanian companies.
  • A leading state-owned electricity provider in Romania, together with an international partner, in connection with restructuring its generation capacity. This included an in-depth analysis, drafting required documentation for implementing the restructuring strategy, assessment of pre-requisite conditions for obtaining clearance from the Competition Council, establishing corporate structures, share capital funding, shareholders agreements, and corporate governance matters.
  • A major company in its sector, during the restructuring and insolvency proceedings against a Romanian company. We drafted the insolvency request and represented the client before the court and during insolvency-related meetings. We also prepared and presented the strategy for claim recovery.
  • The local subsidiary of a Dutch construction company, during the insolvency procedure against a Romanian company, for the recovery of important receivables.
  • A major bank, during the insolvency proceedings initiated against various Romanian debtors for the recovery of significant claims.
  • One of the largest Romanian poultry farming and meat processing companies, during the insolvency procedure against a Romanian company.
  • A group of companies, during multiple insolvency procedures. We drafted due diligence reports regarding the financial debts, negotiations with creditors, mediation between companies, and provided assistance and representation during insolvency proceedings before the competent Courts.
  • The local subsidiary of an international telecommunication group, in connection with the restructuring and sale of its fibre-optic network to another telecom company.
  • A member of a reputed real estate developer group, during the insolvency procedure initiated by a Romanian engineering company to recover important receivables.
  • A leading pharmaceuticals producer, during the insolvency proceedings initiated against an important distributor of medicines in Romania, for the recovery of significant commercial debt.
  • A leading Central European fund acting in the real estate sector, in connection with the preparation and approval by the auditors and the court of a restructuring plan for a local state-owned company undergoing EUR 50 million insolvency proceedings.
Ranked as leading in Restructuring & Insolvency by the prestigious British legal publishers Chambers Global.
“The client approach is flawless, the responsiveness is prompt and accurate, and the expertise is very extensive, covering a full range of legal practices.”
Chambers & Partners
“The lawyers provide solutions, undertake proactive initiatives, provide ongoing support, are quick to answer and are very efficient and knowledgeable.”
Chambers & Partners
Clients believe the firm to be “professional, with a great team of lawyers displaying depth of knowledge”.
Legal 500
Mușat & Asociații: “A firm with international standards and an important local player”.
Chambers & Partners
Clients say: “The lawyers have a good legal understanding and communicate in a proactive and timely manner.”
Chambers & Partners
“Market sources agree the firm is one of the leading outfits in the field and single out its large litigation department as a particular strength.”
Chambers & Partners
Clients say: “The team has an excellent coverage of insolvency, and works very well together”.
Chambers & Partners
“This firm is involved in some of the biggest cases, which are often the first of their kind”, say peers.
Chambers & Partners
Mușat & Asociații has “a dominant share of the country’s business” and “garners much respect from its competitors and clients”.
IFLR 1000
Clients are quick to praise the firm’s flexible service: “They are there when we need them, even at very short notice”.
Chambers & Partners
“Easily compete with any international firm in terms of presence, expertise and vision.”
Legal 500
Clients of Mușat & Asociații say that for energy work, the firm’s “level of service is very high”.
Legal 500
Interviewees highlight the firm's ability to “meet the deadlines and the expectations of the client,” adding “they understand what we want from them”, “they are reactive in answering,” and offer “a high quality of services”.
Chambers Europe
Sources say “it was able to provide specialized lawyers in no time - the firm is outstandingly reactive”.
Chambers & Partners
“Mușat & Asociații’s full involvement in cases is really appreciated.” Moreover, “Muşat combines deep technical knowledge and a high level of business awareness”.
Chambers & Partners
Clients appreciate the lawyer’s “vast industry knowledge and excellent services”.
Chambers & Partners
“The team is innovative, creative and dedicated to finding the best solution.”
Chambers & Partners
Clients recommend Mușat & Asociații for “its impressive business attitude and the energy and time it devotes to clients”.
Chambers & Partners
Clients are impressed by the team at this “incredibly responsive” firm, noting that “it seems like someone is available 24 hours a day”.
Chambers & Partners
“Excellent on all fronts”, Muşat & Asociații is “highly rated, has a lengthy track record” and “well-trained and professional lawyers”.
IFLR 1000

Attorneys

Mihai Popa

Restructuring & Insolvency/Bankruptcy
Labour & Employee Benefits
 mihai.popa@musat.ro

Cristi Tudor

Restructuring & Insolvency/Bankruptcy
Taxation
 cristi.tudor@musat.ro

Diana Dobromir

Restructuring & Insolvency/Bankruptcy
Corporate & Commercial Law
 diana.dobromir@musat.ro

Dana Bușcu

Restructuring & Insolvency/Bankruptcy
Corporate & Commercial Law dana.buscu@musat.ro

Roxana Diaconescu

Restructuring & Insolvency/Bankruptcy
Corporate & Commercial Law roxana.diaconescu@musat.ro
FIND ATTORNEYS