Our restructuring and insolvency work is at the heart of our practice and is the core of everything we do. Our turnaround and restructuring team has many years of experience in major restructuring and insolvency projects. We have provided our services to leading companies in the real estate, retail, metallurgic industry, the ply industry, the textile industry, the porcelain industry, all-purpose shoe industry, the leisure industry and the banking system.
We focus on implementation with the aim of helping the stakeholders and the client by optimizing the recovery value rather than on producing theoretical reports or other documents on different issues. This gives us depth and breadth that are unique in the market place.
We have extensive experience in all insolvency matters from reorganisation plans to daily management of insolvency proceedings, from sale of debtors’ assets and collection of receivables and management of bankruptcy proceedings, as follows:
- reorganisation plan: drafting of the reorganization plan according to art. 94 et seq. of the Law 85/2006, monitoring or implementation of the reorganization plan after its confirmation by the syndic judge, change of the table of creditors according to the reorganization plan;
- reorganisation strategy: analysis of the causes of the Company’s entry into insolvency, and its current economic and financial condition to propose solutions immediately applicable, with short-term impact which would improve the financial condition of the Company and elaboration of medium and long-term strategies, depending on the debtor’s and creditors’ options, meant for ensuring a transparent restructuring process and a high degree of recovery of claims;
- hostile take-over: drafting, preparing and implementing a reorganisation plan whereby the constitutive act of the debtor company is amended without the shareholders’ consent and the control of the company is taken over by its critical creditors, assistance in enforcing securities on the share parts of debtor companies;
- new means for covering the debts: drafting, negotiating and conducting agreements for datio in salutum, debt to equity swap, deferred payments, set-offs, agreements for restructuring the company’s debts or setting payment terms after the concluding the reorganisation proceedings;
- sale of shares/assets: preparing the sale strategy of debtors’ assets or shares, drafting customised sale procedures, negotiation and conclusion of sale-purchase agreements and settlements;
- business transfer: advice and support in a business transfer situation, from the time the stakeholders begin contemplating the possibility until the moment the company finish transferring ownership. To fulfil their mission, our professionals are prepared to bring in the specialists that may be needed in the process: human resources, management and strategic-planning consultants, banker, business valuator, accountant and tax expert, lawyer and notary.
- monitoring or management of debtor’s activity: supervision of operations and payments allowed during the observation period or the judicial reorganization proceedings, partial or full management of the debtor’s current activity by observing the express specifications of the judge-syndic, with regard to the prerogatives of the judicial administrator and the conditions for making payments from the debtor’s account;
- actions for annulment of fraudulent acts: filing actions for the annulment of fraudulent acts concluded by the debtor to the detriment of creditors and of transfers of assets, of certain commercial operations concluded by the debtor and the establishment of guarantees granted by it, likely to prejudice the rights of creditors;
- denunciation or maintenance of contracts entered into by the debtor;
- verification of claims and representation in court of contestations: verification of claims and, if necessary, filling of contestations to them, and as well as the drafting of creditors;
- debt recovery: collection of receivables, and if the case may be, tracking the receipt of claims related to the assets owned by the debtor or the amount of money transferred by the table of the debtor before the commencement of the proceedings, filling and sustaining actions in claims for debt collection;
- representation in court: advocacy in court for debtor companies in the insolvency case file and in all kind of lawsuits, etc.
- reporting tasks: drafting and review of 20-day and 40-day reports as well as sale reports and activity reports;
- sittings of the creditors’ assembly and committee: convening, chairing and recording in writing the discussions in the meetings of creditors or shareholders, associates or members of the debtor that is a legal person.