Țuca Zbârcea & Asociații | PRACTICE AREAS

Insolvency & Liquidation

Țuca Zbârcea & Asociații’s litigation department provides assistance in relation to liquidation, insolvency and bankruptcy procedures. Our lawyers have extensive expertise in debt recovery, bankruptcy and liquidation, and some of them are also accredited as insolvency practitioners. For the same purpose we have established a distinct entity – TZA Insolvență S.P.R.L., member of Uniunea Națională a Practicienilor în Insolvență (National Union of Insolvency Practitioners) – which offers specific services in this field.

Our Services

assisting and representing both debtors and creditors in insolvency proceedings; identifying settlement opportunities and ensuring the benefit of privileged or secured debts in case of threatened bankruptcy; providing restructuring strategies and contributing to the drafting of reorganisation plans; assessing legal feasibility of reorganisation plans proposed by either debtor or creditor; ensuring the creditor’s debt collection following the liquidation of the debtor’s assets; concrete proposals for the cancelation of the debtor’s fraudulent acts meant to diminish the debtor’s assets and so on.
assisting clients in developing a strategy in case insolvency or bankruptcy are imminent; drafting reviews on chances of debt recovery; assistance with procedures preliminary to the opening of the insolvency procedure.
acting as official receiver/judicial liquidator, we ensure supervision of the debtor’s insolvency/bankruptcy procedure, preparing the report on the causes and circumstances that led to insolvency, activity reports and any other reports requested by the syndic judge, drafting the table of creditors, supervising the collection of claims and capitalising assets and so on.
assisting clients during the liquidation proceedings; drafting of related corporate documents, as well as performance of all the necessary steps and procedures to place a company into a voluntary liquidation in our capacity as liquidators.

Client Highlights

Successfully assisting and representing two multinational companies owning hypermarkets in front of the courts of justice in order to obtain rejection of insolvency applications submitted by business partners, for the recovery of claims amounting more than EUR 600,000.
An important German company operating in the field of construction: successfully assisting and representing the company in an insolvency case opened against our client by a third party owning a claim over EUR 400,000. Our services included assistance and representation in front of the courts of justice needed to obtain the rejection of the application for insolvency.
A distributor of pharmaceutical products: legal advice on the strategies available in order to recover various outstanding debts from business partners exceeding EUR 400,000,000, including assistance and representation in the subsequent insolvency proceedings against several pharmacies.
A renowned European company specialised in energy transactions: assistance in the insolvency procedure of the biggest Romanian producer of hydroelectric energy, in relation to claims amounting to EUR 2,500,000, as well as in a claim for damages exceeding EUR 80,000,000, submitted in front of the Geneva Court of Arbitration.
A renowned European company specialised in energy transactions: assistance in the insolvency procedure of the biggest Romanian producer of hydroelectric energy, in relation to claims amounting to EUR 2,500,000, as well as in a claim for damages exceeding EUR 80,000,000, submitted in front of the Geneva Court of Arbitration.
A British company specialised in energy sale: assistance services in complex commercial litigation aiming for the recovery of a claim approximately EUR 80,000,000 resulting from a framework-agreement concerning petroleum supply signed with a company undergoing insolvency proceedings.
One of the biggest international producers of pipes for the energy industry: legal assistance and representation in procedures concerning the recovery of assets worth over USD 32,000,000 owned by a local pipe producer undergoing bankruptcy. Our services included drafting the strategy on the ways to recover the assets owned by the bankrupt debtor, reviewing of the relevant legislation in this field, assistance and representation in the legal procedures for the recovery of the bankrupt debtor’s assets.
Legal assistance and representation provided to various European banks with branches in Romania, in relation to many insolvency procedures and claim recovery procedures resulted from bank credit agreements. Our legal assistance services concerned enforcement procedures, enforcement of pledges and insolvency procedures
Consultancy services provided to several international banks in relation to corporate restructuring of several companies that had obtained bank financing of tens of millions of Euros for real estate projects developed in Bucharest and Timișoara.
Advising a leading local bank on the restructuring of a EUR 23,000,000 multicurrency term and revolving credit facility agreement made available for the development of a logistic park in the western part of Romania. The legal services consisted in making strategy proposals for the recovery of the receivable, legal assistance and representation both before the syndic judge and in the creditors’ meetings and committee.
Consultancy provided to one of the biggest local banks, part of a renowned French banking group, for implementing a complex restructuring of a multi-million Euros credit portfolio. Our work included conducting an extensive due diligence exercise on the loan agreements and related security agreements concluded with the borrowers, the development of the restructuring strategy, drafting the finance documents (i.e., loan agreement and security agreements) and of the other restructuring documentation (i.e., assignment agreements, debt takeover agreements), reviewing and amending/commenting on the finance documents and assistance in the negotiations. Our team developed different restructuring strategies for different categories of borrowers, including debt take-over, assignment of debts and securities restructuring.
Assistance provided to a local Greek capitalised bank on the restructuring scenarios of a large portfolio of real estate assets worth in between EUR 7,000,000 - EUR 10,000,000. The firm’s lawyers drafted the share sale purchase agreement, assisted the client in negotiations and in respect of the incorporation of the SPV with the Trade Register etc. Furthermore, our team advised the client on implementing a suitable mechanism to refinance these assets for future retail developments.
Advising a local branch of an Austrian bank in relation to the restructuring of a multiproduct loan worth EUR 19,600,000 granted to a group of companies, part of one of the biggest television companies in Romania.
Assistance and representation provided to an important local bank in a bankruptcy file opened against an insurance company regarding outstanding receivables worth EUR 2,500,000. Our services include assistance and representation of the client, as unsecured creditor, in the creditors’ meeting and committee, as well as in front of other bodies authorised to apply the proceeding such as the courts of law, the syndic judge, special and judicial administrator.
Representing a company, part of a Swiss group acting in the field of energy transactions, in an insolvency proceeding against a local power and heat company for the recovery of outstanding receivables in excess of EUR 21,000,000.
Legal assistance and representation services provided to a local aviation company as debtor undergoing different stages of the insolvency procedure, in relation to claims amounting to EUR 17,000,000. The debtor successfully implemented a reorganisation plan.
Assisting and representing an important Romanian railway transporter, in the court proceedings on challenging the enforcements commenced by a bank for the enforcement of several promissory notes endorsed by the client, amounting to approximately EUR 4,500,000 and, on a related note, with respect to the annulment of those promissory notes.
Assistance in relation to a legislative initiative to regulate personal insolvency in Romania (a local first). Our role involved a full assessment from a legal perspective of the impact of this new piece of legislation on the banking industry. The firm’s lawyers performed a thorough due diligence investigation on the legal solutions used in Germany, Italy, Spain, France, Poland, the Czech Republic, Great Britain and the United States of America to regulate personal insolvency. Also, our team drafted a set of amendments/proposals to the draft law under public debate and participated, together with representatives from the Romanian banks, at the debates over the draft law held by the Romanian Senate Commission.
Acting as official receiver of numerous Romanian companies undergoing reorganisation and insolvency procedures, especially in the field of real estate, dealing with implementing the reorganisation plan, out-of-court activities (patrimony inventory and assessment etc), ensuring financial supervision and management administration, supervising the collection of receivables and sale of assets according to the legal provisions, drafting the report on the causes and circumstances that led to insolvency, activity reports and other reports requested by the syndic judge.

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