Insolvency Lawyer and Insolvency Practitioner Romania
Insolvency is one of the most complex and technically demanding areas of Romanian law. Few professionals master it fully and even fewer master it from both perspectives simultaneously.
Cristi Sava is both a lawyer specialising in commercial law and insolvency, and a licensed insolvency practitioner and UNPIR member acting as both judicial administrator and judicial liquidator with over 20 years of experience. This rare combination gives our clients a real advantage: complete legal expertise combined with deep procedural knowledge from the inside, not from the outside.
Whether you are a creditor seeking to recover what you are owed, a debtor looking for a path to survival, or a company in need of a judicial administrator or liquidator you have a single advisor who understands the entire procedure in every detail.
The Dual Qualification Your Concrete Advantage
The difference between a standard insolvency lawyer and an insolvency practitioner who is also a lawyer is fundamental.
The insolvency lawyer
knows the law and represents the client in court. They understand the procedure from the outside through court filings, deadlines, and legal arguments.
The insolvency practitioner
actually runs the procedure administers the debtor, drafts the reorganisation plan, realises assets, and distributes proceeds to creditors. They know the procedure from the inside with all the practical, operational, and financial details that a pure lawyer does not see.
Cristi Sava is both.
When we represent a creditor or debtor as lawyers, we understand exactly what the judicial administrator is doing, what drives their decisions, and how you can influence the proceedings in your favour. When we act as judicial administrator or liquidator, we bring full legal expertise to the management of the procedure resulting in decisions that are more solid, harder to challenge, and more efficient for all participants.
Representation in Insolvency
Proceedings
Creditor Representation
When a debtor enters insolvency, your claim does not disappear but your chances of recovery depend directly on how quickly and correctly you act. Deadlines are short and forfeitures are final.
We assist creditors in:
- filing the application to open insolvency proceedings
- registering the claim in the preliminary and final table of creditors
- challenging the table of claims and claims filed by other creditors
- participating in creditors' assembly meetings and exercising voting rights
- challenging the reorganisation plan proposed by the debtor
- requesting the transition to bankruptcy when reorganisation is not viable
- monitoring distributions and maximising the recovery rate
- actions to annul fraudulent transfers and preferential payments
Debtor Representation Companies in Financial Difficulty
A company facing serious financial difficulties has several options but the window in which those options remain open closes quickly. Entering insolvency at the right moment, with a clear strategy, can save the business.
We assist debtors in:
- assessing the financial situation and available legal options
- filing the application to open insolvency proceedings
- preparing mandatory documentation at the opening of proceedings
- managing the relationship with the judicial administrator and the creditors' assembly
- defending against challenges filed by creditors
- protecting assets essential to the continuation of operations
- negotiating with creditors to build a viable reorganisation plan
Director Liability in Insolvency
Law 85/2014 allows for personal liability to be engaged against directors and managers who contributed to the company reaching insolvency. As an insolvency practitioner with over 20 years of experience, we know exactly which conduct is targeted, how it is analysed, and how it can be defended against.
We act in matters involving:
- analysing directors' conduct and identifying acts giving rise to liability under Article 169 of Law 85/2014
- filing applications to engage the personal patrimonial liability of directors
- defending directors against liability claims
- related civil liability actions connected to insolvency proceedings
Insolvency Practitioner Services
UNPIR Member
We provide insolvency practitioner services with a practical and legally grounded approach, covering judicial administration, reorganisation planning, liquidation, asset realisation, and actions to recover value for creditors throughout the insolvency procedure.
Judicial Administration
As court-appointed judicial administrator, we take over the management or supervision of the debtor's operations during the observation period and reorganisation. The objective is to identify the best solution for all participants creditors, debtor, and employees.
Judicial administration services include:
- taking over management of the debtor or supervising its activity
- analysing the financial and operational situation of the company
- preparing the report on the causes of insolvency
- identifying and preserving the debtor's assets
- assessing the viability of reorganisation versus bankruptcy
- drafting or assisting in the drafting of the reorganisation plan
- supervising the execution of the confirmed reorganisation plan
Reorganisation Plan Drafting and Supervision
The reorganisation plan is the central document that can save a company in insolvency. Drafting it requires both legal expertise for compliance with Law 85/2014 and for obtaining judicial confirmation and deep operational and financial understanding of the business.
With our dual qualification as lawyer and insolvency practitioner, we draft reorganisation plans that are:
- realistic from a financial and operational perspective
- solidly grounded legally to withstand creditor challenges
- structured to obtain a favourable vote from the creditors' assembly
- sustainable over the execution period of up to three years
Liquidation in Bankruptcy Proceedings
When reorganisation is not possible or is not supported by creditors, bankruptcy proceedings take effect. As judicial liquidator, we manage the entire process of asset realisation and distribution of proceeds with the objective of maximising recovery for creditors.
Liquidation services include:
- inventory and valuation of the debtor's assets
- realisation of assets through public auction or direct negotiation
- actions to annul fraudulent transfers made prior to insolvency
- recovery of preferences payments made preferentially during the suspect period
- preparation of distribution plans and distribution to creditors in the legally prescribed order
- closing of proceedings and deregistration of the company
Asset Valuation and Realisation
Maximising the value recovered from an insolvent debtor's assets requires market knowledge, experience in sale procedures, and the ability to attract serious buyers. We manage the entire realisation process from valuation through to completion of the transaction.
Services include:
- coordinating independent asset valuations
- organising sale procedures compliant with Law 85/2014
- negotiating sale terms in the interest of the creditor body
- sale of individual assets or the business as a going concern
Actions to Annul Fraudulent Transactions
Before entering insolvency, many debtors transfer assets or make preferential payments to the detriment of creditors. Identifying and annulling these transactions can recover significant amounts for the creditor body.
We act in matters involving:
- identifying transactions susceptible to annulment during the suspect period
- filing paulian actions and annulment actions under Law 85/2014
- recovering transferred assets or their value
- actions against third parties complicit in defrauding creditors
How We Work
Insolvency proceedings are among the most technically demanding in Romanian law. Deadlines are short, forfeitures are final,
and every strategic decision has consequences that cannot be corrected afterwards.
Fast
assessment of your position
Whether you are a creditor, a debtor, or in need of an insolvency practitioner, the first consultation is dedicated to understanding your specific situation and identifying the best course of action.
Strategy built around your objective
Creditors want to maximise recovery. Debtors want to save the business. We build strategy around your real objective with the unique advantage of understanding the procedure from every angle.
Active
monitoring of proceedings
Insolvency is not a procedure you trigger and leave to run. Every court hearing, every report, and every creditors' assembly decision can shift the equation. We are present and active at every stage.
One contact for the entire procedure
You do not need to coordinate between a separate lawyer and insolvency practitioner. You have one professional who commands both the legal and procedural dimensions of your situation.
Wy Choose Us
Why Clients Choose Sava Law Firm
for Insolvency
We provide clear advice, direct representation, and strategies focused on protecting your business
interests and achieving the best possible outcome.
lawyer and insolvency
practitioner
Few professionals in Romania hold and actively exercise both qualifications simultaneously. This combination gives you a complete perspective and an expertise you will not find with a standard insolvency lawyer.
Over 25 years of court
representation
Judicial experience accumulated before Romanian commercial courts complements our practitioner expertise resulting in solid legal representation at every stage of the procedure.
Realistic solutions for debtors
A reorganisation plan drafted by someone who has supervised dozens of insolvency proceedings has a real chance of confirmation and execution. We do not build plans on paper we build plans that work.
Over 20 years as an insolvency practitioner
We do not talk about insolvency from textbooks or court files. We have administered and liquidated companies, drafted reorganisation plans, chaired creditors' assemblies, and managed asset realisations. We know the procedure from the inside.
Maximum recovery for creditors
As an experienced insolvency practitioner, we know exactly where assets are hidden, how fraudulent transactions are identified, and how distributions are maximised. When we represent creditors as lawyers, we bring this internal perspective to work in their favour.
FAQ's
Frequently Asked Questions
An insolvency lawyer represents one of the parties creditor or debtor before the court and in dealings with the practitioner. The insolvency practitioner is appointed by the court and actually runs the procedure administers the debtor, drafts the reorganisation plan, realises assets, and distributes proceeds. Cristi Sava exercises both qualifications, providing a complete and unique perspective in any insolvency situation.
A creditor may file an insolvency application if they hold a certain, liquid, and due claim of at least RON 50,000 against the debtor, unpaid for at least 60 days. The application must be carefully prepared a premature or incorrectly filed application may be dismissed.
It depends on the structure of claims, the viability of the plan, and the relationship with majority creditors. A plan drafted by an experienced insolvency practitioner who knows what creditors will accept and what courts will confirm has significantly better chances of approval than one built exclusively by lawyers without practical procedural expertise.
Yes, under Article 169 of Law 85/2014, for conduct including continuing loss-making activity in personal interest, maintaining fictitious accounting, or diverting company assets. The action may be filed by the judicial administrator, liquidator, or creditors.
A reorganisation has an initial duration of up to three years, with possible extension. Bankruptcy can take between one and five years, depending on the complexity of the estate and the number of related disputes. An experienced practitioner can significantly accelerate the process.
Reorganisation is viable if the business has a functional model capable of generating sufficient cash flow to pay creditors on a scheduled basis, and if creditors can be convinced of the plan’s viability. Bankruptcy is the right path when the business is no longer viable or when assets realised separately yield more than continued operations. We assess this decision together, with the full benefit of our insolvency practitioner expertise.
Request a Legal Assessment
Facing an insolvency situation — as a debtor, creditor, or in need of a judicial administrator or liquidator?
we respond within 24 hours on business days.