VF Insolvency


V.F. Insolvenţă SPRL has been founded by a team of experienced insolvency and restructuring practitioners, to meet the diverse mix of companies’ specific needs. The firm is affiliated with the top Romanian law firm Voicu & Filipescu and is a licensed member company of the National Union of the Restructuring and Insolvency Practitioners of Romania, while our firm’s associate practitioners are also members of Insol Europe, the European organization of insolvency professionals.

Our insolvency and restructuring practice covers the complete range of situations where business catalysts are needed. As in chemistry, our role is to activate, support and develop reactions, and to make things happen. The effect can be seen clearly in the final results, when everything has been put together and our clients are satisfied with the outcome. Through a long series of successful projects, we have gathered a powerful experience in helping our clients choose the right direction, both when advising creditors and assisting companies facing cash flow problems.


Insolvency Prevention Procedures

Debt Restructuring. Out-of-Court Workouts

Debts restructuring through out-of-court workouts needs to be carefully considered by the companies and their creditors as a viable alternative aimed at reaching significant benefits for both parties. Our insolvency and restructuring practitioners work closely together with the group’s lawyers and consultants to help clients design and implement recovery platforms structured so as to generate the best possible solutions.

Companies facing cash flow problems and financial distress benefit of proficient advice from our team in reducing and renegotiating debts. With one of the most experienced restructuring and insolvency teams on the Romanian relevant market, our firm has an impressive track record in improving and restoring liquidity and rehabilitating companies, helping such to continue their business operations.


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V.F. Insolvenţă SPRL
Str. Bilciuresti 9A, Etaj 7, Cod poştal 014012, Bucureşti, Sector 1, ROMÂNIA
+40 21 314 02 00
+40 21 314 02 90

Insolvency Procedures


Insolvency is not a one way street to business liquidation: many financially distressed companies have considerable economic potential and it is our most challenging mission to turn such into clear benefits for creditors.

Taking on an insolvency administrator role is a highly personal task. We make sure that our clients are assisted in this special relationship not only by the designated insolvency administrator, but by a genuine task force formed of our multidisciplinary team of lawyers and consultants.

When commissioned by the courts, our role is to achieve the best possible satisfaction of creditors. Closing down the insolvent company’s business is not our first option, but we rather focus on designing the best option for the insolvent company to continue its operations. Instead, our efforts are focused on remodeling the financial and organizational structure of debtors.

Shareholders, managers, creditors and investors need to perceive insolvency as a probable course of business and to consider the potential of an insolvency scenario in the earlier phases of their business planning efforts, so that to increase the recovery prospect of their company.

Insolvency Procedures

Business Recovery /Reorganization Plans

Solutions do exist for companies facing cash flow problems and financial distress to restore liquidity and continue their business operations. While the key to business recovery lies in designing a customized approach for each individual case, it is vital for debtors to benefit from proficient advice.

We understand that windows of opportunity exist in any financial distress situation, optimal moments when measures can be taken to ensure an efficient business rescue, rehabilitation and reorganization. It is due to our specialists’ integrated approach and extensive experience that we are able to seize such opportunities and help clients implementing sound recovery strategies.

Insolvency Procedures


When appointed as judicial liquidators, we go to all lengths to ensure an optimal dismantlement of the bankrupt company’s assets, so that to best meet creditors’ interests. To achieve this goal, we make use of our extensive experience and thorough understanding of the business and economic environment, to gather key information and perform thorough assessments on the debtor’s situation.

Aiming to increase to the utmost the assets of the company undergoing bankruptcy in order to cover its debts, we take effective steps to tackle pre-liquidation phases, as well as operations for the liquidation of the company’s assets.


Voluntary Liquidation

While a myriad of reasons can lead to dissolution and liquidation, referring either to the company’s failure to pay its debts or to the shareholders’ decision to close their business, liquidation remains a practical solution for companies facing financial distress.

Our approach in such projects is to work closely together with the company’s shareholders and auditors and to add value to their relation with potential creditors, as a vitally important key to the success of the process. To such end, we also cover the renegotiation of any agreements concluded by the company with various suppliers, the commencement of the procedures aimed at the recovery of claims from the company’s debtors, or assistance provided in the company’s sale of assets.

VF Insolvency Team

Team profile

The firm’s specialized team is formed of highly proficient insolvency administration, liquidation and restructuring practitioners, with substantial experience and a thorough understanding of the business environment and Romanian legislative framework. Covering over ten years of practice, our insolvency specialists are members of the National Union of the Restructuring and Insolvency Practitioners of Romania and of INSOL Europe, as well as skilled attorneys-at-law, members of the Bucharest Bar. Our senior team members are also experienced trainers and speakers in specialized events.

The team is run by Mariana Popa, Managing Partner of V.F. Insolvency SPRL.

Multifaceted Approach

The experience and capabilities of our team members are used as a constructive power in supporting clients, which translates into comprehensive, timely and optimal solutions delivered in insolvency and restructuring projects. The firm’s multi-disciplinary approach allows us to further complement the experience of our insolvency team with specialized advice from the group’s tax and accounting consultants, financial advisers, and lawyers active in a wide variety of practice areas, including banking and finance, corporate and commercial, litigation, real estate, employment, as well as with comprehensive input from a proficient team of appraisers.