Țuca Zbârcea & Asociații to set up its own insolvency unit
Țuca Zbârcea & Asociații set up TZA Insolvență SPRL, an entity which is to manage the liquidation and insolvency projects of the law firm. The new professional limited liability company was registered with the National Union of Insolvency Practitioners of Romania on January 23, the current year.
“Ever since the year 2008, we have intended to create a distinct entity to manage our current and future projects of reorganizations, liquidation and insolvency. Already benefiting from a well-developed practice and a close-knit team, our purpose was to increase visibility of our practitioners on this market, by also drawing a distinction between Țuca Zbârcea & Asociații – the law firm and TZA Insolvență SPRL – the insolvency company”, mentioned Gabriel Zbârcea, Managing Partner of Țuca Zbârcea & Asociații.
The new entity will operate, in a first stage, with a team of 7 insolvency practitioners, being coordinated by Robert Roșu, Partner of the Litigation and Arbitration department of Țuca Zbârcea & Asociații.
“The establishment of the insolvency company is a natural answer to the convulsions generated by the current economic and financial crisis. During the last months, the number of requests for specialized services, both as regards the opening of insolvency proceedings against various debtors, but also for challenging judgments issued by the Romanian courts, has almost doubled”, declared Robert Roșu, the coordinator of TZA Insolvență SPRL and a Partner in the Litigation and Arbitration department of Țuca Zbârcea & Asociații.
The representatives of Țuca Zbârcea & Asociații deem that the number of insolvency cases pending before the syndic judge will continue to rise during the next period, against the background of a dramatic lack of liquidities, delays in the collection of invoices, decrease in the companies’ volume of operations or even a financial block of companies’ main business partners.
According to Robert Roșu, in order to turn an insolvency case into a successful reorganization, leading to the reintegration of the debtor in its field of activity, the assistance of insolvency specialists and teams of professionals, consisting of lawyers, economists, managers, is required. “We will cooperate directly with the lawyers of Țuca Zbârcea & Asociații, creating a mixed team of specialists to cover the entire range of services in the insolvency proceedings, voluntary liquidation and insolvency prevention”, mentioned Robert Roșu.
The setting up of TZA Insolvență SPRL is part of the company’s medium-term development strategy and of a wide range of measures envisaging the promotion of tailored services for companies in difficulty. “We approved an “anti-crisis” program in order to meet the needs of our clients with specific solutions for the prevention and fighting of crisis effects, be it issues related to payment incapacity, debt recovery, staff restructuring, finance raising or re-negotiation of commercial agreements”, outlined Gabriel Zbârcea, Managing Partner of Țuca Zbârcea & Asociații.