Law firm Nestor Nestor Diculescu Kingston Petersen (NNDKP) and Casa de Insolventa Transilvania (Transilvania Insolvency Firm) established a permanent partnership to strengthen their position on an insolvency and corporate restructuring market that skyrocketed in 2009 and will continue to generate contracts for consulting companies in the coming years.
"In the first half of this year at least, constructions and retail will continue to plunge, at a faster rate than before. Last year construction companies had older projects, but they were completed and no new ones were started. Unemployment is on the rise, which means some people will not have the available resources to buy, so retail sales will not be able to grow, either," explains Ion Nestor, referring to two of the sectors that generated the highest number of insolvencies last year.
Flanco, Leonardo, and PIC in retail, Mivan Kier and Ozer in the construction sector are just a few of the insolvency cases that kept consultants busy and shook investors' trust to a certain degree.
Casa de Insolventa Transilvania, which has 60 employees of whom 15 are insolvency practitioners, was designated to restructure a series of major insolvent companies, such as Leonardo, construction materials distributor Direct, Cristi Borcea's charcuterie business Crimbo Prod Carn, and electronics & home appliances retailer Flanco.
The two companies established joint professional and administrative committees and will have marketing and communication activities within the same group. NNDKP has a litigation department consisting of 29 lawyers, some of whom are specialised in insolvency.
"As long as the economic trend continues to be a downward one, there will be further cases of insolvency. There are still business owners who dream of unjustified prices. We opened an office in Bucharest in order to have better cove
