Casa de Insolvență Transilvania (Transylvania Insolvency House-CITR) or RVA Insolvency, the firm of Arin Stănescu, the one who in the late ’90s liquidated the group of failing banks, are part of the group that now manages Romania’s insolvencies and bankruptcies. And there are not few, reads Business Magazin.
Casa de Insolvență Transilvania has in the past three years come to manage the legal reorganisation of businesses with annual turnovers of close to one billion euros before the crisis, taking on the role of domestic businesses’ “protector” against banks and the other lenders, which could have chosen the “simpler” option, bankruptcy.
“We’ve tried to explain to lenders Romanian businesses and domestic brands can be saved. ‘Let’s not kill the cow’. Let us steer them into the right direction and not kill the entire business environment. Let’s work on mentalities and see what the law says about reorganisation. If everybody executed you…,” says Radu Lotrean, one of the founding partners of Casa de Insolvență Transilvania, about the main mission the firm he runs has had in the past two years.