Nestor Nestor Diculescu Kingston Petersen (NNDKP); one of the largest and most respected law firms in Romania, has entered into a collaboration agreement with insolvency specialist Casa de Insolventa Transilvania (CITR).

The alliance, intended to enhance the firms’ ability manage big-ticket insolvency projects on a national level, will cover the initiation, management, receiver and liquidator stages of insolvency proceedings.

Ion Nestor, one of NNDKP’s managing partners who heads the firm’s Emerging Practices Department, commented: “The collaboration with CITR takes place at a point when the number of Romanian companies that are in financial difficulty is growing. Thus, it was time for a change with respect to approaching such situations, both from the position of the debtors and from that of the creditors, in order to find, when economically feasible, solutions for continuing the activity of the companies and for the creditors to recover as much as possible of the debt claims”,

According to the firm market research estimated that the number of insolvency cases in 2009 was over the 20,000 mark, which was an increase of 42% on 2008.

NNDKP becomes the latest Bucharest player to beef up its insolvency offering. Last year rival Tuca Zbarcea & Asociatii; a member of several important international legal networks and professional alliances and major foreign and Romanian chamber of commerce, established a dedicated subsidiary for the topic in the form of insolvency consultancy TZA Insolventa.