Amid growing global uncertainty and economic fragmentation, the INSOL Europe EECC Conference 2025 convened leading experts from 15 countries across restructuring, banking, legal practice, and government. Hosted in Bucharest, the event highlighted a key message: in an era of rising isolation, only collaboration—built on trust, transparency, and shared expertise—can lead to successful restructuring and long-term economic resilience in Eastern Europe and beyond.

The conference was opened by Alice van der Schee, President of INSOL Europe, who welcomed delegates to Bucharest and set the tone for the event by highlighting the pressing challenges for cooperative concepts in a time of growing isolation. She called for unity and resilience in the face of economic and geopolitical headwinds.

This message was echoed by Dr. Bogdan Ivan, Romania’s Minister of Economy, Digitalization, Entrepreneurship and Tourism, “Public and private sector success go hand in hand — your success is our success. That’s why we must sit at the same table, simplify procedures, digitalize the state, and build a smarter, faster, and more transparent partnership to unlock Romania’s economic potential. Restructuring must be part of this transformation — not just in struggling companies, but in how the state operates and supports growth.”

Mr. Cristian Popa, CFA, Board Member of the Romanian National Bank, followed with a data-driven keynote, “Romania’s European journey has been a success — average salaries have increased 7.5 times in the last 20 years, and foreign investment has grown steadily. Yet, the unresolved issues of a 9.3% fiscal deficit and 55% public debt make us dependent on borrowing. Investor sentiment is shifting, capital outflows are rising, and the leu is weakening. Romania must remain firmly on the European path — isolation leads to poverty and lost competitiveness.”

Panel 1: Financial Modelling for Restructuring led by Paul-Dieter Cîrlănaru (CEO CITR) brought together voices from private equity and banking to discuss what makes a distressed company attractive to investors and financiers. Beyond financials, the panel emphasized non-monetary values—such as trust, transparent communication, and leadership—as critical to gaining stakeholder confidence.

“To truly support companies in today’s economy, restructuring must go beyond reducing debt — it must rebuild performance. Financing follows health, and it’s time we shift the conversation from treating sickness to defining what a healthy, investable company looks like.” Paul Dieter Cîrlănaru, CEO CITR.

“If you want to grow a company four or five times in five years, you need a strong management team from Day 1—people with sector experience who work well with the founder, and a clear, ambitious strategy you can trust and build on.”  Adrian Netea, Morphosis Capital

“Banks don’t just finance numbers—they finance credibility. A strong recovery plan, transparent communication, and solid governance can make the difference between getting support or being left behind.” Cirprian Chiorean, CEC Bank

“For years, we believed that modern legislation would be enough to finance companies in distress—but it’s not. There’s a real gap between theory and practice. This gap can only be bridged by combining insolvency know-how, growth expertise, and private equity with capital allocation. Only together can we turn distressed companies into success stories.” Andrei Cionca, Roca Investments.

Panel 2: Valuation – The Pillar of Restructuring

Moderated by Roman-Knut Seger (BDO, Germany), the second panel highlighted the vital role of accurate valuation in successful restructurings. Participants agreed that professionals must be as adept at coordinating people as they are at analyzing numbers—technical expertise must be matched by communication and collaboration.

“Banks don’t just evaluate assets—they evaluate the entire business. They look at both market and liquidation value, using independent third-party valuations to ensure objectivity. Just as important are the quality of the shareholders, transparency, trust, and the credibility of the business plan.” Bogdan Pleșuvescu, Banca Transilvania.

Panel 3: Liquidation of Banks, Fintechs, and Insurance Companies

Led by Alina Popa (CITR), this session examined the tension between over- and under-regulated financial institutions. Using examples from Romania, Croatia, and Lithuania, speakers pointed out that excessive regulation may push users toward riskier, less-regulated alternatives, creating hidden systemic vulnerabilities.

“Liquidation isn’t just about closing down institutions — it’s about safeguarding people, markets, and confidence when things go wrong. As financial risks grow, so do the opportunities to rethink how we respond — across banks, fintechs, and insurers alike.” Alina Popa, CITR.

Panel 4: Preventive Restructuring Frameworks in Practice

With Andrea Zvac (Wolf Theiss, Romania) at the helm, this comparative panel looked at the realities in Romania, Bulgaria, and Ukraine. The discussion revealed that the legal instruments alone are not enough—cultural transformation is required to enable early restructuring. The panel was especially moved by Ukraine’s efforts to implement EU-inspired reforms in the midst of ongoing conflict.

“In Bulgaria, restructuring is still in its early stages. We face three key challenges: limited awareness of procedures, a new and evolving legal framework, and cultural reluctance to acknowledge financial distress. Building expertise and changing mindsets are essential for progress.” Tsvetelina Koleva, Dimitrov, Petrov & Co. Law Firm, Bulgaria

Panel 5: The Challenges and Opportunities of Pre-Pack

Moderated by Georges-Louis Harang (Addleshaw Goddard, France), this panel focused on the pre-pack tool from a cross-border perspective. Speakers discussed how flexibility and willingness to learn from other jurisdictions can accelerate restructuring outcomes—even ahead of harmonized legislation.

Panel 6: AI Reshaping Restructuring and Insolvency

In a timely and thought-provoking session led by Andrei Zamfirescu (bnt Attorneys in CEE, Romania), experts discussed AI’s growing role in the industry. While AI can provide alternative models and improve efficiency, the panel cautioned against relying on machines for decisions that require human judgment, empathy, and responsibility.

“Insolvency may seem immune to tech fantasies, but its very complexity makes AI a necessity, not a luxury. In practice, AI is already reshaping the field—from early warning systems to automated due diligence and streamlined creditor communication.” Daria Niculcea, JURIDICE.ro

Closing Reflections: A Call to Act Together

In her closing summary, Stela Ivanova LL.M. (bnt Attorneys in CEE, Bulgaria) wove the event’s key messages into a clear call to action for restructuring professionals:
Do not isolate—cooperate. Build trust. Lead with integrity. Understand the numbers, but also the people behind them. Be open to new tools, but always apply human values.