CITR, Romania’s insolvency market leader is hoping to improve the local framework following the establishment of their new Cyprus office.
CITR’s new Nicosia office aims to maximise the value of the debtors’ assets, and therefore, increase the recovery rate of receivables to the creditors’ benefit, using innovative mechanisms and tailor-made solutions.
CITR is supported by Romanian and Cypriot Licensed Insolvency Practitioners boasting a wealth of experience on all insolvency related matters.
Vasile Godinca-Herlea, CEO of CITR Romania & Cyprus, said: “We are ready to replicate in Cyprus the successful model developed in Romania and are committed to working towards the improvement of the Cypriot legal insolvency framework in order to help the local market mature, as we successfully did in Romania.”
He added: “This will be facilitated by our multi-disciplinary insolvency approach and, more importantly, our direct and seamless communication with all the parties involved in the procedure, all based on specialised software that provides real time information”.
Andri Antoniou, CITR Director in Cyprus, is confident in the know-how delivered and the benefits to be provided to the Cypriot market, both for creditors and for companies in distress.
“Drawing on CITR’s experience and proficiency, I look forward to applying my insolvency expertise in the Cyprus market to address specific needs in the field,” she said.
Irina Misca, another CITR director in Cyprus, said Romania has witnessed a 100% approval rate of reorganization plans proposed to creditors over the past 20 years of insolvency activity.
“We are recognised for shortening the duration of medium and large proceedings by at least 30%, through the development of customized transactions for each project. We are confident we will achieve these objectives here in Cyprus as well.”
Following its launch in Cyprus, CITR plans to open offices in at least two more EU countries over the next two years.
CEO, Godinca-Herlea, is a renowned professional with a 15-year experience in insolvency, known for his contribution in the maturing of the Romanian insolvency market; Irina Misca, has six years’ experience in the sector, while Antoniou, is a local expert in insolvency with 9 years’ experience in the market and a member of the Law Society of England and Wales.
CITR is a member of CITR Group, the first group of companies in Romania which specialises in customised remedies for companies in economic distress.
The company is also known for its selling platform, which is considered to be one of the most sophisticated and transparent insolvency selling platforms in Romania. In the last five years alone, the company has distributed more than €400 million to creditors.
The level of debt distribution provided by CITR to creditors is approximately 20% higher than the market average.
Having managed assets worth over €650 mln in Romania, CITR is confident that it can transfer its integrated model in Cyprus and utilise its almost 20-year legislative and professional expertise to contribute to the improvement of the local legal insolvency framework.
