Many distressed firms rushed to file for insolvency even thoughthey did not need to, because they did not carefully evaluate theirsituation, states Cristian Petre, a senior partner with DanilaPetre & Asociatii law firm, a major player in the field ofinsolvency. Last year, the law firm saw the number of insolvencycases rise 3-4 times, a reason why it plans to expand to severalmajor cities of the country from just one office in Bucharest atpresent. "Insolvency is not always the best solution, there arecases when companies filed for insolvency even though they did nothave to. The success of this procedure varies from client to clientand depends on the relations with their debtors. An insolvency casemay take one to three years," Petre said. Insolvency cases lastyear brought more than half of Danila Petre & Asociatii'srevenues.
Petre did not disclose the value of 2009 turnover, but specifiedit climbed by 50%.
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