Bucharest, October 9th, 2017 - Radu Lotrean, associate founder of CITR – part of CITR Group, was appointed president of INSOL Europe during the Annual Congress organized in Warsaw, between October 5th – 8th. He is the first Romanian to lead the organization and the first president of INSOL Europe who comes from Central and Eastern Europe. 

So far, the co-founder of CITR has acted as vice president, since his appointment at the congress in Berlin in 2015.

Radu Lotrean considers that INSOL Europe should become in the years to follow “a more dynamic organization, a key voice at European level”. He declared that he has set five goals he will be focusing upon during his mandate: communication, rebranding, new members, readiness for Brexit and strengthening collaboration with the European Commission.

In terms of communication, the new president wants closer relations with the national associations by signing bilateral agreements to better address the expectations of the members, and also aims that the INSOL Europe Council should include representatives from all European states, so that each country is represented.

Lotrean also has concrete proposals for his other objectives, aiming to enhance the role of the organization at European level. He believes that INSOL Europe needs rebranding, as all major organizations do, and that the membership should be expanded. When it comes to Brexit, the new president of INSOL Europe declared that its effects should be taken into consideration, referring particularly to fiscal and tax-related aspects, sponsorships and conference fees, as the organization should be protected.

Radu Lotrean believes that INSOL Europe needs a more dynamic relation with the European Commission, should provide important information and contacts in each European country, and also produce relevant European studies, considering the impact of each EC directive. “Together we can work to harmonize the legislation, while also considering each country’s specificities”, he stated.

Radu Lotrean is an associate founder of CITR and a graduate of Babes-Bolyai University in Cluj, Faculty of Law. With more than 16 years of experience in the field, he coordinated some of the most complex insolvency projects from CITR’s portfolio.

Two years ago, he became the first Romanian appointed as vice president of INSOL Europe, and Romania became the first country where the European forum of insolvency practitioners organized a high-level training earlier this year. 

INSOL Europe is a leading organization in its field, with over 1,300 top members from European countries, practitioners and accountants, attorneys, judges and teachers, all sharing the same interest in the restructuring and revival of companies in difficulty. A member of INSOL International, bringing together over 9,000 professionals, INSOL Europe is a networking platform aimed at ensuring efficient collaboration at European level.

CITR Group supports companies throughout their recovery process by providing reorganization, restructuring and investment solutions. The group has the resources to manage all business areas, both within and outside judicial procedures. Established in 2014, its mission is to anticipate the needs of entrepreneurs and constantly improve the services offered to companies, so that any economic hardship is transformed into a business opportunity. 

Three entities operate under the umbrella of the CITR Group: CITR, CIT Restructuring and CIT Resources.

CITR is a society of practitioners in insolvency, leader of this market in Romania. With over 16 years of experience and a portfolio of over 850 projects, it currently manages creditorship over four billion euros and assets worth EUR 650 million. Over the past five years, CITR has distributed to creditors more than EUR 400 million, of which EUR 100 million only in 2016. CITR has 10 subsidiaries across the country and provides customized solutions through 120 experts.

CIT Restructuring is a company specialized in the management of struggling companies, comprising experts in transactions and debt restructuring, financing and management solutions, diagnosis and strategic planning.

CIT Resources is a company focused on private equity to rescue Romanian companies in difficulty through direct investments and specialized management.