CITR, Romania’s leading insolvency firm, begins operations in Cyprus

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CITR, Romania’s insolvency market leader is now represented in Cyprus following the establishment of their new office. CITR’s new Cyprus office aims to maximize 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.

CITR Cyprus’s Board comprises of CEO, Vasile Godîncă-Herlea, a renowned professional with a 15-year experience in insolvency, known for his contribution in the maturing of the Romanian insolvency market; Director, Irina Mișca, with 6 year experience in the sector, former coordinator of the secondary office opened in Romania and manager of key projects in the Romanian market and Director, Andri Antoniou,  a local expert in insolvency with 9 year 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. Its team of 150 multidisciplinary specialists manages over 950 projects in all business areas. 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 million Euros 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.

Commenting on the launch of operations in Cyprus, Vasile Godîncă-Herlea, CEO of CITR Romania & Cyprus, stated: “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. This will be facilitated by our multidisciplinary insolvency approach and, more importantly, our direct and seamless communication with all the parties involved in the procedure, all based on specialized software that provides real time information”. 

“We are very excited to launch CITR’s office in Cyprus, with its proven track record as a market leader in insolvency in Romania, its diverse team, and multidisciplinary approach. We are 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 aforementioned experience and proficiency, I look forward to applying my insolvency expertise in the Cyprus market to address specific needs in the field”, said Andri Antoniou, CITR Director in Cyprus.

Irina Mișca, CITR Director in Cyprus, added: “In Romania, we have witnessed a 100% approval rate of reorganization plans proposed to creditors over the past 20 years of insolvency activity, and we are recognized 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.

About CITR


CITR, the market leader in insolvency in Romania, supports entrepreneurs in difficulty providing customized solutions. The CITR team of 150 multidisciplinary specialists manages over 950 projects in all business areas. With almost 20 years experience, the company was established with the aim of restoring the health of companies in distress and reintegrating them in the economic cycle, based on innovative reorganization mechanisms. CITR has distributed over EUR 400 million to creditors over the past five years. CITR has one of the most complex and transparent insolvency selling platform,


CITR is a member of CITR Group, the first group of companies in Romania specializing in customized remedies for companies in economic distress.


Press contact: Chara Zymara,, +357 22 818 884