Protecting third-party rights in insolvency proceedings after annulment of fraudulent capital markets trades

24 June 2026

After more than a decade of multi-disciplinary litigation involving insolvency, criminal investigations, and capital markets regulatory investigations, Clifford Chance Badea secured a landmark victory, confirming the client’s good faith and obtaining definitive recognition of its multimillion-euro claim in insolvency proceedings – despite the previous annulment of fraudulent transactions.  Most recently, the client also obtained a favourable court decision in the insolvency proceedings, covering a large part of the damages incurred due to such fraudulent capital market transactions

This case offers a precedent-setting guidance for third parties affected by fraudulent transactions in insolvency scenarios.

Download the briefing below prepared by our team in Bucharest and explore its broader legal relevance.

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