Restructuring / Insolvency

We have a team of expert lawyers in different areas of practice who are able to provide a comprehensive advice to all parties affected when a company is in financial distress.

Our advice covers all types of restructuring/pre-insolvency scenarios, including:

  • Company and group restructurings;
  • Refinancing and restructuring of debt;
  • Acquisition of branches of activity within insolvency proceedings;
  • Advice on liability of board members, among others.

We also advise on insolvency proceedings, including:

  • Pre-insolvency advice;
  • Directors’ liability;
  • Preparation of voluntary arrangements;
  • Advice on administrative receiverships;
  • Collective redundancies;
  • Advice during liquidation, among others.

A company’s pre-insolvency or insolvency situation initiates a very complex and delicate legal process that requires the close collaboration of professionals from different and complementary areas of practice, such as banking and finance/restructuring, real estate, labour and tax.

Banking & Finance/Restructuring:

We regularly advise on debt restructuring transactions (both insolvency and pre-insolvency), project finance, banking guarantees and financing of acquisitions, involving both national and cross-border transactions), including the drafting and negotiation of refinancing agreements, subsequently approved, or subject to be approved, by the courts and financing agreements of new money by financial institutions or private equity or debt funds. We also advise on the negotiation of financing instruments granted by financial entities pursuant to Royal Decree-Law 8/2020, of 17 March, on urgent extraordinary measures to address the economic and social impact of COVID-19 (or any other law or resolution developing, amending or replacing the same) and guaranteed by the Official Credit Institute (ICO).

Real Estate:

We have a consolidated real estate practice ranging from the advice to real estate companies, shopping centres and hotel chains, to the acquisition of plots and its subsequent development, including the acquisition of assets within insolvency proceedings and the renegotiation of leases in favour of companies in pre-insolvency situation. As a consequence of the health crisis triggered by COVID-19, we also advise tenants who are entitled (pursuant to Royal Decree Law 15/2020, of 21 April, on urgent complementary measures to support the economic and employment impact of COVID-19), to the application of moratoriums on rental payments and the subsequent negotiation with lessors, and, in general, in the process of renegotiation of leases affected by the state of alarm declared by the Spanish Government and the alteration of the economic and commercial situation.


We advise on substantial modifications of employment conditions, on temporary layoff procedures (ERTEs) and collective redundancy plans, participating in all phases of the proceedings, including any negotiation with the employees’ legal representatives. As a consequence of the health crisis triggered by COVID-19, we also advise on ERTEs due to force majeure and ETOP causes (economic, technical, organizational and production), with special focus on the changes to regulation and its adaptation to the needs of our clients in different sectors.


The relation of the company (and its Directors) with the Spanish Tax Authorities in pre-insolvency and insolvency scenarios is a key matter. The Spanish Tax Authorities are not just mere creditors and their tax credits enjoy special privileges. When a company is in financial distress there are many incidents arising from this situation, particularly regarding Spanish VAT and tax collection procedures. We should also be especially cautious regarding the potential tax liability of the Directors of a company. Our tax department has extensive experience in all the tax issues arising from this kind of situations.



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