Restructuring/Insolvency: Insolvency | Europe

Garrigues is a prestigious national outfit with an experienced team composed of several insolvency experts. The law firm represents both debtor companies and creditors in insolvency proceedings, including high-profile matters in which creditors challenge liquidation plans, as well as defending directors' liability cases brought by insolvency administrators or creditors. The team enjoys a strong presence in top-tier restructuring mandates, often assisting Spanish banks, international private equity funds and insurance companies with the protection of their creditor interests in ailing Spanish companies. Corporate debt refinancings and acquisitions of interests in distressed companies are additional areas of expertise.

Uría Menéndez is a first-rate firm with a prominent position in the domestic restructuring and insolvency market. It is renowned for its skilled handling of an impressive quantity of large-scale and complex restructuring and refinancing mandates, benefiting from a superb reputation among Spain's most important lenders. The law firm utilises strong financial expertise to frequently advise on the sale or purchase of non-performing loan and REO portfolios. It additionally assists major Spanish companies and well-recognised bank lenders in insolvency proceedings, including those that have important international implications. Clients benefit from the team's strategic geographical spread throughout the Iberian region.

Allen & Overy is an international firm assisting lenders with insolvency proceedings, with proven expertise in challenges to liquidation plans and creditor claims before the English courts. Its well-integrated multidisciplinary team also offers debt refinancing and restructuring advice to a varied client list that includes international banks, asset managers and Spanish corporates. Allen & Overy's clients benefit from the team's pre-insolvency expertise, combining financial knowledge with litigation experience to assist key players in the Spanish market.

Clifford Chance is consistently instructed on major restructuring and refinancing operations in Spain. The law firm acts for an impressive range of creditors, including top local and international banks. It also wins instructions to act for debtors, notably Spanish companies looking to refinance corporate debt. The team is well versed in complex insolvency proceedings occurring under Spanish law, with a track record advising local and international creditors on high-value and high-profile Spanish insolvencies.

Cuatrecasas has an extremely active department that acts on both top-tier and mid-market matters, with a large, experienced team that has proven its capability in assisting numerous clients with diverse mandates. The lawyers handle all stages of distressed mandates, from initial refinancing through to debt restructurings and the eventual rescue or liquidation of companies via formal insolvency proceedings. The law firm has an excellent track record advising on the debtor side of restructuring and insolvency mandates, with a varied client list that includes multinational corporate clients and smaller domestic companies. Cuatrecasas has a network of offices throughout Spain, including key teams in Madrid and Barcelona.

Gómez-Acebo & Pombo is a popular choice for international investment funds that have acquired creditor claims in distressed Spanish companies and are looking to either restructure debt or enforce their security interests through formal insolvency proceedings. The law firm additionally assists key Spanish and international banks with claims against insolvent companies, often teaming up with UK and US law firms to advise on restructuring or insolvency cases that have a significant foreign law component. The team has an established profile in insolvency proceedings, with a team of skilled litigation lawyers.

CMS routinely assists Spanish companies and their creditors with litigious issues arising from insolvency situations. The team is well-placed to represent debtors in both compulsory and voluntary insolvency proceedings. It assists banks and trade creditors with the presentation of claims against insolvent companies. CMS also defends creditors against cases brought by insolvency administrators.

Linklaters is a dynamic global firm offering clients an impressive breadth of expertise across restructuring and refinancing issues, with superb credentials on the debtor side of high-profile matters. The law firm repeatedly operates at the very top of the market, with wide-ranging experience assisting clients with different types of restructuring processes, including the Spanish scheme of arrangement. It advises investment funds on the acquisition of distressed debt as well as represents indebted companies in formal insolvency proceedings. It offers impressive international capabilities, with a team set up to advise under both Spanish and English law, including English-qualified solicitors who are permanently based in Madrid.

Pérez-Llorca comprises experienced practitioners serving a notable international and domestic client base. The law firm boasts a strong presence in the restructuring space, with activity on large and complex transactions. The team acts for banks and other creditors on the protection of their financial interests in contentious insolvency matters, as well as assisting domestic and local investors with the acquisition of insolvent business units.

Ramón y Cajal Abogados is best known for advising debtors facing formal insolvency proceedings, with proven experience in cases on behalf of life sciences, energy and real estate companies. The law firm handles trade creditor claims against insolvent commercial partners, and also acts for leading Spanish banks on the bankruptcy proceedings of well-known domestic corporate groups.

Baker McKenzie is an international law firm that routinely assists trade creditors with the analysis of their potential exposure to major insolvencies and with court proceedings aimed at recovering debts. The team has experience in complex cases that have a key criminal law angle. It also advises companies operating in industries heavily affected by the COVID-19 pandemic on their potential need to file for insolvency.

Deloitte Legal has an established team standing out for its regular appointment as insolvency administrator in high-profile cases. The law firm also acts as counsel on a range of transactional and contentious matters, including the filing of claims for trade creditors and advice to the board members of companies in distress. Its client base includes prominent Spanish companies from the travel, healthcare and agriculture sectors.

Freshfields has a well-established team that targets large and complex restructuring and refinancing matters for clients from a range of industries. The law firm has experience acting for investment funds, domestic banks and Spanish real estate developers in both restructuring and insolvency contexts. It earns recognition for its capacity to handle litigation arising within complex insolvency proceedings. Freshfields possesses strong international capabilities owing to the firm's global footprint and client portfolio.

Herbert Smith Freehills is a strong global law firm that counts domestic and international banks, debtors and creditors among its clientele. The department utilises impressive financial and litigation expertise to advise clients on matters with regard to insolvency proceedings, including compulsory liquidation applications.

The Madrid-based restructuring and insolvency team of Jones Day benefits from the firm's network of offices across the world. It is best known for handling litigation arising within the context of formal insolvencies. Key individuals in the team act for investors on distressed operations, from debt restructurings and refinancings to acquisitions and sales of distressed companies and assets. The law firm's client portfolio includes international and domestic banks, investment funds and other actors with interests in distressed companies.

PwC Tax & Legal is often instructed to act as administrator on the insolvencies of a broad variety of Spanish and international corporations, including those operating in the real estate and construction sectors. Insolvency litigation remains the core of the team's practice, often resulting in high-profile, complicated mandates, and is further active advising on bankruptcies.