Find Lawyers in Avilés, Spain for Insolvency and Reorganization Law

Practice Area Overview

Attorneys practicing insolvency and reorganization law in Spain develop several lines of practice. The most common is usually through their practice as counsel in judicial insolvency proceedings. In these proceedings, debtors unable to regularly meet their payment obligations have the opportunity to negotiate with their creditors an arrangement that is approved by the Court. If such arrangement is not reached, the process ends with the liquidation of the company. In certain cases, liquidation also can be requested directly, without attempting a previous arrangement with creditors. In the latter two cases, insolvency lawyers also defend the interests of creditors and debtors during these liquidation proceedings.

Insolvency and reorganization lawyers in Spain also advise debtors and creditors in restructuring operations and extrajudicial refinancing of their debts, as well as about legal measures to be taken in order to ensure that agreements reached out of the scope of court proceedings may be valid against third parties. Investors and financial operators may require the service of a reorganization attorney in order to analyze certain aspects of the refinancing operation that is proposed, such as the debt repayment schedule and the security package.

Clients are also advised by lawyers within this practice on matters such as the acquisition of distressed companies, distressed debt and assets coming from distressed companies, as well as the financing of those types of operations. Such advice may include the drafting of offers, purchase agreements, due diligence reviews, etc.

Credit recovery is another area included within this specialty. It covers legal defense in court proceedings regarding credit claimed against the debtor and/or third parties who may also be held liable for their debts.

Finally, it should be noted that, when facing companies’ insolvency proceedings, their directors and managers run the risk of being held liable for damages and companies' debts in certain cases. For this reason, insolvency and reorganization lawyers also provide legal counsel for directors and executives and defend them in court proceedings where such liability is claimed. 

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