Spain - Restructuring/Insolvency: Insolvency Lawyers & Law Firms - Europe - Chambers and Partners
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Europe Guide

Restructuring/Insolvency: Insolvency — Spain


Allen & Overy LLP - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for A strong restructuring and insolvency team, with a solid client base of financial heavyweights to which it offers multi-jurisdictional advice. Often advises lenders and investors on investments in a broad range of sectors. Clients benefit from a well-respected litigation team in addition to the firm's noted restructuring practitioners. The department's capacity has been boosted by recent lateral hires.

Strengths One interviewee enthuses: "They have a ‘hands-on’ team and go far beyond legal advice; they act as business advisers and possess a deep and practical knowledge of their area." The same source goes on to add that: "Without a doubt, they understand the business extremely well and provide very practical solutions."

Clients are impressed with the lawyers' performance, with one noting: "They have a really good framework of insolvency law, they are experts for this and were really pushing for a solution."

Work highlights Advised Bankia on the sale of a debt portfolio formed by unsecured loans to individuals and SMEs, for a value of EUR100 million.

Represented Bank of America Merrill Lynch as creditors within the insolvency proceedings of Alteco and Mag Import.

Notable practitioners

Finance expert Ignacio Ruiz-Cámara is recognised for his expertise in restructuring mandates and typically advises clients on leveraged finance mandates. His areas of expertise include the renewables and infrastructure sectors and he regularly handles real estate transactions and project finance matters involving the sale of distressed assets.

Litigator Antonio Vazquez-Guillén has recently assisted several domestic and international financial institutions with contentious mandates. He typically acts for credit entities in insolvency proceedings. Clients describe him as a "really solid lawyer with a strong legal framework at his disposal."

Juan Hormaechea has a broad practice and is highlighted by interviewees for his "in-depth knowledge" and "pragmatic approach." He regularly advises clients on pre-insolvency debt restructurings and potential investment in non-performing debt portfolios and corporate rescue financing. Clients appreciate the fact that he is also qualified to practice in England and Wales, with one stating: "He understands the UK lawyer mentality and can bridge the gap to translate that into a Spanish law perspective."

The "absolutely outstanding" Javier Castresana enters the rankings this year after earning plaudits from both clients and peers. He is typically instructed to represent financial entities in insolvency proceedings and contentious debt restructuring mandates. One impressed client says of his practice: "He is extremely smart, efficient and always thinks outside the box. He is someone you can really trust, as he is very commercial and practical in his approach to a dispute."

Jimena Urretavizcaya is described by sources interviewed as "brilliant, very determined and tenacious." She specialises in domestic and cross-border transactions and has recently advised international financial institutions on financing agreements in pre-insolvency actions. Clients appreciate her expertise in the area, with one commenting: "She's practical and what I like about her is that she has experience of distressed situations."

About the Team (content provided by Allen & Overy LLP)

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Ashurst - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Expanding team that handles matters including debt restructuring, refinancing and insolvency proceedings. Works closely with other departments within the firm, such as real estate, finance and litigation. Highly recommended for transactional work, including the sale or purchase of loan portfolios in Spain. Diverse client list encompasses banks, funds and companies, and new client wins for the department this year include Apollo Global Management, Bancomext and EXIM Bank of India.

Strengths Clients have a high opinion of the team and the service provided. One interviewee states: "As an experience it's been great, one thing I really like is their professionalism and their extensive and in-depth knowledge of the Spanish system," adding: "If you ask them for a direct answer they'll give it to you and they are very concise, which is rare."

One interviewee applauds the fact that the lawyers "offer strong, reliable expertise on Spanish insolvency law," and goes on to add that the "main strength is their honesty in saying where uncertainties lie."

Work highlights Advising NH Hoteles and Accor on the EUR500 million insolvency proceedings of tour operator Grupo Marsans.

Acted for SAREB on the sale of a loan portfolio with a nominal value of EUR553.3 million.

Notable practitioners

José Christian Bertram rises in the rankings this year after being highlighted by interviewees for his "expertise and long track record in this specialism." He is instructed by both borrowers and lenders to act on debt restructuring matters and also advises buyers and sellers in connection with secured and unsecured non-performing loan portfolios. One source explains that he "thinks a bit more outside of the box and is a lot more creative than the classic procedural lawyer," and adds that he can "go above and beyond the basic call of duty."

About the Team (content provided by Ashurst)

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Baker McKenzie - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Specialised team which demonstrates considerable strength in restructuring mandates, in addition to pre-insolvency actions. Has particular expertise in cross-border work thanks to its international network of offices. Frequently seen acting for clients on transactions such as real estate asset acquisitions. A popular choice for funds. Increasingly active in defending creditors and directors of companies that have entered the administration process during insolvency proceedings.

Strengths Market commentators note the strength of the firm's network and resources, with one describing the team as "certainly active on the business restructuring side," and adding: "The firm has big offices with many professionals, and covers the whole array" of work in this field.

Work highlights Represented Deutsche Bank as creditor to Abengoa in the restructuring of its debt. This included EUR3.8 billion across 11 series of high yield notes guaranteed by 41 underwriters for which Deutsche Bank is the trustee.

Notable practitioners

Experienced litigator Víctor Mercedes is widely respected by interviewees, who describe him as a "solid lawyer" who "has a lot of prestige in the profession." He represents a range of national and international entities on all aspects of insolvency proceedings and distressed situations.

About the Team (content provided by Baker McKenzie)

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Clifford Chance LLP - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for First-rate department that plays a prominent role in many of the major restructuring and refinancing operations in Spain. Acts for an impressive client base of creditors, including top names from the local banking landscape, as well as an increasing number of debtors and investors. Works closely with the litigation and dispute resolution department in order to provide additional expertise in insolvency proceedings and distressed debt. Combines expertise in financial transactions and litigation with English law capabilities.

Strengths Clients choose the team for support on complex transactions, owing to its ability to leverage the firm's resources and network. One source says: "It was great, they added a lot of value to the transaction and they provide a very comprehensive service. They were crucial, as was the breadth of their platform."

Work highlights Advised a committee of bondholders and a group of investors on the EUR14 billion restructuring of Abengoa, following its filing for pre-insolvency.

Provided assistance to Codere on the restructuring of its EUR1.14 billion debt and capital structure.

Notable practitioners

Iñigo Villoria is well regarded by peers for his experience in acting on behalf of creditors and debtors in complex insolvency proceedings and distressed debt restructurings. He regularly represents domestic and multinational companies in a range of financial litigation processes. One interviewee comments: "I think he has a critical mind, he works like a member of our team. Also he's very direct; this work can be complex to understand but he makes it easier."

The "very commercial and knowledgeable" Carlos Hernández-Canut garners respect among sources for his expert practice in refinancing and restructuring mandates. One source is impressed by the breadth of his practice and "really extensive expertise in restructuring as well as new financing." The same source adds: "He is able to give creative and innovative solutions."

Sources regard new addition Rodrigo Uría as a practitioner who "shows great dedication to the client." He advises Spanish and international entities on restructuring and refinancing operations often involving syndicated loans, and acquisition and project finance.

About the Team (content provided by Clifford Chance LLP )

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CMS - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Strong team recognised for representing both insolvent entities and their investors. Offers keen expertise in litigation and bankruptcy matters and is recommended by the market for debt assessment. Has significantly expanded its client list with new additions coming from the banking and finance sector, among others. Well equipped to advise debtors throughout the insolvency process, from the petition for insolvency to the proposal of arrangements, or the liquidation and defence against an insolvency ruling.

Strengths The department's level of service is praised by interviewees, with typical comments including: "I must emphasise the team's practicality and exceptional service. The lawyers are always adapting to the specific needs of each development and manage to minimise delays each step of the way."

Work highlights Assisted Grupo I-TEK with the restructuring of EUR260 million in debt and advised the group on insolvency proceedings in relation to its subsidiary companies.

Defended Caja Madrid, Caja Segovia and Bancaja as creditors of Bankia in its EUR250 million insolvency proceedings.

Notable practitioners

Expert litigator Juan Ignacio Fernández Aguado has lengthy experience in the field of insolvency proceedings and acts on behalf of both debtors and lenders. Clients appreciate his service-oriented approach, with one stating: "I would highlight the immediate attention he provides and his speedy resolution of issues."

About the Team (content provided by CMS)

CMS Albiñana & Suárez de Lezo is recognised by Chambers Europe as a leading firm in insolvency law and restructuring in Spain, specialising in the handling of insolvencies and providing advice to both debtors and creditors on restructuring and insolvency proceedings.

Our team comprises experts on insolvency law and other areas of practice which have an impact on restructuring (tax, corporate and administrative law), who stand out due to their vast knowledge on the particular features of key economic sectors. This enables us to understand how the company works, providing an essential element to drive success in restructuring or insolvency proceedings.

When the client is the debtor, we analyse their financial situation and design the most pertinent legal strategy to help them achieve their goals and guide them throughout the entire proceedings, from the petition for insolvency (voluntary or involuntary) to the proposal of arrangements, insolvency cases or, where applicable, liquidation and defence against the ruling of liability for insolvency.

Moreover, we advise clients such as creditors in insolvency proceedings, ensuring efficient communication and executing the corresponding securities where required.

The CMS Insolvency and Restructuring department is present in 34 countries and 60 cities, advising both domestic entities and international groups in complex cross-border issues.

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Cuatrecasas - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Full-service offering that has an outstanding reputation due to the high calibre of its team members. Known for having particular skill in both insolvency proceedings and financial restructurings. Possesses additional strength in related sales and acquisitions, including those of non-performing loan portfolios. Acts for an array of clients, from insurance companies to financial institutions, with a track record of acting on behalf of both creditors and debtors. Offers a network of fourteen offices across Spain and is well equipped to handle mandates outside of Madrid and Barcelona.

Strengths Clients are impressed with the lawyers' performance on mandates. One interviewee comments: "They are held in high esteem by the judges and the banks alike. They're great professionals who offer specialist knowledge in the areas they cover, and are punctual when it comes to deadlines."

Sources applaud the team's dedicated and personalised approach, with one stating: "They know the group and the business well. With their technical support and expertise we are more than sure that things are done well, minimising risk."

Work highlights Advised Comsa Group on the restructuring of its financial debt with a pool of Spanish banks including Santander, CaixaBank and BBVA. The work included a refinancing agreement through a judicial homologation.

Assisted Banco de Madrid with insolvency proceedings, including the intervention and recurrent advising of Banca Privada d'Andorra as creditor.

Notable practitioners

One peer describes Antonio Carreño as "an expert lawyer in bankruptcy matters," and goes on to add: "He has a lot of experience and is very well respected in this sector." He rises in the rankings this year after winning praise from both clients and market observers for his contentious insolvency work. He co-heads the firm's litigation practice and is typically instructed by bankrupt entities to advise on temporary receivership and proceedings.

Rising in the rankings this year, Fedra Valencia is described by market commentators as a "top practitioner" and a "leader" in the field of insolvency proceedings. She has experience of acting for financial institutions and companies in the real estate and industrial sector on some of the country's most notable insolvency cases. One impressed source notes: "She's a tough opponent; very well known and highly respected in the market."

Javier Castrodeza is recognised by sources as "one of the most experienced lawyers in the area" and a "known figure in the market." His broad practice encompasses restructuring and bankruptcy operations and has made him a strong choice for national and multinational companies across all sectors of the economy.

Francisco Pérez-Crespo is recommended for his expert practice in advising investors and companies on complex acquisition and restructuring transactions. He offers additional experience in advising business groups on bankruptcy proceedings. He regularly acts on M&A transactions in the real estate sector and was part of the team which advised Hispania Activos Inmobilarios on the acquisition of hotels whose owner companies were in bankruptcy proceedings.

About the Team (content provided by Cuatrecasas)

Please visit our website to find out more about how we work in this field: http://www.cuatrecasas.com/practice_areas/restructuring_and_insolvency.html 

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Deloitte Legal SLP - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Highly experienced in insolvency proceedings with an impressive track record of acting as receivers on important mandates. Provides a broad range of additional services, including advice on refinancing agreements and restructuring, and serves a range of debtors and creditors. Also assists purchasers of distressed companies with the implementation of the acquisition process, and the purchase of assets before the courts.

Strengths The team is praised for offering high-quality service: "They are dynamic, competent lawyers who are always at your disposal and ready to take on new instructions." Furthermore, team members are praised for possessing "excellent time-management skills - and they are attentive in solving queries" as "they always look for a strategic approach."

Another impressed interviewee recommends the team because: "The lawyers are perfectly co-ordinated and also have great motivation to help in all matters that arise."

Work highlights Advised Global Leiva on the analysis of potential company liabilities, and provided continuous legal support throughout the subsequent insolvency proceedings.

Represented Grupo Elimco in its insolvency proceedings, with a total debt of EUR31 million and aggregate assets totalling EUR27 million.

Notable practitioners

Santiago Hurtado primarily represents insolvent entities and acts for many listed companies and public concessionaries. He is highly regarded by market commentators for his long-standing experience in insolvency proceedings and asset acquisitions from insolvent companies. One client values that he "takes dedicated responsibility for his work and gives immediate responses to the different issues," adding: "I would recommend him for his professionalism and dedication."

About the Team (content provided by Deloitte Legal SLP)

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Freshfields Bruckhaus Deringer - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Well-established and active team known for its representation of creditors in large, complex restructurings. Provides additional strength in insolvency proceedings, with a proven track record of acting on some of the most significant local matters to take place in recent years. Possesses strong international capabilities owing to the firm's global footprint and is a popular choice for global financial investors. Has recently expanded its client list to include names such as I-Sec International and Weight Watchers.

Strengths Several sources recommend the firm for its international resources and capacity to handle complex mandates. One interviewee notes: "The performance has been exceptional; they're able to provide multidisciplinary and international advice. They're a team of extraordinary lawyers with great technical skills who truly guarantee considered advice."

Another source describes the lawyers as "an excellent team" who provide "out of the box solutions and are technically very good," adding: "The other thing is that they work in an international way and always know how to understand the position of the counterparty."

Work highlightsAdvised Goldman Sachs, ING and J.P. Morgan among others as lenders on an unsecured senior loan of EUR1.3 billion granted to Metrovacesa in order to refinance its existing mortgage bilateral secured debt.

Acted as legal adviser to Banco de Sabadell and Banco Popular Español as main lenders to Grupo Aluminio on the EUR110 million restructuring of its debt.

Notable practitioners

Iñaki Gabilondo is described by market commentators as "a very consistent lawyer with a practical and hands-on approach to issues." He has taken a leading role in several of the most high-profile restructurings in the Spanish market and also specialises in leveraged and acquisition finance transactions. One interviewee describes him as a "really impressive lawyer," and adds: "He manages processes very well, knows when to intervene and can defuse tense moments."

Finance expert Ana López has been especially active in assisting Spanish companies with domestic and international restructuring and debt refinancing processes. She advised on the restructuring of the EUR488 million LBO financing granted to Permira for the acquisition of Dinosol Supermercados. One client enthuses: "Her performance has been spectacular, I would highlight her technical ability, negotiation skills, and dedication to the task in hand. Despite the meticulous demands of the work, she's extraordinarily agile and quick in her responses."

About the Team (content provided by Freshfields Bruckhaus Deringer)

Please visit the Freshfields website for more details about our work in this category: http://www.freshfields.com/en-gb/what-we-do/services/disputes-litigation-and-arbitration/insolvency-and-restructuring/


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Garrigues - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Prestigious firm with an expansive restructuring and insolvency team. Actively assists both debtor companies and creditors, and increasingly acts for financial institutions on insolvency proceedings. Receives particular praise for its refinancing capacity owing to the reputations of key partners on the team. Active in the infrastructure, energy and entertainment sectors, with clients benefiting from its extensive network of offices. Recent hire Iván Heredia is an expert in international and community law and consolidates the team's practice in cross-border insolvencies.

Strengths One impressed client enthuses: "From a geographical point of view it is great: They have branches in different areas of Spain which are equally competent. At Garrigues quality at every level is guaranteed." The same client goes on to add: "Their commitment in terms of availability is also something I really value; it's truly impressive under such a high level of pressure."

Sources praise the lawyers' commitment to efficiency, with one noting: "I would describe the performance as excellent; they are great professionals with total availability and they offer punctuality in the delivery of the work."

Work highlights Represented a group of the main international insurers holding substantial claims against the scheme of arrangement relating to Abengoa's refinancing agreement.

Advised Aeropistas and its subsidiary Autopista Eje Aeropuerto Concesionaria Española on their EUR 557m insolvency action.

Notable practitioners

The "brilliant" Adrián Thery maintains a solid reputation for his expertise in restructuring mandates and insolvency proceedings. He regularly advises creditors, debtors and distressed investors on national and cross-border matters. One market commentator describes him as a "very good litigator" who is "clearly at a different level."

Borja García-Alamán is renowned for his experience in providing both debtors and creditors with strategic advice in refinancing and pre-insolvency situations. His recent work includes advising Banco de Desarrollo de América Latina (CAF) and Banco Original on the implications of the restructuring agreements reached by Abengoa with its main creditors. Sources say: "He really understands the business of those involved and is able to find a fast and creative solution to complex problems. He's commercial, a good negotiator and a great personality to work with; respectable but firm and competent."

Litigator and debt restructuring practitioner Juan Verdugo regularly manages high-profile and cross-border insolvency proceedings for clients across a diverse range of industries. He is well equipped to handle mandates involving the refinancing of distressed businesses, distressed trading and the purchase of companies or assets subject to insolvency proceedings. One impressed source describes him as "fantastic, very responsive and able to use the legal framework very skilfully to arrive at a commercial solution."

About the Team (content provided by Garrigues)

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Gómez-Acebo & Pombo - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Multi-talented team which is active in high-value restructurings and is increasingly strong in insolvency proceedings. Has additional expertise in litigation thanks to key members of the team. A popular choice for international financial entities including banks and funds. Also has a London office and acts for many London-based UK and international distressed hedge and private equity funds and creditors.

Strengths One client is impressed by the team's client-oriented approach, stating: "It's clearly one of the top Spanish law firms. It provides the local angle and has very good lawyers who have been trained both locally and also abroad." The same sources adds: "They are partners who really care and are involved first hand in the deals."

Other interviewees are similarly impressed by the quality of the advice they receive. One source reports: "They understand the needs of the client very well, have very good technical knowledge and are able to propose different structures in order to meet our needs."

Work highlights Represented a syndicate of financial entities led by Banco Sabadell, Deutsche Bank and Bybrook Capital in the refinancing of Natra's debt totalling EUR170 million.

Advised Nueva Pescanova on the restructuring of its EUR1.06 billion financial debt through a court-sanctioned refinancing agreement.

Notable practitioners

Head of banking and finance Miguel Lamo de Espinosa Abarca regularly receives mandates from funds and creditors involved in restructuring actions and distressed situations. "For me he is the top choice for restructuring," reports one client, who adds: "He is a person who really knows the technical side of Spanish restructurings and also understands what concerns his clients; a really good mix between technical know-how and commercial acumen."

María José Paz Ares Rodríguez is highlighted by interviewees for her expertise in litigious restructuring and insolvency mandates. She focuses on bankruptcy law and recently provided advice to Banco de Madrid in connection with its liquidation proceedings.

Rodrigo López González rises in the rankings this year after receiving significant praise from several market commentators and clients. Interviewees highlight his "very technical" and "practical approach" in insolvency proceedings. He offers an additional practice in restructuring actions, where he often represents funds and creditors.

About the Team (content provided by Gómez-Acebo & Pombo)

Our Insolvency practice enjoys a well-deserved reputation, thanks to its successful participation in the most widely reported insolvency proceedings.

The team specialised in Insolvency Law has advised one of the largest Spanish developers in what to date has been the largest insolvency proceedings in Europe.

The experience arising from the management of complex insolvency proceedings, as well as from other company matters relating to Insolvency law, has meant that our lawyers possess all the qualifications necessary to successfully provide comprehensive advice to the client in the face of any situation arising from insolvency proceedings.

Our areas of action in this field are:

  • Preparation and presentation of insolvency proceedings petitioned by debtors or creditors
  • Disputes and acknowledgments of claims
  • Representation and defence of creditors in all stages of the proceedings
  • Insolvency issues from the termination of freelance or business agreements, and avoidance (clawback) actions
  • Preparation, drafting and negotiation of compositions with creditors
  • Role as insolvency practitioners


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Jausas - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Barcelona-based team well versed in a range of proceedings, from the management or purchase of distressed debt to aiding entities filing for insolvency. Advises creditors and debtors on both bankruptcy and restructuring agreements. Has significant experience in representing international clients, and has gained a range of foreign companies as new clients. Also advises companies on proposed investments in the business assets of entities involved in bankruptcy proceedings.

Strengths Sources endorse the department's expertise and ability to handle cross-border mandates. One source notes that the lawyers are "able to co-ordinate the work with firms abroad to make sure it goes smoothly," and goes on to highlight the firm's "reasonable fees, even in situations with partner involvement."

Work highlights Advised Anticipa on the management of distressed debt portfolios totalling EUR260 million and the associated 300 insolvency proceedings.

Assisted Laborsalus with its insolvency filing and the sale of business units to a competitor.

Notable practitioners

Agustín Bou is highly regarded for his insolvency practice, which involves acting for both domestic and international debtors and creditors. He typically represents entities involved in bankruptcy proceedings and advises on transactional mandates involving insolvent assets. One client explains: "He's very knowledgeable and has quite a lot of experience with international work," adding that: "He has everything we would look for – the knowledge, experience, practicality and punctuality."

About the Team (content provided by Jausas)

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Linklaters - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Offers an impressive breadth of expertise across restructuring and is increasingly admired for its involvement in insolvency matters of major significance. Acts for banks, investors and corporates in connection with a broad range of assets including real estate. Offers impressive international capabilities with a team set up to advise under both Spanish and English law and English lawyers permanently based in Madrid.

Strengths One client appreciates the lawyers' diligence and comments: "I've found them to be really responsive, I sense that they have very good technical abilities and I think that's really useful in a transactional context." The same source goes on to add that "their network has been very important; they have a good ability to co-ordinate the work well."

The team impresses sources with its hands-on approach. One client describes the group as "very committed and always ahead of you ,which is important," adding: "Regardless of the seniority of the lawyer, they are always directly involved in the matter and you feel you are really offered the best of the firm in any single transaction."

Work highlights Advised FCC on the Spanish scheme of arrangement concerning a EUR4.4 billion debt refinancing.

Assisted a group of bondholders with the EUR2.2 billion debt restructuring of Isolux Corsan.

Notable practitioners

Head of banking Pedro de Rojas is highly recommended for a broad range of mandates in the restructuring area. He has considerable experience in advising financial entities on corporate finance, leveraged and stock exchange transactions. One impressed client notes: "His legal skill is second to none, but he also has a real appreciation of transaction strategy for his clients. He has a good understanding of the client's business and is able to tailor the advice accordingly."

Juan Barona possesses long-standing experience in advising Spanish and international clients on restructuring and acquisition financing mandates. One peer highlights him as "a very prominent individual in the refinancing market." His work includes assisting Hune Rental with the EUR294 million restructuring of its debt.

Described as "a great litigator" and "a very professional lawyer," Francisco Málaga is admired by both clients and peers for his contentious practice in restructuring and insolvency mandates. His recent work includes assisting Abengoa's insolvent subsidiary Concesionaria Costa del Sol with the filing and subsequent actions of the insolvency proceedings.

About the Team (content provided by Linklaters)

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ONTIER - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Most recognised for its handling of insolvency proceedings, the team also takes on refinancing and restructuring mandates. Active across many sectors, including real estate, construction and mining. Well equipped to leverage resources across its international network in order to assist companies with global agreements.

Strengths The team is recognised by market observers for its "long tradition of handling insolvency cases."

Notable practitioners

Founding partner Bernardo Gutiérrez de la Roza has lengthy experience in the field of insolvency law and corporate restructuring. He regularly acts on behalf of debtors and has additional specialist knowledge in the energy sector, particularly in the renewable energy field.

About the Team (content provided by ONTIER)

When the economic environment becomes difficult, it is important to rely on advice that is based on an in-depth understanding of the regulatory context, that explores the available options with an appropriate diagnostic approach, and that is able to implement the necessary decisions in a timely manner. Expert advice helps you leave the crisis in addition to protecting the responsibility of the administrators.
Previously, ONTIER has taken part in the insolvency proceedings of high-profile companies, including defending business interests in crisis as well as for the business´ creditors. Our extensive experience in these matters enables us to help our clients find the best solution for their purposes by making the most of the alternatives that are offered by legislation.
Our experience comprises procedures of debt and investment restructuring and refinance within active and passive insolvencies. The negotiating skills of our professionals guarantee the best results for our clients.

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Pérez-Llorca - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Experienced practitioners serving a notable international and domestic client base, including companies from the financial services, automotive and construction sectors. Highly regarded for both its restructuring and insolvency work, often involving cross-border aspects. Has recently expanded its client list to include names such as GM, Grupo LAR and Global Energy Siemsa.

Strengths Interviewees value the department's hard-working approach and responsiveness. One comments: "Their advice has been consistent which is great, from documents to deals they're executing the same quality of work throughout," and adds: "We can email them out of the blue with an urgent query and we get an immediate response."

"They work very fast yet very meticulously." reports another impressed source.

Work highlights Assisted SAREB with the filing of a request for the involuntary insolvency of Olga Urbana, where assets and liabilities amounted to around EUR270 million.

Advised CaixaBank, Ibercaja, SAREB and Santander on the refinancing of Grupo Asuari’s EUR110 million debt, with the purpose of avoiding the insolvency of the group's companies.

Notable practitioners

Experienced litigator Félix Montero regularly advises companies on negotiating creditor agreements, insolvency filings and court proceedings, including challenging liquidation decisions. He recently advised Autopista de la Costa Cálida on the management of its insolvent assets valued at EUR529 million and liabilities of EUR793 million.

About the Team (content provided by Pérez-Llorca)

Please visit www.perezllorca.com/en/PracticasSectores/inicio for more information


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Ramón y Cajal Abogados - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Highlighted for its considerable strength in advising on insolvency proceedings, as well as providing assistance to companies undergoing pre-insolvency actions. Offers solid expertise in group restructuring and debt refinancing matters. Acts for debtors and creditors on operations arising in many different sectors, including energy and real estate. Recent lateral hires add to the department's growing reputation in the practice area.

Strengths Clients appreciate the department's strategic approach to mandates, with one commenting: "One of the important things for us is that we need a lawyer to understand not only our needs but the needs of the other parties too. If you don't do that, the confrontation will present itself and they managed to avoid that very well."

Work highlights Assisted Grupo La Finca with its EUR503 million debt refinancing.

Advised Bankia on several insolvency matters, including the Ros Casares proceedings in which the credit amounted to over EUR40 million.

Notable practitioners

Interviewees value that insolvency expert Ramón Fernández-Aceytuno "has in-depth knowledge of all the processes and can understand the needs of all parties very well." He typically represents insolvent entities in proceedings but also represents creditors' interests in negotiation processes. Clients mention that he is "very calm, and impressive when you have an important negotiation."

About the Team (content provided by Ramón y Cajal Abogados)

Ramón y Cajal is an experienced advisor to all the parties affected when a company is in financial distress.  Among other areas, we work regularly on group restructurings, debt refinancing, creditors’ rights, and board liability issues. The practice is differentiated in two areas:

Restructuring: our restructuring team represents banks and lenders as creditors in restructurings, as well as the company debtors in bankruptcies. It is a busy area for the practice; we handle approximately 15 of these engagements per year.

Insolvency: our Insolvency team has extensive experience in providing legal advice to all parties affected by an economic crisis within a corporation. We work in the main sectors of the economy, and the professionals forming the team are deeply aware of the business issues affecting every matter.  In this sense, both the Finance Department and the Tax and Procedural Law Department provide added value to the division by supplying it with all the skills necessary to deal with a corporate crisis. This team works in group restructuring, debt refinancing, representation and defence of creditors, advising on the liability of directors by actively participating in the classification phase and providing counsel on acquisitions of business units within insolvency proceedings. The most relevant aspects of our expertise in the area of insolvency law include:

  • Advice to a company in crisis
  • Advice to creditors affected by the insolvency of a third party company

 

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RCD – Rousaud Costas Duran - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Stands out for its considerable strength in assisting debtors from a wide range of industries with insolvency proceedings. Able to provide expertise on structured financing, distressed M&A transactions and bank restructuring operations. Also advises investment funds on due diligence reports concerning the solvency of companies in bankruptcy proceedings and their viability to recover assets.

Notable practitioners

Jordi Albiol is highlighted by market commentators for his active practice in insolvency law. He is regularly instructed by insolvent companies to manage proceedings and to render strategic financial advisory services. He is also an experienced bankruptcy administrator and has handled over 200 proceedings throughout various Spanish jurisdictions.

About the Team (content provided by RCD – Rousaud Costas Duran)

Department profile not yet provided by RCD – Rousaud Costas Duran. Please see their firm profile.

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Roca Junyent - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Well-regarded specialists in insolvency proceedings, frequently appointed as insolvency administrators. Experienced in the purchase and sale of units from insolvent companies. Adept in the area of financial restructuring, where the team commonly represents both creditors and insolvent entities. Offers expertise in pre-insolvency advisory services, including the preparation of arrangements with creditors and feasibility plans.

Notable practitioners

A key contact lawyer for this area is Joan Antoni Borràs Abós.

About the Team (content provided by Roca Junyent)

The Restructuring & Insolvency Practice benefits from extensive experience in insolvency procedures and, in the past, several of its members have been nominated to act as receivers/administrators by Commercial Judges.

CONTRACTS

  • Review of the possible implications of a meeting of creditors for contracts maintained by the company.
  • Formalisation of guarantees in compliance with statutory requirements so that they do not fall within the scope of the insolvency estate.
  • Advice on the acquisition of companies or productive units subject to insolvency, articulating the methods to avoid liability.

PRE-INSOLVENCY ADVICE

In the face of threatened insolvency, it is crucial to evaluate the risks for the management body to be held somehow responsible for the insolvency. The members of our Insolvency Practice have become experts in delivering pre-insolvency advice. .

INSOLVENCY ADVICE

  • Instigation, where appropriate, of the procedure under section 5.3 of the Spanish Insolvency Act, in circumstances of actual insolvency, in order to file an advance arrangement with creditors and get out of the insolvency status as quickly as possible.
  • Petitioning for insolvency on behalf of individuals and corporate bodies.
  • Assistance in the separate procedure leading to the classification of the insolvency.
  • Defence against actions filed under section 71 of the Spanish Insolvency Act.
  • Preparation of arrangements with creditors and feasibility plans.
  • Advice on and formalisation of advance arrangements with creditors

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Simmons & Simmons LLP - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Provides extensive experience in advising key financial institutions on insolvency mandates including bankruptcy proceedings and claw-back actions. Particularly specialised in advising clients on court-approved refinancing agreements. Also assists debtor companies with the trading of distressed syndicated loans and corporate debt.

Strengths One market observer appreciates that the lawyers "are professional and respond very quickly." The same source affirms: "They have very good expertise and are good for finance litigation involving insolvency."

"They've carried out plenty of highly complex work for us in this field and have performed excellently," appreciates another interviewee.

Work highlights Represented Santander in the insolvency proceedings of Abengoa subsidiary Abengoa Bioenergía.

Advised SAREB on challenging a refinancing agreement for the banking debt of Grupo Sando in order to defend the bank's EUR51 million credit.

Notable practitioners

Andrés Mochales is highly recommended for his expertise in advising insolvent entities and representing lenders in refinancing agreements and insolvency proceedings. One market commentator describes him as a "great litigator" who is "direct and does a very good job in the courts," while another reports that "he's a very respected lawyer in the financing sector and a very important player on the side of financial entities."

About the Team (content provided by Simmons & Simmons LLP)

Department profile not yet provided by Simmons & Simmons LLP. Please see their firm profile.

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Uría Menéndez - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for First-rate firm with a prominent position in the local market and exceptional expertise in advising both creditors and debtors. Renowned for its skilled handling of large-scale and complex restructuring and refinancing. Typical mandates include debt refinancing, distressed asset transactions and insolvency proceedings, both in and out of court. Clients include key domestic corporates, international funds and international banks. Following the financial crisis, the team has developed an active practice in the sale and purchase of non-performing loan portfolios, advising both selling banking institutions and purchasing distressed investors.

Strengths Interviewees value that the team "makes everything easy and is always at our disposal" and highlight the lawyers' "excellent knowledge of the financial sector," adding: "They know a lot about restructuring and insolvency procedures."

Other sources appreciate the team's "reliability, confidence and expertise" and go on to add that "having lawyers with vast experience and credibility in the market is key, as are excellent execution capabilities, given the time pressure."

Work highlights Represented Global Asset Capital in the co-ordination of the EUR2.8 billion restructuring and purchase by a third investor of Marme Inversiones and the Marme-owned real estate asset Ciudad Financiera, including the refinancing and purchase transaction, and a review of insolvency issues.

Advised a syndicate of financial creditors including Banco Santander, BBVA, SAREB and Banco Popular on the EUR2.9 billion insolvency proceedings of Reyal Urbis.

Notable practitioners

Carlos de Cárdenas Smith is consistently highlighted by sources as one of the top restructuring practitioners in Spain, with one impressed commentator stating: "He is a senior professional with a lot of experience, and is very pragmatic when looking for the solutions to difficult projects." He heads the firm's corporate and commercial practice and has played a role in many of the most high-profile restructuring and finance operations in recent times.

Alberto Núñez-Lagos is widely regarded as a market-leading lawyer in the sector and represents debtors, creditors and managers in both restructuring and insolvency mandates. He often assists financial entities with their potential purchases of distressed assets and also recently advised Segur Ibérica on the sale of the business within its insolvency proceedings. Market commentators note his "valuable experience" and describe him as "a very efficient, professional lawyer."

Interviewees describe Sebastián Sáenz de Santa María as "technically very good" and a lawyer who "knows how to manage negotiations." He regularly assists domestic and international lenders with banking and finance mandates and specialises in debt restructuring operations. His recent work includes advising a group of lenders on the restructuring of Condesa Group's debt totalling EUR250 million.

Clients recognise the prominent role that Ángel Pérez López plays in restructuring mandates. He has also advised creditors and debtors on the debt restructuring of some of Spain’s biggest companies and on the sales and acquisitions of non-strategic assets, such as non-performing loans. One client notes that he is "good at speaking the same language as us, reaching out and staying on top of everything, no matter when the deadline," and adds: "That commercial approach is what we value most."

About the Team (content provided by Uría Menéndez)

We take an active role in complex debt restructuring and refinancing transactions, advising both borrowers and lenders. The team combines relevant experience with an awareness of the interests at stake in this type of transaction and the know-how of lawyers in other practice areas, such as Litigation, Real Estate and Tax.

Our advice encompasses every stage of the restructuring process, from the initial negotiations through to the signing of restructuring and refinancing documents.

We advise on a wide range of topics related to insolvency and restructuring, including the restructuring of investments of venture capital firms.

We have a breadth of experience advising all the parties affected when a company is in financial distress. Our advice includes: group restructurings, debt refinancing, protection of creditors’ rights, liability of board members and investments in distressed debt and liabilities of insolvent companies.

Our experience in insolvency spans the main sectors of an economy. This enables us to confront any corporate distress situation with an in-depth knowledge of the issues at stake and potential cross-border implications.


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Band 1

Cuatrecasas

From the Chambers Europe guide

One peer describes Antonio Carreño as "an expert lawyer in bankruptcy matters," and goes on to add: "He has a lot of experience and is very well respected in this sector." He rises in the rankings this year after winning praise from both clients and market observers for his contentious insolvency work. He co-heads the firm's litigation practice and is typically instructed by bankrupt entities to advise on temporary receivership and proceedings.

^ See whole ranking table

Band 1

Ramón Fernández-Aceytuno

Ramón y Cajal Abogados

From the Chambers Europe guide

Interviewees value that insolvency expert Ramón Fernández-Aceytuno "has in-depth knowledge of all the processes and can understand the needs of all parties very well." He typically represents insolvent entities in proceedings but also represents creditors' interests in negotiation processes. Clients mention that he is "very calm, and impressive when you have an important negotiation."

^ See whole ranking table

Band 1

Alberto Núñez-Lagos

Uría Menéndez

From the Chambers Europe guide

Alberto Núñez-Lagos is widely regarded as a market-leading lawyer in the sector and represents debtors, creditors and managers in both restructuring and insolvency mandates. He often assists financial entities with their potential purchases of distressed assets and also recently advised Segur Ibérica on the sale of the business within its insolvency proceedings. Market commentators note his "valuable experience" and describe him as "a very efficient, professional lawyer."

^ See whole ranking table

Band 1

Garrigues

From the Chambers Europe guide

The "brilliant" Adrián Thery maintains a solid reputation for his expertise in restructuring mandates and insolvency proceedings. He regularly advises creditors, debtors and distressed investors on national and cross-border matters. One market commentator describes him as a "very good litigator" who is "clearly at a different level."

^ See whole ranking table

Band 1

Cuatrecasas

From the Chambers Europe guide

Rising in the rankings this year, Fedra Valencia is described by market commentators as a "top practitioner" and a "leader" in the field of insolvency proceedings. She has experience of acting for financial institutions and companies in the real estate and industrial sector on some of the country's most notable insolvency cases. One impressed source notes: "She's a tough opponent; very well known and highly respected in the market."

^ See whole ranking table

Band 1

Clifford Chance LLP

From the Chambers Europe guide

Iñigo Villoria is well regarded by peers for his experience in acting on behalf of creditors and debtors in complex insolvency proceedings and distressed debt restructurings. He regularly represents domestic and multinational companies in a range of financial litigation processes. One interviewee comments: "I think he has a critical mind, he works like a member of our team. Also he's very direct; this work can be complex to understand but he makes it easier."

^ See whole ranking table

Band 2

J Almoguera Abogados

From the Chambers Europe guide

Head of practice Jesús Almoguera of J Almoguera Abogados is consistently highlighted by peers for his "good experience and reputation" in both restructuring and insolvency mandates. Sources appreciate that "he has a wide experience, a good command of English, and in meetings he is proactive and always looking to offer solutions." He advised ING Bank as a major creditor in the EUR2.5 billion insolvency actions of the Spanish toll roads.

^ See whole ranking table

Band 2

Jausas

From the Chambers Europe guide

Agustín Bou is highly regarded for his insolvency practice, which involves acting for both domestic and international debtors and creditors. He typically represents entities involved in bankruptcy proceedings and advises on transactional mandates involving insolvent assets. One client explains: "He's very knowledgeable and has quite a lot of experience with international work," adding that: "He has everything we would look for – the knowledge, experience, practicality and punctuality."

^ See whole ranking table

Band 2

Juan Ignacio Fernández Aguado

CMS

From the Chambers Europe guide

Expert litigator Juan Ignacio Fernández Aguado has lengthy experience in the field of insolvency proceedings and acts on behalf of both debtors and lenders. Clients appreciate his service-oriented approach, with one stating: "I would highlight the immediate attention he provides and his speedy resolution of issues."

^ See whole ranking table

Band 2

Jones Day

From the Chambers Europe guide

Jones Day's Juan Ferré is commended for his broad restructuring and insolvency practice by a diverse range of clients including financial institutions and multinationals. He represents debtor, investor and creditor entities in distressed debt transactions and insolvency proceedings. One interviewee commends his "responsive, focused and direct" approach, adding: "It's pretty evident from the way he works that he has experience and knowledge under his belt."

^ See whole ranking table

Band 2

Borja García-Alamán

Garrigues

From the Chambers Europe guide

Borja García-Alamán is renowned for his experience in providing both debtors and creditors with strategic advice in refinancing and pre-insolvency situations. His recent work includes advising Banco de Desarrollo de América Latina (CAF) and Banco Original on the implications of the restructuring agreements reached by Abengoa with its main creditors. Sources say: "He really understands the business of those involved and is able to find a fast and creative solution to complex problems. He's commercial, a good negotiator and a great personality to work with; respectable but firm and competent."

^ See whole ranking table

Band 2

Baker McKenzie

From the Chambers Europe guide

Experienced litigator Víctor Mercedes is widely respected by interviewees, who describe him as a "solid lawyer" who "has a lot of prestige in the profession." He represents a range of national and international entities on all aspects of insolvency proceedings and distressed situations.

^ See whole ranking table

Band 2

Simmons & Simmons LLP

From the Chambers Europe guide

Andrés Mochales is highly recommended for his expertise in advising insolvent entities and representing lenders in refinancing agreements and insolvency proceedings. One market commentator describes him as a "great litigator" who is "direct and does a very good job in the courts," while another reports that "he's a very respected lawyer in the financing sector and a very important player on the side of financial entities."

^ See whole ranking table

Band 2

Antonio Vazquez-Guillén

Allen & Overy LLP

From the Chambers Europe guide

Litigator Antonio Vazquez-Guillén has recently assisted several domestic and international financial institutions with contentious mandates. He typically acts for credit entities in insolvency proceedings. Clients describe him as a "really solid lawyer with a strong legal framework at his disposal." 

^ See whole ranking table

Band 3

Javier Castrodeza

Cuatrecasas

From the Chambers Europe guide

Javier Castrodeza is recognised by sources as "one of the most experienced lawyers in the area" and a "known figure in the market." His broad practice encompasses restructuring and bankruptcy operations and has made him a strong choice for national and multinational companies across all sectors of the economy.

^ See whole ranking table

Band 3

Bernardo Gutiérrez de la Roza

ONTIER

From the Chambers Europe guide

Founding partner Bernardo Gutiérrez de la Roza has lengthy experience in the field of insolvency law and corporate restructuring. He regularly acts on behalf of debtors and has additional specialist knowledge in the energy sector, particularly in the renewable energy field.

^ See whole ranking table

Band 3

María José Paz Ares Rodríguez

Gómez-Acebo & Pombo

From the Chambers Europe guide

María José Paz Ares Rodríguez is highlighted by interviewees for her expertise in litigious restructuring and insolvency mandates. She focuses on bankruptcy law and recently provided advice to Banco de Madrid in connection with its liquidation proceedings.

^ See whole ranking table

Band 3

Garrigues

From the Chambers Europe guide

Litigator and debt restructuring practitioner Juan Verdugo regularly manages high-profile and cross-border insolvency proceedings for clients across a diverse range of industries. He is well equipped to handle mandates involving the refinancing of distressed businesses, distressed trading and the purchase of companies or assets subject to insolvency proceedings. One impressed source describes him as "fantastic, very responsive and able to use the legal framework very skilfully to arrive at a commercial solution."

^ See whole ranking table

Band 4

RCD – Rousaud Costas Duran

From the Chambers Europe guide

Jordi Albiol is highlighted by market commentators for his active practice in insolvency law. He is regularly instructed by insolvent companies to manage proceedings and to render strategic financial advisory services. He is also an experienced bankruptcy administrator and has handled over 200 proceedings throughout various Spanish jurisdictions.

^ See whole ranking table

Band 4

Javier Castresana

Allen & Overy LLP

From the Chambers Europe guide

The "absolutely outstanding" Javier Castresana enters the rankings this year after earning plaudits from both clients and peers. He is typically instructed to represent financial entities in insolvency proceedings and contentious debt restructuring mandates. One impressed client says of his practice: "He is extremely smart, efficient and always thinks outside the box. He is someone you can really trust, as he is very commercial and practical in his approach to a dispute."

^ See whole ranking table

Band 4

Rodrigo López González

Gómez-Acebo & Pombo

From the Chambers Europe guide

Rodrigo López González rises in the rankings this year after receiving significant praise from several market commentators and clients. Interviewees highlight his "very technical" and "practical approach" in insolvency proceedings. He offers an additional practice in restructuring actions, where he often represents funds and creditors.

^ See whole ranking table

Band 4

Alfonso López-Ibor

Ventura Garcés & López-Ibor

From the Chambers Europe guide

Alfonso López-Ibor of Ventura Garcés & López-Ibor is widely recognised for his expertise in financial restructuring and insolvency proceedings. He is well equipped to assist financial institutions and international clients across a range of industries. He acted on behalf of Stemcor in relation to the insolvencies of several Spanish companies with a total debt amounting to EUR25 million.

^ See whole ranking table

Band 4

Francisco Málaga

Linklaters

From the Chambers Europe guide

Described as "a great litigator" and "a very professional lawyer," Francisco Málaga is admired by both clients and peers for his contentious practice in restructuring and insolvency mandates. His recent work includes assisting Abengoa's insolvent subsidiary Concesionaria Costa del Sol with the filing and subsequent actions of the insolvency proceedings.

^ See whole ranking table

Band 4

Andersen Tax & Legal

From the Chambers Europe guide

Javier Mata of Andersen Tax & Legal typically acts on behalf of insolvent entities in bankruptcy proceedings and offers additional expertise in contentious restructuring matters. One impressed client describes him as "a great strategist with deep technical knowledge," who is "fundamental to our work."

^ See whole ranking table

Band 4

Pérez-Llorca

From the Chambers Europe guide

Experienced litigator Félix Montero regularly advises companies on negotiating creditor agreements, insolvency filings and court proceedings, including challenging liquidation decisions. He recently advised Autopista de la Costa Cálida on the management of its insolvent assets valued at EUR529 million and liabilities of EUR793 million.

^ See whole ranking table