Insolvency and Restructuring

Martínez-Echevarría has a recognised and accredited Restructuring and Insolvency practice comprised of qualified lawyers with extensive experience in this area, who also receive support from team members of other practices within the firm (Employment, Contentious-Administrative, Tax, etc.) in order to provide the best advice and defence in the event that bankruptcy proceedings were to be necessary, which are particularly complex due to their impact on multiple areas of law.

Our advice is mainly aimed at companies and individuals who may be affected by the possible economic crisis of a company. We can assist, for example, in: company restructuring procedures, debt refinancing, advice and defence of the debtor in bankruptcy proceedings, defence of creditors’ rights, advice on the liability of directors/administrators, investments in bankruptcy assets and liabilities, etc.

In this way, we help entrepreneurs and professionals with financing operations for their company; acquisitions they intend to carry out; the secondary loan market; financing of companies in crisis; purchase and sale of credits; granting of credits to companies in special situations; acquisition of debt packages; etc.

With regard to refinancing, we assist debtors in determining the most optimal refinancing rate for their specific situation, intervening in the negotiations, drafting and – where appropriate – ratifying agreements. From the other perspective, we also advise investors, funds or financial institutions in relation to these refinancing agreements, analysing the proposals and guarantees, as well as on negotiations and drafting of agreements.

We also provide our professional services to various types of companies and investment funds interested in acquiring companies, production units, individual assets or credit portfolios, reducing legal risks of operations as much as possible, carrying out legal due diligence processes, drafting confidentiality agreements, formalising offers, drafting contracts, consulting with the competition authorities if the operation were to require it, etc.

And, of course, we provide services as lawyers for the party filing for bankruptcy (voluntary or involuntary), as well as in representation of creditors, our team of specialists having participated in numerous bankruptcy proceedings.

As lawyers for the debtor, we provide advice both prior to the bankruptcy and throughout the proceedings. Thus, during the pre-bankruptcy phase, we offer our experience and expertise to the client in order to carry out negotiations with creditors and work on financial restructuring measures that could be used to avoid bankruptcy; and analyse the debtor’s employment structure as well as the possible effects of the declaration of bankruptcy and sources of financing. Then, at the time of the bankruptcy proceedings, we offer complete advice and defence of the client in all matters relating to the development of the bankruptcy proceedings, providing legal coverage during all phases until their conclusion, whether by way of agreement or by winding-up process, defending the client (if applicable) in the phase evaluating the bankrupt’s degree of fault.

Likewise, we also intervene in defence of creditors of an insolvent party (whether bankrupt or not), deploying our services to try to obtain collection of insolvency claims, preparing the notification of the same to the bankruptcy proceedings, challenging reports of the parties involved in the bankruptcy, exercising actions for termination of contracts, defending the interests of our client in the reinstatement actions that may be applicable, studying the winding-up plan (and the possible challenge of the same), and subsequent measures.

Our team of expert lawyers will analyse the potential liabilities (commercial, tax, employment and criminal) of the administrators, directors and proxies of insolvent companies or companies on the verge of insolvency and provide them with legal advice so that they can adopt the most appropriate measures and thus enjoy the greatest protection and peace of mind

Notas Jurídicas

Ante las consecuencias económicas de la actual crisis sanitaria, es preciso tener en cuenta la normativa establecida en la Ley Concursal referente al acuerdo extrajudicial de pagos, a través de la mediación concursal, a los que van que tener que acogerse, presumiblemente, un buen número de personas físicas (empresarias o no) y jurídicas (sean o no sociedades de capital) a fin de evitar el concurso, siempre que cumplan los presupuestos y requisitos que establecen los artículos 231 y siguientes de la Ley 22/2003, de 9 de julio, Concursal.

Rafael Cabrera

La etapa económica en la que nos adentramos traerá consigo oportunidades de compra de activos, de empresas y de unidades productivas en procedimientos concursales, a precios más competitivos. En numerosas ocasiones, el comprador necesita acudir a la financiación externa para la ejecución de la operación. En este escenario, además de asesorar la operación de adquisición en sí, asesoramos en la estrategia, originación, estructuras alternativas y ejecución de la financiación en el proceso de compra de una empresa: análisis de la estructura de deuda y de la operación objetivo (LBO’s, MBO’s, MBI’s, acquisition finance); modelización financiera y escenarios; preparación de documentación para la negociación y firma del contrato de de la estructura y condiciones de deuda; diseño de la estructura financiera óptima; asesoramiento en la elección de los proveedores de deuda; asesoramiento en el proceso de reordenación; asesoramiento en la elección de tipo de financiación y proveedores de deuda y/o sustitución de deuda.

Francisco Gallardo

Con las últimas reformas legislativas por la actual crisis del Covid19, se han adoptado medidas sobre el régimen de celebración de juntas y consejos, para admitir que se puedan celebrar, con ciertos requisitos, tanto por audioconferencia como por videoconferencia, así como ampliado los plazos para la formulación de cuentas y los requisitos para modificar la propuesta de aplicación del resultado contenida en cuentas anuales formuladas respecto a la que se someta a la junta ordinaria a celebrar en el año corriente. En este sentido, es recomendable que las empresas obtengan el asesoramiento adecuado para poder proponer dentro de los plazos legales medidas sobre Ante una insolvencia -actual o inminente- que impide a la empresa afrontar los pagos corrientes, la Ley Concursal contempla esta medida del “Preconcurso” por la que se concede un periodo de tres meses -más un cuarto- en el que es posible reestructurar/refinanciar la deuda o alcanzar un convenio de pago con los acreedores. Además, se impide con ello que se declare el concurso a instancias de acreedores y el inicio de ejecuciones -judiciales o extrajudiciales- de bienes o derechos necesarios para la continuidad de su actividad, protegiendo además la responsabilidad personal del empresario.

José Alés