Experts in Spanish insolvency legislation

We advise on all aspects of corporate and personal insolvency work

Insolvency & Corporate Recovery

 

Scudamore Law advises on all aspects of corporate and personal insolvency work, including business restructurings, debt refinancing, protection of creditors’ rights, liability of directors and liquidators, and asset and debt acquisition from distressed companies.

We assist corporate clients and individuals, creditors and debtors, insolvency practitioners, turnaround professionals, banks and stakeholders in relation to corporate distress in Spain.

Expertise in English and Spanish law: we are experienced in the potential cross-border implications and help lenders and companies assess the risks of foreign insolvency proceedings:

  • director's duties on insolvency
  • potential claw back claims by insolvency officeholders
  • formal procedures for restructuring a company
  • recognition in Spain of insolvency proceedings in other jurisdictions

Our international footprint: we assist Spanish companies in relation to UK Scheme of Arrangement and advise on issues such as the centre of main interests (COMI) and the requirements to establish a ‘sufficient connection’ to England.

  • Pre-insolvency advice
  • Directors’ liability
  • Out-of-court pre-insolvency refinancing (voluntary arrangements)
  • Pre-bankruptcy agreements
  • Voluntary and compulsory administrative receiverships
  • Collective redundancies
  • Carrying on business during rescue and insolvency proceedings
  • Debtor-in-possession financing
  • Structuring investments in distressed debt and liabilities of insolvent companies
  • Production unit sales and liquidation

Unlike in the UK, in a voluntary insolvency in Spain, the directors usually continue managing the company’s business.

Enforcement actions are stayed, contracts with suppliers and other third parties remain in force and clauses allowing a contract to be terminated on insolvency are void.

We protect creditors’ claims:

  • Challenge and recognition of creditors’ claims
  • Enforcement of security interests
  • Recognition and enforcement of foreign debts and security interests in insolvency proceedings in Spain