Bankruptcy, insolvency and restructuring in Chile


Full-service law firm Carey fields a  14-strong team (including three partners), which is dedicated almost exclusively to insolvency matters. Leveraging the firm's litigation and international arbitration prowess, the team of experienced bankruptcy and restructuring litigators, led by Ricardo Reveco, consistently excel in insolvency proceedings; in parallel, the group's corporate lawyers, including co-head of the corporate, M&A, capital markets and banking and finance group, Francisco Ugarte, are highly rated for restructuring, financial distress-related M&A and finance deals. The firm also took the lead during the origination of Chilean Insolvency Law No. 20.720, advising the government on its development. Providing further partner-level support, Cristián Figueroa (corporate, M&A and capital markets co-head) is a specialist in M&A and financial distress-related transactions; also noted are associates Isaac Stevens, Alejandra Daroch and Roberto Villaseca.


Working with this firm gives me peace of mind that they will do a good job. They have a lot of knowledge in their area and are willing to listen to solutions.’

Good levels of communication with the client.’

They have strong theoretical and practical knowledge, dedication and speed.’

Key clients

Red Salud UC Christus

Macquarie Bank




Louis Dreyfus Commodities

Minera Cerro Dominador

Work highlights

  • Advised healthcare provider Red Salud UC Christus on the reorganisation proceedings of health insurer Isapre Masvida, one of the largest insolvency proceedings commenced to date in Chile.
  • Acted for Macquarie Bank, as main creditor, on the bankruptcy of Sociedad Contractual Minera El Toqui, a subsidiary of Australian exploration and metal-mining company Laguna Gold.
  • Advised Chile’s state-owned mining company, Codelco, on its settlement negotiations with Italian multinational construction company Astaldi, which filed for restructuring in Italy.
  • Assisted Kikkoman, a Japanese company that produces and commercialises soy sauce, with the bankruptcy of Velarde Hns,  a well-known food importer and historical distributor of Kikkoman in Chile.
  • Acted for Agrofoods Central Valley Chile on a reorganisation proceeding involving a debt of over $65m, which concluded with a reorganisation agreement approved by all its creditors, including several banks and multiple suppliers.

Barros & Errázuriz

Having acted in many high-profile judicial and non-judicial reorganisations, as well as contentious bankruptcy law proceedings, Barros & Errázuriz enjoys a strong market reputation for bankruptcy and restructuring matters, and 'gives quick and precise answers to the problems exposed'. It advises both debtors and creditors, acts in arbitration cases (including insolvency class actions), and assists with the acquisition of assets of companies that are subject to liquidation or reorganisation procedures. The team is led by Javier San Martín, whose broad dispute resolution practice includes bankruptcy. Senior associates Cristián Pérez and José Luis Corvalán provide key support. Since publication Corvalán has been raised to the partnership, effective as of May 2021.

Practice head(s):

Javier San Martin


The team gives quick and precise answers to the problems exposed.’

They have good business knowledge.’

This is an empathetic and experienced group.’

Javier San Martin has excellent knowledge of different bankruptcy processes, which is favorable when analyzing the alternatives and scenarios to which a client could be exposed.’

Key clients

Credicorp Capital

Sociedad Contractual Minera El Toqui

Inversiones Montemar





Remates San Isidro



Exportadora Natural Chile


Inmobiliaria Fuenzalida


Work highlights

  • Advised Marcarthur Holdings on the auction process for the acquisition of the assets of Compañía Minera El Toqui, a gold mine belonging to Australian company Laguna Gold, which filed a voluntary liquidation request in 2019.
  • Advised Interchile, which provides infrastructure construction services, on a contractor’s reorganisation procedure.
  • Advised Inmobiliaria Fuenzalida on a liquidation procedure against a construction company.

Morales & Besa

Morales & Besa's six-strong specialized insolvency, restructuring and reorganization department leverages off the firm's prestigious banking and finance, capital markets and projects practices. The team has expertise in reorganization proceedings and out-of-court debt restructuring agreements, as well as insolvency scenarios before the courts, agreements reached with creditors, and the implementation of complex structures. It is also particularly experienced in matters involving the healthcare, financial services, construction and energy sectors. Myriam Barahona, whose broad practice includes insolvency and restructuring, and Gonzalo Cordero, who  is recommended for insolvency and bankruptcy-related litigation, are the key contacts. Contentious support is provided by experienced associates Orlando Palominos and Juan Ignacio Eymin.


The team gives certainty and concrete solutions to the problems that appear in this area. Strong teamwork allows them to give an overview of the issues they discuss.’

This is a firm with vast experience in financial and corporate matters, having the resources and skills to deal with very complex businesses. Given this, it is natural that the practice, when working as a team, achieves excellent results. The team’s main skills include great knowledge of the financial and construction industries, as well as great knowledge of the applicable regulations.’

This is a very good team that is professional and committed. It is very timely and fast in terms of communications and responses to the client, as well as in the presentations and legal proceedings themselves. It compares very favorably with other firms.’

They differ in the commitment with which they work, the professionalism and dedication with which they carry out their functions, and in the excellent teamwork team they have.’

They show dedication to the client and knowledge of the applicable regulations.’

Myriam Barahona has participated in numerous restructurings, standing out for managing teams that solve complex problems in a very short time and at an excellent level.’

Myriam Barahona’s financial experience gives her the practical perspective necessary to provide solutions to the different problems, while associate Orlando Palominos has great legal and practical knowledge of restructuring issues.’

Associate Orlando Palominos has a deep understanding of bankruptcy and commercial law. In my experience, he is a lawyer to go to for all kinds of situations. He is a complete professional with very acute analysis.’

Key clients

Sociedad Concesionaria Metropolitana de Salud


Northstar Europe


Constructora Ingevec

Work highlights

  • Advised Sociedad Concesionaria Metropolitana de Salud (the holder of the concession to build and operate Santiago’s Félix Bulnes Hospital), as creditor, on the recovery of $22m, which related to Astaldi (Chile)’s reorganisation proceedings.
  • Acted for ABB Chile and ABB Spain in two liquidation proceedings to recover unpaid amounts under construction and sale agreements.
  • Advised Northstar Europe on the recovery of a secured loan, which was granted to Maderas Radiata, a wood manufacturer that filed for insolvency.

Nelson Contador & Compañía Abogados

Established in 1981, Nelson Contador & Compañía Abogados has an excellent reputation among clients and peers for its advice to both individuals and companies during financial and corporate crises. The practice excels for its work on financial restructuring, reorganisation settlements, liquidation proceedings and pre-bankruptcy agreements. It also provides assistance with complex regulatory issues. Name partner Nelson Contador has a particularly strong name in the market for bankruptcy and restructuring.

Key clients

Astaldi Sucursal Chile

Laboratorio Arensburg


Velarde Hermanos


Constructora Polonesa

Cariola Díez Pérez-Cotapos

Cariola Díez Pérez-Cotapos' insolvency team leverages off the firm's expertise in contentious proceedings, financial restructuring, taxation and white-collar crime, as well as its significant relationships with Chile's main banks and financial institutions. The partners to note are Raimundo Moreno, who is regularly involved in landmark reorganisations and liquidation proceedings, including pre-judicial negotiations during financial distress situations; and Fernando Urrutia, an expert in insolvency-related proceedings, including litigation and national and international arbitration.

Key clients

Banmédica Group

Automotores Gildemeister

Finameris Servicios Financieros

Work highlights

  • Assisted 22 Banmédica-related companies in relation to the reorganization proceedings entered into by health insurer Isapre Masvida.

Guerrero Olivos

Guerrero Olivos' six-strong team has broad experience in advising both creditors and debtors on bankruptcy, restructuring procedures and reorganisation plans, including assisting with creditor boards and evidential phases. With over 14 years' experience in insolvency proceedings and restructurings, Sergio Yávar leads a practice that assists corporate debtors, creditors' committees, bondholders, and distressed companies' directors, among other, and which also includes Juan Enrique Allard, a key figure for corporate bankruptcy. However, young partner Tomás Kubick, who  also handled matters involving distressed businesses and reorganisations, is leaving the firm as of December 31st 2020.


The difference is made by its knowledge of the subject and the experience of the team members. Assertiveness in diagnosing the situation leads to good decision making.’

When they see that clients are not making the right decision, they rethink the situation with the pros and cons and are direct. We believe this is the differentiating factor from other firms.’

They are great for customer service, availability, knowledge and clarity. Great support is provided by Sergio Yávar.’

Key clients

Fundación Arturo López Pérez

Caja de Compensación y Asignación Familiar La Araucana

Vipal Chile

Central Hidroelectrica Mulchen

Estancia Rio Cisnes

Comercial Beiben

SNC Lavalin

Work highlights

  • Assisted Central Hidroeléctrica Río Mulchén with negotiating and obtaining court approval for a judicial reorganisation agreement with creditors.

Prieto Abogados

Prieto Abogados' eight-strong department is consistently involved in leading insolvency judicial procedures, such as liquidations and reorganisations. It is also experienced in negotiations with default companies, debt renegotiations, syndicated loans, and bond issuances. Insolvency and bankruptcy practice head Benjamín Grebe represents creditors, debtors and interested parties in bankruptcy and insolvency-related proceedings and commercial arbitration. Further support at partner level is provided by Alberto González V, while Santiago Errázuriz and Juan Pablo Riesco are the associates to note.


It is very important to have a high level of know how and to know the law and its processes, as well as the main players involved. Prieto Abogados meets the necessary level. They provide good service, and are professional and have good judgement. Their advice helps clients not to take unnecessary risks.’

Benjamín Grebe is passionate and likes to get involved in every matter.’

Key clients



Viña Santa Carolina


Engie Energía Chile

Moneda Asset

Work highlights

  • Advised Mall Plaza and VivoCorp on the reorganisation procedure surrounding Baby Center, a baby product retail company.