Bankruptcy, insolvency and restructuring in Chile


The 15-strong team (including four partners) at market-leading, full-service law firm Carey is dedicated almost exclusively to insolvency matters, consistently participating in Chile's major insolvency proceedings. Representative expertise for the practice ('one of the best - if not the best - in the Chilean legal industry') includes liquidations, reorganisation agreements, restructuring and negotiations, as well as representing creditor and debtor clients in proceedings. 'Respected bankruptcy lawyerRicardo Reveco leads an impressive team of insolvency litigators, and on the transactional side Salvador Valdés' practice includes corporate restructuring; Francisco Ugarte is co-head of the firm’s corporate/M&A, capital markets/banking and finance groups; and Cristián Figueroa is an expert in financial-distress scenarios. A strong line of associates includes senior Alejandra Daroch, whose broad practice includes distressed M&A and debt restructuring; and intermediates Roberto Villaseca, a specialist in insolvency and complex bankruptcy litigation proceedings; and Andrés Lafuente and Francisco Torm, who both act in complex bankruptcy litigation proceedings.

Practice head(s):

Ricardo Reveco; Salvador Valdés; Francisco Ugarte; Cristián Figueroa


Carey’s insolvency and restructuring team is one of the best – if not the best – in the Chilean legal industry; they have solid legal knowledge, but above all an extraordinary commercial and financial sense.

I have the best opinion of the firm’s service, and I dare to point out that Carey is one of the only firms in the Chilean legal industry that offers this standard of service. Not only for the preparation of its lawyers and the delivery of the assigned tasks, but, above all, for the depth of the analysis and ability to glimpse various scenarios that help clients make informed and conscious decisions.

Their lawyers are very up to date on the latest doctrinal and jurisprudential trends.

The depth of knowledge in bankruptcy/finance law, as well as the ability to put together complex agreements in a short timeframe, make them a unique and valuable practice.

A deep knowledge of legal issues that is not limited to matters specific to their area; the lawyers also have an exceptional ability to understand complex commercial and financial issues, which allows them to interact without difficulty with professionals who are not necessarily lawyers or familiar with legal issues.

Excellent team with a lot of confidence due to the strength of the specialists.

Ricardo Reveco is a well-known and respected bankruptcy lawyer, who has a great attitude towards clients.

Francisco Ugarte and associate Alejandra Daroch are excellent professionals, who are always available to give us a quality service.

Key clients



UMB Bank

Moneda Asset Management

Consorcio Financiero

Corp Group


Agrofoods Central Valley Chile

Qatar Airways

Red Salud UC Christus

Macquarie Bank

Banco Santander

Work highlights

  • Assisted major business conglomerate, Corp Group, with the renegotiation of financial obligations.
  • Assisted Banco Santander with Latam Airlines’ Chapter 11 reorganisation process, both in relation to derivatives and the commercial alliance between both brands.
  • Acted for Citibank (later replaced as trustee by UMB Bank) in the reorganisation proceedings of casino operator Enjoy.

Barros & Errázuriz

Enjoying a notable market reputation for bankruptcy and restructuring matters, Barros & Errázuriz's three-member team assists an array of clients with judicial and non-judicial reorganisations, as well as contentious proceedings involving bankruptcy law.  It has particular strength in assisting clients looking to acquire the assets of companies subject to liquidation or reorganisation procedures. The team is led by Javier San Martín ('vast knowledge of reorganisation and bankruptcy issues'), whose broad dispute resolution expertise covers bankruptcy; San Martín's recent experience includes advising Banco Internacional (as agent bank), on Corpgroup affiliate Inversiones Sams' insolvency issues. Providing significant support are José Luis Corvalán (elevated to the partnership in April 2021) and senior associate Cristián Pérez, who both have extensive experience in insolvency procedures (reorganisations and liquidations).

Practice head(s):

Javier San Martín


The reorganisation team has a remarkable handling of these issues, both legal but also practical. They propose solutions that facilitate reaching agreement, always taking care of clients’ interests.

The lawyers are always available to have co-ordination meetings, they personalise their work and are proactive in the processing of procedures, as well as in the sending of information.

They have a good network of contacts.

A highly proactive team.

Javier San Martín is a lawyer who has vast knowledge of reorganisation and bankruptcy issues, but with a very commercial and business perspective, which allows him to address issues quickly and comprehensively.

Javier San Martín is very fast and clear in his analysis and recommendations.’

Key clients

Banco Internacional

Credicorp Capital

Banco BTG

BTG Administradora General de Fondos

Banco de Crédito del Perú


Solutions 2 Go

Constructora Loga






Cine Hoyts – Cinepolis

Kassbohrer Geländefahrzeug

Work highlights

  • Advised Telemet on the reorganisation procedure for Valle Nevado, a Chilean company that owns ski resort hotels near Santiago.
  • Assisted Banco Internacional with negotiating the financing of the subsidiaries of casino company Enjoy (in the context of Enjoy’s reorganisation).
  • Advised Banco Internacional on its role as agent bank, in relation to the insolvency issues of Inversiones Sams, a Corpgroup affiliate.

Bofill Mir Abogados

The sizeable, 22-strong, bankruptcy and insolvency practice at Bofill, Mir & Álvarez Jana brings together the firm's corporate and litigation teams during liquidation and insolvency phases, and on complex commercial restructurings, refinancing, and out of court agreements. Recently particularly active in relation to infrastructure, mining and energy industry clients, the team can also call upon the firm's tax and labour practices where necessary. Co-leading the practice are: Octavio Bofill, whose experience includes advising Chilean creditors of Latam Airlines in US Chapter 11 proceedings; and fellow co-founding partner Alejandro Álvarez, who advises clients from a range of industries on their insolvency proceedings. A strong second line of partners comprises Karen Werner (civil and commercial litigation); and Rodrigo Saffirio, whose experience includes advising the creditors of companies from the mining and energy sectors in particular.

Practice head(s):

Octavio Bofill; Alejandro Álvarez; Karen Werner


A very complete and balanced team with very deep knowledge and the ability to resolve issues.

Octavio Bofill is a lawyer with both legal resources and soft skills, meaning he can handle the most difficult negotiations.

Octavio Bofill is undoubtedly one of the most knowledgeable lawyers in Chile in this area.

Octavio Bofill has the ability to understand the fundamentals of a case and structure responses that defend the interests of his client. He is a mature, prudent lawyer who, while maintaining his calm, structures brilliant strategies in order to defend his clients.

Key clients

Bice Vida Compañía de Seguros

Compañía de Seguros Confuturo

Sociedad de Inversiones Alexim

Bureau Veritas Chile


BarChip Chile

Ingeniería Seawind Sudamérica

Compañía Minera Chipana

Inversiones Nutram

Work highlights

  • Assisted Bice Vida and Confuturo, as members of the Latam Ad Hoc Group, with their objection to the debtor-in-possession  motion presented by Latam in the US (within the framework of its Chapter 11 process).
  • Representing private investment firm Alexim and testing, inspection and certification-services company Bureau Veritas in the bankruptcy process of Compañía Minera Dayton.
  • Acted for Transoceánica in relation to its interests in Central Hidroeléctrica Chanleufu’s liquidation.

Claro & Cia.

One of the most prestigious full-service law firms in Chile, Claro & Cia. houses a 10-member bankruptcy and restructuring practice that is particularly focused on complex restructuring solutions, both at local and cross-border levels. Clients also benefit from the firm's high-level experience in litigation and commercial law. An expert in civil and commercial litigation and arbitration, Nicolás Luco leads the group, which also showcases experienced M&A head José María Eyzaguirre B, who (working in conjunction with Cleary Gottlieb Steen & Hamilton) represented LATAM Airlines in its voluntary petition for relief under Chapter 11 of the US Bankruptcy Code; along with Cristóbal Eyzaguirre, who specialises in complex, multi-front litigation and arbitration; Felipe Larraín (M&A, business organisations and corporate finance); and litigation and arbitration expert Santiago Bravo.

Practice head(s):

Nicolás Luco

Key clients

Latam Airlines Group


Viña Santa Rita

Citigroup Latinoamérica

Banco Itaú Corpbanca

Work highlights

  • Assisted Latam Airlines Group with its voluntary petition for relief under Chapter 11.
  • Acted for Euroamérica in a restructuring petition before a Chilean court.
  • Acted for Viña Santa Rita in a restructuring petition before a Chilean court.

Morales & Besa

Morales & Besa‘s eight-member insolvency, restructuring and reorganisation team is able to leverage off the firm’s widely respected banking and finance, capital markets and projects practices and has been particularly active in relation to situations faced by companies operating in Chile further to the Covid-19 pandemic, of late. The restructuring side of the practice is led by partners José Miguel Carvajal and Myriam Barahona, who also co-lead the banking and finance group. As to insolvency and bankruptcy work, Barahona is joined as co-head by partner Gonzalo Cordero, whose two decades of dispute resolution experience includes insolvency and bankruptcy procedures. The partners also receive strong support at senior associate level from Orlando Palominos , who is a go-to person for insolvency issues; and Juan Ignacio Eymin, whose litigation experience includes bankruptcy. Since publication, Palominos has moved to Lembeye Abogados - effective as of Janaury 2022.

Practice head(s):

Gonzalo Cordero; Myriam Barahona


A team with a lot of knowledge and experience in this area.

Provides excellent advice. I would highlight the knowledge, not only of bankruptcy but also in stock market matters, which makes the advice more complete.

They stand out for being an efficient team, with very good organisation among them and an excellent quality of work.

The Morales & Besa team not only has very good knowledge in these matters, it is also characterised by an understanding of clients’ needs and for always looking for the best solution; they are always ready to collaborate and advise in the most appropriate way.

The practice stands out for its excellent performance in terms of financial restructuring.

They stand out for their availability as well as the ability to adjust teams quickly as required.

Key clients


Official Unsecured Creditors Committee of Latam Airlines

Sociedad Concesionaria Metropolitana de Salud

Constructora Brotec

Safira Energy

Constructora Ingevec

ABB Chile

Corporación Interamericana para el Financiamiento de Infraestructura

Work highlights

  • Advised the Official Unsecured Creditors Committee of Latam Airlines’ Chapter 11 proceeding, reportedly the largest cross-border insolvency proceeding ever conducted in Chile.
  • Advised Enjoy on a reorganisation proceeding, involving the restructuring of its assets and liabilities, which included, both local and US bonds, credits with banks and other debts.
  • Advising Corporación Interamericana para el Financiamiento de Infraestructura (as main creditor) on Itelecom’s reorganisation proceedings.

Nelson Contador & Compañía Abogados

Celebrating 30 years in the market in 2021, Nelson Contador & Compañía Abogados has a longstanding reputation and excellent market recognition for its advice to both individuals and companies in relation to financial and corporate crises. The practice particularly excels for its expertise in reorganisation settlements, financial restructuring, liquidation proceedings and pre-bankruptcy agreements; it also assists with complex regulatory issues. Founding partner Nelson Contador is highly rated for his experience in bankruptcy and restructuring matters.

Philippi Prietocarrizosa Ferrero DU & Uría

With a longstanding tradition of advising on insolvency matters, Philippi Prietocarrizosa Ferrero DU & Uría consistently assists with transactions involving bankruptcy issues, such as risk analysis, liquidation and reorganisation proceedings, cross-border insolvency, and defending creditors. The insolvency practice fields a mixed team, comprising partners and associates who are dedicated to financing, litigation and M&A. For over 30 years, Andrés Sanfuentes has advised significant national and foreign companies on major M&A, insolvency, financing and capital markets transactions. Jorge Vial, in turn, recently participated in two major cross-border insolvency procedures, as well as two substantial reorganisations. Their fellow co-heads are Ignacio Larraín (litigation, arbitration, competition law and insolvency), and well-known figure, managing partner Marcelo Armas (banking, finance and capital markets). Senior associate Guillermo Vial -a member of the banking, finance and capital markets teams, and infrastructure and projects groups- is also active in the practice.

Practice head(s):

Marcelo Armas; Andrés Sanfuentes; Jorge Vial; Ignacio Larraín

Key clients

AD Retail

United Sistema de Tuberías


Aircastle Advisor

SMBC Leasing and Finance

Rolls-Royce & Partners Finance

Ilustre Municipalidad de Santo Domingo

Minera Florida

Grupo Isolux Corsan

Mutual de Seguros

Inversiones Nómade

Work highlights

  • Advised AD Retail (holding company to a local department retail store and its financial credit card business) on the restructuring of its debt.
  • Assisted United Sistema de Tuberías with the reorganisation of mining company Eloisa.
  • Advised Scotiabank on all matters relating to the reorganisation proceedings initiated by Latam Airlines in the US.

Prieto Abogados

At full-service law firm Prieto Abogados, the ten-member group regularly handles significant insolvency judicial procedures, including liquidations and reorganisations. The practice also advises on negotiations with default companies, debt renegotiations, syndicated loans and bond issuances. An ‘excellent lawyer with a lot of knowledge‘, insolvency and bankruptcy leader Benjamín Grebe has key experience in bankruptcies and insolvencies, liquidations and company reorganisations, with additional partner-level support provided by Alberto González V. At associate level, senior Isabel Monge handles complex finance restructurings and corporate reorganisations; and intermediates Santiago ErrázurizDaniella Ibaceta and Juan Pablo Riesco were all also active in reorganisation and liquidation mandates during the course of 2020. The team was further strengthened in November 2020, with the hire of associate Andrea Von Chrismar from Quintanilla & Busel Niedmann, she was subsequently appointed counsel in September 2021. Since publication, Monge and Riesco have also been promoted to counsel, effective November 2021.

Practice head(s):

Benjamín Grebe; Alberto González V

Other key lawyers:

Santiago Errázuriz


What makes this firm excellent is its service and availability; whenever we need them we can count on them, they are available for a call at any time and that is something that is difficult to find, especially in partners from other firms.

The team stands out for a global understanding of insolvency problems.

Committed to the work – a guarantee for all those involved.

Benjamín Grebe is an excellent lawyer with a lot of knowledge in this area of ​​practice; he is always available for a call and is not a partner who costs a lot to communicate with, even for minor consultations – that immediacy is the comparative advantage he has over the rest.

Associate Daniella Ibaceta is a lawyer who is very meticulous and will certainly go a long way.

Associate Santiago Errázuriz provides an excellent service, is always available for a call, has a lot of knowledge in this area and is a very practical lawyer.

Key clients

Moneda Asset Management

Mall Plaza

Viña Santa Carolina

Penta Vida Compañía de Seguros de Vida

Engie Energía Chile

Banco Internacional


Next Meridian

YPF Chile

Work highlights

  • Acted for Penta Vida Compañía de Seguros de Vida and 4 Life Insurance Company (as national and international bondholder) in the reorganisation of casino and entertainment operator Enjoy.
  • Advised Moneda Asset Management, as principal creditor, on the reorganisation of construction company Arauco.
  • Advising Penta Vida, as key creditor, in the reorganisation of retailer Multitiendas Corona.

Cariola Díez Pérez-Cotapos

Enjoying excellent relationships with major local banks and financial institutions, Cariola Díez Pérez-Cotapos' seven-strong insolvency department draws upon the expertise of in-house bankruptcy proceedings specialists, along with financial restructuring, tax and labour law practitioners, litigators, and white-collar crime experts. The co-practice heads are Raimundo Moreno, whose experience includes several reorganisation and liquidation proceedings (including pre-judicial negotiations in financial distress situations); and Fernando Urrutia who 'gets directly involved' and whose complex litigation practice includes reorganisations and bankruptcy. At associate level, José Pedro Villablanca and José Miguel Flores are key practice members from the litigation and arbitration department, while Sergio Balharry is active on the banking, finance, capital markets and corporate/M&A side.

Practice head(s):

Raimundo Moreno; Fernando Urrutia


Cariola’s attorneys have demonstrated extensive knowledge and experience in corporate liquidation and bankruptcy issues.

Cariola’s insolvency team is made up of lawyers who are very solid in their knowledge of both procedures and how to act before the courts.

A very complete team with both young lawyers (including women in the team, which is not very frequent) and seniors who are very prepared; and the partner with whom we work is personally involved in all cases.

Fernando Urrutia stands out for both his theoretical knowledge of liquidation processes and how they are handled in court.

Fernando Urrutia gets directly involved, which gives a lot of confidence to the client, not only because of the solid knowledge transmitted but also because of the strategies discussed and explained to the client – this is highly valued.

Key clients

Banmédica Group

Finameris Servicios Financieros

Banco de Chile

B Braun Medical


Automotores Gildemeister


Clear Springs

Work highlights

  • Acted on behalf of 22 Banmédica-related companies in a reorganisation proceeding initiated by private health insurance company Isapre Masvida.
  • Acted for Finameris Servicios Financieros in relation to the insolvency of Innovaciones Forestales, a wood processing company, and related party Forestal Los Acacios.
  • Acted for Banco de Chile in Latam Airline’s Chapter 11 reorganisation proceeding before the United States Bankruptcy Court, as well as in the application for recognition of foreign bankruptcy proceedings in Santiago.

Castañeda Abogados

Founded as recently as 2018, Castañeda Abogados leverages off the 20-year plus track record in insolvency and financial restructuring of name partner Luis Felipe Castañeda, formerly a partner at Nelson Contador & Compañía Abogados, where litigation head and complex disputes partner Juan Cristóbal Pino was also a lawyer. With 'great knowledge of bankruptcy issues and procedures', the practice has extensive experience in cases involving insolvency, liquidation, reorganisation agreements and financial restructuring, as well as handling the judicial representation of debtor companies, creditors and interested third parties. The partners are supported by a team of three associate attorneys, namely José Domingo Widow, Pablo Cornejo and Jennifer Ibarra.

Practice head(s):

Luis Felipe Castañeda; Juan Cristóbal Pino


A team with great knowledge, especially in bankruptcy issues and their procedures.

They provide excellent advice and are clearly far superior to other firms for bankruptcy issues.

Excellent advice on bankruptcy matters.

Complete team with all the necessary skills to present a comprehensive multi-dimensional solution to the client’s problem.

Extensive knowledge of the liquidation procedures of Chilean companies.

Very good level of understanding of the client’s problem and the application of the appropriate practices.

The attorneys have great knowledge of bankruptcy issues and procedures.

Luis Felipe Castañeda and Juan Cristóbal Pino are outstanding partners.

Key clients

SCM Minera El Toqui

Brotec Construcción

BTG Pactual Chile

Luxury Shoes

Almadena (in liquidation)

Grupo Femoglas


Mora Pavic

Work highlights

  • Acted for Minera El Toqui in a bankruptcy liquidation process.
  • Acted for Brotec Construcción in a judicial reorganisation process.
  • Acted for Forjados in a judicial reorganisation process.

Guerrero Olivos

The seven-member department at Guerrero Olivos acts on the full array of bankruptcy/insolvency and reorganisation plans, assisting corporate debtors and secured and unsecured creditors with contentious and non-contentious bankruptcy-related matters. Examples of work areas include negotiations, payment plan structuring, and all phases of restructuring procedures such as representation before creditor boards, discussion audiences and evidential phases. With approximately 15 years' experience in insolvency proceedings and restructurings, Sergio Yávar heads the team, which also includes experienced partner Juan Enrique Allard; disputes partner Benjamín Ferrada and two associates, who joined the dispute resolution and insolvency and restructuring teams in April 2020, from the former Della Maggiora Eyzaguirre Ferrada, where Ferrada was name partner. However, former senior Tomás Kubick moved to Cuatrecasas as partner in December 2020.

Practice head(s):

Sergio Yávar; Benjamín Ferrada; Juan Enrique Allard

Key clients

Anglo American Marketing

GAM Kimura Master Fund

DSM Nutritional Products

Vicentin Chile

Fundación Arturo López Pérez

Familiar La Araucana

Unifrutti Traders

SNC Lavalin


Corporación SEDEJ

Manufacturas de Caucho Rivera

Inversiones Alfalfal


Agrícola y Ganadera Estancia Río Cisnes

Work highlights

  • Represented Anglo American Marketing (as the main secured creditor) in a reorganisation plan proceeding for one of the largest mining companies in Chile.
  • Represented Caja de Compensación de Asignación Familiar La Araucana (a social non-profit security / financing entity) in a $442m registration and exchange of two series of bonds, in the context of a reorganisation/restructuring agreement executed with creditors.
  • Represented cancer institute Fundación Arturo López Pérez, as creditor of health insurance institution Isapre Mas Vida, in a $450m reorganisation proceeding.