Next Generation Partners

Rising Stars

Firms To Watch: Bankruptcy, insolvency and restructuring

Experienced Dentons Larrain Rencoret  partner, Carlos Urzúa , is predominantly focused on bankruptcy, reorganisations, liquidations and complex litigation, with his insolvency law practice also covering liquidation proceedings and contract negotiations.
Lembeye Abogados deepened its insolvency practice capabilities notably in January 2022 with the hire of senior associate Orlando Palominos, who specialises in arbitration, litigation, insolvency and reorganisation matters, from Morales & Besa.

Bankruptcy, insolvency and restructuring in Chile


Full-service market leader Carey fields a seven-strong insolvency and restructuring practice that is highly regarded for its experience in bankruptcy proceedings; the team consistently assists both creditors and debtors with liquidations, reorganisation agreements and restructurings. The department comprises several practice heads, namely: Ricardo Reveco; a renowned insolvency, bankruptcy and restructuring specialist; Salvador Valdés, who is highly rated for complex bankruptcy matters; Francisco Ugarte, whose track record includes representing both debtors and creditors in insolvency procedures; Cristián Figueroa, a specialist in transactions involving financial distressed companies; and Alejandra Daroch, who was promoted to partner in November 2021 and whose broad practice covers distressed M&A and debt restructuring. Roberto Villaseca is the associate to note, his dispute resolution practice encompassing bankruptcy and insolvency issues.


A lot of knowledge and practical experience in the area, which makes the team very competitive.

The strength of the team lies in its good coordination skills, which permits access to a comprehensive view of each case, and with multiple visions from each specialised practice – this, along with the direct participation and dedication of the key partners, with whom a permanent relationship is maintained.

The professionals stand out for their cordial treatment and personal dedication, combining great professional performance with qualities such as openness, honesty and ethical excellence.

Extensive knowledge in this area, which allows the group to recommend the appropriate strategy.

This is a team with a lot of experience, and solid knowledge of bankruptcy and complex litigation.

Its advice and analysis are very accurate and rigorous, allowing the client to visualise the scenarios clearly, and the lawyers have the required understanding to decide on the courses of action to follow.

Our experience has been especially positive with partners Ricardo Reveco and Alejandra Daroch, with whom our relations have been most pleasant – they provide excellent support.

The team led by Ricardo Reveco, including associate Roberto Villaseca, does an impeccable job, their advice being very serious and with the ability to make difficult recommendations, while always being ready to solve problems in a real and effective way.

Key clients

Corp Group Banking – Corp Group Interhold

Vivocorp – Inversiones Terra

Valle Nevado

Inversiones SAMS

Moneda Asset Management

Consorcio Financiero

Qatar Airways

Banco Santander Chile

Equitas Capital

Estate of Claudio Avendaño


Agrofoods Central Valley Chile


Inversiones Terra

Work highlights

  • Advised Corp Group Banking and Corp Group Interhold (and their affiliates) on the restructuring of their assets and liabilities (through a Chapter 11 proceeding) before the Bankruptcy Court of Delaware.
  • Assisted Valle Nevado with the negotiation and approval of a judicial debt restructuring procedure.
  • Assisted Inversiones SAMS with the renegotiation of its financial liabilities.

Barros & Errázuriz

A core part of Barros & Errázuriz‘s judicial group, the bankruptcy and restructuring practice’s track record includes numerous insolvency and restructuring-related litigation and arbitration cases, including several insolvency class actions. Other areas of strength are reorganisation and liquidation proceedings, as well as expertise in assisting clients acquire the assets of companies that are subject to such procedures. Heading up the group, Javier San Martín‘s vast dispute resolution experience takes in contractual law, as well as disputes involving bankruptcy, construction and commercial issues; while José Luis Corvalán (who was raised to the partnership in April 2021), advises both debtors and creditors on liquidation and reorganisation procedures. Within the associate pool, the dispute resolution practice of Milton Gutcovsky also includes insolvency procedures; however, former senior Cristián Pérez moved in house as legal manager at Grupo Pasmar in February 2022.

Practice head(s):

Javier San Martín


The team was always open and available to meet our requirements, even at a late hour.

The plus of the firm was its ability to generate very good documents to very pressured deadlines.

Great availability for clients and the way in which the lawyers are constantly at our service is really unique – they make us feel supported at all times and we know that we can count on their specialised opinion at any time.

Being able to revert to the team at all times is a plus – it also uses the latest technologies very well.

When you look for an adviser, you generally look for experience and knowledge – in the case of Javier San Martín, what differentiates him is not only that he has these characteristics but his excellent work is easy for clients to understand.

Key clients

Banco Internacional

Credicorp Capital

Banco BTG

Penta Vida Compañía de Seguros de Vida

Tozzi Latam

Hoyts Cinema–Cinepolis

Kässbohrer Geländefahrzeug


AFP Prolife

Larrain Vial

Work highlights

  • Assisted Banco Internacional (as agent bank) with the insolvency issues of Corpgroup affiliate, Inversiones Sams.
  • Advised Credicorp Capital on a variety of insolvency issues, including insolvency cases involving Banco de Credito de Peru as creditor.
  • Represented Banco BTG in the filing of a compulsory liquidation lawsuit against Inversiones SAMS.

Claro & Cia.

The 10-strong bankruptcy and restructuring practice at market-mainstay Claro & Cia. is particularly focused on complex restructuring work at both local and cross-border levels. The department is led by civil and commercial litigation and arbitration expert Nicolás Luco, with close support from a number of senior colleagues. Head of the firm’s M&A practice, José María Eyzaguirre B has a strong track record on the restructuring side, and recently played a key role in LATAM Airlines’ worldwide restructuring strategy. Head of the firm's dispute resolution department, Cristóbal Eyzaguirre is also integral to the practice; in addition to contentious aspects he also had considerable experience of reorganisations in general. Additional key assistance is provided by cross-border transactional expert Felipe Larraín; and José Miguel Huerta, whose specialisms include bankruptcy work. At the junior partner level, Santiago Bravo is regularly involved in major restructuring cases.

Practice head(s):

Nicolás Luco

Key clients

LATAM Airlines Group


Viña Santa Rita

Citigroup Latinoamérica

Banco Itaú Corpbanca


Work highlights

  • Representing LATAM Airlines in its voluntary petition for relief under Chapter 11 of the US Bankruptcy Code.
  • Acting for Euroamérica, the largest non-secured creditor of Enjoy, on restructuring agreement negotiations.
  • Advised Viña Santa Rita (as creditor of a non-monetary obligation) in relation to the Viñedos y Bodegas Las Pircas restructuring process.

Morales & Besa

Housing a 13-strong restructuring and insolvency practice, Morales & Besa consistently acts for creditors and debtors in high-profile reorganisation proceedings. Representative matters include out-of-court debt restructurings, insolvency and restructuring-related litigation and arbitrations (including clawback actions), and cross-border insolvencies. In addition to her general banking and finance and project finance practice, Myriam Barahona    is increasingly active in restructuring and insolvency work, while Gonzalo Cordero    focuses on the associated contentious aspects – litigious or arbitral. Also key to the group are commercial, finance and corporate law expert José Miguel Carvajal   , and recently promoted litigation director Juan Ignacio Eymin   . Experienced in insolvency, bankruptcy and restructuring matters, Rocio Vergara   was recruited as senior associate in April 2021 from the Superintendency of Insolvency, while former fellow senior Orlando Palominos joined Lembeye Abogados in January 2022.

Key clients


Official Unsecured Creditors Committee

Constructora Brotec

Sociedad Concesionaria Metropolitana de Salud

Banco de Crédito e Inversiones

Work highlights

  • Currently advising the Official Unsecured Creditors Committee on the Latam Airlines Chapter 11 procedure.
  • Acted for Enjoy in a reorganisation proceeding, which involved insolvency issues and debt restructuring.
  • Advised Corporación Interamericana para el Financiamiento de Infraestructura on the reorganisation procedure conducted by one of its borrowers, Itelecom.

Nelson Contador & Compañía Abogados

A longstanding market presence, Nelson Contador & Compañía Abogados is routinely sought out by both individuals and companies for its expertise in financial and corporate distress. The firm is particularly noted for its experience in financial restructurings, reorganisations, liquidation proceedings and pre-bankruptcy agreements. The practice group also houses experts in cross-border insolvencies and arbitration work. Founding partner Nelson Contador has over 40 years’ experience in bankruptcy procedures, while bankruptcy specialists María José Contador and María Ignacia Contador provide additional partner-level support.

Work highlights

  • Advisor to Aceros Chile in its $36.5m bankruptcy reorganisation proceedings, initiated in April 2021.
  • Chilean co-counsel to casino group Enjoy on the local aspects of its debt restructuring before  the 8th Civil Court of Santiago.
  • Counsel to a Chilean agricultural conglomerate in its restructuring process.

Philippi Prietocarrizosa Ferrero DU & Uría

The eight-member team at full-service firm Philippi Prietocarrizosa Ferrero DU & Uría routinely leads bankruptcy law-related matters involving risk analysis, liquidation and reorganisation proceedings, cross-border insolvencies, and creditor defence work. In recent highlights, the group acted for creditors during LATAM Airlines’ reorganisation process; and advised AD Retail on its debt restructuring. The practice co-leads are Andrés Sanfuentes, who has longstanding experience in assisting both domestic and international companies with insolvency issues, in addition to M&A, financing and capital markets transactions; and Jorge Vial, whose track record includes major, cross-border insolvency matters, as well as reorganisations. Additional partner-level support is provided by Ignacio Larraín, an expert in litigation, arbitration, competition law and insolvency, while Guillermo Vial is the team’s senior associate to note.

Practice head(s):

Andrés SanfuentesJorge Vial


An expert team, with well-defined and complementary roles to cover all the needs of the practice in each matter that we entrust to it.

The lawyers take on each of our assignments with great commitment and responsibility, regardless of the size or complexity, adapting their advice to the structure of our needs. This flexibility, added to the technical solvency and timeliness of their responses to our requirements, make them unique in relation to other firms.

Partner Ignacio Larraín is an expert lawyer in these matters, who also provides a timely strategic perspective to support decision making. He stands out for his solid and agile responses to our requirements and very high level of availability and participation in the work. His direction is also perceived through the management and involvement of the entire team.

Key clients

AD Retail


Aircastle Advisor

SMBC Leasing and Finance

Indra Chile

Ilustre Municipalidad de Santo Domingo

Minera Florida

Grupo Isolux – Corsan

Distribuidora de Industrias Nacionales

Créditos Organización y Finanzas

Work highlights

  • Advised AD Retail on the restructuring of its debt.
  • Acting for Scotiabank in relation to reorganisation proceedings initiated by LATAM Airlines in the US.
  • Acting for Aircastle Advisor in relation to reorganisation proceedings initiated by LATAM Airlines in the US.

Prieto Abogados

Leveraging its expertise in complex financings, Prieto Abogados' ten-strong department garners respect for its expertise and capabilities in judicial debt procedures, ranging from collections to liquidations and reorganisations (including both national and international Chapter 11, multi-jurisdictional cases). Notable work includes advising Engie Energía Chile on the reorganisation procedure of Aceros Chile; and assisting Penta Vida Compañía de Seguros de Vida in relation to Lanz y Cía’s liquidation. The department is co-led by Benjamín Grebe, who in addition to spearheading the firm’s antitrust practice, is routinely involved in bankruptcy and insolvency work, liquidations and company reorganisations; and dispute resolution leader Alberto González V, whose experience includes bankruptcies and insolvency proceedings. An associate at the firm since 2018, Santiago Errázuriz is a also an integral member of the insolvency and restructuring team.


A very well-established team that has great knowledge and practical skills; while the management has strong ethical standards that guarantee that the commitments assumed are properly fulfilled.

A well-formed team with a perfect mix of experience and youth, which allows the resolution of conflicts to be achieved in a pleasant way for clients.

There is a lot of availability from both the senior lawyers and the associates, which allows us to be in permanent contact with them.

What surprises me the most about this firm is the diversity, which I have not seen in other law firms – this is extremely important.

I really like the dynamics of the associates and the senior lawyers, because after several years of working with them, I have realised how the younger lawyers have learned the work methodology and knowledge of the more senior practitioners.

Serious about its work and its commitment is appreciated.

Key clients

Moneda Asset

Penta Vida Compañía de Seguros de Vida

Viña Santa Carolina

Mall Plaza

Engie Energía Chile

Banco Internacional

Vivo Corp

Next Meridian

YPF Chile

Work highlights

  • Assisted Elliot Management Corporation, Bain Capital, Consorcio Seguros and Banco Consorcio with the Chapter 11 reorganisation procedure of Automotores Gildemeister.
  • Assisted Engie Energía Chile with the reorganisation procedure of Aceros Chile.
  • Acted for Penta Vida Compañía de Seguros de Vida in the liquidation procedure of Lanz y Cía.

Alvarez Abogados

Unwinding from Bofill Mir & Alvarez Jana Abogados (BMAJ) in mid-2022, Alvarez Abogados‘ founding partner (and former co-head of BMAJ’s corporate law practice) Alejandro Álvarez routinely acts for clients from across a range of industries in their insolvency proceedings in Chile (in addition to his corporate practice). Most recently he was involved in acting for a group of power generation companies in the ongoing bankruptcy procedure of Campanario Generación. The wider team is experienced in major out-of-court agreements, commercial restructurings and refinancing work.

Bofill Mir Abogados

Following the dissolution of the former Bofill, Mir & Álvarez Jana (BMAJ) in early 2022, the practice at the recently launched firm Bofill Mir Abogados houses considerable experience in commercial restructurings, refinancings, and out-of-court agreements. The firm retains both founding partner Octavio Bofill and corporate specialist Rodrigo Saffirio, both of whom have established track records advising primarily on the creditor side in corporate reorganisation procedures. A case in point saw both involved in advising the Chilean creditors of Latam Airlines in US Chapter 11 proceedings. Other matters include advising Transoceánica as indirect owner of 50% of Central Hidroeléctrica Chanleufu which filed for bankruptcy in 2017. Senior associate Gonzalo Barceló also has bankruptcy and restructuring experience. Former partners and fellow BMAJ bankruptcy and insolvency practice co-heads, Alejandro Álvarez and Karen Werner are now at other recently established firms.

Cariola Díez Pérez-Cotapos

The seven-member team at Cariola Díez Pérez-Cotapos is regularly retained for complex liquidation and reorganisation proceedings; and clients benefit from the practice’s ability to combine its expertise in bankruptcy proceedings and financial restructuring, with the wider firm’s capabilities in tax, litigation, and white-collar crime. The insolvency department is co-led by Fernando Urrutia, whose litigation workload includes reorganisations and bankruptcy cases, and Raimundo Moreno, who frequently handles reorganisation and liquidation proceedings. Litigation and arbitration associate José Pedro Villablanca is also a key team member.

Key clients

Banmédica Group

Finameris Servicios Financieros

Banco de Chile

B Braun Medical


Automotores Gildemeister


Clear Springs

The Walt Disney Company Chile

Inversiones NL

Westgard Investment

Work highlights

  • Acted on behalf of 22 Banmédica-related companies in a reorganisation proceeding initiated by Isapre Masvida.
  • Advised Finameris Servicios Financieros on the insolvency of wood processing company Innovaciones Forestales and related party Forestal Los Acacios.
  • Acted for Banco de Chile in LATAM’s Chapter 11 reorganisation proceedings before the United States Bankruptcy Court for the Southern District of New York.

Castañeda Abogados

Launched in 2018, dedicated insolvency boutique Castañeda Abogados‘ name partner Luis Felipe Castañeda can boast a 20-year plus track record in insolvency and financial restructuring work. Castañeda is a former partner at Nelson Contador & Compañía Abogados, where litigation and disputes partner Juan Cristóbal Pino also practiced. The currently four-strong team is experienced in assisting with insolvencies, liquidations, reorganisation agreements and financial restructuring. It also acts in the judicial representation of debtor companies, creditors and third parties. Associate José Domingo Widow left to take up an academic role in 2021.

Work highlights

  • Co-counsel to Brotec Construcción in its insolvency proceedings (following the failure of its voluntary reorganisation procedure).

García Nadal & Cía

García Nadal & Cía  is an 11-strong boutique firm with a close focus on advising banks and financial entities on corporate matters, bankruptcies and judicial disputes. Arguably, the firm is best known for its creditor-side role in insolvencies and restructurings. In a novel development, over the course of the last year the firm has developed an advisory committee -with members drawn from ACAFI, SQM, BDO Chile, Intervial and the Universidad Adolfo Ibáñez- to better position it in relation to the business community. Name partner Esteban García Nadal  is the lead practitioner; formerly in house in the banking sector, he has an impressive track record of involvement in most of the key cases in the sector over the last 15 years, such as those of generators Central Hidroeléctrica Duqueco, Central Hidroeléctrica el Paso and Central Andes Generación, and construction companies MBC and Maya. Key support comes from associate Fabiola Trangulao Carrasco .

Practice head(s):

Esteban García Nadal

Work highlights

  • Counsel to Banco de Chile in Valle Nevado’s $70m judicial restructuring procedure.
  • Advisors to Banco Security in the $26.3m bankruptcy process of Compañía Minera Dayton.

Guerrero Olivos

Guerrero Olivos‘ full-service team advises on the full gamut of bankruptcy, insolvency and reorganisation plans, including assisting corporate debtors and secured and unsecured creditors with both contentious and non-contentious bankruptcy-related matters. Jointly heading the department: Sergio Yávar has substantial experience in insolvency proceedings and restructurings; and Benjamín Ferrada focuses on disputes surrounding bankruptcy proceedings, and assisting creditors with reorganisations. At associate level, Juan Luis Vial is also experienced in reorganisation and insolvency work, while Pablo Rioseco focuses on judicial procedures.

Practice head(s):

Sergio YávarBenjamín Ferrada


The team welcomed us, from the first moment, with open arms – everyone was friendly and efficient in answering all our queries.

All the lawyers we worked with were friendly and quick to complete the paperwork.

Sergio Yávar stood out for his commitment. He was always attentive and willing to answer us as soon as possible, and he made us feel like we were the most important clients of the firm.

Key clients

Anglo American Marketing

Kimura Master Fund

Caja de Compensación de Asignación Familiar La Araucana

DSM Nutritional Products

Fundación Arturo López Pérez

Vicentin Chile

Unifrutti Traders

Vipal Chile



Work highlights

  • Advised Anglo American Marketing and Kimura Master Fund (as secured creditors) on the reorganisation plan for Minera Tres Valles.
  • Advised La Araucana on the registration and exchange of two series of bonds, further to a reorganisation/restructuring agreement executed with creditors several years ago.
  • Acted for Fundación Arturo López Pérez (as creditor of health insurance institution Isapre Mas Vida) in relation to a $450m reorganisation proceeding.

Jana & Gil Dispute Resolution

Boutique firm Jana & Gil Dispute Resolution spun out of Bofill Mir & Álvarez Jana Abogados (BMAJ) in May 2022, retaining former bankruptcy and insolvency practice co-head Karen Werner, along with experienced senior associate Tomás Bown. The pair have an established track record working together on insolvency mandates with recent matters including advising Bureau Veritas on the bankruptcy process of Sadeven Ingeniería; Alexim and Bureau Veritas on the bankruptcy process of Compañía Minera Dayton; and Bice Vida subsidiary Desarollos Inmobiliarios y Constructora Valle Grande (IVG) in the liquidation process of Nova Terra. More generally, Werner’s experience includes acting for clients from the mining, infrastructure and energy industries (both as debtors and creditors) in bankruptcy and insolvency-related judicial proceedings. Former co-leaders of BMAJ’s bankruptcy and insolvency practice, Octavio Bofill and Alejandro Álvarez, have now both set up their own firms.