Hall Of Fame

Bankruptcy and restructuring in Peru

CMS Grau

The bankruptcy and restructuring team at CMS Grau is co-led by Michelle Barclay, who has extensive experience in cross-border insolvency, and Victor Farro, who is experienced in local and international insolvency matters involving complex litigation and boasts a 13-year stretch at INDECOPI. The team’s experience spans various industries including finance, mining, energy, consumer products and education, among others, with recent work including assisting an international energy company in bankruptcy-related litigation. The team’s work in large cross-border cases benefits from the use of the firm’s international network. Other names to note for insolvency proceedings include associates Javier Marquez and Ivanna Escala.

Practice head(s):

Michelle Barclay; Victor Farro


‘They have very good knowledge of the cases we see, good contacts and are always giving us feedback. The firm is agile, there is a diversity of lawyers and they are very collaborative with our company.’

‘Michelle Barclay is excellent. A lot of knowledge and always has a much better handle than the lawyers of the other parties. Victor Farro, excellent lawyer, good knowledge of bankruptcy processes.’

‘I’d highlight Michelle Barclay and Ivanna Escala.’

‘As a firm they work hard to promote inclusive talent, and have good practices, policies, workshops, etc.’

Key clients

China Fishery Group

Enagás Group

Depósitos Químicos Mineros

Falabella Group – Gamma

Work highlights

  • Acting as advisors to the Chapter 11 Trustee for more than four years and assisted in the China Fishery Group’s consolidated plan of reorganisation.
  • Provided advice to ENAGAS, a Spanish international energy company, in the Gasoducto Sur Peruano bankruptcy case regarding the termination of a concession contract by the Peruvian government.
  • Provided legal advice to Depositos Químicos Mineros (Odfjell Terminals) in an important bankruptcy case handled by the Peruvian Bankruptcy Authority.

Rebaza, Alcázar & De Las Casas

Gonzalo De las Casas and José Antonio Jiménez, each with more than two decades of experience in private restructurings and insolvency proceedings, jointly head the highly regarded bankruptcy and restructuring team at Rebaza, Alcázar & De Las Casas. The practice is well versed in handling both public and private restructuring matters for debtors and creditors, and utilises specialised restructuring practice groups within the team to focus on areas such as retail, construction and financial services. In addition to its experience working on cross-border insolvencies, the team is also knowledgeable in local insolvencies involving Peruvian companies. Daniel Gonzáles specialises in corporate reorganisations and restructuring in the construction and industrial markets, while Marcia Arellano is experienced in insolvency proceedings in relation to the Peruvian Bankruptcy Law before INDECOPI. Associate Carlos Alfonso Bossio is also experienced in corporate reorganisation, bankruptcy and corporate advice.

Practice head(s):

Gonzalo De Las Casas; José Antonio Jiménez


‘They are a team of lawyers specialised in bankruptcy and restructuring, a matter that is easy for many lawyers to handle, since it involves issues of financial crisis, financing structuring, financial statements, accounting and other operations that allow us to continue in the market to the company in crisis.’

‘Knowledge, personalised treatment and immediate attention, with their best abilities.’

Key clients


Abengoa Perú

Ac Capitales Sociedad Administradora de Fondos de Inversion

Obras de Ingenieria

DC Capital

Grupo Cogorno

Fabrica Nacional de Acumuladores Etna

Perú Fashions

Agrícola La Venta

San Fernando

Americas Energy Fund

Work highlights

  • Advised Termochilca on negotiations with its financial creditors, and advised Americas Energy Fund I and other shareholders of the company in a sale process in order to prevent corporate liabilities derived from the distressed situation of the company.
  • Advised OBRAINSA on its preventative insolvency procedure, involving negotiations with suppliers, banks and bondholders, partners in joint ventures and the Peruvian Government, and the approval of a restructuring plan.
  • Advised Abengoa Perú on the restructuring of its debts under the insolvency context of its holding company (Abengoa).

Rodrigo, Elías & Medrano Abogados

The bankruptcy and restructuring team at Rodrigo, Elías & Medrano Abogados is well versed in the design of private reorganisations and asset acquisition operations in insolvent companies, particularly within the aviation, financial services, construction and mining industries. Guillermo Puelles heads the team and specialises in public and private insolvencies, restructurings and liquidation proceedings. Other key team members include Hugo Silva, who is adept at advising clients in public restructuring and liquidation issues in Peru and is also the legal advisor for multiple matters for Microsoft Perú. Jorge Trelles specialises in corporate liquidation proceedings and the mergers and acquisitions of distressed companies, while associates Renzo Rossi and Gaspar Flores are experienced in restructurings and insolvencies.

Practice head(s):

Guillermo Puelles


‘They look at the situation as a whole and design a strategy not only based on the legal issue itself, but also from a business perspective! They are clear that their function is to resolve cases maximising the client’s benefit at a reasonable cost.’

‘Personalised treatment, accurate advice and immediate response from Guillermo Puelles, Gaspar Flores, and Renzo Rossi.’

‘The change to Rodrigo, Elois & Medrano Abogados was absolutely positive, personalised, transparent attention and, what is very important, clear and immediate responses.’

‘The Firm has always supported our company in its corporate issues related to restructuring and acquisition processes, mergers, etc. Great reliability and always with all the willingness to obtain the best results based on our needs.’

‘Claudio Ferrero is an excellent professional and person who is always willing to support our projects in Peru and internationally. The availability, efficiency and solvency in all inquiries, reports, and projects that have been requested is highly appreciated.’

Key clients

Latam Airlines Peru

Latam Airlines Group

Astaldi Sucursal del Perú

Pluspetrol Norte

Scotiabank Perú

Ecoexpress Javier Prado

Avianca Perú

Corporación Aceros Arequipa

Banco GNB del Perú

Pan American Silver Huaron

Microsoft Perú

Work highlights

  • Advised LATAM Airlines Group to facilitate the completion of a restructuring, in which the airline obtained a $4.25bn exit financing package.
  • Advised LATAM Airlines Peru on the strategy of restructuring Latam Airlines (Group), including the impact of non-recognition of the Chapter 11 in Peru.
  • Advised Pluspetrol Norte En Liquidación (PPN) on its crisis strategy derived from diverse financial and economic distress suffered due to market conditions and the COVID-19 pandemic.

De Bracamonte - Haaker - Castellares

The practice at De Bracamonte - Haaker - Castellares is headed by Gonzalo De Bracamonte Melgar, who has specialised in bankruptcy law for more than 16 years. The team is experienced in assisting clients in sophisticated and complex cases involving the prevention and management of financial crises for corporations and individuals. Its sector experience covers, among others, financial services, energy, mining, technology, retail and transportation, with recent work including legal advice to a mining client for the dissolution and liquidation of the company. Other key contacts in the department include senior associates Claudia Oviedo Alva, María Cristina Guardia Gómez and Juan Manuel Robles Montoya.

Practice head(s):

Gonzalo De Bracamonte Melgar

Key clients

INCOT Contratistas Generales

Cooperative Rabobank

Sociedad Minera Austria Duvaz

Industrias Plásticas Reunidas

Banco de Crédito del Perú

Ingenieros Civiles y Contratistas Generales

Pluspetrol Norte

Banco Pichincha

Representaciones Química Europea

Estratega Consultores

Work highlights

  • Advised INCOT Contratistas Generales on all aspects relating to the start of its preventive bankruptcy procedure in order to refinance its obligations, which were over $39m.
  • Advised Pluspetrol Norte on all aspects of its dissolution and liquidation process, which involves an amount of $112m.
  • Advised Estratega Consultores on bankruptcy credits recognitions and for sales of assets of companies or individuals under the client’s legal representation.

Estudio Echecopar member firm of Baker McKenzie International

Rafael Picasso leads the restructuring and insolvency team at Estudio Echecopar member firm of Baker McKenzie International, which leverages its multidisciplinary capabilities by working alongside other departments in the firm such as M&A, capital markets, banking and finance, and litigation. The practice is experienced in assisting clients operating in the metallurgy, technology, finance, oil and gas, energy and mining industries, with recent work including advising a large company on commencing insolvency proceedings against a former client. Key team members include Paolo Robilliard, who is experienced in leading insolvency and winding up processes, and associates Katherine Zapata and Luciana Palomino, who regularly assist in restructurings and insolvencies.

Practice head(s):

Rafael Picasso


‘The disposition of Paolo Robilliard for the management, together with his team, has been proactive and always willing to provide us with the necessary explanations for the follow-up of the case.’

Key clients

Naturgy Perú

Banco Agropecuario – Agrobanco

Warner Bros. Distributing Inc

SAP Perú

BTG Pactual

Cerro de Pasco Resources subsidiaria del Peru

Merck Peruana


Advent International Corporation

Work highlights

  • Advised Naturgy Perú on its insolvency and winding-up process.
  • Advised Agrobanco on the insolvency and later on liquidation proceeding of one of its main non-retail clients.
  • Advised SAP Peru in relation to the initiation of an insolvency proceeding against its former distributor Celeritech Solutions.

Martinot Abogados

The bankruptcy team at Martinot Abogados utilises its strength in finance to assist clients in all stages of bankruptcy. The team is jointly headed by Luis Fernando Martinot and Yanira Becerra, who both have extensive experience in corporate workouts, turnarounds and bankruptcies. The team’s ability to handle M&A issues also allows the practice to assist clients with the selling or purchase of assets of distressed companies. Other key team members include associate Carla Cervantes, who is experienced in providing advice to both national and international companies in bankruptcy and restructuring procedures.

Practice head(s):

Luis Fernando Martinot; Yanira Becerra


‘They have clear and innovative ideas, which help to achieve the objectives precisely.’

‘Team specialised in acquisitions, with extensive experience in this area, and at the same time dynamic, which corresponds to a young team. Intensive and very good use of technology. They are a real and effective support in solving the problems of these operations. Billing according to the times used and within the market.’

‘Personalised attention, commitment to the success of the operation. Complete involvement in the objectives and purposes of the operation for the client from partners Fernando Martinot, and associates Carla Cervantes and Katia Matallana.’

Key clients

Banco de Crédito del Perú

Banco de Comercio

El Dorado Resources

Gold Finance Perú

Red Cientifica Peruana

Avla Perú Compañía de Seguros

Compañía Goodyear del Perú

Red Bicolor de Comunicaciones

TC Siglo 21

Productos Encurtidos

Work highlights

  • Advised Banco de Crédito del Perú on the debt collection strategy of its debtors, which included feasibility analysis of the request for the involuntary bankruptcy petition and commencement of bankruptcy proceeding.
  • Advised El Dorado Resources on a lease agreement on mining properties owned by bankrupted company Compañia Minera San Simon.
  • Advised TC Siglo 21, a debtor subject to a restructuring proceeding, on the preparation and negotiation of an amendment to the restructuring plan in order to face the financial crisis.

Miranda & Amado

Miranda & Amado‘s insolvency and restructuring group is jointly led by Renzo Agurto and Rafael Corzo, with Agurto possessing extensive experience in insolvency proceedings, including advising clients such as Cobre de los Andes and Aguaytía Energy del Perú. The team acts in conjunction with the firm's banking and finance group to offer a predominantly creditor-oriented service with a special emphasis on regulated industries including oil and gas, mining and transport. Other key contacts include senior associate Lisbeth Benavides, who is experienced in assisting clients with restructuring matters and in acting in cross-border cases.

Practice head(s):

Renzo Agurto; Rafael Corzo


The team designated for this practice by Miranda & Amado has extensive experience in this line of legal services. Each of its member lawyers shows great dedication and knowledge of their subject.’

‘Definitely each one of them is very competent in this legal practice, with their own ideas and a personal approach that transmits confidence.’

Excellent work. Professionals and experts in the subject.’

Renzo Agurto has excellent professional quality.

Key clients

Cobre de los Andes

Aguaytía Energy del Perú

New Century Films

Administradora de Servicios de Seguridad

Talma Servicios Aeroportuarios

Ulma Encofrados Perú

Work highlights

  • Advised New Century Films, with debts amounting to PEN13m (around $3.2m), on its insolvency proceeding as a consequence of the COVID-19 pandemic in the movie industry worldwide.
  • Advised Talma Servicios Aeroportuarios on its strategy as creditor of Peruvian Air Line, with proceedings involving over 10,000 creditors.
  • Advised Ulma Encofrados Perú, as creditor of Técnicas Metálicas Ingenieros en Liquidación, on the insolvency proceeding of the latter, which involves accumulated debts greater than $33m.

Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados

Anthony Lizárraga Vera-Portocarrero leads the bankruptcy practice at Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados, drawing on his extensive experience in resolving restructuring and bankruptcy cases. The practice is active in several sectors, including mining, construction, food and beverage, banking and agriculture, and continues to act for Doe Run Cayman in the company’s long-running bankruptcy case. Associate Jackeline Acevedo supports the team’s work in debt restructuring and bankruptcy matters.

Practice head(s):

Anthony Lizarraga Vera


‘Expert knowledge on the subject matter of consultation.’

‘They stand out for having specialist lawyers in all legal specialties and of recognised prestige, they also have an immediate response time, I can contact them directly on their cell phone if it is very urgent and I always receive an answer instantly. The accompaniment and follow-up is always remarkable.’

‘What makes them stand out is that they are highly prepared lawyers in each of their specialties, always at the forefront of the latest legal changes in their field. Very well supported. Specialised lawyers with whom I have had contact and have shown me outstanding work are: Anthony Lizarraga, Gino Ontaneda, Yuri Vega, Carlos Morán, Oxal Avalos, Luis García, Romero, Eduardo Gonzales Espinosa, among others.’

‘They compare favorably because they understand what our company does, because regulation is in constant motion and it is important to understand this for better advice.’

‘Specialisation within the subject itself is key in bankruptcy law. It makes them better due to the quantity and quality of specialised lawyers in various sectors. In my case I recommend Anthony Lizárraga.’

Key clients

Doe Run Cayman

Andrade Gutierrez Engenharia Sucursal Del Perú

Pepsicola Panamericana


Icbc Perú Bank

Citibank Del Perú

Regional One

Novartis Biosciences Peru

Sherwin-Williams Peru

Saeg Peru


Jas Forwarding Peru

Mitsui Auto Finance Peru

Fertilizacion Tecnica

Corporacion Gtm Del Peru

Securesoft Corporation

Alberto Y Asociados Servicios Generales

Automotriz Central Del Peru

Grunenthal Peruana

Sew Eurodrive Del Peru

Taxi En Linea

E.L. Taxi 24 Horas


Brenntag Peru

Inmobiliaria Cantabria


Myz Servicios Tecnicos Comerciales

Peruana De Moldeados

Work highlights

  • Advising Doe Run Cayman on the bankruptcy case of Doe Run Peru.
  • Providing advise to PepsiCola, a major creditor in Compañia Embotelladora del Pacífico en Liquidación’s ordinary bankruptcy proceeding.
  • Advising Andrade Gutierrez on the dissolution, liquidation and bankruptcy of one of its related companies (Amazonas Energia).

Philippi Prietocarrizosa Ferrero DU & Uria

The bankruptcy team at Philippi Prietocarrizosa Ferrero DU & Uria is headed by Alfonso Pérez-Bonany, who previously worked at INDECOPI and is experienced in financial markets, financial regulation and insolvency proceedings. The practice is experienced in a range of sectors, such as publishing, broadcasting, construction, and oil and gas, with recent work including advising Servicios Multimedia in applying for a Debtor-in-Possession bankruptcy proceeding.

Practice head(s):

Alfonso Perez Bonany


‘Follow-up and orientation to its clients. They explain in a simple way the various problems that can be faced, in addition to always finding the best solution.’

‘Alfonso Perez Bonany is the most prominent partner in the area. He is fully willing to help his clients, as well as assist them at any time to clear up doubts.’

Key clients

Servicios Multimedia

Empresa Radiodifusora 1160

Astaldi S.P.A Sucursal del Perú

Kirkland & Ellis LLP

Inversiones Centenario

Inmac Perú

Work highlights

  • Provided comprehensive legal assistance to Kirkland & Ellis (UK and Hong Kong offices) in assisting a group of bondholders of the China Fishery Group to recover their investment of an aggregate amount of $900m.
  • Counselled Servicios Multimedia to apply for a Debtor-in-Possession bankruptcy proceeding in Peru, in revising all proof of claims filed by the creditors, and in negotiating its reorganisation plan.
  • Assisted Empresa Radiodifusora 1160 – a corporation affiliated to Andina de Radiodifusión – in reorganisation proceedings before the Bankruptcy Commission of INDECOPI.