Firms To Watch: Restructuring and insolvency

Dentons‘ newly launched restructuring, insolvency and bankruptcy practice is led by Santiago Hurtado, who joined the firm from Simmons & Simmons in February 2023. Mercedes has extensive experience in litigation and corporate matters related to shareholder conflicts, as well as distressed and special situations.
Vaciero‘s restructuring and insolvency team has recently been bolstered by the arrival of Beatriz Rua and Eduardo Borrego in February 2023 from KPMG Abogados, Spain, who have experience in advising both national and international clients on commercial litigation, as well as acting as insolvency administrators. The practice provides assistance at all stages of insolvency proceedings, and is led by Ricardo San Marcos de la Torre.

Restructuring and insolvency in Spain

A&O Shearman

A&O Shearman excels in cross-border restructuring and insolvency matters, advising on key options such as U.S. Chapter 11 reorganisations, UK and Spanish schemes of arrangement, pre-packaged sales, and debt-for-equity swaps. Clients have praised these capabilities, emphasising that the firm’s ‘extensive international network is also very useful for matters with transnational elements.’ The client roster comprises domestic and international lenders and investors, corporates, governments, banks, hedge funds, and other financial institutions. The team, lauded as ‘committed, hard-working, honest and always willing to help and provide a solution‘, is jointly led by the ‘exceptionalJavier Castresana, who advises on Spanish schemes and debt restructurings; Jimena Urretavizcaya, who focuses her practice on restructuring, leveraged finance, and real estate finance matters; Juan Hormaechea, an expert in structured finance, acquisition financing, and equity derivatives; and Ignacio Ruiz-Cámara, who brings extensive experience in restructurings within the renewable energy and infrastructure sectors.

Practice head(s):

Javier Castresana; Jimena Urretavizcaya; Juan Hormaechea; Ignacio Ruiz-Cámara

Other key lawyers:

Sofía Sánchez-Calero


‘Team with great capabilities and very efficient. They have been collaborative, transparent, greatly facilitating the smooth development of the process at all times. It has been a pleasure for me to work with them. It was a process in which there were different debt instruments, ICO, Bonds, currency… and different profiles of creditors and they were able to organise all the debt by applying the new Reform of the Bankruptcy Law, with successful results.’

‘People are what makes this team outstanding. Committed, hard-working, honest and always willing to help and provide a solution, in addition to being great professionals with a very deep knowledge of the Bankruptcy Law Reform. I highlight Javier Castresana.’

‘Professionals with a deep level of knowledge and a very empathetic and close attitude and way of working, absolutely focused on the client’s needs. One of its differentiating factors is this closeness to the client and spirit of collaboration. Its extensive international network is also very useful for matters with transnational elements.’

‘Javier Castresana is an exceptional professional, standing out both for his depth of knowledge and for his way of being.’

‘One of the strong points is being very practical when approaching the issues to be discussed.’

‘Team highly specialised in bankruptcy and commercial law and with a great vocation for client service.’

‘The Allen & Overy team stands out for its experience in restructuring in Spain. Not only in relation to technical and theoretical issues, but also practical aspects, which makes them able to focus on what is truly important to successfully carry out operations. In addition, their network of contacts in the industry is very broad, which allows them to contrast points of view quickly.’

‘Experience, ability to separate what is important from what is accessory, extensive network of contacts in the industry. The work of Javier Castresana within the team stands out.’

Key clients

Banco Santander


Oquendo Capital


Davidson Kempner


Bain Capital


Banco Sabadell


Bank of America

Deutsche Bank




The restructuring, insolvency, and special situations practice at Cuatrecasas is a vital resource for creditors, debtors, management teams, shareholders, investment funds, banks, and corporates seeking advice on restructuring transactions and general insolvency proceedings. The team is adept at representing both creditors and debtors, and is frequently engaged in crisis management matters, ranging from refinancing and distressed M&A to winding up and directors’ liability issues. The team is led by dual-qualified partner (Spain and New York) Ignacio Buil, who is based in Madrid and specialises in financing and debt restructuring transactions. Other key team members include Patricia Álvarez and Fedra Valencia, both based in Madrid. Additionally, Antonio Carreño and Javier Sánchez, working from Barcelona, play crucial roles in supporting clients in large-scale insolvency proceedings.

Practice head(s):

Ignacio Buil

Other key lawyers:

Patricia Álvarez; Antonio Carreño; Fedra Valencia; Rosa María Gual; Carlos Ara; Javier Sánchez

Work highlights

  • Advised KKR on restructuring Food Delivery Brands (Telepizza), following the agreement reached between its current shareholders—headed by KKR—and over 90% of the bondholders, that includes the debt capitalization by the latter and the company takeover, valued at €400m.
  • Advised Barcelona Project’s on insolvency proceedings of the company that manages the Juan Carlos I Hotel, to be renamed Miranda de Pedralbes and managed by Meliá.
  • Advised Gestamp Automoción on entering into a syndicated loan with national and international financial institutions to refinance its existing debt and finance the Group’s general corporate needs, valued at €1.7bn.


With a robust and comprehensive practice in restructuring and insolvency, the team at Garrigues provides advice on insolvency proceedings from both a debtor and a creditor’s perspective. The group is adept at pursuing solutions both in and out of court, handling various aspects such as debt rescheduling, asset sales in distressed scenarios, security enforcements, DIP financings, debt trades, and distressed M&A transactions, among others. The client base includes banks, private equity and hedge funds, corporates, boards of directors, and insolvency practitioners. Clients also commend the team for its ‘excellent knowledge of the new bankruptcy law‘. Adrián Thery leads the practice and brings considerable experience in advising on restructuring processes for entities across diverse industries, including shipping, real estate, banking and finance, hospitality, and healthcare. Juan María Jiménez and Borja García-Alamán are both recognised for their ‘excellent technical knowledge’. Juan Verdugo is noted for his proficiency in the refinancing of distressed companies, NPL deals and distressed transactions.

Practice head(s):

Adrian Thery

Other key lawyers:

Borja García-Alamán; Juan Verdugo; Juan María Jiménez; José Manuel Fariñas


‘The team’s unique approach has consistently set them apart. Their deep-rooted understanding of client needs combined with their innovative strategies provided invaluable advisory, ensuring our operations flowed seamlessly. Their dedication to the services they provide showcases Garigues as a leading force in financial advisory services.’

‘The individuals at Gariguess stand out due to their unmatched dedication to precision and client-focused solutions. What truly differentiates them is their ability to tailor strategies to each client’s specific needs, backed by an in-depth understanding of the industry and evolving trends. We especially value Garrigues’ innovative mindset, exceptional analytical prowess, and an unwavering commitment to continuous learning and collaboration.’

‘Knowledge and practice in all aspects of restructuring. The best team in Spain for this matter.’

‘Excellent knowledge of the new bankruptcy law. Great command of numbers and class formation in an extremely complex structure. Absolute availability in a very tight deadline process.’

‘Juan María Jiménez and Borja García-Alamán – excellent technical knowledge.’

Key clients

SAREB or Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria S.A. (Spanish ‘bad-bank’) [re Reyal Urbis]

SAREB or Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria S.A. (Spanish ‘bad-bank’) [re Eroski]

Naviera Armas S.A., Bahía de las Isletas S.L.U. and other companies pertaining to their group

Zurich Insurance PLC, Liberty Mutual Insurance, Zurich North America, Fidelity, AIG Puerto Rico, Nationwide, Atlantic Specialty Insurance Company, RLI Insurance Company, Zurich Insurance, PLC Niederlassung für Deutschland [re Abengoa]

Metric Capital Partners LLP.

MV Credit Partners

Urbanizadora Constructora Nuevo Madrid, S.A. (“Urconsa”), Jigarsa, S.L. (“Jigarsa”) and Urconsa 2003, S.L. (“Urconsa, 2003”)

Treo Asset Management

Adveo Group International, S.A. and its subsidiaries

Cruise Yacht Yardco Ltd (“CY”)

Obrascón Huarte Laín, S.A (“OHL”)

SAREB or Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria S.A. (Spanish ‘bad-bank’) [re Metropoli Burjasot]

Corsán Corviam Construcción, S.A. (“CCC”)

Advent International

Oquendo IV Eltif SCA SICAV-RAIF – Oquendo IV SCA SICAV-RAIF (“Oquendo”)

Banco Santander, S.A. [re Delforca]

Ben Oldman European Asset-Backed Lending, S.A.

SAREB or Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria S.A. [re-TH Hoteles]

F2J Industry B.V

SAREB (Sociedad de gestión de Activos procedentes de la Reestructuración Bancaria – Spanish “bad bank”) [RE: Vipei]

Oquendo Capital (“Oquendo”)

Svenson, S.L.U. and its board of directors

SKF Española, S.A (“SKF”)

Inzile AB-QEV Tecnologies

Curlio Investments, S.L.

Waterfall Asset Management

Findango Finance

Work highlights

  • Assisting Spanish ferry operator Naviera Armas and its group in the design and implementation of a Spanish scheme of arrangement with its lenders an ad hoc bondholder committee.
  • Designed on behalf of a subsidiary of Advent an elaborate offer for the purchase of more than 80 dental clinics.
  • Advised Metric on pre-insolvency matters, the early termination of a secured loan agreement and compulsory bankruptcy petition of two companies of the THC Group.

Gómez-Acebo & Pombo

Lauded as ‘one of the best Spanish restructuring firms‘, Gómez-Acebo & Pombo stands out as a market leader in lender-side restructuring transactions. The team’s client roster features large banks, investment funds, hedge funds, insolvency administrators, private equity houses, and major corporates, who regularly turn to the team for assistance with refinancings, debt-equity swaps, and insolvency proceedings. The firm’s cross-border capabilities are noteworthy; the team frequently collaborates with offices in New York, Lisbon, Brussels, and London. Leadership responsibilities are split between Miguel Lamo de Espinosa, who heads up the restructuring side and ‘remains at the top of his game‘, and Rodrigo López, who oversees insolvency matters. Other key figures include Rafael Aguilera, who represents creditors in large-scale restructuring processes; the ‘exceptionally strongFerran Foix; insolvency law and commercial litigation specialist Irene Arévalo; and Paula Zarzalejos, who ‘understands the interactions between restructuring and finance, delivering fantastic advice in a user-friendly manner’.

Practice head(s):

Miguel Lamo de Espinosa; Rodrigo López

Other key lawyers:

Rafael Aguilera; Ferran Foix; Irene Arévalo; Paula Zarzalejos; José Antonio Gómez


‘GAP is one of the best Spanish restructuring firms. They are involved in the most complex matters in Spain.’

‘Rodrigo López and Irene Arévalo stand out.’

‘The Gómez-Acebo team is an exceptional group of lawyers; a team that is energetic but thoughtful, driven and experienced. They understand the client’s needs and perspectives. They are strong in restructuring, finance, litigation, corporate and regulatory – all the core practices which come together in big restructuring mandates.’

‘Miguel Lamo de Espinosa remains at the top of his game. He is a fantastic lawyer and always has the clients’ needs at the forefront of his practice.’

‘Ferran Foix is another exceptionally strong member of the team. He brings a calm manner and keen commercial insight to his practice.’

‘Paula Zarzalejos covers the finance side of restructuring transactions and is a pleasure to work with. She understands the interactions between restructuring and finance and delivers fantastic advice in a user-friendly manner.’

‘Great professionals, technically very good. They comply in a timely manner.’

‘Very technically capable – Rodrigo López.’

Key clients

Banco Bilbao Vizcaya Argentaria – BBVA

Banco Popular

Banco Sabadell

Banco Santander

Bank of America




Goldman Sachs

JP Morgan

Abanca (formerly Novacaixagalicia)

Davidson Kempner

Triodos Bank NV, S.E.

Oak hill


Work highlights

  • Representing Taconic Capital Advisors, King Street, Attestor and Strategic Value Partners in insolvency proceedings, with the toll road operators’ total debt estimated to be €3.6bn.
  • Advised PETERSEN on Spanish law issues and in relation to the court proceedings it has initiated inf New York against the Republic of Argentina for the losses suffered by the claimants as a result of the expropriation of the shares that they hold in YPF (subsidiary of Repsol).
  • Provided legal services to Cerberus European Investments, LLC in the restructuring of its indirect subsidiary Haya Real Estate, S.A.U., the parent of the Haya group, a provider of management of real estate and property assts services in Spain.


Linklaters boasts a well-balanced restructuring and insolvency practice, serving creditors, financial institutions, funds, distressed debtors, and their administrators. The team is particularly well equipped to provide advice on real estate-related restructurings, and has of late advised corporates and banks on distressed asset and debt scenarios within this sector. The group is jointly led by Francisco Sáinz-Trápaga, an expert in restructuring transactions; Ben Crosse, an English law partner who advises on a range of financing deals; Juan Barona, the head of the firm’s banking practice; Borja Fernandez De Troconiz, a key point of contact for matters involving banking litigation and complex insolvencies; and Alex Ferreres.

Practice head(s):

Francisco Sainz-Trápaga; Ben Crosse; Juan Barona; Borja Fernández de Trocóniz; Alex Ferreres

Other key lawyers:

Luis Valdenebro


‘If there’s one thing that stands out about the Linklaters restructuring team, it’s that you can always trust them to do an exceptional job. It is a team that always maintains quality in its work in all matters.’

‘Francisco Sainz-Trápaga is an exceptional lawyer. He has extensive experience in the most relevant and challenging restructurings in the market. He has great knowledge of his area which allows him to solve with great skill the obstacles that arise. He is a good negotiator who knows how to skilfully balance when to give in and when to be tougher in positions to achieve the best result for the parties.’

‘The Linklaters team, in addition to being highly prepared, is at the forefront of what is happening in the market. All this means that they can provide value to their clients not only from a legal point of view and, if possible, implement what has been negotiated, but also help to unblock negotiations and reach agreements.’

‘Dedication, experience, fresh ideas and learning from every transaction they are involved in. They are able to handle many transactions at the same time and, while maintaining the utmost confidentiality, advise their clients like a tailor.’

Uría Menéndez

Uría Menéndez‘s restructuring and insolvency practice is renowned for its deep expertise in a variety of high-profile contentious and non-contentious matters, encompassing company and group restructurings, debt refinancings, direct lending, special situations, as well as general insolvency proceedings and related litigation. The client roster includes both creditors and borrowers, who represent leading Spanish and multinational banks, corporates, and financial institutions. The practice is co-led by Carlos de Cárdenas Smith and Ángel Pérez López, both of whom possess a successful track record in finance and restructuring transactions. Other key team members include corporate and insolvency litigation specialist Javier Yáñez and Sebastián Sáenz de Santa María, who focuses his practice on banking law.

Practice head(s):

Carlos de Cárdenas Smith; Ángel Pérez López

Other key lawyers:

Ángel Alonso; Sebastián Sáenz de Santa María; Manuel García-Villarrubia; Javier Yáñez


‘Reference in the sector. Doctrinal and academic profile of the partners, whose publications set trends.’


Clifford Chance

With a balanced restructuring and insolvency practice, the team at Clifford Chance stands out for its transactional capabilities. The team’s expertise extends to matters involving Spanish insolvency schemes, attracting instructions from a client roster that includes leading banks, financial investors, and corporates, often seeking cross-border support. Leadership is split between Eduardo García, who oversees the restructuring side of the practice, and Iñigo Villoria, who heads up the insolvency practice. With considerable experience in structured finance and large-scale restructurings, Epifanio Pérez is another name to note. Felipe Font showcases particular expertise in restructuring mandates and real estate finance. Alexandra Borrallo left the firm in May 2023.

Practice head(s):

Iñigo Villoria; Eduardo García

Other key lawyers:

Epifanio Pérez; Felipe Font

Key clients

Angelo Gordon



Banco Santander

King Street

Strategic Value Partners





ING Bank

Raiffeisen Bank International

Amsterdam Trade Bank

Magnetar Capital

Pepe Jeans

Bank of America Merril Lynch International DAC

Varde (Vía Celere)

Blackstone (Fidere)

Eurona Wireless Telecom / Global Satelite Technologies

Work highlights

  • Advised Angelo Gordon and Westmont Hospitality Group on their acquisition of Spanish hotel group Room Mate, following the completion of the company’s financial restructuring.
  • Advised Rioglass Servicios, S.L.U. on the acquisition of a productive unit in the context of the insolvency proceeding of Abengoa Solar España, S.A.U.
  • Advised the Spanish subsidiaries of the Otravo Group on the filing of its insolvency proceedings.

Latham & Watkins LLP

Latham & Watkins LLP‘s restructuring and special situations practice excels in handling cases involving complex financing structures and capital market instruments. The team provides regulatory advice on business restructurings, debt refinancings, distressed M&A, and insolvency litigation; it offers guidance under Spanish, UK, and New York law, frequently collaborating with its global offices. Pedro de Rojas leads the practice, and serves as a key contact for debtors, creditors, and investors with a focus on cross-border restructurings. Other key figures include Ignacio Gómez-Sancha, who specialises in high-value restructurings and special situations, Óscar Franco, an expert in insolvency disputes, and Fernando Colomina, whose wide-ranging practice spans banking, finance, and restructuring transactions.

Practice head(s):

Pedro de Rojas

Other key lawyers:

Ignacio Gómez-Sancha; Óscar Franco; Fernando Colomina; Luis Sánchez; Carmen Alonso


The team at Pérez-Llorca advises on a broad spectrum of restructuring and insolvency matters, covering subordinate claims, refinancings, recapitalisations, insolvency agreements, company liquidations, and asset sale transactions. It counts some of the largest Spanish banks, corporations, and financial institutions among its key clients. The practice is co-chaired by Javier García Marrero, who specialises in advising financial entities on insolvency proceedings, and the ‘excellentJuan Oñate, an expert in restructuring transactions, including restructuring agreements. Laura Ruiz is proficient in insolvency litigation cases, while Cosme Colmenero is praised by a client for his ‘great commercial sense’.

Practice head(s):

Javier García Marrero; Juan Oñate

Other key lawyers:

Laura Ruiz; Cosme Colmenero


‘Appropriate presentation of the case, with efficient use of resources and with great capacity to inspire confidence in the cases.’

‘The close contact of the partners and the permanent availability of the team. Laura Ruiz provides solid support.’

‘I consider that Pérez Llorca’s restructuring and insolvency team is a reference in everything related to company insolvencies.’

‘Juan Oñate: excellent lawyer, always available and with a great capacity for effort and team leadership.’

‘Cosme Colmenero: very professional, great commercial sense and adaptation to change. ’

‘What distinguishes this legal practice is its highly efficient management and allocation of resources. This allows excellent advice to be provided at all levels in a very cost-effective manner. In-house attorneys should know that this firm stands out for its ability to offer legal services of the highest quality with an efficiency that is difficult to match. It is a strategic choice that provides exceptional value to companies.’

‘What distinguishes the partners with whom we have worked in this firm (Cosme Colmenero and Juan Oñate) is their first-class technical and business knowledge, comparable to the main firms in Spain, which is accompanied by exceptional involvement and dedication to the issues they work on, always being present and committed. Furthermore, their great commercial sensitivity is a quality that goes beyond the legal; they provide us with valuable contributions on business issues. These qualities make Cosme and Juan stand out significantly and place them in an advantageous position compared to the competition.’

‘Laura Ruiz is very user friendly and experienced.’

Key clients

Movida Participações

Royal Caribbean









Serviocio, Cultura, Deporte y Recreación

Aptimus Capital (formerly Bespoke Capital)

Work highlights

  • Advising the Royal Caribbean Group on the insolvency proceedings of the companies of the Pullmantur Group, of which Royal Caribbean owns 49%.
  • Advising SAREB and Bankia on the framework of the insolvency proceedings of Grupo Pra, a major real estate developers in Spain.
  • Advising Volotea and the company’s current shareholders on the negotiation and execution of the financing agreement and security documents.

DLA Piper

DLA Piper‘s restructuring and insolvency team advises on both contentious and non-contentious mandates, covering financial and corporate restructurings, foreclosure sales, distressed M&A transactions, and refinancing agreements. Recently, the team has seen increased activity advising funds on special situations, including investments in distressed debt and non-standard financing scenarios. The leadership is shared by Juan Gelabert, who advises domestic and international clients on financing, refinancing, and restructuring transactions; Jose Maria Gil-Robles, whose broad practice includes advising leading distressed debt investors on their restructurings; and Borja De Obeso, who specialises in litigation, arbitration, and insolvency matters.

Practice head(s):

Juan Gelabert; José María Gil-Robles; Borja de Obeso

Key clients


Goldman Sachs

Banco Santander



Grupo Citri&Co

Société Générale

Redevco and Ares

Work highlights

  • Advised a syndicate of lenders on the refinancing of CIE Automotive Group.
  • Advised Grupo Citri&Co on the refinancing of its existing debt and the granting of a new financing by a syndicate of lenders with Banco Santander, S.A. as agent.
  • Advised BANCO SANTANDER and a syndicate of lenders on the restructuring of the financing granted to EMPRESA DE MANTENIMIENTO Y EXPLOTACIÓN M-30, S.A. (EMESA).


DWF-RCD‘s restructuring and insolvency practice focuses on debtor-side mandates. The team excels in insolvency administrations, in addition to demonstrating expertise in debt restructuring, investigations, asset tracing, and distressed M&A matters. Led by Jordi Albiol, who often serves as debtors’ counsel and as an insolvency administrator and trustee, the team also includes Cristian Valcárcel, Bernard Afonso, and Albert Díaz, all of whom handle a variety of insolvency administration cases at the local and international level.

Practice head(s):

Jordi Albiol

Other key lawyers:

Cristian Valcárcel; Bernard Afonso; Albert Díaz


Herbert Smith Freehills LLP

Herbert Smith Freehills LLP fields an ‘outstanding and highly technical‘ restructuring and insolvency team that advises on a range of issues, including corporate and debt restructuring, acquisition of distressed debt, disposals, dispute resolution, and insolvency proceedings. The client roster comprises international corporates, financial institutions, and financial investors looking to expand into the Spanish market. The team is co-led by the ‘exceptionalJavier De Carvajal, who is ‘very technical' but possesses 'a great commercial vision’; Nicolás Martín, an expert in bankruptcy law; and Armando García-Mendoza, who focuses on debt refinancing and corporate restructuring. Associate Marta Rey is also noted for her experience in restructuring and insolvency matters ‘from both a commercial and legal point of view‘.

Practice head(s):

Nicolas Martín; Javier de Carvajal; Armando García-Mendoza

Other key lawyers:

Jaime de San Román; Carmen Jara; Marta Rey



‘HSF has an outstanding and highly technical team that is always willing to give an extra twist to each issue to provide us with legal and strategic advice that meets the needs of the business. When it comes to especially complex situations, they go above and beyond and are willing to try new things.’

‘Javier de Carvajal is an exceptional lawyer, very technical but with a great commercial vision that allows him to go beyond what is commonly established to provide us with exceptional solutions to legally and procedurally complex problems. As the English say, Javier “thinks outside the box” and looks for solutions that are acceptable not only to the legal team but also to the business team. Furthermore, he is flexible with the client and is always willing to discuss proposed solutions as well as listen to suggestions from the client.’

‘Marta Rey has a lot of experience in restructuring and insolvencies from both a commercial and legal point of view and is able to understand the needs of the business. From our point of view, she is a motivated, persistent and capable lawyer who is a great successor to Javier.’

Key clients

Kunshan Technology Investment (HK)

Banco Santander, Banco de Sabadell and Caixabank

Oaktree Capital Management

Bain Capital

Vía Célere


Momentum REIM


Actividades Logísticas Centralizadas

Arbuthnot Latham

Barclays Bank

Waterfall Asset Management

Toshiba International Europe

General Mills International

MET Energía España

Work highlights

  • Advised the ultimate shareholders on the debt restructuring and recapitalisation of Mediapro group.
  • Advised Banco Santander, Banco de Sabadell and Caixabank, as creditors, on the restructuring of the debt of Naviera Armas.
  • Acted for Barclays, as syndicated lender of the Celsa Group, in litigation proceedings commenced by the latter with the aim of achieving a novation in the terms of a series of contracts connected with the debt restructuring undertaken by the group in 2017 under the grounds of an alleged right to rebalance its contractual obligations as a result of the incidence of the Covid-19 crisis in the economy.


The team at Andersen provides guidance across all areas of restructuring and insolvency, covering corporate restructuring, debt recovery, acquisition of distressed companies, and liability of directors and managers. Madrid-based Javier Mata has extensive experience in insolvency proceedings and frequently represents companies from a range of sectors, including infrastructure, construction, energy, and technology. Mata co-leads the practice alongside Marta Morales, based in Sevilla; she is recognised as ‘outstanding in all aspects‘ and advises on restructurings. Also noteworthy is Valencia-based Benjamín Prieto, who specialises in civil and criminal lawsuits and bankruptcy proceedings.

Practice head(s):

Javier Mata; Marta Morales

Other key lawyers:

Benjamín Prieto; Ana Ferrando


‘For us, the team is a reference in every sense. We highlight their dedication and immediate collaboration when we require it.’

‘Marta Morales is outstanding in all aspects.’

Key clients

Assignia Infraestructuras – Essentium Group

Concentra Servicios Y Mantenimiento

Visure Solutions

Villa Romana Golf

Grupo Peyber

Investigaciones Y Programas. – Ipsa


Work highlights

  • Advised Assignia Infraestructuras – Essentium Group on insolvency proceedings.
  • Advised Grupo Peyber on insolvency proceedings.
  • Advised Martinsa Fadesa on several restructurings of the assets and businesses abroad.

Ashurst LLP

Ashurst LLP‘s restructuring and special situations team is a popular choice for investment banks, distressed investors, hedge funds, banks, private equity houses, and corporates seeking advice on refinancings, distressed M&A, insolvency liquidations, and complex restructuring processes. The team is led by Jorge Vázquez, who also serves as the firm’s managing partner. Vazquez is supported by José Christian Bertram, who advises on structured and acquisition finance, restructurings, and refinancing transactions, and José Antonio Rodríguez, an expert in non-contentious and contentious insolvency proceedings. The practice has strengthened its insolvency credentials with the addition of José Ramón Casado from Baker McKenzie in November 2022.

Practice head(s):

Jorge Vázquez

Other key lawyers:

Jose Christian Bertram; José Antonio Rodriguez; Alberto Manzanares; José Ramón Casado


‘The team is very knowledgeable and provides overall legal and tax support for NPL and REO deals, including cooperation with various servicers and public notaries. Always easy to reach and very proactive.’

‘Jose Christian Bertram – very knowledgeable, solution driven and proactive, with a deep understanding of the market and market players.’

Key clients

Barclays Bank PLC


Goldman Sachs

Official Receiver in the UK in the context of Thomas Cook PLC’s insolvency proceedings

Iv3 Aqua Corporation


Haya Real Estate


LynxCap Group

Chenavari Credit Partners

Credit Agricole Corporate and Investment Bank (CACIB

Société Générale

Work highlights

  • Advising Barclays Bank Plc and Caixabank on the insolvency proceedings of Reyal Urbis.
  • Advising Iv3 Aqua Corporation on the potential acquisition of certain desalination plants owned by the Abengoa Group within the framework of the insolvency proceedings of Abenewco and its subsidiaries.
  • Advised Cerberus on the sale by Haya Holdco 2 Plc of 100% of the share capital of Haya Real Estate S.A.U. to Intrum (listed on the Swedish Stock Exchange).

Baker McKenzie

Situated within a globally integrated network, Baker McKenzie‘s restructuring and insolvency practice advises on a range of matters, including debt restructuring, distressed M&A, and formal insolvency proceedings. The team also offers guidance in the defence of directors and executives against charges for insolvency liabilities. Madrid-based José Luis Yus and Rossanna D’Onza jointly lead the team alongside Marc Prat from Barcelona, who is experienced in litigation and arbitration proceedings. Counsel Laura Camarero is also noteworthy; she focuses on restructuring negotiations and cross-border insolvencies, and is described by clients as an ‘impeccable, proactive professional with solid legal knowledge‘.

Practice head(s):

José Luis Yus; Rossanna D’Onza; Marc Prat

Other key lawyers:

Laura Camarero; Rocío González; Gemma Aquillué


‘The team is absolutely professional in the broadest sense of the word (responsible, efficient, agile, expert, decisive, proactive) but also close and friendly, always attentive to the client’s needs.’

‘The difference is in their professional and personal treatment.’

‘I have had dealings with Baker & McKenzie for many years and I have found their professionalism, attention to detail and valuable advice most helpful.’

Key clients


All Iron RE I Socimi

Google Ireland Limited

Alpha Insurance A/S

Member Banks of the Association of Global Custodians

Alvarez & Marsal

Hoteles Tecnológicos, S.A.

Procasa Promociones y Obras, S.A.

Electronic World Products International, S.A. (EWPI)

GreenOak Propco Garden, S.L.U.

Work highlights

  • Advising Kidzania regarding the legal defence of the members of the board of directors on the liability phase of the insolvency proceedings of the company Imaginarium, S.A.
  • Advising All Iron RE I Socimi, the leading serviced apartments vehicle in Spain, on the insolvency of the contractor (namely the company Construcciones y Promociones Balzola, S.A.).
  • Advising certain member banks of the Association of Global Custodians with regard to the regime applicable to the custody of securities and other assets in Spain.

Ceca Magán Abogados

Ceca Magán Abogados‘ restructuring and insolvency practice excels in bankruptcy cases, where the team is frequently appointed as bankruptcy administrators or insolvency practitioners, representing major Spanish financial institutions. The team is also well versed in restructurings, with Santiago Torent being a key contact for this type of work. Torent, who joined the firm in September 2022 from Lener, also advises domestic and multinational corporates on structured financings and co-leads the team alongside José Carlos González Vázquez, a specialist in insolvency proceedings praised for his ‘practical approach and financial and procedural knowledge‘. Bankruptcy administration expert Raúl Villarín is also noteworthy. Among team changes, Enric Servat joined alongside Torent from Lener in September 2022.

Practice head(s):

Jose Carlos González Vázquez; Santiago Torent

Other key lawyers:

Raúl Villarín; Enric Servat


‘Jose Carlos González Vázquez stands out due to his dual academic and professional perspective. He provides great added value in the analysis of problems and the search for solutions. Shows great client orientation.’

‘José Carlos’s theoretical knowledge of the law and his ability to put it into practice in any type of situation is a skill that currently differentiates him in a very positive way compared to partners from other law firms.’

‘They mix the doctrinal part with the professional part in a very interesting way. Jose Carlos Gonzáles Vázquez stands out; he is a great professor, lawyer and fantastic professional. He is a true authority and always has the maximum availability and closeness. Highly recommended lawyer.’

Key clients

Novicap Limited

Witte y Sola SA

Autobuses Urbanos del Sur SA

Jesús Ignacio Salazar Bello

Banco Santander





Grupo Inverdama

Grupo Sulayr / Caja Rural Granada


Comunidades Santa Ana SL

Grupo Carrera


Jardines de Valdebebas

Work highlights

  • Acted for Novicap Limited y Finalbion in the challenging the legal approval of the restructuring plan before the Provincial Court of Pontevedra.
  • Acts as legal advisor to the company WITTE SOLA in the refinancing of its debt with the banking pool (€7.2 m) and obtaining new financing from COFIDES (€3.3M).
  • Acting on insolvency proceedings on behalf of AUTOBUSES URBANOSDEL SUR SA (BUSURSA).

CMS Albiñana y Suárez de Lezo

CMS Albiñana y Suárez de Lezo advises on a broad range of pre-insolvency and insolvency matters, guiding clients throughout the entire proceedings, from the petition of solvency to the proposal of arrangements or liquidation. The team acts for both debtors and creditors, and its client roster includes domestic and international corporates, investors, and financial institutions. It is also well versed in debt restructuring and refinancings, including cross-border matters. Juan Ignacio Fernández Aguado stands at the helm of the practice; he is a go-to adviser for complex insolvencies and has a track record of dealing with contentious proceedings, including litigation and arbitration. Elisa Martín is also an active team member.

Practice head(s):

Juan Ignacio Fernández Aguado

Other key lawyers:

Elisa Martín


‘CMS has an excellent restructuring and insolvency team.’

‘They have very good knowledge of the practice, especially taking into account the continuous legislative changes in Spain and the EU.’

‘The team is knowledgeable and has the ability to advise the client on managing the crisis of restructuring or insolvency.’

Key clients

Novo Banco


Haitong Bank

Engie Group

Grupo Inmobiliaria Chamartín


Grupo ITEK

MGO By Westfield



J Almoguera Abogados

Perhaps best known for its dispute resolution capabilities, boutique firm J Almoguera Abogados is also renowned for its expertise in complex and high-value restructuring and insolvency matters. The practice advises on out-of-court arrangements, litigation, and other matters across a range of sectors including public works and infrastructure, heavy machinery, utilities, financial services, and real estate. Jesús Almoguera and recently promoted partners Eduardo Vázquez De Prada and Carlos González Pulido jointly lead the team.

Practice head(s):

Jesús Almoguera; Eduardo Vázquez de Prada; Carlos González Pulido

Other key lawyers:




‘Jesús Almoguera manages a team of extraordinarily versatile lawyers. Very hardworking and with good technique, they are one of the most capable legal services boutiques in Madrid.’

‘They have few problems with conflicts and cover a wide variety of areas of law with excellence.’

‘The closeness in treatment and specific knowledge of the situation is what makes them stand out the most, combined with technical knowledge and extensive experience. To do this, they do not overload themselves with matters and only take on the matters that they can truly attend to. It gives me a lot of peace of mind when they handle a matter because we can be very calm and it is a real pleasure to work with them, both because of the guarantee of obtaining the best possible result, and because they make daily work pleasant.’

Jones Day

The team at Jones Day takes an interdisciplinary approach to provide insight and advice on both consensual and litigious restructuring and insolvency matters, collaborating closely with the firm’s banking, corporate, litigation, and real estate teams. It excels in cross-border proceedings and counts major investment banks, credit funds, and private equity firms among its clients. Juan Ferré leads the practice and is a restructuring and insolvency expert; he represents clients from a range of sectors, including aviation, automotive, real estate, and construction.

Practice head(s):

Juan Ferré

Other key lawyers:

Nora de Miguel

Kepler Karst

With ‘enormous experience and knowledge of the pre-bankruptcy and bankruptcy world‘, the team at Kepler Karst is a key destination for bankruptcy trustees and corporates seeking advice on the full spectrum of insolvency proceedings. Led by Davinia Sánchez, a name to note for insolvent companies and creditors, and Armando Betancor, who regularly acts for bankruptcy trustees, the practice also features Ana Carpintero, who focuses on commercial litigation and insolvency law.

Practice head(s):

Davinia Sánchez; Armando Betancor

Other key lawyers:

Ana Carpintero


‘Magnificent meeting of insolvency experts, enormous experience and knowledge of the pre-bankruptcy and bankruptcy world.

‘It is a talented and dedicated team, they are always on the issues looking for creative and efficient solutions with a view closely linked to the business. Compared to other firms, they show deep knowledge of the subject, a proactive attitude, and are always attentive to the client’s needs. They are a diverse team and aware of technological improvements and developments to improve their services.’

‘Davinia Sánchez is an excellent lawyer. Her main characteristic is not to give up until a matter is successful.’

Key clients

Room Mate

The Petersen Group

Inmobiliaria Montecastillo

Interfronteras Area de Servicios S.L.

Grupo Metronia SA

Work highlights

  • Advised Room Mate on its reorganisation and sale of its business.
  • Advised Interfronteras Area de Servicios S.L. on the first known restructuring deal under the umbrella of the reform of the Consolidated Text of the Insolvency Law.
  • Advising Petersen Energía, S.A. and Petersen Energía Inversora, S.A., The Petersen Group, on bankruptcy proceedings against the Argentinian State, as a result of YPF’s nationalisation.

PwC Tax & Legal Services

Praised for its ‘extensive knowledge of all legal issues related to bankruptcy proceedings and the liquidation of bankrupt companies‘, the group at PwC Tax & Legal Services regularly advises banks, financial entities, and debtors. Well versed to advise in domestic cases, given its presence in all Spanish regions, the group can also draw from its international network to handle matters with cross-border elements. The team is led by the ‘exceptional‘ Manuela Serrano Sanchez, an expert in insolvency and corporate restructuring; her expertise includes guiding clients through insolvency administrations, assessing restructuring plans, overseeing the sale and purchase of business units, managing distress processes, and handling litigation. Nicolás Molina stands out for his work as an insolvency administrator, with clients commending his ‘extensive technical and legal knowledge’. 

Practice head(s):

Manuela Serrano Sánchez

Other key lawyers:

Nicolás Molina; Juan Antonio Martínez Blánzquez


‘The service so far has been excellent, given the extensive experience they have in the most important bankruptcy proceedings in the country. As I have already mentioned, they have extensive experience, knowledge of all legal issues related to bankruptcy proceedings and the liquidation of bankrupt companies, as well as a large team always available for any need.’

‘They have adequate resources to act as bankruptcy administrators in relevant matters.’

‘I highlight Manuela Serrano. She is exceptional as a person and as a professional. Always available, close, with exquisite treatment. She provides security to the client and is attentive to all the details, leaving nothing to chance. Honesty, professionalism, excellence are some of her qualities, among many others.’

Key clients


Accesos de Madrid Concesionaria Española, S.A.

Room Mate, S.A.

Ciralsa S.A. Concesionaria del Estado

Grupo Polaris

Thomas Cook

AIFOS, Arquitectura y Promociones Inmobiliarias, S.A.

Bosques Naturales, S.A.


Neck Child, S.A.

Alazor Inversiones, S.A.

Fomento de Inversiones las Marías S.L.

Eme Compañía de Seguridad e Ingeniería y Mantenimiento, S.L.

Asociación Dianova España

Alcoranda, S.A.

Asociación de ayuda en carretera- DYA


Newry Global Media, S.L.


Toscares, S.A.

Work highlights

  • Intervened in the issuance of a legal expert opinion within the approval of the restructuring plan of Grupo Celsa, a pioneer after the transposition of the European Insolvency Directive (Directive (EU) 2019/1023).
  • Advising on the insolvency proceeding of Room Mate, S.A.
  • Advising on the insolvency proceeding of the Polaris Group, which consists of 11 voluntary insolvency proceedings being carried out under the ordinary procedure.

Ramón y Cajal Abogados

Ramón y Cajal Abogados regularly advises on group restructurings, creditor rights, board liability issues, debt refinancings, acquisition of business units, and bankruptcies. Its client roster includes corporates and financial institutions from a range of industries, including energy, real estate, and pharmaceuticals. Among recent team developments, Javier Menchén left the firm in March 2023; Amado Giménez, who takes the lead in restructuring matters, is now overseeing the team alongside Ramón Fernández-Aceytuno, responsible for the insolvency side of the practice. Carmen Fernández-Hontoria is also recommended by clients for her proficiency in restructuring and insolvency mandates.

Practice head(s):

Amado Giménez; Ramón Fernández-Aceytuno

Other key lawyers:

Carmen Fernández-Hontoria


‘The Ramón y Cajal work team knows perfectly well the judicial processes in which we are involved. Our daily work is to try to avoid, as far as possible, adverse situations for our clients, and in the worst case scenario, structure shareholder agreements or bankruptcy proceedings; that is where the Ramón y Cajal team always advises us successfully.’

‘Accessibility, treatment, cordiality and 100% availability. In addition to knowing and having a clear opinion about what they are talking about, they know how to explain it very well, a quality that is essential in processes where there is a large pool of creditors.’

‘In recent years, Ramon y Cajal has led or been involved in the most relevant restructuring and/or insolvency operations in the Spanish market, becoming a national reference.’

‘Partners Ramón Fernández-Aceytuno and Carmen Fernández-Hontoria are recognised by the market for having led complex proceedings in Spain in recent years, reaching innovative and successful solutions.’

‘The Ramón y Cajal team is highly trained and qualified.’

‘The client service is unbeatable. They stand out for their adaptation and search for the best practical and satisfactory solutions, as well as their reliability and technical capabilities.’

‘Ramón Fernández-Aceytuno and Carmen Fernández-Hontoria have an excellent level of knowledge and extensive experience in very relevant restructuring and insolvency matters. The closeness to the client, and the clear vocation for good service are worth highlighting.’

Key clients

Grupo Abengoa

José Sánchez Peñate

Ortiz Construcciones y Proyectos

Banco Santander


EDP España




MAN Energie Solutions

Hidronorte Energía

INV Seguridad

Work highlights

  • Advising the Abengoa Group since 2020 in the debt restructuring process and subsequent bankruptcy process.
  • Advises Grupo Ortiz Construcciones, one of the main Spanish construction companies, on the sale process of a productive unit.

Simmons & Simmons

Simmons & Simmons advises on a broad range of restructuring and insolvency matters, encompassing compulsory insolvency proceedings, claw-back actions, distressed debt trading, refinancing agreements, and the implementation of acquisition financing structures. The firm is highly sought after by financial institutions, investment firms, and banks. Heading the team is Andrés Mochales, who has ‘great knowledge of restructuring and procedural issues‘ and is highly reputed in the field of financial litigation. Santiago Hurtado and Javier Royo left the firm in February 2023.

Practice head(s):

Andrés Mochales


‘Andrés Mochales is brilliant.’

‘Large team specialised in insolvency and restructuring issues.’

‘Andrés Mochales has great knowledge of restructuring and procedural issues.’

Key clients



Santander Factoring Confirming

Banco Santander

Work highlights

  • Advised Sareb on the defence of its claims in the insolvency proceedings of three companies in Ávila for more than €200m (Pyc Artíca, Romonsa and Visaro).
  • Advising Natwest with regard to the judicial approval of the restructuring plan prepared and filed by the creditors of Grupo Celsa.
  • Defending RBS’ credit deriving from a credit facility granted by a pool of Banks in the insolvency proceedings of Marme Inversiones 2007 (Marme).