Restructuring and insolvency in Spain


The specialists in debt restructuring and insolvency proceedings at Cuatrecasas represent companies and creditors in a range of matters. The firm has expertise in distressed and non-distressed financial restructurings, as well as the spectrum of insolvency proceedings, including cases related to the sale of production units, directors’ liability and credit protection matters. The practice also stands out for its experience in litigation and cross-border matters. Antonio Carreño focuses on bankruptcy proceedings and the sale of production units. He co-leads the team with Íñigo Rubio, who is known for project finance, real estate and infrastructure work; and banking and finance expert Héctor Bros. Other key practitioners include Fedra Valencia, who specialises in bankruptcy and administrative liability; and Ignacio Buil, who handles debt restructuring transactions, financings and refinancings.

Practice head(s):

Antonio Carreño; Íñigo Rubio; Héctor Bros

Other key lawyers:

Fedra Valencia; Javier Castrodeza; Cristóbal Cotta; Francisco Pérez Crespo; Ignacio Buil; Javier Sánchez

Key clients

El Corte Inglés


Banco Santander



Banco Sabadell

Espa 2025


Lípidos Santiga

Electromecanica Soler

Scytl Secure Electronic Voting

Escal UGS

Figueras Seating Solutions

Endurance Equity Partners

MAG Import

Sandton Capital Partners

Kronos Investment Group


Contratas y Obras

Work highlights

  • Advising El Corte Inglés on refinancing its €2bn syndicated debt with 24 financing institutions.
  • Advising Several investment funds, led by Apollo Global Management on the Lecta Group €700m financial restructuring process, and the purchase of the company through a debt-for-equity swap.
  • Advising Scytl Secure Electronic Voting on the third round of financing, before filing for insolvency proceedings to negotiate new refinancing with the creditors or to sell the productive unit.

Gómez-Acebo & Pombo

The ‘agile and imaginative’ team at Gómez-Acebo & Pombo has ‘extraordinary knowledge of restructuring and insolvencies’. The firm is active across the area, providing banking, finance, litigation and arbitration expertise, particularly in new money financing and refinancing. The practice provides an ‘excellent combination of technical expertise, pragmatism and commerciality’ to a broad spectrum of clients including international investment banks, distressed investors, hedge funds, lending banks and insolvency practitioners, as well as individual creditors and directors. Miguel Lamo de Espinosa focuses on restructuring, distressed situations, private equity and corporate finance matters. He co-leads the team with Rodrigo López, who specialises in contentious insolvency matters. Also active in the area are Rafael Aguilera, who is an expert in debt refinancing and restructuring, primarily acting for creditors; and counsel Irene Arévalo, who advises on insolvency law and commercial litigation.

Practice head(s):

Miguel Lamo de Espinosa; Rodrigo López

Other key lawyers:

Rafael Aguilera; Irene Arévalo; Paula Zarzalejos; Santiago Gómez-Acebo


The team was fully flexible in understanding a complex and unusual operation and was able to provide clear and precise advice in this situation.’

‘Rodrigo Lopez was able to confidently explain the different scenarios clearly despite the complexity of the situation.’

‘Rafael Aguilera, partner of the department, is one of the best lawyers in this practice. He has great technical knowledge and has a special sensitivity always focused on business. In the event of any problem, he is capable of providing immediate solutions that are always possible to execute. Paula Zarzalejos, associate of the department, is a perfect complement: always available and with great technical knowledge that allows her to give her work enormous flexibility.’

‘Miguel Lamo de Espinosa Abarca is outstanding and a true innovator.’

It is a complete team with great involvement of the partners and extensive knowledge in the field of financing contracts, restructuring and markets. They are able to channel a negotiation and lead when their clients need it.’

‘Rafael Aguilera: is a prestigious professional with an expert knowledge of his field of advice. He provides confidence to its clients and leads banks to reach agreements that protect their interests at all times. He also provides imaginative solutions and when faced with complex problems in terms of structures, is capable of always designing a solution. Santiago Gómez-Acebo: recognized professional in the field of financial markets. He has extensive knowledge of the national market and is capable of leading a negotiation if circumstances require it.’

Rodrigo López is a very agile person with a lot of flexibility. He does not waste time on superfluous matters.’

‘They have a very good training and a lot of flexibility.’

Key clients

Banco Bilbao Vizcaya Argentaria – BBVA

Banco Popular

Banco Sabadell

Banco Santander

Bank of America




Goldman Sachs



Triodos Bank NV, S.E.

Oak hill


Work highlights

  • Retained by ABENGOA LENDERS, the syndicate of lenders, in relation to the restructuring and refinancing of the senior old money debt held by the Abengoa group.
  • Advised MARME LENDERS,  an ad-hoc committee of hedge funds including Centerbridge and GSO Blackstone, as creditors of Marme Inversiones 2007 in the context of the insolvency proceedings of Marme Inversiones.
  • Acted as legal advisor of TUBOS REUNIDOS LENDERS in the refinancing and restructuring of the financial debt of Tubos Reunidos.


Advising traditional and alternative financial institutions in insolvency situations and debt recovery, Garrigues is active in transactions relating to NPLs and REOs, on both the sell-side and buy-side. The firm is also on the panel of the Spanish Banking Restructuring Fund. Practice head Adrián Thery specialises in cross-border restructurings and insolvency proceedings. Other key names in the team include Juan María Jiménez, who is experienced in advising Spanish and international companies on out-of-court refinancings and restructurings, as well as in-court insolvency proceedings; Juan Verdugo, who focuses on debt restructuring through Spanish schemes of arrangement and insolvency litigation; and Borja García-Alamán, who handles pre-insolvency and refinancing, formal insolvency proceedings, insolvency litigation and directors’ liability matters.

Practice head(s):

Adrian Thery

Other key lawyers:

Juan María Jiménez; Borja García-Alamán; Juan Verdugo

Key clients

Ritz-Carlton Yacht Collection

Oaktree Capital

Guadalmansa Administraciones, S.L.U.

Columbus Global Iberia, S.A.U.

Isolux Corsán Aparcamientos, S.A.

Mondelez España Services

Sociedad de Gestión de Activos procedentes de la Reestructuración Bancaria, S.A.

Thomas Cook

Sociedad de Gestión de Activos procedentes de la Reestructuración Bancaria, S.A.

Adveo Group International, S.A.

Banco Santander

Eliance Holding Group

Metrópoli Burjassot

SAREB (Sociedad de gestión de Activos procedentes de la Reestructuración Bancaria)

TPF Getinsa Euroestudios

Zurich Insurance PLC

Haya Real Estate

Work highlights

  • Advised RCYC and Oaktree Capital on the innovative takeover restructuring of one of the most important private shipyards in Spain, Hijos de J Barreras.
  • Advised some Spanish branches of the Thomas Cook Group in duly complying with their legal obligations and paved the way for the companies to orderly cease business.
  • Advised Adveo Group International (listed on the Madrid Stock Exchange) on the designing of a Spanish pre-pack deal.


The multi-disciplinary team at Linklaters provides advice on corporate, financial and procedural issues, for professional creditors, investors and portfolio companies, as well as distressed debtors and administrators. In addition to a range of insolvency experience, a particular area of expertise for the firm is real estate-related restructuring. The team is co-led by Pedro De Rojas, who focuses on banking, finance and restructuring; English law partner Ben Crosse, who is actively involved in complex financial and corporate restructurings; corporate and finance expert Juan Barona; litigation specialist Borja Fernandez de Troconiz; and Francisco Málaga, who assists corporates and financial institutions in litigation. Another key name in the area is counsel Patricia Álvarez, whose experience covers acquisition financing, corporate and structured finance, M&A, private equity deals and securitisations.

Practice head(s):

Pedro de Rojas; Ben Crosse; Juan Barona; Borja Fernández de Trocóniz; Francisco Málaga

Other key lawyers:

Patricia Álvarez

Key clients







DK Partners

Bank of America Merrill Lynch

Cheyne Capital


Work highlights

  • Advising the lenders, including Banco Bilbao Vizcaya Argentaria, Banco de Santander and Bank of America Merrill Lynch on the restructuring of DIA’s financial debt.
  • Advising CVC, as majority shareholder of Deoleo, a Spanish multinational food company, on all financing, corporate, tax, insolvency and litigation matters in relation to the redefining of its capital and finance structure, including a debt restructuring.
  • Advising Lecta and its main shareholder CVC on the €800m restructuring of the capital structure of the Lecta Group.

Uría Menéndez

The ‘perfect team’ at Uría Menéndez has the ability to ‘adapt to all situations and provides top-level proposals and solutions’. The ‘simply exceptional’ practice advises on company and group restructuring, debt refinancing, direct lending and special situations, as well as insolvency proceedings and related litigation. The firm also handles sales and acquisitions of non-strategic assets of financial institutions in Spain, including NPLs, real estate assets and property management platforms. Corporate, acquisition and project finance expert Ángel Pérez López leads the broad team of experts, which includes Carlos de Cárdenas Smith, who focuses on M&A, banking, finance and restructuring; and counsel Javier Rubio Sanz, who focuses on the negotiation and approval of refinancing agreements and judicial composition agreements.

Practice head(s):

Ángel Pérez López

Other key lawyers:

Carlos de Cárdenas Smith; Raimon Tagliavini Sansa; Javier Rubio Sanz; Sebastián Sáenz de Santa María; Ángel Alonso


It is a perfect team in the area. They adapt to all situations and provide top-level proposals and solutions. They never disappoint in their work. Simply exceptional. The best in the market.’

‘Raimon Tagliavini Sansa is an exceptional professional, with extensive knowledge in the field and capable of adapting to all circumstances. His performance is fantastic, but without a doubt, each member of the team also fulfills his role perfectly.’

‘The Uria team is first class.’

Key clients

Banco Sabadell

AlixPartners UK


Banco Santander, S.A.

Lone star

Banco Bilbao Vizcaya Argentaria, S.A.

Unicaja Banco, S.A.

Pomeroy – Getronics Group

Kutxabank, S.A.

CajaSur Banco, S.A.


Tubos Reunidos, S.A.

Work highlights

  • Advising Banco Sabadell on the global divestment of its real estate business.
  • Advising AlixPartners UK on Spanish legal matters related to pre-insolvency legal issues and preparation of contingency planning affecting the Spanish subsidiaries of the Thomas Group in case of lack of consensual restructuring with lenders.
  • Advising Grupo Isolux on its judicial insolvency proceedings pursuant to the Spanish Insolvency Law.

Allen & Overy

Allen & Overy specialises in cross-border restructurings and insolvencies, with experience in US Chapter 11 reorganisations, UK schemes of arrangement, Spanish schemes, pre-packaged sales and debt-for-equity swaps. The firm advises national and international lenders and investors, as well as corporates, directors, central banks, insolvency officeholders, trustees and government institutions. The practice can also draw from the firm’s strengths in corporate, real estate, employment, pensions, tax, environment, regulation, capital markets and litigation. Financial litigation expert Javier Castresana co-leads the team with corporate and finance specialists Juan Hormaechea, Javier Mendieta, Ignacio Ruiz-Cámara and Jimena Urretavizcaya.

Practice head(s):

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

Other key lawyers:

Oscar Guinea; Alvaro Pastrana


A&O has shown an exquisite attention and following of the projects in which it works with us, as well as a good legal practice (which is always presupposed when lawyers are hired, but which in this case has been demonstrated in many processes and over many years of lawsuits). In relation to other firms, they stand out for their proximity, monitoring and continuous advice over time without lowering efforts.’

‘In particular, Javier Castresana has demonstrated outstanding knowledge and skills in the matters that we have dealt with him, as well as the ability to transmit his vision and help in strategic issues of our company, which without being required of him, provides difficult added value to obtain from other lawyers, more limited to their own legal content. Likewise, it has demonstrated great negotiation and persuasion skills with rival parties. Helping Javier, there is a great team of people who also add value to his services.’

They are a close team and always willing to strive to give everything necessary for their clients’

The execution of ALLEN & OVERY bankruptcy team matters is outstanding. Great team, I have been able to collaborate with Javier Castresana and his team, Oscar Guinea and Alvaro Pastrana. All are strong points without any weakness occurring to me. Leadership, team coordination and effectiveness are the characteristics of Javier and his team.’

‘Javier Casatresana – Leadership, coordination, outstanding technical analysis, outstanding quality, I am not able to find a weak point in Javier. The experience of working with him has been unbeatable. Oscar Guinea and Alvaro Pastrana: Outstanding technical quality, proactivity, very good at finding alternative solutions.’

Key clients

Banco Santander, S.A.

Bank of America Merrill Lynch

Deutsche Bank Group

Davidson Kempner

Banco Bilbao Vizcaya Argentaria, S.A.

Citigroup Inc.

Obrascón Huarte Laín (OHL)

Grupo Villar Mir (GVM)

Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria, S.A. (SAREB)

Natwest Markets plc

Work highlights

  • Advising Sareb on its €741m claim against insolvent company Reyal Urbis, one of the major real estate companies in Spain.
  • Provided advice to Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (Sareb), Abanca and Banc of America Merrill Lynch, in the context of the liquidation proceedings of Martinsa-Fadesa.
  • Acted as leading legal advisor of the five swap counterparties, the facility agent and senior lenders in connection with the €2bn loan to Marme Inversiones to acquire the Ciudad Financiera of Boadilla del Monte from Banco Santander.

Clifford Chance

Acting for a mix of national and international banks, financial investors and corporates, Clifford Chance provides expertise in restructurings through loans, bonds and equity-linked instruments. The firm also has a full English law capacity and experience in a range of complex insolvency matters. Eduardo García, Epifanio Pérez and Rodrigo Uría specialise in refinancing, restructuring, structured finance, acquisition finance, project finance and general bank lending. They co-lead the team with Iñigo Villoria, who acts for creditors and debtors in insolvency proceedings, debt restructuring deals and the sale and purchase of assets in insolvent companies. Senior associates Alexandra Borrallo and Felipe Font are also recommended for litigation and finance, respectively.

Practice head(s):

Eduardo García; Epifanio Pérez; Rodrigo Uría; Iñigo Villoria

Other key lawyers:

Alexandra Borrallo; Felipe Font

Key clients

Banco Santander








Pepe Jeans

Magnetar Capital LLC

Work highlights

  • Advising Eroski, one of the largest Spanish retail distributors, on the refinancing of the group’s financial indebtedness and the restructuring of the corporate structure.
  • Advising DIA and its board of directors on all matters related to the refinancing of its financial indebtedness in Spain, Brazil, Argentina and Portugal.
  • Advising Banco Santander on the insolvency proceedings of MARME, which was the initial owner of the main office of Banco Santander and in 2008 became the tenant, as a result of a sale and lease transaction.

Latham & Watkins LLP

The 'exceptionally talentedLatham & Watkins LLP practice is known for its multi-disciplinary and cross-border expertise, and is highlighted for its ‘unique ability to combine the technical legal challenges with the overriding commercial aims’. The firm’s experience includes out-of-court restructurings, multinational insolvencies and workouts, strategies for distressed investors, distressed M&A and insolvency litigation. Ignacio Gómez-Sancha leads the team and advises institutional investors, investment banks and public companies on capital markets, M&A, private equity, restructurings and special situations.

Practice head(s):

Ignacio Gómez-Sancha

Other key lawyers:

Rafa Molina; Ignacio Pallarés; Fernando Colomina


‘Exceptionally talented team with an unparalleled breadth of knowledge and unique ability to combine the technical legal challenges with the overriding commercial aims.’

‘Rafa Molina is the standout leader in the market. An exceptional talent with great knowledge, resourcefulness and creativity, impeccable attention to detail, first class negotiator and always leading the team from the front. Absolutely top class service.’

Key clients

Cerberus Capital Management

Apollo Global Management


Bain Capital

Barings UK



King Street


Golden Tree

Work highlights

  • Advised Barings UK Limited on the reorganisation and restructuring of Deoleo’s €575m debt.
  • Advising KKR on the restructuring of the financial debt of industrial holding Grupo Gallardo.
  • Advised L Catterton on the cross-border restructuring of its portfolio company Pepe Jeans.


Pérez-Llorca advises debtors, national and international financial institutions, investment funds, private equity funds and commercial creditors across the spectrum of restructuring and insolvency matters. As well as restructurings, refinancings and insolvency agreements, the firm has particular expertise in judicial proceedings, company liquidations, asset sale transactions and pre-insolvency matters. The team is co-led by Fernando Quicios, who focuses on out-of-court restructuring and insolvency; Juan Oñate, who joined the firm in 2020 and handles restructuring agreements, the purchase and recovery of NPL portfolios, defence of clawback actions and directors’ liability claims; and insolvency litigation specialist Félix Montero. Insolvency expert Javier García Marrero is also noted. In another significant development, Laura Ruiz was promoted to partner in 2021.

Practice head(s):

Fernando Quicios; Juan Oñate; Félix Montero

Other key lawyers:

Javier García Marrero; Cosme Colmenero; Laura Ruiz

Key clients











Work highlights

  • Advised Gecina and SIFE on protecting the position of both companies as guarantors of the company Bami Newco, owned by Rivero, and on the potential enforcement of the French judgment.
  • Advising CaixaBank within the framework of the insolvency proceedings of the companies of Grupo Isolux, one of the major insolvency proceedings in Spain.
  • Advising SAREB and Bankia within the framework of the insolvency proceedings of Grupo Pra, one of the major real estate groups in Spain.

Ashurst LLP

Experienced in restructuring, insolvency and special situations, Ashurst LLP’s multi-disciplinary team can draw from the firm's wider expertise in corporate, finance, real estate, tax and litigation. Acting for debtors and creditors, clients include industrial and services companies, investment banks, distressed investors, hedge funds, lending banks, private equity houses and directors of companies in distressed situations. The firm also has particular expertise in pre-insolvency, insolvency and liquidation issues. Practice head Jorge Vázquez specialises in corporate, private equity, NPLs and restructuring transactions.

Practice head(s):

Jorge Vázquez

Other key lawyers:

Jose Christian Bertram; José Antonio Rodriguez; Cristina Calvo; Ismael Fernández Anton; Javier Hernández Galante

Key clients

Barclays Bank PLC


Goldman Sachs

Credit Suisse International

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



Barclays Bank


Work highlights

  • Advising Barclays Bank Plc and Caixabank on the insolvency proceedings of one of the largest property development companies in Spain, Reyal Urbis.
  • Acted for the Official Receiver of the UK – as well as for Alix Partners and KPMG – as receivers of Thomas Cook PLC in the context of the insolvency proceedings of Thomas Cook group.
  • Advising Goldman Sachs in connection with the management of multiple foreclosures and insolvency procedures related to the acquisition of the Atalaya and Castile portfolios of NPLs from Caixabank.

Baker McKenzie

Baker McKenzie fields a ‘multi-disciplinary team that guarantees any doubt can be resolved’. The firm brings its international expertise and capacity to advise on debt restructuring, distressed M&A and formal insolvency proceedings, as well as defending creditors and directors of companies that undergo insolvency proceedings. Barcelona-based Victor Mercedes is an insolvency expert and advises international clients on insolvency proceedings, distressed situations and liability for insolvency. He co-leads the team with 'great professional' and counsel Laura Camarero, who 'has extensive knowledge of bankruptcy procedures and manages to anticipate and devise creative strategies'.

Practice head(s):

Victor Mercedes; Laura Camarero

Other key lawyers:

Carlos Martín; Manuel Rodríguez


Baker offers a multidisciplinary team that guarantees that any doubt can be resolved. It is a complete and comprehensive care in an agile and fast way. They get to the bottom of the matter by offering not only theoretical but practical solutions that give the customer a lot of security.’

‘Laura Camarero, Carlos Martín, Manuel Rodríguez are excellent professionals and communicators. They leave nothing unexplained until the customer has understood.’

Laura Camarero is a great lawyer as she has extensive knowledge of bankruptcy procedures and manages to anticipate and devise creative strategies in order to get the best position for her client within the competition.’

‘Laura Camarero. Apart from being a great professional, she has a close relationship with the client and manages to express herself both in verbal negotiations and in her writing with an exquisite command.’

The team is very good. Not only for knowledge but for the willingness they always have to help.’

Key clients

Swiss Post AG


Alvarez & Marsal


Work highlights

  • Advising Swiss Post, a public company providing the postal service in Switzerland, in relation to certain commercial IP agreements with the Spanish company Scytl under insolvency proceedings before the Commercial Courts of Barcelona.
  • Advising DEFEX, a company in the armament business, owned by the public entity SEPI (51% of shares) as well as by manufacturers of armament within its insolvency proceedings.
  • Advising Alvarez & Marsal, a renowned global professional services firm, in the enforcement of an arbitral award issued by the London Court of International Arbitration (LCIA) against Abengoa.

DLA Piper

Full-service firm DLA Piper draws on its expertise in restructuring, banking, finance, capital markets, M&A, private equity and litigation to provide a range of advice to clients in restructuring and insolvency situations. Active in non-contentious and contentious restructuring mandates, the firm has particular experience in financial restructurings, foreclosure sales and out-of-court restructurings. The team is co-led by corporate and M&A expert José María Gil-Robles; Juan Gelabert, who advises domestic and international clients in restructuring transactions; and Borja de Obeso, who specialises in litigation, arbitration and insolvency.

Practice head(s):

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

Other key lawyers:

Teresa Zueco


Treatment, accessibility and speed of response.’

‘Juan Gelabert is always available to meet customer needs and has a great capacity to provide innovative solutions due to his extensive experience and knowledge of the sector.’

Key clients


Beech Tree


Blantyre Capital

Bregal Capital


Carlyle Global Credit Investment Management LLC



GLG Partners LP

Holzverpackung Hüfingen

KKR Asset Management

LHT Partners


Sherpa Capital

Springwater Capital

Stellex Capital Management LP

Sun Capital

Work highlights

  • Advise Avenue Capital in the debt restructuring of listed company Quabit.
  • Advising a syndicate of financial institutions, led by Banco Santander, in relation to the restructuring of the existing debt of El Corte Inglés.
  • Advising a group of commercial banks in Spain and the EU and some distressed debt funds which acquired part of the debt, in the proceedings against Bankia, as guarantor of the shareholders of the toll roads R3-R5 in Madrid.


DWF-RCD advises on debt restructuring and rescheduling, investigations, asset tracing, equity capital raising, distressed M&A activity, formal insolvency procedures and contingency planning. The firm has boosted its international capacity since it joined with DWF in 2019, which further strengthened the practice’s specialism in local, international and multi-jurisdictional insolvency litigation. Jordi Albiol leads the team and focuses on insolvency proceedings, acting as debtor counsel and an insolvency administrator or trustee.

Practice head(s):

Jordi Albiol

Other key lawyers:

Cristian Valcárcel; Bernard Afonso; Tomàs Nart; Adolf Rousaud


‘The advice from Jordi Albiol and his team has been accurate, professional, extremely quick and useful. They have been always supporting us as a client, and adopting quick responses.’

‘Their personal treatment of the client and its dispute, the capacity for learning and for reaching solutions in a very complicate frame of discussion.’

It is a team that has been working together for many years. Great coordination and technical preparation. Its strong point is that it is a very well led team that responds quickly to the questions posed to it.’

‘Jordi Albiol stands out, where great experience is combined with outstanding technical preparation. It has a great reputation in the sector. I would also highlight Bernard Afonso, for his multidisciplinary nature.’

‘In that they have great specialists in each area which makes it possible to obtain a global vision of any operation and, most importantly, its impacts once it is finished.’

Indeed, the members of RCD’s restructuring and insolvency team can be compared very positively with teams of the same content and activity, although their experience, training and members are capable of undertaking large and highly complex projects.’

‘National and international experience, continuous training, diversity in the companies and economic sectors in which they intervene and advise, and the search for an agreed solution as a priority route, can be pointed out as outstanding elements. As a relevant partner due to his career, I point out and identify Mr. Jordi Albiol.’

This firm has highly competent professionals from the field of Law and Economics to perform the bankruptcy administration function with great efficiency and diligence in the bankruptcy proceedings in which I have appointed them. I have special contact with Mr. Jordi Albiol and Mr. Adolf Russeaud.’

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP handles a range of restructuring and insolvency matters, including corporate and debt restructuring, debt rescheduling, bond restructurings, acquisition of distressed debt, disposals, investigations and insolvency proceedings. The team is co-led by Nicolás Martín, who has experience in restructuring processes and NPLs; Javier de Carvajal, who focuses on insolvency proceedings as counsel for the debtor or the creditor; and Armando García-Mendoza, who advises on refinancing debt and corporate restructuring. Another key name in the area is counsel Jaime Rossi, who joined the firm in 2020 and brings expertise in advising investment funds, financial institutions and corporate borrowers.

Practice head(s):

Nicolás Martín; Javier de Carvajal; Armando García-Mendoza

Other key lawyers:

Jaime Rossi

Key clients

Victoria Asset Management


Marubeni-Itochu Tubulars Europe

Oaktree Capital Management

Arbuthnot Latham

Sierra Blanca group

Copernicus Servicing


Work highlights

  • Advised Oaktree Capital Management on the acquisition of real estate assets included in an NPL portfolio owned by SAREB.
  • Advised and represented Sierra Blanca group on a €55m financing governed by English law granted to Sierra Blanca group, by Roundshield Partners, which is an independent investment firm focused on European asset-backed special opportunities.
  • Advised Arbuthnot Latham on the insolvency of Goatbridge (a company owned by former tennis player Boris Becker), of which Arbuthnot is its primary creditor.

Simmons & Simmons

Advising Spanish and international financial institutions, funds and banks, Simmons & Simmons focuses on insolvency, restructuring, distressed debt trading and the implementation of acquisition financing structures, particularly the secondary trading of distressed and non-distressed syndicated loans. The firm is also strong in compulsory insolvency proceedings and claw-back actions, as well as insolvencies in the Spanish real estate sector. Litigation expert Andrés Mochales co-leads the team with Álvaro Muñoz, who has experience in banking, financial regulation, corporate finance, real estate, restructuring and distressed debt acquisitions of major insolvent companies. Santiago Hurtado was a new arrival in October 2020.

Practice head(s):

Andrés Mochales; Álvaro Muñoz

Other key lawyers:

Santiago Hurtado


Experience, practical application of the day to day.’

‘Experience and good knowledge of the practice. Good negotiation management.’

Key clients

NatWest (RBS)

Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria S.A. (SAREB)

Santander Factoring Confirming, E. F. C., S.A.U.

Bankia. S. A.

Work highlights

  • Defending RBS’s credit deriving from a credit facility granted by a pool of banks in the insolvency proceedings of Marme Inversiones 2007 (Marme).
  • Acting for Sareb in several litigation procedures such as filing a petition on behalf of the client as creditor to declare the compulsory insolvency proceeding of Hispalis, real estate company.
  • Advising Bankia, one of the largest banks of Spain, in the insolvency proceedings of one of the largest real estate developments of Spain, Nozar, with regard to the negotiation of a transaction on several claw-back actions filed by the insolvency administrators.


Well-regarded firm Andersen covers a range of issues, including corporate restructuring, debt recovery, acquisition of companies and assets, liability of directors and managers, national and international insolvencies and extrajudicial restructurings. The practice is supported by a strong corporate finance department and has been increasingly active in Covid-19 related insolvency and pre-bankruptcy proceedings and advice. Insolvency expert Javier Mata co-leads the team with Barcelona-based Álvaro Gámez Serracarbassa, who specialises in insolvency law, restructuring and litigation.

Practice head(s):

Javier Mata; Álvaro Gámez Serracarbassa

Other key lawyers:

Ignacio Aparicio; Benjamín Prieto; Ana Ferrando


Very professional team where everyone is very clear about their mission, organized and meticulous.’

I would say that the discipline and systematic rigor in the process of executing the legal actions necessary to defend the interests of the clients with order and in accordance with the law.’

‘The plus with respect to the market is its prestige as a team and its proximity. I know that many competing firms prefer to collaborate with this Andersen area given its prestige and good name.’

‘Ignacio Aparicio, a noble and close person who will not hesitate to take time away from him to solve a problem, in addition to showing that he is a highly educated and intelligent person.’

Key clients



















Work highlights

  • Advising Essentium Group on the request for insolvency proceedings of the group involving 24 companies and a number of jurisdictions.
  • Advising Grupo Peyber on the request for insolvency proceedings and defending the client’s position therein.
  • Representing Mag Import throughout all the stages of the insolvency process.

Ceca Magán Abogados

Ceca Magán Abogados provides clients with expertise in litigation and administration and purchase of distressed assets. The firm is also strong in the sale of productive units during bankruptcy proceedings. Practice head Manuela Serrano specialises in the areas of insolvency and corporate restructuring, with particular experience as a bankruptcy administrator. She joined the firm in 2020 along with her team, which includes managing associates Raúl Villarín and Juan Antonio Martínez and associate Beatriz Arnaldes.

Practice head(s):

Manuela Serrano

Other key lawyers:

Raúl Villarín; Juan Antonio Martínez; Beatriz Arnaldes


‘Manuela Serrano is unique, she has an enviable vision and understanding of the rules and her environment (peers). She knows how to advise you case by case and achieve the objective set. Few attorneys have that skill and knowledge.’

‘I highlight Manuela Serrano’s knowledge of her specialty (both normative and networking).’

‘Manuela Serrano’s team is extremely involved in all the cases it handles. In addition, her knowledge of other areas of law and the business world makes her a lawyer with a practical and executive vision. I think her eagerness to be continuously updated by attending congresses and participating in round tables, etc. also as speaker, makes her extraordinary and professional.’

Key clients













Work highlights

  • Acts as the court receiver of ACCESOS DE MADRID (R-3 and R-5 motorways).
  • Acting SAREB’s advisor in the bankruptcy proceedings of METROPOLI BURJASSOT.
  • Acting as the advisors of the employees of ISOLUX CORSAN CORVIAN in a high-profile insolvency proceeding.

CMS Albiñana y Suárez de Lezo

With ‘great knowledge of bankruptcy law’, CMS Albiñana y Suárez de Lezo handles a range of insolvency and pre-insolvency issues, advising on the debtor and creditor side of restructuring and insolvency matters. The practice draws from the firm’s strengths in tax, corporate, public law, financial services and employment, to provide a full service to companies in financial distress. Juan Ignacio Fernández Aguado leads the team and has experience in civil, commercial, bankruptcy and economic criminal procedures.

Practice head(s):

Juan Ignacio Fernández Aguado

Other key lawyers:

Rafael Suárez de Lezo; Elisa Martín


The Restructuring and Insolvency team of CMS Albiñana y Suarez de Lezo, led by Juan Ignacio Fernandez Aguado, is very effective in its actions, not only due to its in-depth knowledge of the practice, but also due to its knowledge of the jurisdiction and its ability to advise on insolvency situations for clients to make key decisions for the future of their companies or managers of companies in difficulty.’

‘Rafael Suárez de Lezo and Juan Ignacio Fernández Aguado stand out for their high technical qualification, negotiation skills and empathy with clients.’

A great knowledge of Bankruptcy Law and practice in dealing with companies in crisis is needed. In my opinion, the team led by Juan Ignacio Fernández Aguado is of the first order.’

They are permanently updated in the legislation. They build trust.’

‘They are full-time on matters, regardless of the importance or the amount of commission fees. Juan Ignacio Fernandez Aguado, partner of the practice, leads the development and execution of the works with great success.’

Easy understanding of what the customer needs. Proven experience. Agility.’

‘Closeness and involvement. Quick responses.’

Key clients

Chamartín La Grela and Inmobiliaria Chamartín


Grupo ITEK

Haitong Bank


Grupo Casabella Proyectos Inmobiliarios

MGO By Westfield

Novo Banco

Engie Group

Work highlights

  • Advising Chamartín La Grela in the framework of its involuntary insolvency, providing representation in the compulsory proceedings around the issue of the liability of Inmobiliaria Chamartín.
  • Advising Banesto, the bank, and 22 financial entities on a reintegration action in an insolvency proceeding lodged against a very complex financial transaction involving the most important banks in Spain.
  • Advising Grupo ITEK on the restructuring of its financial debt with a syndicate of Spanish banks.

Deloitte Legal

Acting for debtors and creditors, Deloitte Legal fields a ‘large and multi-disciplinary team capable of assisting at any time and in any situation, so its performance is optimal’. The firm’s broad experience ranges from assessments, negotiations and acting in preliminary crises, to helping companies reach extrajudicial creditor agreements and the winding-up phases.

Other key lawyers:

Senén Touza; Carolina Ventura; Laura Prendes; María Jesus Valenzuela Párraga


‘Proactive management of restructuring processes, helping to facilitate the closing of negotiations with a proactive involvement, balancing the always difficult balance equation between all the stakeholders involved.’

‘They form a very solid multidisciplinary team with a financial focus for the restructuring of companies, and a legal one that provides security throughout the process to legally guarantee the absence of reintegration / restitution actions.’

‘Their expertise in leading complex restructuring / insolvencies processes, in which it is necessary to consider imaginative approaches to be able to close deals, willing to make positions more flexible, regardless of the party they are advising.’

‘I would highlight Senen Touza.’

‘The Deloitte Legal restructuring team are very clear and precise explaining the situation the client is facing, marking the pros and cons and establishing a clear line of action, without beating around the bush.’

‘Its adaptation to customer needs is above average.’

Key clients








Work highlights

  • Participated in the execution of the refinancing agreement for GRUPO ISOLUX CORSAN.
  • Appointed as Insolvency Administrator of Autopista Madrid-Toledo, Concesionaria Española de Autopistas.
  • Appointed trustee of DITECSA after negotiations with creditors were not successful.

Freshfields Bruckhaus Deringer

Hogan Lovells International LLP

Acting for creditors, debtors, debtors' executive bodies and insolvency administrators, Hogan Lovells International LLP provides ‘great experience and adaptability’ across a range of business restructurings, insolvencies and liquidation proceedings. The firm is particularly active in the banking, energy, automotive, steel, engineering and consumer product sectors. José Luis Vázquez focuses on structured, project, acquisition, real estate and corporate finance, as well as insolvency and debt restructuring. He co-leads the team with Alfredo Barona, who is experienced in the banking and finance sector.

Practice head(s):

José Luis Vázquez; Alfredo Barona

Other key lawyers:

José Luis Pita da Veiga; Alejandro González; Jon Aurrecoechea


‘A team with great experience and adaptability. The treatment is very close and they have a very efficient working method, focusing on what is important.’

‘Alfredo Barona has great experience and a very close relationship with both entities and companies. It facilitates the closing process to a great extent.’

‘José Luis Pita: hard worker and always available to solve any issue that may arise in the closing process. Very friendly and close treatment.’

‘Hogan Lovells is always up to date on the matter. They have full knowledge of the Bankruptcy Law. They convey a lot of security to the client.’

‘Direct and personalised marketing with legal news. Due to COVID they have made presentations online. Accessibility and knowledge of the subject. Always focused on resolving the conflicts that are generated between the parties.’

‘Alfredo Barona and José Luis Pita are people with a well-organised head and a practical approach, knowing how to structure complex matters well.’

‘Close coordination with the litigation department. They are great professionals, easy to contact and with great practical experience.’

Key clients

Caixabank, S.A.

Renewable Power International

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)

Banco Santander, S.A.

Imaginarium, S.A.

JP Morgan Limited

Deutsche Bank Aktiengesellschaft, London Branch

BNP Paribas

Bankia, S.A.

J Almoguera Abogados

'Boutique, dedicated and personalised’ firm J Almoguera Abogados is ‘highly recommended for complex cases’; it is particularly strong in finance, banking, restructuring and insolvency disputes. The firm also covers out-of-court arrangements and advisory work. A former professor of corporate and insolvency law, the ‘excellentJesús Almoguera leads the team and is known for his corporate, restructuring, insolvency and disputes expertise.

Practice head(s):

Jesús Almoguera

Other key lawyers:

Blas González; Eduardo Vázquez de Prada


I highlight the detailed follow-up adapted to the client’s needs that this firm strives to do. They handle a proactive approach and are direct when proposing alternatives, adding value thanks to this innovative vision. The 100% involvement of the partner and associates in the matter makes you as a client feel perfectly cared for.’

‘Both Jesús Almoguera and Eduardo Vázquez de Prada stand out for their availability, legal technique and ability to delve into areas that are not necessarily part of their day-to-day life. Their availability and assistance in the most complex issues makes us feel very comfortable as clients counting on their advice. They do an exhaustive exercise to know the practices and uses of the client in such a way that they adapt to our needs perfectly.’

‘Their commitment to find the best solution for the client. Their understanding of industries like fashion retail is unique. They have a holistic view of the problem (legal and economic).’

‘Boutique, small dedicated and personalized. A highly recommended firm for complex cases with risk of litigation against market leaders.’

‘The differential element of the firm is the personalized service and the analysis of each case from scratch. The hours they put into research and searching for creative angles are unmatched in the market. Lastly, they value independence of judgment and work in cases where larger firms have (or feel they have) conflict. Jesus Almoguera is an excellent professional and an excellent person, he has an exquisite treatment that allows him to move very comfortably in complex negotiations. Eduardo Vazquez de Prada is a very promising young lawyer, creative, fast, very smart and committed.’

Jones Day

Acting for investment banks, private equity firms and credit funds, Jones Day’s global capacity allows the practice to handle complex cross-border restructuring matters. This is added to its multi-disciplinary approach, which combines litigation, corporate, regulatory, banking, real estate and insolvency expertise. Juan Ferré leads the team and specialises in insolvency law, with experience representing distressed investors, banks and large corporations.

Practice head(s):

Juan Ferré

Key clients


Inter-American Development Bank (IDB)


Work highlights

  • Advised Bankia, Natixis, ING, and IDB in the €2bn insolvency proceedings of Grupo Isolux Corsan.
  • Representing Bankia in ancillary litigation proceedings related to the insolvency procedures of Grupo Isolux Corsán.

KPMG Abogados, Spain

With ‘attention, care and commitment', KPMG Abogados, Spain acts for insolvent companies' creditors through pre-insolvency and insolvency procedures, and also advises company directors on statutory liabilities. The practice combines this with multi-disciplinary expertise in tax, litigation, real estate and finance. Beatriz Rua is experienced in advising creditors, debtors and third parties in acquiring assets of insolvent companies. She co-leads the team with litigation expert Javier Zuloaga González.

Practice head(s):

Beatriz Rúa; Javier Zuloaga González

Other key lawyers:

Vicente Giner; Pedro Suarez


‘Attention, care and commitment.’

‘Vicente Giner, Pedro Suarez and Beatriz Rua have shown a very important personal and professional affinity. They work rigorously and with imagination.’

Key clients












Work highlights

  • Assisting Aleia Roses, a top retailer of flowers, with restructuring its business under a potential insolvency scenario.
  • Assisting Sacyr Fluor at assessing the different alternatives, in terms of recoverability, of several claims.
  • Assisting Sacyr Industrial at determining the potential insolvency scenario of its subsidiaries with regards to other shareholders of the same, and the legal strategic reflection concerning the potential alternatives.


Advising debtors and creditors across a range of sectors, ONTIER has substantial experience in voluntary insolvency proceedings, as well as refinancing and restructuring processes. The practice also brings expertise in regulation and litigation to its work in the area. Insolvency expert Bernardo Gutiérrez de la Roza leads the team, which also includes Oviedo-based Eutimio Martínez Suárez, who focuses on bankruptcy law, negotiations in collective dismissal proceedings, business reorganisation and restructuring in insolvency cases.

Practice head(s):

Bernardo Gutiérrez de La Roza

Other key lawyers:

Eutimio Martínez Suárez; Daniel Rodríguez Ruiz de Villa

Key clients



















Work highlights

  • In the Banco Popular insolvency proceedings, defending the interest of ANTONIO DEL VALLE AND OTHER MEXICAN INVESTORS, who were the major shareholders of the financial entity.
  • Provided legal advice to Grupo DENTIX on pre-insolvency proceedings, negotiation of refinancing and restructuring processes of the group of companies, and presentation of the application for insolvency proceedings in several international subsidiaries.
  • Advised DURO FELGUERA on the refinancing and restructuring of the company’s €85m debt.

PwC Tax & Legal Services

PwC Tax & Legal Services is highlighted for its ‘excellent service and extensive experience’ in restructuring and insolvency issues. The multi-disciplinary team is made up of litigators, insolvency practitioners and company restructuring specialists, and is supported by consultants from the firm’s Business Recovery Service, which advises companies in distress. The practice specialises in acting as an insolvency administrator. Antonio Del Saz has experience as an arbitrator and insolvency administrator; he leads the team, which includes Nicolás Molina, who is an insolvency administrator in proceedings involving large numbers of assets or liabilities.

Practice head(s):

Antonio Del Saz

Other key lawyers:

Nicolás Molina; José Antonio Gómez Calafat; José Antonio Peñafiel Tienda; José Ruiz López; Jorge Hermoso Rodríguez; Macarena Lobato Aragon; Josu Echeverría Larrañaga


The team works well. Its strengths are cohesion and the existence of clear criteria in the management of affairs.’

The service so far has been excellent, given the extensive experience they have from their participation in several of the most important bankruptcies in the country. It is a team with extensive experience, extensive knowledge of all legal issues related to bankruptcy proceedings and the liquidation of companies in bankruptcy, as well as a large team always available for any need.’

‘The direct management of the matter by the partner in charge is the biggest difference with other competitors. I would highlight Josu Echeverría Larrañaga and Jose Antonio Gómez Calafat.’

‘Our main contact person in the firm, being the Bankruptcy Administrator of our companies, is Nicolás Molina García. Given that throughout his career he has run multiple bankruptcies, some quite important, he has extensive experience in this field as well as extensive technical and legal knowledge in this area. Also highlight his availability, both himself and his team, good treatment and work capacity. And for our daily work we usually deal mainly with the rest of the members of his team, such as José Antonio Peñafiel Tienda, José Ruiz López, Jorge Hermoso Rodríguez and Macarena Lobato Aragon, also professionals with extensive experience, despite their youth and with total availability, always attentive to everything we may need.’

Key clients




















Work highlights

  • Appointed Administrador Concursal of the insolvency proceedings of 11 companies of the Polaris real estate development group.
  • Appointed Administrador Concursal of the insolvency proceedings of three companies of the Segur security and surveillance group.
  • Appointed as the Insolvency Administrator to take care of the liquidation and sale of the relevant assets for HABITATGE ENTORN SCoop & HABITATGE SOCIAL SA.

Ramón y Cajal Abogados

The 'experienced and cohesive’ team at Ramón y Cajal Abogados advises on group restructurings, debt refinancing, creditors’ rights and board liability issues, with ‘exhaustive technical knowledge, professional involvement, an immediate response capacity and remarkable negotiating ability’. The practice specialises in providing advice to companies in crisis and assisting creditors affected by the insolvency of a third-party company. Javier Menchén is experienced in syndicated and corporate finance operations, restructuring and refinancing of bank debt. He co-leads the team with Ramón Fernández-Aceytuno, who focuses on arbitration and insolvency.

Practice head(s):

Javier Menchén; Ramón Fernández-Aceytuno

Other key lawyers:

Manuel Muñoz García-Liñán; Luis Briones; Carmen Fernández Hontoria


I especially appreciate the fact that, although it is a firm that has a great structure, it serves the client with a high degree of involvement and proximity. It has excellent professionals.’

Team is experienced and cohesive to work on complex restructurings.’

‘The team is very accessible and is always at the customer’s disposal, which allows a quick response to the situations that arise.’

‘Accessibility, agility when giving an answer and opinion about the possibilities of success of the different alternatives to follow (Ramón Fernández-Aceytuno and Carmen Fernández Hontoria).’

‘The partners Manuel Muñoz García-Liñán and Ramón Fernández Aceytuno. Both have great technical training and deep knowledge and experience in Civil, Procedural, Commercial, Arbitration and Bankruptcy Law and their knowledge is very solid. Likewise, both professionals have a very high involvement and commitment to the client. I especially appreciate the great professionalism, availability, agility and permanent serene and positive attitude in both professionals, as well as the reasonableness and practicality of their approaches.’

Ramón Fernández-Aceytuno and his team have demonstrated: (i) an exhaustive technical knowledge, (ii) an unusual professional involvement, with an immediate response capacity (even on weekends), (iii) a very remarkable negotiating ability and a firmness in defending the interests of its client, which has resulted in one of the greatest successes in the restructuring of companies in this country in recent years. Ramón y Cajal’s advice has led to an improvement in the result of the restructuring that has allowed the continuity of all the group’s companies, safeguarding several hundred jobs.’

‘Mainly, they stand out for a true specialisation of the partners and team lawyers in the area of restructuring and refinancing. This allows the matter to be perfectly dimensioned, allocating the necessary resources to attend to it without adding superfluous elements that increase costs and do not result in quality of service. The firm’s ability to adapt to the service and the client is excellent, achieving the best results with the least sacrifice of resources and, therefore, achieving an unprecedented level of efficiency. I have to highlight Ramón Fernández-Aceytuno, Luis Briones and Carmen Fernández-Hontoria.’

Key clients

Abengoa, S.A.

Grupo Gallardo Balboa

Gestión Medioambiental de Toledo

L-GAM Advisers and Grupo BC

Banco Santander


Banco Sabadell


Neuron Biolabs

Ortiz Construcciones y Proyectos

Sonae Sierra


Vivia Biotech

Work highlights

  • Advised the board of directors of Grupo Gallardo Balboa in the process of debt restructuring, pre-bankruptcy and sale of the group.
  • Advising a pool of seven banks on the restructuring of Signo Editores J.M. and Gran Nogal Correduría de Seguros (Grupo Rupama)’s existing debt.
  • Advising Kartesia Securities, Banco Santander, Caixabank, Bankia, BBVA, Banco Sabadell, Bankinter on the refinancing of Einsa Print’s syndicated debt.