Restructuring and insolvency in Spain


Cuatrecasas has expertise in refinancing, debt restructuring, insolvency and litigation matters. The multi-disciplinary team has a strong international component and specialises in debt restructuring, bankruptcy and sales of companies in a distressed situation. The firm also has experience advising companies and funds on acquiring mortgage debt for access to collateral. Antonio Carreño leads the team and is an expert in providing advice on bankruptcy proceedings and the sale of production units. Also notable is Fedra Valencia, who is known for advising on the management of bankruptcy proceedings.

Practice head(s):

Antonio Carreño

Key clients

Toys ´R´ Us Iberia

Deutsche Bank

MAG Import

CBRE Global Investors

Kronos Investment Group

Grupo Zeta


Banco Santander

Atresmedia Corporación

Scytl Secure Electronic Voting

Work highlights

  • Advising a US-based private investment company and a US-based global investment firm on the capital structure and refinancing of Spain-based technology company Abengoa.
  • Advising one of the largest construction groups in Spain on refinancing its debt with a pool of banks led by Banco Santander, BBVA, Bankia, Unicaja and Bank of America.
  • Advising on the refinancing of Elecnor’s corporate debt.

Gómez-Acebo & Pombo

Gómez-Acebo & Pombo provides ‘a lot of experience and knowledge of the sector', as well as expertise in the key disciplines of banking, finance and litigation. The firm focuses primarily on representing non-bank creditors in Spain, in and out of court, as well as the financing of litigation related to bankruptcy. Miguel Lamo de Espinosa’s expertise covers restructuring, distressed situations, private equity and corporate finance matters. He co-leads the team with Rodrigo López, who specialises in contentious insolvency. Also notable is counsel Irene Arévalo, who advises on arbitration, insolvency and restructuring.


‘Ability to reach an agreement’

‘Find alternative solutions’

‘Rafael Aguilera is very pragmatic and commercial’

‘They understand their market, and they understand client needs and deliver tailored advice’

‘Miguel Lamo de Espinosa Abarca is outstanding and is clear in his advice’

‘Veronica Romani Sancho is a superb technical lawyer’

‘From a technical perspective they are brilliant’

‘Irene Arevalo has a lot of experience in international issues’

‘The support from other areas – for example public law – is excellent’

‘GAP is an exceptional multi-service office for matters that require the full spectrum of advice on areas of Spanish law’

‘Rodrigo Lopez is possibly the best bankruptcy lawyer in Spain today’

‘The team combines technical knowledge, availability and realism’

Key clients

Banco Bilbao Vizcaya Argentaria (BBVA)

Banco Popular

Banco Sabadell

Banco Santander

Bank of America




Goldman Sachs

Abanca (formerly Novacaixagalicia)

Portigon (formerly Westdeutsche Landesbank)

Triodos Bank NV, S.E.

Oak Hill


Work highlights

  • Advising an ad hoc committee of hedge funds including Centerbridge Partners and GSO Capital Partners, Blackstone’s credit unit, as creditors, on the insolvency proceedings of Marme Inversiones.
  • Advising Madrid-based private bank Banco Madrid on regulatory, banking, capital markets, insolvency, employment and criminal law matters connected with the bankruptcy proceedings of the bank, following a request by the national banking authority, Banco de España.
  • Advising Strategic Value Partners on several restructuring and insolvency-related matters.


Experienced in advising on formal insolvency proceedings and restructurings, Garrigues has particular expertise in matters arising from the infrastructure, real estate and energy sectors. Traditionally debtor-oriented, the firm is also advising financial players, notably in transactions involving non-performing loans (NPL) and real estate-owned (REO) assets. Adrián Thery leads the team and specialises in cross-border restructurings and insolvency proceedings. He can call on the expertise of Juan María Jiménez, who focuses on advising Spanish and international companies on out-of-court refinancings and restructurings, as well as on insolvency proceedings in court.

Practice head(s):

Adrian Thery

Key clients



Isolux Corsán Aparcamientos

Adveo Group

Banco Santander


Rivero Family

Ergon Capital Partners

DTH Europa

Tooio Mobile


Zurich Insurance, PLC, Atlantic Specialty Insurance Company, AIG Insurance Company, RLI Insurance Company and Nationwide Mutual Insurance Company


Liberty Mutual Insurance Company, SL Specialty Insurance Company, Fidelity and Deposit Company of Maryland, American Home Assurance Company, the Insurance Company of the State of Pennsylvania and AIG Europe Limited

Alfanar Energy

Taconic Capital Advisors UK LLP

HTG Group

Proa Capital

Work highlights

  • Advised Marme, as the acquirer in 2008 of the Banco Santander headquarters (Ciudad Financiera), on formal insolvency proceedings and rescue offers for the headquarters.
  • Advised ICA Group and its 22 affiliates on its bankruptcy proceedings.
  • 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 expertise in corporate, financial and procedural issues. The firm is experienced in advising professional creditors, investors and their portfolio companies, as well as distressed debtors and their administrators. In addition, the firm is particularly well known for cross-border corporate restructurings, as well as litigation work. The team is co-led by Pedro De Rojas, who focuses on banking, finance, restructuring and insolvency matters; English law partner Ben Crosse; banking expert Juan Barona; litigation specialist Borja Fernandez de Troconiz; and Francisco Málaga, who has experience advising corporates and financial institutions on a range of litigation matters.

Key clients




Grupo Villar Mir


Strategic Value Partners

Bank of America Merrill Lynch


Cheyne Capital

Work highlights

  • Advising Abengoa on several refinancings following the implementation of a global restructuring involving the reduction of pre-restructuring old money group corporate debt.
  • Advising on the restructuring of the financial debt of DIA.
  • Advising Prisa in connection with the restructuring of its syndicated debt.

Uría Menéndez

Uría Menéndez has experience in the full range of restructuring and insolvency matters, including group restructuring, debt refinancing, direct lending and related litigation. The firm advises creditors and borrowers and is active in the Spanish financial market, as well as in cross-border issues. Ángel Pérez López leads the practice and focuses on corporate, acquisition and project finance. Notable in his team are Carlos de Cárdenas Smith, who is known for his expertise in banking, finance, M&A and restructuring, and counsel Javier Rubio Sanz, who advises domestic and foreign companies on insolvency proceedings, representing debtors and creditors.

Practice head(s):

Ángel Pérez López


‘It is a very savvy and experienced team that covers all the potential aspects of a transaction, ranging from small but important court procedures to European competition issues, all of them guided by a single team working to deliver an all-round service for whatever the client demands’

‘Angel Perez has an impressive track record of success and sound knowledge that makes him the best adviser you can have. Besides law, his negotiation skills and steady but firm character always allows him to maximise output and protect the client against potential future responsibilities’

‘Technical expertise, extensive practical experience, creative problem solving, ability to analyse and solve issues and advocate for the client’

‘Javier Rubio has technical expertise and is able to understand and explain clearly complex issues and solutions’

‘Alberto Nunez Lagos is simply the best. An extremely creative thinker and problem solver based on technical expertise’

Key clients

Banco Santander, S.A.


Banco Sabadell


Goldman Sachs International





Work highlights

  • Advising Banco Sabadell on the divestment of its real estate business.
  • Advising Grupo Isolux Corsán on its judicial insolvency proceedings pursuant to the Spanish Insolvency Act.
  • Advising the lenders on the restructuring of Abengoa’s financial indebtedness.

Allen & Overy

Allen & Overy provides ‘strategic and sophisticated advice’, specialising in complex cross-border restructurings and insolvencies. The firm has notable expertise in US chapter 11 reorganisations, UK schemes of arrangement, Spanish schemes, pre-packaged sales and debt-for-equity swaps. The team is co-led by experienced litigator and arbitrator Antonio Vázquez-Guillén; financial litigation expert Javier CastresanaJavier Mendieta, who focuses on litigation work; Ignacio Ruiz-Cámara, who specialises in financing transactions at a national and international level; pre-insolvency debt restructurings expert Juan Hormaechea; and Jimena Urretavizcaya, who advises on leveraged, acquisition, real estate and structured finance.


‘The restructuring and insolvency practice at A&O is second to none’

‘The lawyers within the team always think out of the box and find the most appropriate solution’

‘They work very well with other teams at the firm both locally and internationally’

‘We feel very secure when A&O is advising us’

‘Javier Castresana is a very smart guy who is always on top of everything. He has a 360-degree view of every matter which makes us feel secure. He always gives innovative solutions and understands our business perfectly’

‘Álvaro Pastrana is an experienced associate. Very clever and hands on’

Key clients

Banco Santander


Davidson Kempner


Banco Sabadell


Deutsche Bank

Bank of America Merrill Lynch

Work highlights

  • Advising several creditors (including finance entities and banks) on their position in the Celsa financing and the trade of debt to several assignees.
  • Advising Sareb on its €741m claim against the insolvent company Reyal Urbis, one of the major real estate companies in Spain.
  • Advised the bank syndicate in the insolvency proceedings of Adveo Group International.

Clifford Chance

Clifford Chance's ‘very creative and commercial‘ practice draws from the firm's expertise in banking, finance and litigation. Traditionally creditor-focused, the firm also has increasing experience acting for debtors and investors. The team is co-led by Iñigo Villoria, who is known for defending clients in clawback actions; Epifanio Pérez, who specialises in refinancing, restructuring and finance; Rodrigo Uría, who has expertise in bank lending, finance and restructuring; and Eduardo García, who is experienced in debt as well as general lending, real estate finance and restructurings. Also notable are senior associates Alexandra Borrallo, who acts in civil lawsuits and insolvency proceedings, and Felipe Font, who advises on restructuring, refinancing, pre-insolvency processes and general lending. Carlos Hernández-Canut departed in 2019.


‘The CC finance team has done a fantastic job for us’

‘It is a fully committed team with great negotiating skills’

‘Top-notch compared to lawyers I have been working with in other jurisdictions for similar topics’

Key clients


Banco Santander




Magnetar Capital LLC

Work highlights

  • Advising the Spanish retail group Eroski on the restructuring of its €1.7bn financial indebtedness and the corporate reorganisation of the group.
  • Advising Pepe Jeans on the refinancing of the financial indebtedness of the group.
  • Advising the bank lenders to Zed + in the insolvency proceedings of its Spanish affiliates, Zed Worldwide and Zed Worldwide Holdings.


Advising on the creditor and the debtor side, Pérez-Llorca is particularly experienced in handling judicial proceedings, developing a debt refinancing process, company liquidations and asset sale transactions in the context of a crisis or insolvency. The firm also brings strong litigation expertise to its work in the area. Insolvency litigation specialist Félix J. Montero co-leads the practice with Fernando Quicios, who focuses on out-of-court restructuring and insolvency matters, and Javier Izquierdo, who joined in 2018 from Gómez-Acebo & Pombo and advises on litigation, arbitration and insolvency.

Key clients



JP Morgan




Caja Rural de Almendralejo



Sacyr Concesiones

Work highlights

  • Advised Cellnex Telecom on the restructuring of its group of companies in Spain.
  • Advised Grupo Indra on the reorganisation of its information technology business.
  • Representing and assisting Eurocontrol during the insolvency proceedings of Islas Airways.

Simmons & Simmons

The ‘committed and personable Simmons & Simmons has experience advising Spanish and international financial institutions, funds and banks in a range of insolvency and restructuring matters, including compulsory insolvency proceedings and clawback actions. The firm also has expertise in the insolvency of leading Spanish companies in the Spanish real estate sector. The ‘super classAndrés Mochales specialises in litigation related to financial and civil proceedings, arbitration and bankruptcy. He co-leads the practice with Álvaro Muñoz, who has particular strength in the debt trading market.


‘The team will bend over backwards to make sure their client’s needs are served’

‘They deliver a very human and personalised service’

‘The team is very relationship driven and cares for its clients’

‘Alejandra Escalada is always personable, professional, committed and accurate’

‘The insolvency team is very well acquainted with the financial markets sector, which makes everything easier due to their understanding of the needs of financial institutions within an insolvency procedure’

‘Andrés Mochales has a lot of instinct and experience. He is a great litigator’

‘Good balance between the technical and the commercial. They understand the process well’

Key clients

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

Banco Santander S.A.

Fondo de Garantía de Depósitos de Entidades de Crédito

Vanderlande Industries BV

Global Sales Solutions (GSS)



Banco Bilbao Vizcaya Argentaria (BBVA)

Fondo de Reestructuración y Ordenada Bancaria (FROB)

NatWest (formerly Royal Bank of Scotland)

Work highlights

  • Defending RBS’ credit deriving from a €1.5bn credit facility granted by a pool of banks in the insolvency proceedings of Marme Inversiones 2007.
  • Representing Sareb in a case where the client’s mortgage has been wrongfully released within the liquidation of the mortgagor.
  • Advising Sareb on defending claims in relation to the credit the client acquired from six different Spanish saving banks in the insolvency proceedings of Diursa, a major Spanish construction company.

Ashurst LLP

Ashurst LLP’s restructuring and insolvency practice is supported by the firm's real estate, finance, corporate, tax and litigation departments. The team has experience in pre-insolvency, insolvency and liquidations, acting for clients including industrial and services companies, investment banks, distressed investors, hedge funds and private equity houses. Jorge Vázquez leads the team and specialises in all types of corporate, private equity, NPL and restructuring transactions.

Practice head(s):

Jorge Vázquez


‘Highly responsive, very knowledgeable, clear advice’

‘Very much a standout in the Spanish market – a league above other firms’

‘Jose Christian Bertram and Jorge Vazquez are recommended’

Key clients

Bank of America Merrill Lynch


Japan Bank for International Cooperation (JBIC)


Credit Suisse International


Barclays Bank PLC

Goldman Sachs


Work highlights

  • Advising Barclays Bank plc and CaixaBank on the insolvency proceedings of one of the largest property development companies in Spain, Reyal Urbis.
  • Advising several funds (including Oz Management, Bank of America Merrill Lynch, Cross Ocean Partners, Deutsche Bank, GoldenTree and Taconic Capital) leading a creditor group on the insolvency proceedings of Reyal Urbis.
  • Advising several funds on the acquisition of a number of real estate assets from the bankrupted Spanish real estate company Martinsa-Fadesa as a consequence of the liquidation process of the company.

Baker McKenzie

Baker McKenzie has a range of expertise in restructuring and insolvency proceedings, acting for lenders in international matters and end-to-end restructurings. The firm has local and international coverage and is also experienced in pre-insolvency proceedings, as well as advising on distressed asset transactions. Victor Mercedes leads the team and focuses on advising international clients on insolvency proceedings, distressed situations and liability for insolvency.

Key clients

Westinghouse Group

Real Madrid CF


Work highlights

  • Advising Westinghouse, a US-based nuclear power company which is part of the Toshiba Group, on the insolvency proceedings, refinancing and subsequent sale of its subsidiaries and other investments companies in Spain to Brookfield Asset Management though a competitive bidding process.
  • Provided insolvency advice to the insurance companies and funds interested in the acquisition of the notes to be issued for the financing of the remodelling project of the Santiago Bernabéu Stadium, which is owned by Real Madrid Football Club.
  • Advising Barcelona-based construction company Copisa, as a creditor, on the insolvency proceedings of Port Halley, a company operating a shopping centre in the province of Tarragona.

DLA Piper

DLA Piper focuses on large multi-disciplinary restructuring deals, particularly distressed M&A, financial restructurings and bank debt trading. The firm is also experienced in advising on cross-border matters. Practice head Juan Gelabert advises banks and distressed funds on restructuring processes, including pre-insolvency and insolvency scenarios. José María Gil Robles joined from J&A Garrigues SLP in 2019 and brings expertise in distressed funds and related restructuring processes.

Practice head(s):

Juan Gelabert

Key clients

Holzverpackung Hüfingen

Work highlights

  • Advised Holzverpackung Hüfingen on the transfer of the shares of Industrial Packaging Solutions Spain within the sale of the business group to Pilous.

Freshfields Bruckhaus Deringer

Freshfields Bruckhaus Deringer

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP is known for its ‘strong experience, excellent transparency, efficiency and analytical skills'. The firm’s expertise includes corporate and debt restructuring, bond restructurings, the acquisition of distressed debt, corporate investigations and insolvency proceedings. The practice also has notable experience in cross-border matters, particularly in relation to the energy, consumer products, real estate and healthcare sectors. Gonzalo Martín de Nicolás specialises in refinancing debt and corporate restructuring. He co-leads the team with the ‘serious, hardworking, analytical and reliable' Javier de Carvajal; and corporate expert Alberto Frasquet.


‘The team provides quick answers and they are always available to answer any call or attend a meeting’

‘Communication is fluid and we work side by side on every issue’

‘They provide deep analysis of any matter and, more importantly, their solutions are generally more creative’

‘Javier de Carvajal is an exceptional lawyer who is personally involved in each and every one of the matters. He is always available to discuss any matter and you realise that no client or issue is less important than another. That is an uncommon quality among partners’

‘Jaime de San Roman is really talented and quick. He has been very helpful in complicated insolvencies where we have a syndicated position’

‘Marta Rey is a lawyer with a lot of experience in insolvency matters’

‘In Herberts we trust’

‘They have the ability to give us the legal position but translate that into practical banker-speak that we can use in practice to unlock difficult commercial positions’

‘As a team they are fantastic to deal with and this is why we have used them for some of our most challenging situations’

‘The individuals are always calm and professional and can think outside the box to provide practical advice’

‘We place huge weight on their practical and tenacious approach to problem solving’

‘The brand itself represents high-quality services with an exceptional average level within all the members of the structure’

‘Exceptional quality of work’

‘The first firm in Spain in terms of quality’

‘Jaime San Roman is skilled, hardworking, serious and analytical. He gives the average work of the firm a very high-quality standard’

Key clients

Oaktree Capital Management

Sabal Financial Europe

Incus Capital Advisors

Arbuthnot Latham


Latham & Watkins LLP

Latham & Watkins LLP provides a team of Spanish and international lawyers with expertise in a range of restructuring matters, in and out of Spain. The firm has experience from the creditor and debtor standpoints in leveraged buyouts and high-yield debt transactions, including the restructuring of highly leveraged companies experiencing financial difficulties. In addition to the practice’s Spanish insolvency law expertise, it is also involved in cross-border restructuring and insolvency. The team is co-led by Ignacio Pallarés, who focuses on Spanish corporates and financial institutions; capital markets specialist Ignacio Gómez-Sancha; and Fernando Colomina, who is experienced in advising on banking transactions, notably restructuring situations.

Work highlights

  • Advising General Electric on its global investments with Abengoa and the complex structuring and negotiations in light of Abengoa’s pre-insolvency situation.
  • Advising Cofides in a challenge to chapter 11 proceedings with Abengoa in Delaware and Missouri.
  • Advising the Carlyle group on the insolvency proceedings of one of the its portfolio entities in Spain, Orizonia, and certain of its subsidiaries.


The ‘very well-prepared and specialised' DWF-RCD combines ‘experience with a high level of knowledge’ of the legal and financial aspects of insolvency and restructuring processes. The firm specialises in insolvency litigation, handling local, international and multi-jurisdictional matters. Administration and business management expert Jordi Albiol leads the team and focuses on insolvency proceedings, acting as debtor counsel and as administrator or trustee.

Practice head(s):

Jordi Albiol


‘They are very quick in answering your questions’

‘Jordi Albiol is the leader of the practice but he is always in touch with you’

‘Knowledge of the subject on which they advise and customer service’

‘Adaptation to the needs of the client’

‘The professionals know how to manage their agendas well’

‘Partners and associates both have knowledge and experience and manage clients very well’

‘Juan Manuel de Castro and Jordi Albiol are recommended’

‘Full expertise in restructuring and insolvency issues under Spanish regulations, as well as availability of team members’


The 'exceptional professionals' at Andersen have expertise in a range of insolvencies and corporate restructuring procedures, particularly matters related to debt recovery, the acquisition of companies and assets, and the liability of directors and managers. Javier Mata is active in restructurings and insolvencies in sectors including real estate, auxiliary construction and technology. He co-leads the team with civil and criminal procedural law specialist Benjamin Prieto; and Álvaro Gámez, who focuses on insolvency law, restructuring, litigation, banking and criminal law.


‘The lawyers in Madrid get involved quickly, acquiring an in-depth knowledge of my sector and problem’

‘Concrete and effective’

‘They understand the problem perfectly and design the adequate steps and strategy’

‘Javier Mata has good knowledge, 24/7 service, very deep experience in this field and advice about how to act in different situations’

‘It is a very cohesive team, with a lot of experience and a lot of desire to work’

Key clients

Essentium Group

Concentra Servicios Y Mantenimiento

Villa Romana Golf

Grupo Peyber

Investigaciones Y Programas (Ipsa)


Inmobiliaria Centrum

Grupo Tiempo Y Moda

Fire Energy

Work highlights

  • Advising MAG Import in an insolvency proceeding with liabilities exceeding €920m.
  • Advising Essentium Group on insolvency proceedings involving 24 companies and a matter value of over €417m.
  • Advising Grupo Promega on the negotiation with the financial creditors on the restructuring of the insolvency process.

CMS Albiñana y Suárez de Lezo

The ‘sophisticated and pragmaticCMS Albiñana y Suárez de Lezo has an international focus, with particular expertise in insolvency and pre-insolvency issues, as well as banking and creditors' refinancing. The firm is active on the debtor side, acting for clients including multinationals, infrastructure concessionaires and smaller domestic companies. Senior partner Rafael Suárez de Lezo co-leads the practice with the ‘very commercial, seasoned and effectiveJuan Ignacio Fernández Aguado, who has ‘tremendous knowledge of bankruptcy law’.


‘Juan Ignacio Fernández Aguado is a guy who is not going to sacrifice the details and is willing to pursue the client’s interests strongly’

‘Really focused on goals and results’

‘Everyone contributes – they really listen to the customer’s requirements’

‘They have very good knowledge of the practice, not only in insolvency matters, but in restructuring too’

‘Apart from his perfect technical performance, as a person Juan Ignacio Fernandez Aguado has a character that helps to find agreements and solutions to all problems regarding insolvency and restructuring’

‘They understand the need to work in synchronised teams’

‘What makes them stand out is their dedication and understanding of the issues’

‘The team’s best quality is the ability to immediately see the issues and problems that arise’

‘They are a great team that understanding the different issues of any complex restructuring – banking, procedural, bankruptcy, corporate – very well’

Key clients

Charmartín La Grela

MGO By Westfield


Grupo Itek

Grupo MGO


Haintong and Novo Banco

Banesto and 22 financial entities

Grupo Casabella Proyectos Inmobiliarios

Grupo Jiménez Belinchón

MCH Private Equity Investments

GFB Cantabria, Euroamerica and Grupo Pujol Martí

Work highlights

  • Advised Chamartín La Grela in relation to its compulsory insolvency by some creditors.
  • Advised MGO By Westfield on the insolvency proceedings of the company.
  • Advised Deoleo in relation to the insolvency proceedings of the asset-holding companies of the Salazar brothers.

J Almoguera Abogados

Restructuring, insolvency and contentious transactions boutique J Almoguera Abogados covers out-of-court arrangements, insolvency proceedings, litigation, and transactional and advisory work. Founding partner Jesús Almoguera leads the practice and is a specialist in corporate, M&A and restructuring law.

Practice head(s):

Jesús Almoguera


‘The main characteristic of this team of lawyers is their commitment to the client’

‘They accompany, advise and give an overview of the range of possibilities, which helps those less knowledgeable of the legal details to understand the process and its consequences’

‘Jesús Almoguera is known for compromise, advice and resilience’

‘María Arpón de Mendívil is very experienced’

‘A legal and economic approach to the resolution of problems’

Jones Day

Jones Day is involved in international workout transactions and multi-jurisdictional reorganisation and bankruptcy proceedings, advising Spanish and international clients. The firm is experienced in advising creditors and debtors, as well as in distressed litigation. The team also has particular expertise in the real estate, construction and infrastructure sectors. Practice head Juan Ferré focuses on insolvency law, representing distressed investors, banks and corporations.

Practice head(s):

Juan Ferré

Key clients

Banco Santander, S.A.

CaixaBank S.A.



Inter-American Development Bank (IDB)

Work highlights

  • Advised Banco Santander, CaixaBank and Bankia on a refinancing agreement entered into with Grupo Isolux Corsán.
  • Advising Bankia, Natixis, ING and IDB on the insolvency proceedings of Grupo Isolux Corsán.


'Brilliant legal strategy designer' ONTIER focuses on debt and investment restructuring, as well as refinancing within active and passive insolvencies. The ‘highly qualified lawyers with experience, skills and knowledge’ are primarily focused on the debtor side but also have experience on the creditor side. Bernardo Gutiérrez de la Roza, an expert in family business, restructuring and insolvency law, co-leads the practice with Eutimio Martínez Suárez, who is known for his bankruptcy expertise, and solicitor Daniel Rodríguez Ruiz de Villa, who is a corporate law specialist.


‘Unique dedication of the team to the issue or problem proposed’

‘The whole restructuring and insolvency team combines its excellent technical skills with a complete and broad analysis of the issue, not only from a technical perspective, but also considering the context and the consequences’

‘Ontier are completely dedicated to the issues, are committed and have always shown availability and exceptional treatment’

‘Attention, involvement and follow-up at all times’

‘It is a committed team, which handles matters with extreme professionalism and is concerned with understanding the idiosyncrasies of its client, making communication easier, and devising and adjusting particular and specific strategies for each case’

‘The service they have given us has been outstanding. Their ability to propose solutions and negotiate with our counterparts has been fundamental to the successful conclusion of projects’

‘Their technical and organisational capacity, deep knowledge of the law, and commitmenting to address the issues make the difference’

‘Bernardo Gutiérrez de La Roza is an authentic leader of his team as well as of the transaction and a brilliant strategy designer’

‘Eutimio Martínez Suárez has excellent skills in restructuring as a result of his extensive experience in the field’

Key clients

Antonio del Valle and other Mexican investors

FCC Group

Santagadea Group

Corporación De Recursos Iberia (CRI)


Van Oord Ship Management B.V.

Portocarrio, S.L.

Vodafone España Sau

Modultec, S.L.

Urbar Ingenieros, S.A.

Construcciones Y Promociones Coprosa, S.A.

Parques De Valgrande, Sa

Hulleras Del Norte, S.A.- Hunosa – (Sepi)

Residencial Las Campas, S.A.

Hablaya, S.A.

Construcciones Asturcasa Principado, S.L.

Hoto Urocisa, S.A.

ALN Telemarketing, S.L.

Hijos De Luis Chao Sobrino, S.A.

Proyectos, Construcción E Interiorismo, S.L.

Biogas Fuel Cell, S.A.

Banco Caixa Geral, S.A., Caixabank, S.A., Banco De Sabadell, S.A., Bankia, S.A. and Abanca Corporación Bancaria, S.A.

Work highlights

  • Defended Van Oord Ship Management’s interests regarding a contract for the construction of two vessels in La Naval shipyard’s insolvency proceedings.
  • Defending Santagadea Group’s interests in sudden insolvency proceedings.
  • Advising on the insolvency proceedings of CRI.

PwC Tax & Legal Services

The multi-disciplinary team at PwC Tax & Legal Services covers the spectrum of restructuring, insolvency and administrative matters, with notable expertise in court-appointed insolvency administration and insolvency-related litigation. Barcelona-based Julio Ichaso has experience in civil and commercial proceedings, particularly bankruptcy matters. He co-leads the practice with Ernesto Benito, who focuses on litigation and arbitration.

Practice head(s):

Julio Ichaso; Ernesto Benito


‘The team is structured in such a manner as to have an enormous capacity for specialisation, which distinguishes them from other law firms’

‘The service so far has been excellent, given the extensive experience they have thanks to their participation in several of the most important bankruptcy proceedings in the country’

‘They have extensive experience and extensive knowledge of all legal issues related to bankruptcy proceedings and the liquidation of bankrupt companies, as well as a large team who are always available for any need’

Key clients

Polaris Group


Segur Ibérica Group

Habitatge Entorn /Habitatge Social

Gas Gas Motos SA


Sangarpiel, S.L.

Publiolimpia, S.L.

Jale Group

Aifos Group

Toscares, S.A.

Toscamadrid, S.L.

Red De Espacios Tecnológicos De Andalucía (Reta)

Construcciones Azagra, S.A.

Grupo Rafael Morales

Vimac, S.A

Work highlights

  • Appointed as administrator of Ciralsa.
  • Appointed as administrator of the insolvency proceedings of three companies of the Segur Iberica security and surveillance group.
  • Appointed as administrator of Sangarpiel.

Ramón y Cajal Abogados

The 'excellent professionals' at Ramón y Cajal Abogados provide 'personal, immediate and effective service’ in group restructurings, debt refinancing, creditors’ rights and board liability issues. The ‘pragmatic and solution-oriented practice’ is particularly experienced in advising companies in crisis and creditors affected by the insolvency of a third-party company. Javier Menchén focuses on syndicated lending, restructuring and refinancing of bank debt, structured finance and debt capital markets. He co-leads the team with the ‘committed and professionalRamón Fernández-Aceytuno, who is known for his ‘serene and positive attitude, as well as his wise and practical advice’.


‘The R&C team proved their value by providing clear and timely advice on the matter’

‘Extremely rapid understanding of the issue, empathy with their customers, unparalleled speed of delivery of the contracts, and very competitive fees’

‘Amado Gimenez and Diego Gabarain defined the legal strategy from the beginning of the project, so that we had a clear view of the next steps’

‘They offered an immediate answer to any questions we raised in very professional and easy-to-understand language’

‘They have both deep legal knowledge and relevant connections in the banking industry, which gave comfort not only to us but also to the counterparty’

‘Absolutely trustworthy’

‘I especially appreciate the fact that, even though it is a large firm, the team attends to customers with a high degree of involvement and proximity’

‘I would like to emphasise the team’s willingness and speed of response’

‘The legal advice is very practical and the value for money is good’

‘Absolutely recommended for procedural law, bankruptcy law and arbitration’

‘Ramón Fernández-Aceytuno has a great deal of technical training and deep knowledge and experience in civil law, litigation, commercial law, arbitration and insolvency’

‘Their preparation combined with their professional understanding and diligence is a differentiating factor compared to others’

Work highlights

  • Advising CaixaBank and seven lenders on the restructuring of the financial debt of Juguetrónica.
  • Advised L-GAM Advisers, as the management team, and Grupo BC on the refinancing and granting of a new group financing. 
  • Advising Deutsche Bank and ten lenders on the restructuring of the financial debt of Grupo Redur.