1. What is the current legal landscape for your practice area in your jurisdiction?

Argentina’s insolvency and restructuring framework is navigating a particularly dynamic period. The country’s persistent macroeconomic volatility — marked by high inflation, foreign exchange restrictions, and recurring sovereign debt cycles — has kept corporate distress at elevated levels, driving significant demand for both formal bankruptcy proceedings (concurso preventivo) and out-of-court restructuring agreements (acuerdo preventivo extrajudicial, or APE). These tools, rooted in Law 24.522 and its subsequent amendments, provide a structured but flexible framework that experienced practitioners can deploy strategically depending on the client’s circumstances and objectives.

For companies, this environment has accelerated the need for early restructuring strategies. Businesses that once relied on refinancing or rolling over short-term debt are now confronting more fundamental solvency challenges, requiring comprehensive reorganization plans that address not only their financial liabilities but also their operational viability. The complexity of these cases has grown considerably, as capital structures often involve a mix of local bank debt, capital market instruments, and cross-border obligations — each governed by different legal regimes and subject to different enforcement mechanisms.

For banks and financial creditors, the landscape has equally sharpened the focus on creditor rights protection, collateral enforcement, and the active management of non-performing loan portfolios. Financial institutions are increasingly sophisticated participants in restructuring proceedings, moving away from purely passive roles toward more proactive strategies — whether through creditor committees, debt-for-equity negotiations, or the pursuit of enforcement remedies in parallel with reorganization discussions. This dynamic has elevated the standard of practice on both sides of the table.

Against this backdrop, the current administration’s reformist agenda is expected to prompt a significant overhaul of the insolvency framework. The anticipated reform is likely to prioritize procedural efficiency and a stronger emphasis on credit protection — shifting the law’s center of gravity beyond the debtor’s perspective toward a more balanced treatment of all parties involved. For practitioners, this evolution will raise the bar considerably: restructuring lawyers will be expected to operate as genuine business advisers, combining sharp legal judgment with the financial analytical capabilities that complex reorganizations increasingly demand.

A further structural development is reshaping the practice in equally significant ways. The ongoing shift toward a more competitive, market-driven economic model is exposing a broad range of Argentine businesses to pressures their financial and operational profiles were never designed to absorb. Companies that long benefited from state subsidies, price controls, or preferential access to credit are now confronting market discipline for the first time — and many are ill-equipped to withstand it. The result is a new and expanding wave of distressed situations involving sectors and client profiles that restructuring practitioners have rarely encountered. These cases present a distinct analytical challenge: the forces driving distress are structural and macroeconomic in nature, not simply the product of overleveraging or mismanagement, and addressing them effectively requires a level of sectoral and economic understanding that goes well beyond conventional insolvency expertise.

2. What three essential pieces of advice would you give to clients involved in your practice area matters?

First, act early. Whether you are a company showing the first signs of financial stress or a bank watching a key exposure deteriorate, the timing of legal intervention is critical. Early counsel preserves optionality — it allows companies to explore out-of-court solutions before a formal filing becomes necessary, and it enables creditors to assess their legal position and take protective measures before value is eroded. In our experience, the cases that achieve the best outcomes are almost invariably those where all parties engaged proactively rather than reactively.

Second, know your leverage. For debtors, this means understanding not just the legal protections that insolvency proceedings afford, but also the limits of those protections and the importance of maintaining creditor confidence throughout the process. For banks and financial creditors, it means having a thorough grasp of the enforceability of their security interests, the priority of their claims, and the realistic recovery scenarios available under Argentine law — including the often-underestimated value of negotiated settlements over protracted litigation.

Third, approach restructuring as a negotiation, not a battle. The most successful outcomes — for companies and their financial creditors alike — come from structured dialogue, realistic proposals, and a genuine willingness to find common ground. Prolonged litigation destroys value, consumes resources, and rarely produces results that a well-negotiated agreement could not have achieved more efficiently. The best restructuring practitioners are, above all, skilled negotiators who understand that the goal is not to win a legal argument but to reach a durable solution that allows the business to survive and creditors to recover as much as possible.

3. What are the greatest threats and opportunities in your practice area law in the next 12 months?

The greatest threat remains macroeconomic instability. Argentina’s current stabilization program has brought welcome signs of improvement — declining inflation, a more stable exchange rate, and recovering business confidence — but the sustainability of these gains is far from guaranteed. A reversal of the program’s key pillars could trigger a new wave of corporate distress, straining an already overburdened judicial system and increasing uncertainty for both debtors and creditors. In that scenario, the speed and quality of legal counsel would become even more critical differentiators.

Foreign exchange restrictions represent a structural threat that persists regardless of broader economic trends. They continue to complicate cross-border restructurings, limit the ability of companies to service foreign currency obligations, and create significant legal uncertainty around the enforceability of dollar-denominated claims. For banks with international exposures or for foreign creditors participating in local restructuring proceedings, navigating these restrictions requires specialized expertise and careful structuring of any agreement reached.

On the opportunity side, the gradual normalization of the economy is already attracting renewed interest from international investors in distressed Argentine assets, opening the door for more sophisticated restructuring transactions. For banks, this creates real possibilities to resolve legacy non-performing exposures through negotiated portfolio sales, debt trading, or structured settlements with improved recovery prospects. For companies with sound underlying businesses, improved macroeconomic conditions may unlock access to fresh financing as part of a reorganization plan — making genuinely viable restructurings more achievable than at any point in recent years.

4. How do you ensure high client satisfaction levels are maintained by your practice?

Our practice serves both corporate debtors and financial creditors, and we are deeply aware that each brings fundamentally different expectations, priorities, and definitions of success to a restructuring engagement. For companies navigating insolvency proceedings, satisfaction comes from having a trusted adviser who not only masters the legal framework but genuinely understands the business, the industry, and the human stakes involved. These are rarely purely legal matters — they touch on employment, reputation, and the survival of organizations that people have built over many years.

For banks and institutional creditors, our role is different but equally demanding. It requires rigorous protection of their legal rights, proactive monitoring of proceedings as they develop, and honest advice on the trade-offs between enforcement and negotiation — including the difficult conversations about when accepting a restructured claim is a better outcome than pursuing full recovery through litigation. Financial institutions value counsel that combines legal precision with commercial judgment, and we work hard to provide both.

In all cases, we place a premium on transparency and communication. Clients should never feel that they are receiving information only when something has already happened — we keep them informed at every meaningful stage, explain the implications clearly, and ensure that legal strategy is always coordinated with the financial and operational advisers involved in the matter. Our measure of success is not just a favorable legal outcome, but a client who felt genuinely supported throughout one of the most challenging processes a business or institution can face.

5. What technological advancements are reshaping your practice area law and how can clients benefit from them?

Technology is reshaping insolvency and restructuring practice in ways that are increasingly difficult to ignore. For companies preparing reorganization plans, data analytics tools have become essential for modeling financial scenarios, stress-testing assumptions, and presenting creditors with robust, credible projections. The ability to run sophisticated cash flow models and valuation analyses — and to do so quickly as negotiations evolve — has become a meaningful competitive advantage in complex restructuring processes, where the quality of financial information directly affects the credibility of the debtor’s proposals.

For banks and financial creditors managing large portfolios of distressed credits, technology offers equally significant benefits. Advanced monitoring platforms allow institutions to track the status of multiple concurrent proceedings, flag material developments in real time, and coordinate responses across internal credit, legal, and risk teams. This is particularly valuable in Argentina, where the volume of restructuring cases can be substantial and the pace of judicial proceedings unpredictable. The ability to stay ahead of developments — rather than reacting to them — is a key advantage that technology now makes accessible.

At the procedural level, Argentina’s gradual adoption of digital tools has also improved the efficiency of insolvency proceedings in practical terms. The post-pandemic shift toward electronic filings and remote hearings has reduced the administrative burden on all parties, shortened certain procedural timelines, and made it easier to manage cases involving creditors or assets located in different jurisdictions. While the courts still have considerable room to grow in their use of technology, the direction of travel is clear — and clients who work with practitioners that embrace these tools stand to benefit from faster, more efficient, and better-informed representation.