ARTICLE · 10 AUGUST 2016

Retroactive Insolvency Laws Making Board Directors Nervous

Iberian Lawyer

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More businesses in Spain and Portugal instructing white collar crime lawyers as investigations into financial mismanagement during the crisis increase.

SpainLaw Practice Management

More businesses in Spain and Portugal instructing white collar crime lawyers as investigations into financial mismanagement during the crisis increase.

Law firms in Spain are experiencing an increase in instructions related to white collar crime with board directors in fear of being held retroactively liable for companies entering into receivership during the crisis. Similarly in Portugal, clients – particularly those in sectors such as pharmaceuticals and banking – are increasingly turning to lawyers for advice due to a surge in investigations into white collar crime.

Europe's economic crisis, causing bankruptcy proceedings, divestments and subsequent restructuring, has spawned investigations into financial mismanagement, including financial manoeuvres enacted for the company's good, resulting in proceedings against individuals for negligence.

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