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To approach the restructuring or closing down process of a company in a state of insolvency, where the company must decide on its feasibility or the board members protect their own liability as managers, is always a complex project from a legal perspective, which requires a strong planning and strict legal leadership. The fact that several actors play a role during its development, financial creditors, public entities, employees, trade creditors, together with the intervention and control of other judiciary bodies force companies are forced to hire teams of experienced lawyers, financial experts and project managers. We can guarantee the success of our proposed course of action thanks to the joint forces of those multidisciplinary teams.

Vaciero Lawyers’ Bankruptcy Area can provide expert advice in different areas:

    • Assistance along the bankruptcy proceedings, from strategy design to its termination including incidences and the section for evaluation process
    • Defense in case of requesting bankruptcy
    • To preserve personal and family estate while defining the extent of liability as administrators
    • To become the Bankruptcy trustee before the Commercial Court
    • Negotiation and conclusion of refinancing transactions with banking pool y and/or trade creditors
    • Extrajudicial agreements for payments and bankruptcy mediation

Declaration of bankruptcy to reach an agreement with creditors

Our multidisciplinary team is ready to help you to prepare and request a declaration of bankruptcy in order to reach a debt relief agreement or an arrangement with creditors:

    • Identification of the situation of the debtor company and the definition of the purpose of the bankruptcy and the strategy to be followed
    • Actions to be carried out before bankruptcy proceedings: to adapt preventive measures, to recover and/or protect assets. Prior actions on the estate of administrators and guarantors
    • To prepare the request for the bankruptcy, the report and other documentation
    • To analyse employee situation and to list the specific actions to be developed: Layoff plans
    • To manage the bankruptcy proceedings according to the scope defined at every different stage
    • To draw up the arrangements, select the alternatives and key creditors, to manage the negotiation and look for solutions to avoid the section for evaluation
    • Assistance to the committee of creditors and to conclude specific agreements with privileged creditors

Refinancing agreement under the umbrella of Bankruptcy Law 5bis

Company insolvency resolution implies, on many occasions, reaching refinancing agreements with your creditors, outside the bankruptcy proceedings. These agreements, which are also regulated by the Bankruptcy Law, require quick and accurate actions where management time reveals as the key to success while the “pre-bankruptcy” acts as a shield.

Our team of experts in Company insolvency will lead you to reach of these solutions:

    • To prepare, negotiate and close refinancing agreements pursuant to Art, 71 bis of Bankruptcy Law, by obtaining “fresh money”
    • Financing agreements approval and extension of effects to dissidents
    • Legal coverage thanks to Bankruptcy Law 5 bis. Identification of necessary assets and legal defense to halt specific enforcements
    • To prepare and reach complex refinancing agreements including debt relief agreement, an arrangement with creditors, capital conversions, generation of  subordinated loans and extension of effects to dissidents
    • To manage and execute extrajudicial agreements for payments

Declaration of Bankruptcy for liquidation and business closing

Our multidisciplinary team is qualified to help you during the preparation and request of the declaration of bankruptcy in order to achieve a proper closing of the business, avoiding conflicts with creditors and minimizing the liability of administrators:

    • Preparation and strategy of bankruptcy liquidation. Milestones and stages
    • Revision of actions developed during the two previous years. Analysis of what caused the insolvency and preparation of the legal defense of administrators
    • Definition of a Liquidation Plan. If it is feasible, to look for potential buyers of the productive unit according to bankruptcy administration.
    • Preparation of the request for bankruptcy, the report and documentation explaining the cause. Previous revision of formal issues
    • To analyse employee situation and to list the specific actions to be developed to avoid social conflict
    • To manage the bankruptcy proceedings according to the scope defined at every different stage
    • Assistance to administrators in section for evaluation

Purchase of assets and productive units of companies in declaration of Bankruptcy

The purchase of companies or company assets in declaration of bankruptcy with little feasibility may be regarded as a solution to continue business together with third parties. Competitors or new investors may purchase companies undergoing difficult moments taking advantage of a favourable purchasing structure.

Our broad experience in bankruptcy and in-depth knowledge of what rules an insolvency liquidation makes it possible:

    • To identify the business units, companies or company assets according to your growth needs subject to be purchased during a bankruptcy procedure
    • To analyse the adopted insolvency procedure, competitors and structure of proposals. We will provide you with the most appropriate proposal at any time.
    • To revise creditor legal situation in the bankruptcy procedure, to negotiate with financial entities to subrogate guarantees, and to find a model agreement with the Insolvency Administration
    • Bidder legal representation, generation of the proposal/offer, legal due diligence and definition of guarantees for the purchaser
    • Definition of bridge contracts that enable business continuity and guarantee the value of the goodwill to be purchased. Advisory services to transfer the business and its key assets
    • Development of solutions to subrogate staff, amending layoffs and other changes to substantial labour conditions
    • Legal assistance to approve the offer, requesting the necessary judicial decisions to guarantee the absence of debt transfer from the party in bankruptcy





C/ Claudio Coello, 91, 3ªplanta
28006 Madrid
T. 915 76 58 67
F. 914 26 83 27
How to get


C/ Caso, 3 (Montecerrao)
33006 Oviedo
T. 985 96 31 83
F. 985 96 37 03
How to get


C/ Claudio Coello, 91, 3ªplanta - 28006 Madrid
T. 915 76 58 67 - F. 914 26 83 27 · How to get


C/ Caso, 3 (Monte Cerrao) - 33006 Oviedo
T. 985 96 31 83 - F. 985 96 37 03 · How to get