Publications - Restructuring and Insolvency

  • 04/27/2017

    February newsletter prepared by professionals from the Restructurin & Insolvency Department.

  • 03/29/2017

    Non-performing loan transactions are a very real topical issue in Spain. 2016 left us with 18 large-scale sales of NPL portfolios made by Spanish banks and savings banks, worth €13 billion euros. It is estimated that in Spain alone NPLs to the tune of €120 billion in NPLs could be packaged into portfolios and sold in or after 2017. This is ten times higher than the figure the market could absorb in 2016.

  • 02/09/2017

    February newsletter prepared by professionals from the Restructurin & Insolvency Department.

  • 11/22/2016

    The new release of our newsletter features: An analysis regarding the impact of the repeal of certain court fees on court-based insolvency proceedings (both principal and ancillary); the most significant cases and transactions in which Garrigues has intervened over the last few months including the legal services provided to a fund for the acquisition of an NPL portfolio which is considered the largest transaction on defaulting hotels in Spain, a selection of the most recent and relevant judicial decisions, with special attention given in this edition to the cases involving the assessment phase of insolvency proceedings and the homologation of refinancing agreements, and the conferences, professional events and the latest articles of the members of our team, highlighting an international guide to insolvencies, a new analysis on the Brexit and an article regarding the risks associated to the acquisition of NPL and REO portfolios.

  • 11/08/2016
    There was a particularly vibrant start to 2016 in Spain: the first general elections had just been held from which the nation’s government was to emerge, the entire country had been left waiting for an agreement that would enable the formation of that government, and the Abengoa group, which on the afternoon of November 25, 2015 had filed with a Seville court what is known as a pre-insolvency notice, was fervently trying to hammer out a deal with its creditors (mutual funds, in many cases) that would lift the shadow of insolvency. 
  • 07/29/2016

    The new release of our newsletter features the most significant cases and transactions in which Garrigues has intervened over the last few months including the request by a number of companies of the Pacific Group seeking the recognition in Colombia of their cross-border insolvency commenced in Canada or the legal assessment provided to an investment fund in the purchase of the loan portfolio “Baracoa”; a selection of the most recent and relevant judicial decisions in the field of business reorganizations and insolvencies, with special attention given in this edition to the cases involving breaches of creditors’ agreements and remuneration of the insolvency administration; and the conferences, professional events and the latest articles of the members of our team.

  • 07/22/2016

    June 23, 2016 is a date that will go down in history for the UK as the day British citizens voted for a different future separate from the rest of the EU Member States. If Brexit goes ahead, it will mean that the treaties, regulations and directives that the European bodies have been approving since the 1950s will no longer apply to the UK. Without a doubt, one of the most notable aspects of Brexit is its impact on the markets and, naturally, the legal market.

  • 07/08/2016

    This commentary describes some of the main issues and uncertainties that the United Kingdom’s exit from the European Union will bring, concerning matters such as choice of court agreements, recognition and enforcement of judgments, choice of law and corporate restructuring and insolvency proceedings.

  • 06/10/2016

    La nueva edición de nuestra newsletter incluye los casos y transacciones más significativas en los que ha intervenido Garrigues durante los últimos meses, incluyendo la homologación judicial del acuerdo de refinanciación de Aliwin Plus o las últimas resoluciones recaídas en el concurso de Delforca; una selección de las últimas resoluciones judiciales más relevantes en el terreno de las reestructuraciones e insolvencias empresariales, gozando de especial protagonismo en esta edición la venta de unidad productiva y el concepto de sucesión de empresa; y los próximos eventos en los que participarán nuestros profesionales y los más recientes artículos de los integrantes de nuestro equipo.

  • 05/19/2016
    The brand new newsletter features: The main conclusions that the Commercial Judges have achieved in their last meeting which took place from the 4th until the 6th November 2015 (regarding the creditors’ agreement, the ‘second chance’ mechanism and the practical issues arising from the transfer of business units within the insolvency proceedings); The Consultation dated March 3, 2016, issued by the European Commission on an effective insolvency framework within the European Union; The most significant cases and transactions in which Garrigues has intervened during the last quarter, including the consultation issued by the Directorate General of Taxes as regards the possibility that the loss carry-forward provisions may be transferred within an insolvency proceedings; a selection of the most recent judicial decisions on business reorganizations and insolvencies and the publications of our experts and the recent acknowledgements that the Restructuring and Insolvency Department has achieved in some international legal directories.
  • 02/19/2016
    The brand new Restructuring and Insolvency newsletter features: Summary of Order JUS/2831/2015, of the Ministry of Justice of December 17th, which approves an standard application form to be filled by those debtors willing to initiate an out-of-Court payment agreement with their creditors; The most relevant cases and transactions in which our experts have been involved; Compilation of the latest judicial cases on claw back actions, some of which dig into the conducts performed in fraud of creditors; Selection of case law in the form of insolvency pills, referring to the separate foreclosure by a mortgagee in the insolvency proceeding of a non-debtor mortgagor, the locus standi to bring an action seeking a declaration of breach of a creditors’ arrangement, the complicity in the causing or aggravation of the insolvency or the liability of a director of a subsidiary who followed the instructions issued by the management of the corporate group; and Publications and acknowledgements related to our professional.


  • 11/23/2015

    The brand new newsletter features the most recent legal developments occurred in the restructuring and insolvency practice, such as the “electronic auction” serving also as a method for winding up assets within insolvency proceedings, the new scope of the pledge over future credit rights when the insolvency proceeding of the pledgor debtor is commenced or the limitations faced by insurance agencies pursuing insolvency or pre-insolvency procedures when they are subject to special measures of control.

  • 11/19/2015

    A Chapter 11 in Europe? Assessment of the EU Commission’s Strategy on insolvency law

  • 08/04/2015

    Law 25/2015, of July 28, 2015, on the second chance mechanism, reducing the financial burden and other measures of a social nature, was published in the Official State Gazette on July 29, 2015 and came into force the following day

  • 06/22/2015

    The brand new newsletter features the latest legal developments at both European and national levels on insolvency-related matters, along with a summary of the very recent European Regulation on insolvency proceedings. It also entails some of the most significant cases and transactions of the last quarter, as well as a selection of judicial decisions on current insolvency issues. 

    The newsletter concludes with the latest publications, “posts” and acknowledgements achieved by our experts in some international legal directories.

  • 02/26/2015

    The revamped newsletter of our Restructuring and Insolvency experts offers a faster access to its contents and facilitates its understanding and discussion with our clients, especially with investment funds and foreign credit institutions which are very interested in the latest reforms on pre-insolvency and court approvals of refinancing agreements.

  • 11/19/2014


  • 10/07/2014

    A new R&I commentary is now available providing a summary drawn up by the Department’s specialists of the changes and new elements introduced by Law 17/2014, transposing Royal Decree-Law 4/2014, of March 8, 2014.

  • 09/15/2014

    Briefing on Royal Decree-Law 11/2014, of September 5, 2014 on urgent insolvency-related measures

  • 09/08/2014

    Publication of the new urgent reform of the Insolvency Law took place on Saturday, September 6, 2014. It contains important new legislation on the restructuring of companies’ debts in arrangements with creditors and on liquidation in insolvency proceedings.