Adrian Thery Martí

Adrian Thery Martí - Garrigues

Languages Known:

  • English
  • French
  • Spanish


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Adrian Thery Martí



Adrian advises debtor companies, credit institutions and distressed investors on out-of-court restructurings, as well as on in-court restructuring or insolvency proceedings, both domestic or cross-border.

Acting as a lawyer for various companies subject to insolvency proceedings, he has to date secured approval of ten Reorganization Plans under current Insolvency Law 22/2003, seven of them “pre-packaged”.

Two of the above Reorganization Plans have been singled out for praise at a European level at the Financial Times Innovative Lawyers Awards in 2009 edition (“Industrial lease in an insolvency”) and 2011 edition (“Accelerating a company-saving approval”).

Additionally, 2013 edition of the FT Innovative Lawyers Awards acknowledged his contribution in a leading case in Spain, consisting of “arguying that a US Law applied to Spanish Insolvency proceedings, allowing bankruptcy Judges to assign contracts in bankruptcy sales.” This innovation has been subsequently introduced in article 146 bis of the Spanish Insolvency Act through Royal-Decree 11/2014, of September 5.

Since 2015, Adrian is a member of the Group of Experts established to assist the European Commission in relation with the proposal for a Directive on preventive restructuring frameworks.

His recent professional experience includes:

  • Lawyer of the majority of banks in the first insolvency proceedings opened in Spain in relation with a cross-border infrastructure, such as the high-speed railway line between Spain and France (In re TP Ferro).
  • Lawyer of the Spanish company that owns the so-called “Ciudad Financiera”, and its two Dutch parent companies, he has obtained from Madrid Commercial Court the opening of insolvency proceedings for the three companies altogether. First precedent in Spain of cross-border downstream COMI consolidation (In re Marme).
  • In the framework of the insolvency proceedings of an important Spanish listed fishing company, he drafted for the investment Consortium the Reorganization Plan that was subsequently approved by the Pontevedra Commercial Court and assigned to certain financial creditors (In re Pescanova).
  • Acting as the attorney of the debtor in the insolvency proceedings of the unique peaking power plant in Spain, he proposed the first Reorganization Plan to be approved to combine classic restructuring measures with sovereign debt restructuring tools.
  • Participating in the inception of the COMI consolidation before Barcelona Commercial Courts of the insolvency proceedings of different European companies of an important industrial group (In re La Seda de Barcelona).
  • Acting as the attorney of two companies subject to insolvency proceedings that were to be merged through their respective reorganization plans, he petitioned and obtained for the first time in Spain from a Commercial Court the exclusion of the individual right of opposition that corporate law generally recognizes to creditors. In practice, this precedent facilitates for classic restructuring tools to be combined in Spanish reorganization plans with other sophisticated tools, such as corporate structural modifications.
  • He advised several international Banks in the first compulsory insolvency application against an industrial borrower to be followed by (i) the replacement of the management of the debtor by Court-appointed receivers; (ii) the granting by the applicants of secured post-petition working capital financing to the “receivers-in-possession”, so as to resume the debtor’s activity that had been interrupted; and (iii) the sale of the debtor’s operating business unit, in a competitive process driven by a Big Four, in order to preserve employment and maximize creditors recovery.

He has been singled out by the leading international law directories:

- Chambers & Partners, in the “Restructuring and insolvency” area (2011-2017):

  • “Adrian Thery focuses on advising mainly international banks on their restructuring and insolvency proceedings. Clients appreciate that «he is not afraid to put his head on the line and has a very decisive style»." (Chambers Global Guide 2012).
  • “Insolvency practitioner Adrian Thery rises in the rankings having earned significant positive feedback. Interviewees say: «He has a good strategic vision. He's creative and a true fighter who doesn't give up, without being aggressive»." (Chambers Global Guide 2014).
  • “Clients of Adrian Thery say that «you can tell he has a lot of hands-on experience; he can go beyond telling us what the law says and give us timings and market expectations»." (Chambers Global Guide 2015).
  • “Adrián Thery specialises in advising debtors and is recognised in the market for “his technical innovation and his negotiation abilities.” He frequently advises on high-profile insolvency proceedings and cross-border matters.” (Chambers Europe Guide 2016).
  • Chambers Europe Guide 2017 acknowledged Adrian Thery as a Band 1 notable practitioner: “Adrián Thery has been especially active in construction and infrastructure insolvency proceedings. Sources mention his dedication to the matters as well as his "strategic view of issues and deep knowledge of the area," with one impressed client adding: "Restructuring and insolvency is an area in which everything is uncertain, there's a lot of grey, but Adrián's advice makes everything a bit more black and white."

- IFRL 1000, in the “Restructuring and insolvency” area (2012 and 2014).

  • “Adrian Thery is ‘technically superb’ and is also highlighted for his strategic abilities.”

- Best Lawyers in Spain , in the “Insolvency and reorganization” area (2009-2017).

- Who’s Who Legal: Insolvency & Restructuring (2014-2017).

Regular speaker at seminars and conferences staged by the Firm and Centro de Estudios Garrigues, as well as an array of specialist centers (INSOL International, INSOL Europe, TMA, Insol-R3, FIDE, Madrid Bar Association, APD, CEOE, ESIC, “Instituto de Fomento Empresarial” IFE, etc.), chambers of commerce and financial institutions.

Some recent panels in which he has participated include:

  • “International Congress on refinancing and corporate restructuring”, Universidad Complutense de Madrid, General Lawyers Council, 20-21 April 2017, Madrid.
  • “The Proposal for a Directive on preventive restructuring frameworks”, Royal Academy of Jurisprudence and Legislation, Commercial Wing, 21 March 2017, Madrid.
  • “A Chapter 11 for Europe?: What insolvency law should apply to corporates in the European Union?”, Institut Droit et Croissance & Banque de France, 28 october 2016, Paris.
  • “Harmonisation des droits nationaux: de la Recommandation du 12 mars 2014 à l’initiative législative de la Commission européenne de 2016”, Conseil National des Administrateurs Judiciaires et Mandataires Judiciaires (CNAJMJ), 20 october 2016, Paris.
  • “The applicability of the EIR on pre-insolvency and hybrid proceedings”, Max Planck Institute for International, European and Regulatory Procedural Law, 7 october 2016, Luxembourg.
  • “The treatment of shareholders’ rights in the insolvency of companies”, Banca d’Italia, 23 june 2016, Rome.
  • “Equity cram-down and EU Harmonization”, TMA Europe Annual Conference, 10 june 2016, Rome.
  • “A Chapter 11 in Continental Europe? Past reforms in Spain and Italy – Assessment of the EU Strategy on Insolvency Law”, Droit et Croissance, Restructuring Conference, 4 November 2015, Paris.
  • “Corporate rescue and the practitioner”, INSOL Europe and Academic Forum, Joint International Insolvency Conference, Nottingham Trent University, 25-26 June 2015, Nottingham.
  • “The Pescanova case analyzed by the main players involved”, Instituto de Estudios Bursátiles, III Distress M&A Workshop, 18 June 2015, Madrid.
  • “Insolvency law reform in the EU – hello Chapter 11 or goodbye NY and London?”, INSOL International, Annual Regional Conference, 22-24 March 2015, San Francisco.
  • “How to overcome jurisdictional hurdles on the path to investment opportunities in the Southern Europe”, Capital Structure, Distressed Debt Seminar, 11 November 2014, London.
  • “Pitfalls for investors in key European jurisdictions”, International Restructuring Conference, Insol Europe / R3, 1 May 2014, London.

Lecturer on the Master’s Degree in Corporate Insolvency (MIE) at Universidad San Pablo CEU.

Founding member of the Spanish Chapter of the Turnaround Management Association (TMA) and President (2015-2016). Contributing member in Spain to the World Bank panel of experts.

Practicing member of the Madrid Bar Association.


Academic background:

Law Degree (Universidad San Pablo CEU).

LL.M. in European Business Law (Universidad San Pablo CEU).

Master’s Degree in Business and Finance (Centro de Estudios Garrigues).



Collective works:

“Business crisis and insolvency: legal observations” (Ed. Aranzadi, Colección Garrigues, 2010).


“Restructuring and insolvency: crossroads in european harmonization” (Revista de Derecho Concursal y Paraconcursal, nº 24/2016).

“Brexit and international insolvency” (Heredia/Thery, El Notario del Siglo XXI, septiembre-octubre 2016, nº 69).

“Cross-border insolvency. Downstream COMI consolidation” (Anuario Mercantil para Abogados 2015).

“Implications of valuation in Spanish Insolvency Act” (Diario La Ley, Doctrine, 3 March 2015).

“First exclusion in insolvency of the creditors individual right of opposition (Fiesta’s merger reorganization plan)” (Revista de Derecho Concursal y Paraconcursal, 2013, second semester).

“The ruling of December 4th 2012 of Madrid Commercial Court #12 and article 191.ter.2 of Spanish Insolvency Act as a new legal event of mandatory assignment of contracts in Spain” (Anuario Mercantil para Abogados 2013).

“Accelerated court approval of advance proposals for arrangements” (Anuario de Derecho Concursal, 2012).

“Certain issues regarding the problems arising in the acquisition of shares or assets of companies under insolvency proceedings” (Revista de Derechos de Sociedades, 2009)

“Insolvency Law in Crisis? Towards a Law on Corporate Restructurings” (Diario La Ley, 2009).

“Halting enforcement under insolvency proceedings” (Revista de Derecho Concursal y Paraconcursal, 2005).

Collective works (originally published in English):

“The Restructuring Review” (Law Business Research – 2013, 2014 and 2015).

Articles (originally published in English):

“Crossroads in EU harmonization on restructuring and Insolvency: towards a market-based system or one where the Senior takes it all?”. (Reimagining rescue, Insol Europe Academic Forum, Nottingham Trent University, September 2016).

“Crossroads in EU harmonization on restructuring and Insolvency: towards a market-based system or one where the Senior takes it all?” (Revue Trimestrielle de Droit Financier (RTDF), Paris, nº 1/2016).

“Acquisition Of Distressed Businesses In Spain And ‘RIP Financing’” (Financier Worldwide, August 2013).

“Spain: Key new legislation introduced by the Insolvency Law Reform” (Global Insolvency & Restructuring Review, Euromoney, 2012).

“Objective: Preserving value” (Global Insolvency & Restructuring Review, Euromoney, 2011).