Borja García-Alamán de la Calle



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Borja García-Alamán de la Calle



Borja García-Alamán has been a partner at Garrigues since 2008, and has pursued his professional career at the firm since 1997, providing advice on business distress situations, out-of-court restructuring processes, the negotiation and preparation of refinancing agreements and their approval by the courts, pre-insolvency situations and insolvency proceedings. He also has extensive experience in civil and commercial litigation and in arbitration proceedings.

He is renowned in the sector for his experience providing strategic advice to debtors in situations of actual or imminent insolvency, preparing and formally filing insolvency proceedings, having participated in many of the most high-profile insolvency proceedings in Spain (and with a cross-border dimension) in the industrial, construction, automotive, real estate, energy, retail, financial services and sports industries.

An expert on directors’ liability, he provides corporate advice in relation to situations or transactions with an insolvency component or risk, resistance analyses and the prevention of liability or clawback risks.

He is also frequently engaged by creditors to defend or protect their claims, rights, guarantees or contractual positions vis-a-vis distressed or insolvent debtors, as well as to provide advice and analysis regarding strategic acquisitions of companies, production units, business units, shareholdings or claims in distress situations.

Some of his most notable recent engagements include acting as legal counsel in the insolvency proceeding involving the M12 Madrid-Barajas Airport Access Toll Road (€650 million in liabilities); managing the insolvency proceeding of the Petersen Group (with liabilities of roughly €2500 million); providing insolvency advice to hedge funds on the refinancing of Promotora de Información S.A. (PRISA), and to the syndicate of banks in the refinancing and court validation of the refinancing agreement of the Gallardo Group (with liabilities of around €800 million).

His career has been singled out for praise in the most prestigious international legal directories for many years: in IFLR 1000 (Leading Lawyer), Chambers & Partners Global and Chambers Europe, Legal 500 and Best Lawyers.

He has lectured in Insolvency and Pre-Insolvency Law on the Master’s Degree in Business Law at Centro de Estudios Garrigues since 2009 and on the Master’s Degree in Business Insolvency organized by Centro de Estudios Universitarios San Pablo – CEU.

He is also a regular speaker at national and international conferences, focusing mainly on insolvency matters and companies in distress, notably:

  • Delivered a session entitled “Problems of court validation of refinancing agreements” at the International Corporate Restructuring Conference held on April 20 and 21, 2017 at the General Council of the Legal Profession;
  • Delivered a session at the Royal Academy of Jurisprudence and Legislation, Madrid, on “Secured transactions and insolvency” at the Conference entitled “Towards a reform of the Spanish secured transactions system”, which took place on November 30, 2016, organized by Universidad Autónoma de Madrid and the Registration Law Research Center;
  • Delivered a session in Cascais, Portugal, on September 21, 2016 at the INSOL Europe Annual Congress, as part of the panel on “Trying to keep a business afloat: Finance & Liability Issues for Directors and/or Lenders”;
  • Partook in a round table: “Arbitration and insolvency in the new Insolvency Regulations” at the International Arbitration and Litigation Forum organized by FIDE on September 28, 2016;
  • Delivered a session on “Distressed Investing & Restructuring in Spain” at the New York offices of Skadden Arps, Slate, Meagher & Flom LLP in April 2014;
  • Delivered a session entitled “Current issues for Secured Lenders in Receiverships and Insolvencies” organized by the Commercial Finance Association (CFA), held at the offices of Bank of America in London in April 2012;
  • Participated in the panel on “Assessment and conclusion of the insolvency proceeding” (*), at the moderated round table, as part of the cycle of lectures on the Reform of the Insolvency Law, at Universidad Complutense, January 25, 2012;
  • Delivered the session: “Crisis management: a legal perspective” (*) at the Madrid Chamber of Commerce, as part of the Finance Seminars organized by Fundación Numa, in May 2011;
  • Delivered a session entitled “Solutions to business distress: judicial and nonjudicial restructuring processes” (*), Westin Palace, organized by IFE in March 2009;
  • “Protection of family assets in times of crisis” (*) at Universidad de Castilla La Mancha as part of the cycle of lectures organized by Asociación de Empresa Familiar de Castilla La Mancha in November 2012;
  • Delivered a session entitled “Effects of the insolvency order: Effects on credit institutions and financial transactions” (*) on the Special Course in Insolvency Law at the Madrid Bar Association, 2010.

He also regularly participates in ad hoc training courses organized by Centro de Estudios Garrigues.

Borja García-Alamán is a member of Madrid Bar Association and a founding member of the Turnaround Management Association (TMA) in Spain. He also collaborates with the World Bank as an expert contributor to the Resolving Insolvency chapter of the Doing Business report since 2009.

Academic background:

Degree in Law, Universidad Complutense (San Pablo CEU).

Master’s Degree in Business Law, Centro de Estudios Garrigues. 


Books and collective works:

  • “The Restructuring Review” published by Law Business Research (from the 2nd edition in 2009 to the 9th edition in 2016).
  • “Business Distress and Insolvency: Towards a Business Restructuring Law” (*) (author of two chapters) from the Garrigues Collection, published by Aranzadi in 2010.
  • “Commentaries on the Insolvency Law” (*) from the Garrigues Collection (published by Marcial Pons, Madrid, 2004).

Articles and other publications:

  • “Arbitration proceedings underway and insolvency orders” (*), Revista de Derecho Concursal y Paraconcursal, No. 18, first half of 2013, Editorial LA LEY.
  • Articles featured in the Global Insolvency and Restructuring Review published by Euromoney:
    “Business crisis solutions in Spain: A necessary step forward” (2009);
    “Make or break time for Insolvency Law? Towards a Business Restructuring Law” (2010);
    “Objective: Preserving Value” (2011);
    “Spain: Key new legislation introduced by the Insolvency Reform Law” (2012).
  • “Insolvency Law in Crisis? Moving towards business restructuring law” (*), published in La LEY on May 27, 2010.
  • “Directors’ liability and accounting treatment of goodwill” (*) (Expansión, May 2009).
  • “Unique out-of-court agreements with an application to terminate insolvency proceedings” (*) in Revista de Derecho Concursal y Paraconcursal no. 6, La Ley 2007.
  • “The European Restructuring and Insolvency Guide 2005/2006” (published by Globe White Page in association with Deutsche Bank Trust & Securities Services).
  • Article and interview published in Acquisitions Monthly, Reuters – The International M&A and Buyouts Magazine, April 2009.

(*) originally published in Spanish.