Restructuring & Insolvency Newsletter - April 2021 | News, publications and events

Legal 500 directory gives highest recognition to the Garrigues Restructuring and Insolvency Department

Garrigues was ranked by Legal 500 among the Tier 1 restructuring and insolvency practices. Moreover, it also includes Garrigues partners Adrián Thery, Borja García-Alamán and Juan Verdugo among the leading individuals and Juan María Jiménez as a next generation partner.

Adrián Thery speaks at session organized by FIDE on the legal frameworks governing insolvency in Spain and in the US

The session, held in the Fundación para la Investigación sobre el Derecho y la Empresa (FIDE) on January 21, 2021, was entitled “Mapping the advantages and disadvantages of the US System and the Spanish System in terms of insolvencies” and dealt, from a comparative law perspective, with the legal insolvency rules in the U.S. and Spanish jurisdictions, together with the advantages and disadvantages that each system brings.

Adrián Thery is panelist in webinar hosted by Garrigues on the pre-pack insolvency process and the sale of productive units

The webinar on the subject of “New Opportunities for Purchasing Businesses without Debt: Pre-Packs” was broadcasted on February 12, 2021. Participants commented on the new guidelines by Barcelona’s commercial court judges on the pre-pack procedure and a discussion on the light and shadow sides of this new mechanism, as well as their expectations as to how it will be taken forward and implemented at commercial courts throughout Spain.

Adrián Thery and Andrés Gutiérrez speak at seminar organized by the Garrigues Chair on the subject of the supreme court judgment regarding the right of withdrawal and classification in insolvency proceedings

The subject of the seminar on February 23, 2021 was “The supreme court judgment rendered on January 15, 2021 regarding the right of withdrawal and classification in insolvency proceedings of the withdrawing shareholder’s claim”. Adrián Thery took part as moderator and Andrés Gutiérrez as speaker, and the session involved an analysis of recent judgments by the Supreme Court (Chamber One) on January 15, and February 2 and 9 2021 relating to the forfeiture of shareholder status after exercising the right of withdrawal and the classification in insolvency proceedings of their claims for repayment.  

Adrián Thery moderates at FIDE conference session on the pre-pack procedure at Barcelona’s commercial courts

The subject of the sessionheld on March 2, 2021 was “The sale of a productive unit in the pre-insolvency phase: pre-pack procedure at Barcelona’s commercial courts”. They analyzed the main issues posed by the appointment in the pre-insolvency phase of an independent expert, its functions, appointment, responsibilities and fees, as well as what the judges expect in practice from its activities.

Diego Armando Venturoli gives talk in webinar on current insolvency law issues

The webinar broadcast on March 16, 2021 to discuss the subject of “Legal analysis and commentary, case law and economic vision on insolvency law” was organized by the Registry Studies Service and by the Regional Board of Registrars in Catalonia. Speakers commented on the latest new practical guidelines on the pre-pack insolvency process, as well as the legal treatment given to this mechanism in various foreign jurisdictions.  

Carlos Lama speaks at conference on pre-insolvency processes and refinancing agreements in Spain

Carlos Lama spoke at a session held on April 9 to discuss the subject of “Pre-insolvency processes and refinancing agreements in Spain” organized by the Colombian Companies Agency.

Adrián Thery publishes article in legal blog Almacén de Derecho on conflicts of interest and refinancing agreements

Co-written by Adrián Thery and Francisco Garcimartín and published on February 24, 2021, the artícle analyzes a recent Pontevedra commercial court judgment rendered on January 17, 2021 upholding a challenge of Nueva Pescanova’s refinancingagreement, and takes that judgment as a starting point for a reasoned discussion on conflicts of interest related to pre-insolvency law and refinancing agreements in particular.

Juan Verdugo and Jose Manuel Fariñas publish article in latest issue of Revista de Derecho Concursal y Paraconcursal on assignment of contracts in transfers of productive units

Issue 34 of the journal published by publisher La Ley includes the article on the subject of “Transfers of productive units and assignment of contracts: do the counterparties to the assigned contracts have to be notified?”. The authors analyze transfers of productive units where the assigned counterparty is a foreign one and the international public policy issues that may affect enforcement of the decision by the Spanish judge.

Garrigues publishes new issue of newsletter on the current status of the NPL and REO markets in Latin America, Spain and Portugal

This new issue, prepared by the debt capital markets team at Garrigues, includes an analysis of the main trends: the putting on hold of jumbo NPL transactions, the accelerated pace in sales of single names and the entry of new players in the debt market.

New insolvency and restructuring journal released by publisher Iustel

The first issue has been published of new journal Revista General de Insolvencias y Reestructuraciones, for which our colleague Andrés Gutiérrez is subdirector and editing coordinator, and Adrián Thery is on the Editing Board.