Restructuring & Insolvency Newsletter - July 2024 | Publications and events where Garrigues participates

Publications

‘Commentary of the Insolvency Law, 3^rd edition’

Adrián Thery, Andrés Gutiérrez Gilsanz, Iván Heredia, Pablo García Castro and Andrés Ignacio Martín, members of the Garrigues Restructuring and Insolvency Department, participated in the preparation of the work entitled Comentario a la Ley Concursal, 3ª Edición (Commentary of the Insolvency Law, 3^rd edition), published by Wolters Kluwer, led by Juana Pulgar, professor with a Chair in Corporate/Commercial Law at Universidad Complutense de Madrid, and coordinated by Andrés Gutiérrez Gilsanz, professor with a Chair in Corporate/Commercial Law at Universidad Rey Juan Carlos. Specifically, the articles commented by our professionals have been the following:

• Adrián Thery.- From 622 to 630.
• Andrés Gutiérrez Gilsanz.- From 315 to 332; from 337 to 349; from 351 to 361, from 376 to 405; and 467.
• Iván Heredia.- 735 bis, 745 bis, 753, 754 and 755.
• Pablo García Castro.- 415 and 415 bis, from 421 to 424; 468 and 469.
• Andrés Ignacio Martín.- 296 bis and 401 bis.

'Joint processing of competing restructuring plans'

Adrián Thery has published, together with magistrate-judge Amanda Cohen, an article entitled La acumulación de los planes de reestructuración competidores(Joint processing of competing restructuring plans) in journal Almacén De Derecho (April 2023). This article looks at the procedure for handling competing restructuring plans, the connections between plans and the advisability of their joint processing.

‘How to Obtain Recognition of a Foreign Insolvency Process and How to Enforce Insolvency-Related Judgments (Spain)’

Adrián Thery, Juan Verdugo and Ivan Heredia, members of the Garrigues Restructuring and Insolvency Department, published an article entitled How to Obtain Recognition of a Foreign Insolvency Process and How to Enforce Insolvency-Related Judgments (Spain) on the Thomson Reuters editorial portal (Practical Law Global– UK). In this article they explain how a foreign insolvency proceeding may be recognized in Spain, the requirements that have to be met and any potential injunctive remedies that could be adopted to assist those foreign proceedings.

‘Risks for Transactions and Directors in Financially Distressed Businesses (Spain)’

Adrian Thery, Juan Verdugo, Pablo García Castro and Andrés Gutiérrez Gilsanz, members of the Garrigues Restructuring and Insolvency Department, authored the article Risks for Transactions and Directors in Financially Distressed Businesses (Spain)on the Thomson Reuters editorial portal (Practical Law Global– UK), in which they analyze the obligations of directors and the performance of their duties at companies that are insolvent or in the vicinity of insolvency, their applicable liability rules and the assessment of this conduct by the insolvency administrator. 

'International transfers of claims: present and future challenges'

A collective work entitled Cesiones Internacionales de créditos: retos pendientes y futuros (International transfers of claims: present and future challenges) led by Iván Heredia, from the Garrigues Restructuring and Insolvency Department was published by Tirant Lo Blanch on September 20. Iván Heredia wrote two chapters of the work, with the titles Aspectos jurídico-reales de las titulizaciones internacionales. El modelo del futuro Reglamento sobre la ley aplicable a los efectos frente a terceros de las cesiones de créditos (Issues concerning in rem legislation in international securitizations. The model for the future Regulation on the law applicable to the effects of transfers of claims vis-à-vis third parties) and La ley aplicable a los derechos reales sobre los créditos: la aplicación de la ley de la residencia habitual del cedente como norma general en la propuesta de Reglamento sobre ley aplicable a las cesiones internacionales de créditos (The law applicable to in rem rights over claims: application of the law on the transferor’s habitual residence as the general law in the projected Regulation on the law applicable to international transfers of claims) (jointly written with professor with a Chair in Private International Law Francisco José Garcimartín Alférez).

‘Equity wipe-out in the new regulation of restructuring plans in Spain’

Ander Gutiérrez, associate at the Garrigues Restructuring and Insolvency Department, has published an article entitled ‘Equity Wipe-Out’ en el nuevo régimen de los planes de reestructuración en España’ (Equity wipe-out in the new regulation of restructuring plans in Spain) in journal Revista Asocia, led by Centro de Estudios Garrigues. In it he analyzes how restructuring plans allow for existing shareholders to be wiped out and for new creditors to enter the equity, and explains the safeguards provided for in the insolvency law to avoid plans that “expropriate” the rights of pre-restructuring shareholders.

‘About Celsa, Celsus and the brand new restructurings’

Adrián Thery, partner in the Garrigues Restructuring and Insolvency Department, published the article 'De Celsa, Celso y las reestructuraciones que ya están aquí' (‘About Celsa, Celsus and the brand new restructurings’) in the newspaper Cinco Días on October 30, 2023. In it, our partner analyzes the new regulation of restructuring plans has brought about, highlighting its main characteristics.

Awards and accolades

Andrés Gutiérrez Gilsanz obtains Chair in Corporate/Commercial Law (Cátedra de Derecho Mercantil) at Universidad Rey Juan Carlos

Andrés Gutiérrez Gilsanz, a member of the Garrigues Restructuring and Insolvency Department, has obtained a Chair in Corporate/Commercial Law (Cátedra de Derecho Mercantil) at Universidad Rey Juan Carlos, in recognition of his multidisciplinary research work in the various areas of corporate law (Decision of May 26, 2023).

Chambers ranks Garrigues Band 1 in the areas of Restructuring and Insolvency 2024

The prestigious directory Chambers Europe 2024 has recognized Garrigues in Band 1 in both the Restructuring and Insolvency areas. Band 1 has also been recognized to our partner Adrián Thery.

IFLR 1000 2024 ranks Garrigues Band 1 in the area of Restructuring and Insolvency

Garrigues has been ranked Band 1 in the Restructuring and Insolvency area by reputable directory IFLR 1000.

Legal 500 (EMEA 2024) ranks Garrigues Band 1 in the area of Restructuring and Insolvency, and recognizes several partners in such practice area

In its 2024 edition, the Legal 500 directory has ranked Garrigues Band 1 in the Restructuring and Insolvency area. On top of this, several lawyers from our department were singled out in the Restructuring and Insolvency area category. Adrián Thery, partner and director of the firm’s Restructuring and Insolvency Department was placed in the Hall of Fame category, partners Borja García-Alamán and Juan Verdugo were recognized as Leading Individuals and Garrigues partner Juan María Jiménez was commended as a Next Generation Partner.