It may happen that you or the company you represent is a creditor in a Spanish moratorium of debt, bankruptcy or chapter eleven proceedings.
The case may be that your company or subsidiary in Spain is in a situation of insolvency and needs to file for either one of these proceedings.
De Haan Abogados will find out precisely what is going on in any insolvency procedure and inform you about your chances to maximise debt recovery or explain why no recovery should be expected. If recovery of debt is possible, we will initiate all necessary legal action.
We can also file for moratorium of debt or bankruptcy if there is no other way out and/or the Spanish law obliges you to do so. Since the introduction of the Spanish Bankruptcy Act in 2004 (“Ley Concursal”) the legislation has definitely improved and has become much clearer.
Insolvency proceedings and restructuring of companies and business have always been one of the cornerstones of the practice of De Haan Abogados.
Lawyers of De Haan Abogados have been appointed various times as trustees of bankrupt Spanish companies and know all the ins and outs of that practice. We are also member of the European association of insolvency lawyers “Insol Europe” (www.insol-europe.org).
Any foreign entrepreneur or company whose Spanish subsidiary has run into financial trouble and wants to cut losses, is recommended to contact us we can advise you on all options under Spanish law and in Spanish practice.
Position of the creditor
Companies all over the world enter in financial troubles, suspension of payments or end up bankrupt. These are simple facts of economic life. If you are a creditor in insolvency proceedings in Spain, your outlook is usually not too good.