Restructuring and Bankruptcy Services in Barcelona
Our bankruptcy, financial restructuring and insolvency lawyers in Barcelona are at the forefront of many restructuring and insolvency cases involving complex multi-jurisdictional issues and insolvency laws. When you are involved with a bankruptcy regardless if its your own company or one of your debtors, we can help limit the negative effects.
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The work we can perform
Our team can assist with a variety of tasks related to canceling, bankruptcy, restructuring, and liquedation. Among the work we perform is:
- Closing company on your behalf
- Preparing of all legal documents
- Bankruptcy and insolvency litigation
- Cash flow, short-term liquidity and capital adequacy analysis
- Debtor-in-possession and exit financing
- Bankruptcy investigation
- Credit restructuring
- Contracts, leases, intellectual property licenses and trading contracts
- Lender liability disputes
- Sale and purchase of distressed debt and portfolio sales
- Valuation and solvency proceedings
We can assist you with mediation, guidance, and execution of your bankruptcy or that of a third parties. Please contact us for further information and assistance.
Assistance when you need it
We can help directors, stakeholders, and other parties associated to get the best outcome.
BarcelonaDesk experts will decisively close your company, set up a rescue operation, or assist with the takeover. We can assist you with all issues related to bankruptcy and restructuring.
Do you need legal advice on this topic? Contact us right away, and let us start handling, take the time off your hands, and provide you with adequate assistance for security.
Frequently asked questions about Spanish Restructuring and Bankruptcy
Are there particular legal provisions in the Spanish jurisdiction concerning the effects of an insured’s bankruptcy or insolvency on the insurance company?
No, there aren’t any legal provisions.
On account of an insured’s bankruptcy or insolvency, what actions or rights could the company exercise?
In the event that the insured doesn’t pay the first premium, this may cause the insurer to demand payment or terminate the contract. Suppose they don’t pay up the accompanying premiums. In that case, the coverage is suspended following a month and will have the contract’s effects suspended if the insurer proves the non-payment.
How might an insured‘s bankruptcy or insolvency situation affect the re-insurers and their cedent insurance company’s relationship?
There is no immediate connection or relationship between the insured and reinsurers.
The insurer is exclusively dependable to the insured. The reinsurance contract must be in agreement with both parties.
What might be the circumstance if an insurance company becomes bankrupt? How would the situation affect insureds and reinsurers?
According to the “Consorcio de Compensación de Seguros” (CCS), which accepts liquidation of the insurer and opens a process of “acquisition of credits from creditors by the insurance contract.” With assets from the CCS, the credit is allotted to the insolvent insurer. Reinsurers: the insured has a unique need over the credit balance regarding the insurer’s account with the reinsured liquidation.
What might occur in the previously mentioned situation with forthcoming reinsurance premiums? Do the reinsurers have any action to collect them?
They would agree as another ordinary creditor in the liquidation process. The reinsurers would have to enter the liquidation process with their credit with the ordinary rating related to it, with no unique priority.
What are the chances of an insurance company becoming bankrupt or insolvent in Spain?
The chances of a company going bankrupt or facing insolvency in Spain are low.
Are there any Spanish regulatory measures adopted to preventing such development?
Yes, this is under the Spanish government guidelines and supervision of Insurance Companies.
