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Restructuring and Special Situations

Areas of expertise
  • Bankruptcy and insolvency
  • Credit defense and recovery
  • Insolvency law
  • Distress M&A (acquisition and divestiture of companies and assets)
  • Distress and financial stress
  • Corporate restructuring
  • Refinancing and negotiation with creditors
  • Directors and officers liability
  • Special situations and risk prevention

Andersen offers comprehensive advice on restructuring, special situations and distressed transactions, accompanying companies and multinational groups in times of financial stress, loss of liquidity, deterioration of assets or structural changes that require quick responses and strategic decisions. The area is oriented both to the early detection of risks and the design of solutions to stabilize the business and guarantee its continuity.

The team participates in business reorganization processes, debt refinancing and analysis of the economic-financial situation, preparing viability proposals that are negotiated with financial institutions, investors, suppliers and other stakeholders. The objective is to build sustainable structures that preserve value, reactivate operations and improve the company’s competitive position.

Andersen also advises on restructuring frameworks, refinancing agreements, pre-bankruptcy mechanisms and the legal management of national and international bankruptcy proceedings. Likewise, support is provided to creditors in the defense of their claims and in the analysis of the debtor’s solvency in order to guarantee an efficient recovery.

On the transactional side, the team has solid experience in distress M&A, assisting investors, funds and companies seeking to acquire or divest assets or business units in special situations. This advice covers the identification of opportunities, the analysis of associated risks, the legal and financial structuring of the transaction and the accelerated negotiation typical of distress scenarios.

Finally, the department intervenes in the prevention and analysis of conduct that may generate corporate, tax or criminal liabilities, as well as in the legal defense of administrators -both in law and in fact- in particularly complex proceedings.

Services

Corporate Restructuring

  • Creation and implementation of viability proposals with credit institutions and suppliers to achieve optimal economic-financial and equity structuring.
  • Adoption of labor measures aimed at adapting the productive and organizational structure of the company to the new circumstances.
  • Implementation of extrajudicial or judicial procedures, both in distress situations and in phases prior to insolvency.
  • Out-of-court payment agreements and bankruptcy proceedings.
  • Sales of assets, production lines and production units.
  • Legal direction and advice in national and international bankruptcy proceedings, particularly in distress situations.

Credit Defense and Recovery

  • Analysis of the debtor's solvency, with special attention in distress situations.
  • Advice in the negotiation of contracts and in obtaining guarantees for the protection of credits.
  • Advice on contracting with companies in difficulty, including in distress scenarios.
  • Legal defense of claims, both in individual enforcement proceedings and in bankruptcy proceedings.

Acquisitions of companies and assets

  • Conducting legal due diligence in purchase and sale transactions, especially in M&A distress scenarios.
  • Advice during the whole acquisition process, national and international, reducing the legal risks derived from acquisitions, especially in distress situations.
  • Defense against reinstatement actions in distress proceedings.

Responsibilities of the Management and Administrative Bodies

  • Analysis and prevention of conduct which may entail corporate, tax or criminal liabilities, with special focus on the context of distress and restructurings.
  • Legal defense of the liability of directors (de jure or de facto), particularly in particularly complex proceedings associated with distress situations.

Related publications

Restructuring and Insolvency Magazine. October 2025 Restructuring and Special Situations Special English language edition of our Insolvency and Restructuring Magazine READ MORE >>
Europe after Directive (EU) 2019/1023 of 20 June 2019: A comprehensive European Guide Restructuring and Special Situations Directive 2019/1023 aims to harmonize and modernize restructuring and insolvency frameworks across EU member states. This publication reviews the varying legal frameworks in different EU countries and some non-EU jurisdictions READ MORE >>
Andersen strengthens its position in Chambers with eight departments and 15 leading professionals in the Chambers Europe 2022 ranking Restructuring and Special Situations, Culture and Entertainment, Environment, Sustainability and ESG, Litigation and Arbitration, Employment, Banking and Finance, Tax, Corporate and M&A, Urban planning, Public and Regulatory The 2021 edition of Chambers & Partners highlights the firm in the areas of Corporate/M&A, Dispute Resolution, Employment and Tax and, for the first time, Public Law, Planning, Corporate Compliance and Environment READ MORE >>
Andersen improves its ranking in The Legal 500 with nine top areas and new individual recognitions Employment, Tax, Real Estate, Corporate and M&A, Public and Regulatory, Restructuring and Special Situations, Agrifood, Litigation and Arbitration, Banking and Finance The firm is ranked in the "Industry focus: Food" area and Ignacio Aparicio is included as Leading Individual in the "Corporate, Commercial and M&A" area. READ MORE >>
New moratorium on insolvency proceedings Restructuring and Special Situations Claudio Aguiló explains the approval of the new moratorium on the obligation to file for insolvency proceedings in El Economista. READ MORE >>
Andersen Tax & Legal incorporates Manuel Calvé to take on the coordination of the Insolvency Administration area Restructuring and Special Situations Manuel Calvé joins the firm as Of Counsel and coordinator of the Insolvency Administration area, integrated in the Restructuring and Insolvency department READ MORE >>
Iberian Lawyer recognizes Claudio Aguiló in the ‘Forty under 40’ awards Restructuring and Special Situations Claudio Aguiló, Senior Associate of Restructuring & Insolvency, has been recognised as one of the best 40 Iberian Lawyers under the age of 40 years old READ MORE >>
Practical Law: Country Q&A on Mediation, Settlement and Governing law & Jurisdiction Restructuring and Special Situations, Litigation and Arbitration Luis Morón, Natalia Andrés y Carla Carrasco contribute to the Practical Law guide published by Thomson Reuters READ MORE >>
Chambers Highlights Andersen Tax & Legal in the Dispute Resolution and Corporate/M&A Areas of the 2018 Europe Guide Litigation and Arbitration, Employment, Tax, Corporate and M&A, Restructuring and Special Situations

The editorial includes Íñigo Rodríguez-Sastre as an outstanding lawyer in Dispute Resolution, Javier Mata in Insolvency, Alfredo Aspra in Labour and Javier Vinuesa in Tax

READ MORE >>