If you are a director and fear a culpable classification, or you are a creditor of a company that has filed for bankruptcy, we provide you with a preliminary legal report with your actual exposure, your position, and the deadlines to act.
Most commonly: the company has been struggling for months, you’ve tried to restructure debt and finally bankruptcy has been filed. The bankruptcy administrator appears and starts requesting documentation. They talk to you about classification. They talk to you about bankruptcy liability. They talk to you about rescissory actions for operations in the previous two years.
Or the opposite: your company is a supplier to another that has just declared bankruptcy. You have unpaid invoices, delivered merchandise, and a real risk of not being paid. A culpable classification can lead the director to respond with their personal assets. Failure to file the credit claim on time leaves the creditor without the right to collect from the estate. What is done in the first weeks determines the outcome.
If a collaborative stance with the bankruptcy administrator is advisable, we tell you. If formal opposition is advisable, we tell you that too.
Before moving documentation or assuming liabilities, we provide you with a preliminary legal report on your actual position under the Insolvency Law Code, the specific risks (clawback actions, classification), the procedural strategy in the commercial court and the possible exit.
Meeting room
Insolvency classification section (arts. 441 et seq. TRLC). Defense against imputation of culpable insolvency, insolvency liability for deficit (art. 456 TRLC) and disqualification. Analysis of triggering facts: breach of duty to file for insolvency, accounting irregularities, unjustified asset transfers.
Defense of the administrator or third contracting party against actions under art. 226 TRLC regarding acts detrimental to the estate carried out in the two years prior to the declaration of insolvency.
Communication of claims within deadline, classification of credit (special privilege, general privilege, ordinary or subordinated), challenge of the insolvency administrator’s report, claims for estate debts.
Mortgages, pledges and other security interests on debtor’s assets. Separate enforcement proceedings when applicable. Defense against composition agreement proposals that affect your security.
We assist the administrator in the pre-insolvency phase: opening negotiations notice, restructuring plan with court approval and bankruptcy prepack.
Subsidiary liability under art. 43.1.b LGT and derivation of liability for Treasury debts in bankruptcy context. Analysis in parallel to pure bankruptcy defense.
Individual bankruptcy proceedings under Second Chance Mechanism not related to business activity, nor pure bankruptcy cases of great complexity. For those we refer to trusted bankruptcy specialists.
If your matter fits with one of these specific services, you should review the specific page:
Guilty classification and bankruptcy liability are not improvised in court. They are built from the first meeting with the bankruptcy administration.
We work with the Consolidated Bankruptcy Law and Law 16/2022 transposing the Restructuring Directive in hand. Not with textbook generalities.
Your case is handled by the attorney who signs the report. We coordinate with trusted bankruptcy specialists for the technical aspects of the proceeding.
We operate in the commercial courts of Madrid, where a significant portion of Spain's bankruptcy litigation is concentrated.
First, do not respond without legal counsel. Any written statement or meeting can later be incorporated into the classification section. Second, review the triggering facts that case law identifies with culpable classification: failure to fulfill the duty to petition for bankruptcy, accounting irregularities, asset stripping. Third, evaluate whether a collaborative or defensive stance is advisable.
One month from the call to creditors published in the Official State Gazette following the bankruptcy declaration order. After the deadline, a late-filed claim may be subordinated or, if not filed at all, lose the right to payment from the estate.
Yes, if the company was already insolvent or close to insolvency and the transaction is detrimental to the estate. The avoidance action under article 226 TRLC covers acts performed in the two years prior to the bankruptcy declaration.
No. The Second Chance Mechanism for individuals not connected to business activity is not our area of practice. For sole proprietors connected to a business, we evaluate on a case-by-case basis.
The classification judgment declares bankruptcy as culpable when intent or gross negligence by the administrator is found in generating or aggravating the insolvency. Fortuitous in all other cases. The patrimonial difference is decisive: culpable bankruptcy can lead the administrator to be liable with personal assets for the bankruptcy deficit.
If you are an administrator with declared bankruptcy or in negotiation, or a creditor of a bankrupt company, write to us. We will tell you within 24 hours if we can help you and what the next step would be.
We respond within 24 business hours. The information you share is subject to the duty of confidentiality inherent to the practice of law.