Bankruptcy Lawyers in Spain

Our team has the knowledge and experience to handle even the most complex Bankruptcy cases. Contact us to learn how we can help.


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To request a free consultation case, please provide us with your contact details below and we will contact you via email or phone.

How can our Bankruptcy lawyers help you?

Our bankruptcy lawyers in Spain are dedicated to providing comprehensive support and guidance to help you navigate the complexities of bankruptcy and find the best solutions for your financial situation. Here’s how our team can assist you:

  1. Personalized Consultation: We offer personalized consultations to assess your unique financial circumstances and discuss, from the legal perspective, the best path forward, whether it’s bankruptcy or alternative debt relief options.

  2. Bankruptcy Assessment: Our lawyers will evaluate your eligibility for bankruptcy and determine which type of bankruptcy, such as liquidation (Chapter 7) or debt restructuring (Chapter 13), is most appropriate for your situation.

  3. Legal Expertise: With a deep understanding of Spanish bankruptcy laws and regulations, our lawyers provide expert legal advice, ensuring that you make informed decisions regarding your financial future.

  4. Document Preparation: Filing for bankruptcy in Spain involves extensive paperwork. Our team will assist you in preparing and submitting all legal required documents accurately and on time.

  5. Creditor Negotiations: Before resorting to bankruptcy, we can negotiate with creditors on your behalf to reach debt settlement agreements or debt restructuring plans, potentially avoiding bankruptcy.

  6. Legal Protection: Our lawyers are dedicated to protecting your rights and assets throughout the bankruptcy process, ensuring that creditors follow the law and that your interests are safeguarded.

  7. Court Representation: In the event that litigation is necessary, our bankruptcy lawyers can represent you in court, advocating for your rights and presenting your case effectively in bankruptcy proceedings.

  8. Asset Protection: If you are facing liquidation bankruptcy, we will work to protect, if according to lawy, your exempt assets, such as personal belongings and primary residences.

  9. Creditor Communication: We can manage all communication with creditors, alleviating the stress of constant calls and letters and ensuring that all discussions are conducted within the legal framework.

  10. Tax Consequences: Bankruptcy may have tax implications, and we can provide advice on how it may affect your tax obligations.

  11. Credit Counseling: Our lawyers can assist you in fulfilling credit counseling requirements that may be part of the bankruptcy process.

At Lexidy, we are committed to providing you with the support, expertise, and representation needed to navigate bankruptcy proceedings successfully. We understand the challenges you are facing, and we are here to guide you toward a more secure financial future. Contact us today to discuss how our bankruptcy lawyers can assist you.

What is bankruptcy procedure?

The insolvency proceeding is a legal procedure with the primary objective of addressing insolvency issues and financial instability within a business. This process serves a dual purpose: firstly, it aims to ensure that creditors can be appropriately compensated, and secondly, it seeks solutions to sustain the business’s operations and prevent it from going bankrupt. In essence, it is a legal mechanism designed to tackle financial challenges, balance the interests of creditors, and promote the ongoing viability of the business.

Both individuals and companies can ask for it.

  • When I find myself in a situation where I am unable to meet my ordinary financial obligations.
  • I am not yet in that situation but it is imminent.
  • I foresee that in the next three months I am going to be in that situation.

You will need a lawyer to assist with the legal strategy and a “procurador” to act in court on my behalf. Contact us now for a free consultation of your case.

You will need to gather several essential documents for the bankruptcy or insolvency proceeding, including:

  • Economic reports for the past three years.
  • Annual financial statements for the last three years.
  • A detailed list of creditors.
  • A comprehensive list of employees.
  • An inventory of the company’s assets.

These documents are crucial for the evaluation and decision-making processes throughout the insolvency or bankruptcy proceedings, helping to provide a comprehensive view of your financial situation and facilitating discussions with creditors and relevant authorities.

The insolvency procedure typically unfolds in the following stages:

  1. First and foremost, a comprehensive list of creditors is compiled, with each creditor being given a one-month window to communicate the details of their credit claims.

  2. Subsequently, the possibility of initiating a negotiation or agreement with the creditors is explored. This involves presenting a plan outlining the feasibility of the business’s revival and proposing certain concessions, such as extending payment timelines or seeking debt forgiveness, in order to chart a path forward for the company.

  3. Additionally, it’s important to note that, either concurrently or sequentially with the negotiation phase, if the company is unable to secure its future, the liquidation phase commences. During this stage, all assets are meticulously assessed and managed, and creditors are compensated according to their priority in the hierarchy of debt repayment.

  4. Simultaneously, an evaluation is conducted to determine whether the insolvency situation arose due to the fault or liability of the company’s administrators. This assessment helps determine if any legal actions should be taken against them.

These stages collectively constitute the framework of the insolvency procedure, addressing the dual objectives of finding a viable solution to keep the business afloat while also ensuring that creditors are treated fairly and their claims are addressed. Additionally, the process includes an inquiry into the responsibility of the company’s administrators for the insolvency situation.

As the manager of a company, your liability for the company’s debt in a bankruptcy situation depends on specific circumstances outlined in the bankruptcy law. Here are the scenarios in which managers can be held responsible with their personal assets:

Situations in which liability is established without exception:

  1. When the debtor takes possession of all or part of the company’s assets to the detriment of its creditors or hinders enforcement proceedings.
  2. When, within the two years preceding the declaration of insolvency, assets or rights are fraudulently removed from the company’s assets.
  3. When, before the insolvency declaration, the debtor engages in legal acts aimed at creating a fictitious asset situation.
  4. When the debtor submits inaccurate information or false documents during the bankruptcy process.
  5. When the debtor, who is legally obligated to maintain accurate accounts, fails to do so, maintains duplicate accounts, or commits significant irregularities in the accounts relevant to understanding the company’s financial situation.
  6. When the initiation of liquidation is mandated ex officio due to the debtor’s breach of agreements attributable to their actions.

Situations in which liability is established unless proven otherwise:

  1. Failure to fulfill the duty to request the declaration of insolvency when necessary.
  2. Failure to cooperate with the insolvency judge and administration, including not providing necessary information or attending creditors’ meetings when their participation could have been decisive.
  3. Failure to prepare annual accounts, submit them for audit (when required), or deposit them in the appropriate registers during any of the last three financial years before the insolvency declaration.

In summary, the liability of company managers for the company’s debt in a bankruptcy situation is contingent on these specific circumstances, and liability can be limited or extended based on the nature of the actions or omissions. It’s important to note that in some situations, managers may be held personally responsible for the company’s debts, but in others, they have an opportunity to prove their innocence. Legal advice is crucial in determining the extent of your liability as a manager in a given bankruptcy case.

If you’re facing financial challenges, seeking expert guidance, and safeguarding your interests during bankruptcy proceedings is paramount. Our experienced bankruptcy lawyers at Lexidy are here to assist you every step of the way. 

Don’t navigate this complex process alone. Contact us today to explore how our dedicated team can provide tailored solutions for your financial recovery and a more secure future. Your peace of mind is just a call or click away. Reach out to us now to schedule a consultation with our trusted bankruptcy attorneys.

Contact Us

To request a free consultation case, please provide us with your contact details below and we will contact you via email or phone.

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Frequently Asked Questions

Bankruptcy in Spain, often referred to as “concurso de acreedores,” is a legal procedure designed to address insolvency and financial distress. It allows individuals and businesses to restructure their debts or, in some cases, undergo liquidation to pay off creditors.

In Spain, the two primary types of bankruptcy proceedings are “concurso de acreedores” and “concurso necesario.” The former is voluntary, initiated by the debtor, while the latter is mandatory and can be triggered by a creditor’s request.

Both individuals and legal entities, including businesses, can file for bankruptcy in Spain if they are facing financial insolvency. This includes self-employed individuals, corporations, and partnerships.

The primary objective of bankruptcy proceedings in Spain is to ensure fair treatment of creditors and facilitate the financial recovery of the debtor. This can involve debt restructuring or the orderly liquidation of assets to satisfy outstanding debts.

The fate of your assets in bankruptcy depends on the type of bankruptcy and exemptions available. In some cases, assets may be liquidated to repay creditors, while in others, you may be able to retain certain exempt assets.

Yes, bankruptcy proceedings in Spain are generally a matter of public record. Information about insolvency proceedings is accessible to the public and creditors through the Mercantile Registry.

The duration of the bankruptcy process in Spain can vary depending on the complexity of the case and local court procedures. Typically, it can take several months to several years.

Yes, it is possible to file for bankruptcy multiple times in Spain. However, there may be restrictions on the timing and conditions for seeking bankruptcy relief again.

Certain debts, such as child support, alimony, certain tax debts, and debts incurred through fraud, cannot be discharged through bankruptcy in Spain.

While it is not mandatory to have a lawyer for bankruptcy in Spain, it is highly recommended. A qualified attorney can provide essential legal guidance, navigate the complex legal process, and protect your interests during bankruptcy proceedings.

Please note that bankruptcy laws and procedures can change over time, so it’s important to consult with a qualified attorney or the relevant Spanish legal authorities for the most up-to-date and accurate information regarding bankruptcy in Spain

Our Litigation Lawyer

Assisting clients in this field is always a challenge that has great importance as we are dealing with their expectations. Therefore, we make sure to always provide the utmost care and focus in our solutions, to make sure we find the right opportunity to protect their interests.¨

by Jorge Grases – Head of Litigation and Bankruptcy