We are the go-to firm in Spain to act as Restructuring Experts for companies in financial distress. We have vast legal, economic and financial know-how and proven experience. Our track record can attest to that.
The current legal framework focuses on prevention of insolvency to ensure that viable companies going through financial difficulties have the necessary tools to be able to continue their activity. The ultimate objective is to obtain a solution outside a formal bankruptcy proceeding and in a more agile and effective manner.
When facing financial difficulties, a ‘Restructuring Plan’ can be put in place. For this purpose, both the company and its creditors can request the appointment of a ‘Restructuring Expert’ to act as an aide of the court and assist the debtor and the creditors through the necessary negotiations and the preparation of a ‘Restructuring Plan’.
In Kepler-Karst Restructuring Expert, we have top-level professionals with the required technical know-how to perform the role of the ‘Restructuring Expert’ and to assist companies in the preparation of the ‘Restructuring Plan’, guaranteeing the impartiality, objectivity, and independence required in this type of processes.
These are some of the main functions that the law has assigned to the ‘Restructuring Expert’:
– Assistance to the debtor and creditors in the negotiations, as well as in the preparation of a ‘Restructuring Plan’, ensuring that it is communicated to all creditors whose claims may be affected.
– Preparation of a valuation of the company as a going concern, as well as the determination of the fair value of the claims of any privileged creditors.
– Filing and obtaining the judicial approval of the ‘Restructuring Plan’.
– Preparation of any other reports that may be required, and/or filing any other subsidiary claims that may be required.
Our highly specialized team is led by Professor Dr. Rodrigo Olivares-Caminal, an expert in debt restructuring and international finance who has been involved in some of the largest corporate, banking and sovereign restructurings globally, and by Armando Betancor, one of Spain’s leading experts in restructuring.
New Legal Framework
Under Law 16/2022, of 5 September 2022 (TRLC), Spain transposed Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 on preventive restructuring frameworks, whose aim is to increase the efficiency of restructuring, insolvency and debt discharge proceedings.
One of the new aspects contemplated in Law 16/2022 are the pre-insolvency processes focusing on restructurings and second opportunities.
As result, companies in distress can swiftly restructure their debts through a ‘Restructuring Plan’, for which a ‘Restructuring Expert’ needs to be appointed. The appointment of the Restructuring Expert must be made by a Judge at the proposal of the debtor and/or creditors. The ‘Restructuring Expert’ can be a natural or a legal person, Spanish or foreigner with specialized legal, financial, and business knowledge, as well as experience in restructuring matters or valid proof of meeting the requirements to be an insolvency trustee, as established by Law 16/2022.
As required by law, the ‘Restructuring Expert’ we will perform the role with the duties of independence and with the due diligence of a professional specialized in restructuring, as well as with impartiality and objectivity regarding both the debtor and the creditors. Our role as a leading boutique specialized in restructuring matters put us in a privileged position, as we are rarely affected by conflicts of interest.
Our technical capacity ...
The role of ‘Restructuring Expert’ are led by Professor Dr. Rodrigo Olivares-Caminal, an internationally recognized professor of law and an international expert who has acted as Senior Insolvency Expert with the World Bank and the European Bank for Reconstruction and Development. He has also participated in multiple debt transactions, has collaborated in the drafting of insolvency laws of several countries and has been involved in restructurings of different types of debt, including sovereign debt where there is no statutory framework to guide the process as in the corporate context.
... and as Insolvency Practitioners
The other members of the Kepler-Karst Restructuring Expert team also have extensive experience as insolvency practitioners, having acted as such in different provinces of Spain, having managed more than 200 bankruptcy procedures.