Insolvency

Bankruptcy

The current economic situation has put many companies in a very critical situation, forcing them to adopt financial and legal measures.

The multidisciplinary team of PKF Attest has a wide experience in the management of insolvency proceedings from different positions, which allows us to have a practical and resolutive vision of the generated problems.

What we offer

Economic and financial analysis for the knowledge of the real situation of the business and its future viability and the implementation of early warnings to prevent insolvency, in order to anticipate problems and therefore be able to take the appropriate measures to solve them, among which are the pre-bankruptcy and bankruptcy.

Bankruptcy and pre-bankruptcy institutions are not only liquidation mechanisms, but also restructuring mechanisms for the continuation of the business, but the later they are resorted to, the more difficult it will be to achieve this second objective. Preventive legal and economic planning and advice at the first signs of financial stress can avoid insolvency or help the company to emerge quickly and successfully from insolvency, without incurring the liability of the administrators, with the consequent risk to their private assets.

We accompany companies to prevent or cushion the impact of possible economic crises and in the case of being impacted to find the best feasible solution in each case.

Comprehensive assistance inall stages of the bankruptcy proceedings from a legal and financial point of view:

How we can help you:

Pre-bankruptcy situations
Preparation and follow-up of the competition
Defense of creditors
Bankruptcy administration

>Economic and financial analysis of the viability of your business, with the aim of knowing the situation of your business, so that it is possible to plan a strategy to prevent insolvency in time and, if necessary, to design the appropriate measures to deal with it.

>Analysis of the different alternatives that the Company has inorder to evaluate the feasibility and implications of the request for bankruptcy, analyzing the possibility of proposing an early agreement or reaching an ordinary agreement with the creditors.

>Advice on the presentation and negotiation of the restructuring plan.

>Assists in negotiations with suppliers and customers.

>Analysis of the personal risks of the company’s directors and partners, on other companies in the group, on partners’ assets and on the liability of the directors.

>Analysis and review of the consequences of an insolvency proceeding, both for the company and the administrators

>Financial study of the different possible scenarios of “write-offs and deferrals and other alternatives” that could be considered in order to reach the agreement.

Processing of the request for competition.
- Preparation of documentation to be submitted to the courts. Among others:
- Memoryto be enclosed with the application forapplication for voluntary bankruptcy.
- Inventory and list of assets and rights of the Company ..
- List of creditors and debtorsof the Company.
- Report of significant changes in equity since the last annual accounts were prepared and filed, and of transactions which, by their nature, purpose and amount, exceed the debtor’s ordinarysince the last annual accounts were prepared and filed, and of the transactions which, due to their nature, purpose and amount, exceed the debtor’s ordinary course of business.

Representation and defense of the insolvent company during all phases of the procedure, combining the objectives of continuity, satisfaction of creditors and absence of economic responsibility of administrators, partners and directors. Thus:
- Coordination and dialogue with the insolvencyadministration and creditors.
- Preparation and negotiation ofagreement proposals and follow-up for their compliance.
- Renegotiation of contracts or agreementswith the Company’s main creditors, suppliers and customers.
- Control of the corporate liquidation
  - Defenseof the administrators, partners and directors in the qualification of the insolvency proceeding.

Theinsolvency of a customer or other debtorcan have very detrimental effects for the Company. In order to minimize the risks and damages, it is important to adopt preventive measures and to monitor the insolvency proceedings for the best defense of the credit. In this sense, our actions include, among others:

Request fornecessary insolvencyof the debtor
Communication ofcredit and VAT deduction.
Monitoring of credit recognition and its effects
Analysis of theand control of the payment plan.

Representation of the Company before the Commercial Court.
Preparation of a report on the assets and liabilities of the insolvency proceedings.
It performs functions of intervention and supervision of the debtor’s patrimonial faculties.
Substitution of the debtor in the administration and disposition of its assets.
Management of the viability of the business through an agreement with creditors, transfer liquidation or direct sales.

Carlos Palomino

Partner

Paule Ibarzabal

Partner

Alberto Rodríguez

Partner

María Loinaz

Itsaso Santos

Partner

Iker Filloy

Partner

Bankruptcy

Bankruptcy

What we offer

How we can help you:

Carlos Palomino

Partner

Paule Ibarzabal

Partner

Alberto Rodríguez

Partner

María Loinaz

Itsaso Santos

Partner

Iker Filloy

Partner

Jaime Mendiguren

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