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La prestigiosa revista Corporate International Magazines publica en su ejemplar del pasado febrero de 2010 un articulo referenciando como experto en Derecho de la insolvencia en España a PAJARES & ASOCIADOS ABOGADOS

Publicado el 8/6/2010

More than one century after the validity of the "Ley de Enjuiciamiento ivil" which regulated bankuptey proceeding for 1881 and the suspension of payments for 1992, Spain has adapted this legislation through the Law 22/2003 of 9th July. This Law finally unified both procedures in one called the bankruptey proceeding.

The model followed by the Spainsh law is similar to the most advanced law from Europe and has plenty of references to the Italian system. however, it hasn't been enacted with the recommendations made by UNCITRAL and it hasn't followed the out-of-court bankruptey system in force in another countries. This forces the companies to ask for the bankrptey process when it could be avoided with this out-of-court model.

Its entry is still in force today and has coincided with the world economic crisis. As a result, its application has been adapted to the current financial circumstances with the introduction of the new Decree Law from March 27th 2009.

The changes made in MArch 2009 have introduced a mixed system that allows refinancing to take place. Through these agreements the obligation for requesting the bankruptey process with the creditors during a maximum period of three months has been saved whenever this negotiation is advised to the mercantile Court.

These changes to the law are an important step in addressing the issues related to condicing a smooth insolvency proceeding, but in some respects it is not enough because the time period is still limited. This could lead to a company having to request the bankruptey process and in Spain there are no discernments for developing these kinds of agreements.

Pajares & Asociados is a global multidisciplinary law firm comprising a professional team specialising in insolvency and financial restructuring. The firm can provide advice throughout he entire crisis process including the planning and negotiation of bankruptey procedures, the restructuring and reorganisation of a business, preparation, processing and legal direction in bankruptey procedures and advising and neotiation with the bankruptey manager.

The firm can also provide advice in relation to matters regarding in a crisis situation and in the reorganisation of the company and the overall group.

The firm's head partner, Mr. José Pajares Echeverria is the current President of the Insolvency Commission of the International Union of Lawyers, which represents more than two millio lawyers around the world. Through this organisation he takes part in the Working Group V(Insolvency law) for the Commission of International mercantile law in the United Nations (UNCITRAL).

He is heavily involved in coordinating this law in the International Union of Lawyers and is busy working in the development of this law in the United Nations. As a result, his knowledge regarding the intricacies of the law and its practical application are second to none.

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