Bankruptcy

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

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 decisive vision of the problems generated.

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, with the aim of anticipating the problems and therefore being 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 proceedings or help to emerge from them quickly and successfully, without incurring liability for 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 in all stages of the insolvency proceedings from a legal and financial point of view:

How we can help you:

Pre-bankruptcy situations

• Economic-financial analysis of the viability of your business, with the objective of knowing the situation of your business, so that it is possible to plan a strategy to prevent insolvency in time and, if necessary, design the appropriate measures to deal with it.
• Analysis of the different alternatives that the Company has in order to evaluate the feasibility and implications of the insolvency petition, analyzing the possibility of proposing an early agreement or reaching an ordinary agreement with the creditors.
• Advice in the presentation and negotiation of the restructuring plan.
• Assistance in negotiations with suppliers and clients.
• Analysis of the personal risks of the administrators and partners of the company, on other companies of the group, patrimonial companies of the partners and on the responsibility of the administrators.
• Analysis and review of the consequences of a bankruptcy, both for the company and for 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.

Preparation and follow-up of the competition

• Processing of the bankruptcy application.
• Preparation of documentation to be submitted to the courts. Among others:
• Expressive report to attach with the request for voluntary bankruptcy.
• Inventory and list of assets and rights of the Company.
• List of creditors and debtors of the Company.
• Report of the significant changes operated in the patrimony with posteriority to the last formulated and deposited annual accounts and of the operations that by their nature, object and          amount, exceed the ordinary business of the debtor.

• Representation and defense of the insolvent company during all the phases of the procedure, combining the objectives of continuity, satisfaction of the creditors and absence of economic responsibility of administrators, partners and directors. Thus:
• Coordination and dialogue with the bankruptcy administration and creditors.
• Elaboration and negotiation of agreement proposals and follow-up for their compliance.
• Renegotiation of contracts or agreements with the main creditors, suppliers and clients of the Company.
• Control of the corporate liquidation.
• Defense of the administrators, partners and directors in the qualification of the insolvency proceedings.

Defense of creditors

The insolvency of a customer or other debtor can have very damaging 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:

• Application for the debtor's insolvency proceedings
• Notification of credit and VAT deduction.
• Follow-up of the recognition of the credit and its effects.
• Analysis of the agreement proposal and control of the payment plan.

Bankruptcy administration

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