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Restructuring and insolvency refers to the legal processes applicable when individuals or companies face financial distress and cannot meet their debts as they become due. In Buenos Aires, Argentina, these proceedings are governed mainly by the National Bankruptcy Law, which outlines the procedures for debt renegotiation, financial restructuring, and, when necessary, liquidation of assets. These laws provide both protection and clarity for debtors and creditors, helping facilitate fair and orderly outcomes in complex financial situations.
If you or your business is struggling with unpaid debts, receiving creditor claims, or facing possible bankruptcy, you may benefit from legal advice in restructuring and insolvency matters. Here are some common situations where legal assistance is essential:
Lawyers experienced in this field can help you assess your financial position, explore possible solutions, and represent your interests at every stage of the process.
The main legal framework for restructuring and insolvency in Buenos Aires, and throughout Argentina, is the National Bankruptcy Law No. 24.522. This law governs both personal and corporate insolvency and contains the following key features:
It is important to consult with local professionals since specific procedural requirements and timings can significantly affect your case and possible outcomes.
Bankruptcy (quiebra) is a court-supervised liquidation of assets to pay creditors when a debtor is insolvent. Preventive agreements (concurso preventivo) focus on restructuring debts with the aim of allowing the debtor to continue operating.
Both individuals and companies can initiate insolvency proceedings if they are unable to meet their financial obligations as they become due. Creditors can also request insolvency proceedings against a debtor under certain conditions.
Timeframes vary depending on the complexity of the case, number of creditors, and whether the process is a preventive agreement or a full bankruptcy. Some cases can be resolved in a few months, while others may take several years.
Yes, debtors are usually allowed to continue operating their business under court supervision during preventive agreements. The goal is to enable the debtor to restructure obligations while maintaining operations.
Employee claims are given special priority in insolvency proceedings. In many cases, efforts are made to preserve jobs during restructuring. However, if liquidation is required, employment contracts may be legally terminated, subject to compensation according to labor laws.
Not all debts are necessarily discharged. Some, such as tax and social security obligations, may remain enforceable. The final outcome depends on the nature of the debts and the specific proceedings.
Yes. Foreign creditors have the same rights as local creditors, although they may need to comply with certain procedural requirements and may be subject to currency exchange regulations.
The Bankruptcy Law establishes a statutory order: typically, secured creditors and certain labor claims are paid first, followed by tax claims, and then unsecured creditors.
Yes. If company managers or directors acted with gross negligence, fraud, or violated the law, courts can order them to be personally liable for company debts, especially if they harmed the creditors.
Alternatives include preventive agreements, out-of-court settlements, direct negotiations with creditors, and informal restructuring plans. These options can provide faster and less disruptive solutions if all parties cooperate.
For more information and support, consider contacting the following resources:
If you are facing financial difficulties or are involved in a legal dispute related to restructuring or insolvency in Buenos Aires, consider the following actions:
Prompt and informed legal counsel can significantly impact your future, ensuring the most favorable result possible under Argentine law.
