Best Restructuring & Insolvency Lawyers in Chile

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Founded in 2019
English
Mejías & Silva Abogados y Asociados, established in 2017, is a distinguished law firm located in Maipú, Santiago, Chile. The firm offers comprehensive legal services across various practice areas, including family law, civil litigation, criminal defense, real estate, and police court matters....
Portafolio Legal
Concepción, Chile

English
Portafolio Legal is a Chilean law firm focused on the legal protection and defense of companies, offering services from its offices in Concepción and Santiago. The firm positions itself as a business-oriented practice that addresses corporate challenges through a combination of advisory work and...
Las Condes, Chile

Founded in 2021
English
Fischer y Cía., established in January 2021 by a team of seasoned attorneys from Baraona Fischer y Cía., has swiftly become a leading law firm in Chile, renowned for its expertise in tax and business law. The firm's professionals are recognized for delivering innovative, comprehensive, and...

English
Estudio Jurídico Clark & Cía Abogados, based in Concepción, Chile, offers comprehensive legal services across multiple practice areas, including corporate law, judicial representation, real estate matters, and tax advisory. The firm is dedicated to providing clear and effective legal solutions,...

Founded in 1990
11 people in their team
English
Rodríguez, Vergara & Cía, Abogados is a Santiago-based firm focused on civil, commercial and regulatory litigation before ordinary, special and arbitral courts. Founded in 1990, the practice is led by highly regarded litigators who appear in complex cases before Courts of Appeals and the Supreme...

English
MorMoran y Cía. Abogados combines more than 15 years of experience in defending debtors and advising on labor, inheritance, family and real-estate matters. The firm operates from offices in Santiago and Talca and provides services to both individuals and companies, offering litigation and...

Founded in 2017
English
Defensas y Negocios Jurídicos Abogados is a distinguished Chilean law firm with over eight years of experience, offering comprehensive legal services across various practice areas. Their team of specialized attorneys provides expert counsel in civil law, family law, real estate, employment law,...

English
Espinosa y Cía Abogados is a Talca-based firm serving the Maule Region with a focus on high-value tax strategy, complex economic litigation, and the protection of family and corporate wealth. Led by founder Arturo Espinosa and attorney Javier Espinosa, the team integrates legal, accounting, and...
Moraga & Riquelme Abogados
Providencia, Chile

English
Moraga & Riquelme Abogados is a distinguished Chilean law firm specializing in family law, real estate, and criminal law. The firm is composed of a team of young attorneys with solid experience in oral litigation and a strong adaptation to new technologies, enabling them to offer agile and...
Defensa Magallanes
Punta Arenas, Chile

English
Defensa Magallanes stands as the largest law firm in the southernmost region of Chile, offering comprehensive legal services across various disciplines. The firm's team comprises distinguished attorneys with expertise in labor, civil, commercial, and criminal law, among other areas. Managing...
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About Restructuring & Insolvency Law in Chile

Restructuring and insolvency law in Chile is designed to provide both individuals and companies facing financial difficulties with legal mechanisms to manage debt and, if necessary, liquidate assets in a fair and orderly manner. The main goal of this area of law is to preserve viable businesses, ensure the satisfaction of creditors to the greatest extent possible, and safeguard the economic interests of all relevant parties. In recent years, Chile has modernized its approach to insolvency, offering procedures that promote reorganization, transparency, and efficiency in addressing financial distress.

Why You May Need a Lawyer

People and businesses may require legal assistance with restructuring and insolvency for a variety of reasons. Common scenarios include:

  • Facing persistent debt that cannot be managed through regular payments
  • Receiving legal claims, demands, or enforcement actions from creditors
  • Needing to negotiate new terms with creditors or restructure debts
  • Planning to wind up or liquidate a business with outstanding obligations
  • Experiencing the risk of asset seizure or bankruptcy proceedings
  • Wishing to protect personal or family property from business-related claims
  • Seeking to understand legal rights and obligations as a creditor or debtor

A lawyer experienced in Chilean restructuring and insolvency law can help you assess your options, ensure compliance with local regulations, and represent your interests throughout negotiations or court proceedings.

Local Laws Overview

The primary legal framework for restructuring and insolvency in Chile is the Chilean Insolvency Law, known as the "Ley de Reorganización y Liquidación de Empresas y Personas" (Law No. 20.720). The law provides for two main procedures:

  • Reorganization (Reorganización) - Allows struggling but potentially viable companies or individuals to agree on new payment terms with their creditors under court supervision, aiming to continue operations and avoid liquidation.
  • Liquidation (Liquidación) - Applies when reorganization is not feasible, leading to the orderly sale of assets so creditors can be paid according to legal priority.

Key elements of the Chilean insolvency framework include the appointment of insolvency trustees, automatic stays on creditor actions once proceedings begin, creditor committees, and strict timelines to expedite processes. The law also sets out the rights of both secured and unsecured creditors, and provides for special treatment of labor claims and tax obligations.

Frequently Asked Questions

What is insolvency in Chile?

Insolvency occurs when an individual or business cannot meet its financial obligations as they become due. Chilean law provides mechanisms to address both temporary and permanent insolvency.

Who can file for reorganization or liquidation?

Both individuals and companies can access reorganization and liquidation procedures under the current Chilean insolvency law, provided certain eligibility criteria are met.

What is the difference between reorganization and liquidation?

Reorganization aims to restructure debts and allow continued economic activity, whereas liquidation results in the sale of assets and distribution of proceeds to creditors, effectively ending the debtor's operations.

How does the automatic stay work in Chile?

Once formal insolvency proceedings commence, an automatic stay prevents creditors from pursuing collection actions, lawsuits, or enforcements against the debtor's assets during the process.

Are all debts included in restructuring or insolvency proceedings?

Most debts are included, but some, such as child support obligations or certain fines, may be treated differently or excluded. A lawyer can help clarify what applies to your case.

What priority do creditors have under Chilean law?

Chilean law establishes an order for repayment, giving first priority to secured creditors and certain labor claims, followed by tax authorities and then unsecured creditors.

Is it possible to keep running a business during insolvency?

Yes, under reorganization proceedings, businesses can usually continue operating under supervision if the court approves the plan, provided they comply with legal requirements.

How long does the insolvency process take?

Timelines vary according to the complexity of the case and the type of proceeding. Liquidations are often faster, while reorganizations can take several months or more.

Can creditors reject a reorganization plan?

Yes, creditors can vote on reorganization plans. Approval requires a certain majority, and the plan must meet legal criteria to become binding.

What happens if all assets are liquidated and debts remain?

After liquidation, any remaining unpaid debts are generally extinguished for the debtor, except in cases involving fraud or certain excluded obligations.

Additional Resources

If you are seeking further information or assistance relating to restructuring and insolvency in Chile, consider the following resources:

  • Superintendencia de Insolvencia y Reemprendimiento (Superir) - The principal governmental body responsible for overseeing insolvency proceedings and providing guidance to debtors and creditors.
  • Chilean Bar Association (Colegio de Abogados de Chile) - Offers lawyer directories and legal resources to help connect you with qualified specialists.
  • Commercial Courts (Juzgados de Letras en lo Civil) - The courts where insolvency matters are adjudicated.
  • Nonprofit organizations offering debt counseling and legal assistance, which may help with information or support throughout the process.

Next Steps

If you believe you need legal help related to restructuring or insolvency in Chile, consider taking these steps:

  • Gather all relevant financial documents, such as loan agreements, asset statements, and payment records.
  • Seek an initial consultation with a lawyer specializing in insolvency to assess your options and obligations.
  • Discuss and understand the possible paths, whether reorganization, negotiation, or liquidation.
  • Work with your legal advisor to prepare necessary filings and meet all procedural requirements.
  • Stay informed about your rights and responsibilities throughout the process to avoid complications and ensure the best possible outcome.

Professional legal advice is crucial - each case is unique, and the right guidance can help preserve your interests and navigate the complexities of Chilean restructuring and insolvency law.

Lawzana helps you find the best lawyers and law firms in Chile through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Chile - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.