Best Restructuring & Insolvency Lawyers in Florida

About Restructuring & Insolvency Law in Florida, Argentina

Restructuring and insolvency law in Argentina governs what happens when individuals or companies cannot pay their debts. The system aims to balance the interests of debtors and creditors by providing negotiated restructuring routes and, where necessary, a formal liquidation process. Proceedings are generally handled in commercial courts that have jurisdiction over the debtor. Local practice uses Spanish terminology such as concurso preventivo for preventive restructuring and quiebra for bankruptcy.

Florida is a locality within Greater Buenos Aires. For insolvency matters the applicable substantive rules are national - that is, Argentine federal insolvency law - while procedural steps are taken before the competent commercial court for the debtor’s domicile. Local courts, practitioners and business conditions in Florida and the surrounding municipalities influence timing and practical outcomes.

Why You May Need a Lawyer

Insolvency and restructuring involve complex procedural and substantive issues. You should consult a lawyer if you face any of the following situations:

- You cannot meet payments on loans, supplier invoices, payroll or tax obligations and want to explore options to avoid liquidation.

- Creditors threaten enforcement measures such as garnishments, foreclosures, or seizures of assets.

- You are a creditor seeking to protect or recover claims against a distressed debtor.

- You are negotiating a restructuring agreement - either as debtor or creditor - and need to understand the legal effects and court approval process.

- You require advice on intra-group restructurings, cross-border insolvency issues, or claims in foreign currency given Argentina's exchange controls and volatility.

- You are an investor, buyer or bidder considering purchasing assets from an insolvency estate and need due diligence on liabilities, liens and litigation risks.

Local Laws Overview

Here are key legal concepts and practical points that are especially relevant in Florida and across Argentina:

- National framework - Insolvency and restructuring are governed by federal statutes and regulated by commercial courts. The same substantive law applies throughout the country, though local courts apply it with some procedural variation.

- Preventive restructuring - The system promotes negotiation through a preventive restructuring procedure known as concurso preventivo. The goal is to allow the debtor to present a restructuring plan to creditors and obtain court homologation to bind dissenting creditors.

- Bankruptcy and liquidation - If restructuring is not viable, the court may declare bankruptcy and order liquidation of assets to satisfy creditor claims according to statutory priorities.

- Roles in the process - Courts appoint an insolvency trustee or syndic to manage the estate, verify creditor claims and oversee asset administration. Creditors may form committees to negotiate plans.

- Creditor classes and voting - Claims are classified into groups - such as secured creditors, unsecured creditors and labor or tax creditors. Each class votes on restructuring plans and the court reviews and homologates approved agreements.

- Priority of claims - Labor claims and certain tax claims often receive special priority in Argentina. Secured creditors hold rights over specific collateral, but enforcement can be impacted by the insolvency proceedings and local rules.

- Security interests - Common forms of collateral include mortgages (hipoteca) and pledges (prenda). Enforcing these rights can be affected by the opening of insolvency proceedings, and remedies may be subject to court scrutiny.

- Automatic protections and injunctions - Once formal proceedings begin, execution actions against the debtor are typically stayed or controlled by the court to allow a collective solution. Practical relief and timing depend on the judge and local practice.

- Cross-border issues - Argentina’s exchange controls, foreign-currency claims and the potential for foreign creditors to seek recognition or attachment abroad add complexity to international restructurings.

Frequently Asked Questions

What is the difference between a preventive restructuring (concurso preventivo) and bankruptcy (quiebra)?

Preventive restructuring is intended to keep the business operating while negotiating a plan with creditors to reorganize debts. Bankruptcy is a liquidation process where assets are sold and proceeds distributed to creditors. The former aims for business survival, the latter for orderly winding-up.

Can an individual in Florida, Argentina enter insolvency proceedings or is it only for companies?

Both natural persons and legal entities can be subject to insolvency proceedings. There are procedures adapted for individuals and smaller debtors, but the precise options and outcomes depend on the debtor’s situation and applicable rules.

What protections do employees and tax authorities have in insolvency?

Labor claims and tax obligations usually receive privileged treatment. Employee wages and severance claims often have high priority in distributions. Tax authorities are frequently significant creditors and their claims can be prioritized or treated differently in restructuring negotiations.

If I am a secured creditor, can I still repossess collateral during insolvency?

Secured creditors have stronger rights over specific collateral, but opening insolvency proceedings often imposes limits on unilateral enforcement. Courts may allow enforcement in certain cases, or require claims and enforcement to be coordinated through the insolvency process.

How long does a typical restructuring or bankruptcy take?

Timelines vary widely. A negotiated restructuring that is accepted by creditors and homologated might be resolved in months to a year. Liquidation can take longer, depending on asset complexity, litigation and creditor coordination. Local court workload and procedural steps influence timing.

What should I do if a creditor sues me or seeks to execute judgment?

Contact a qualified insolvency lawyer immediately. Early legal advice can identify options such as filing for preventive restructuring, negotiating a moratorium, or seeking procedural protections before the court to avoid piecemeal enforcement.

Will filing for insolvency make me lose control of my business?

In preventive restructuring the debtor often retains management but under court and trustee oversight. In bankruptcy or cases where the court deems it necessary, a trustee or liquidator may take control of assets and business operations.

How are creditor votes counted in a restructuring plan?

Creditor votes are typically organized by classes. Each class votes on the proposed plan and approval thresholds must be met for homologation. If a plan is approved by required majorities, the court can homologate it and bind dissenting creditors subject to legal conditions.

What happens to contracts and leases during insolvency?

The treatment of contracts and leases depends on the type of agreement and the insolvency stage. Some contracts may be assumed or rejected under court supervision, and specific rules apply to commercial leases, supplier contracts and secured arrangements. Review by counsel is essential to protect contractual rights.

Do foreign creditors have the same rights as local creditors?

Foreign creditors can participate, but enforcement, recognition of foreign judgments and currency-related claims may face additional legal and practical obstacles. Cross-border coordination and local counsel are usually necessary to protect foreign creditor interests.

Additional Resources

For authoritative guidance and practical help, consider reaching out to or consulting the following types of institutions and resources in Argentina:

- Local commercial courts - the competent Juzgado Comercial for the debtor’s domicile handles proceedings and provides procedural information.

- National tax authority - AFIP for matters relating to tax claims and compliance obligations.

- Provincial and city bar associations - for referrals to qualified insolvency lawyers in Florida, Vicente Lpez and the Greater Buenos Aires area.

- Notarial registries and public commerce registries - for information about security interests, mortgages and corporate filings.

- Professional insolvency practitioners and accounting firms - for valuation, forensic accounting and restructuring support.

- Ministry of Justice or equivalent government bodies - for information on legislation and court organization.

Next Steps

If you need legal assistance with restructuring or insolvency in Florida, Argentina, follow these practical steps:

- Gather documents - collect contracts, loan agreements, creditor lists, tax notices, payroll records and recent financial statements. Accurate documents speed evaluation.

- Preserve assets and records - secure relevant assets, avoid disposal of property and keep full records to reduce litigation risk.

- Seek an initial consultation - contact an experienced local insolvency lawyer or law firm for a case assessment. Ask about their experience with commercial courts in the area, trustees and typical outcomes.

- Discuss options - a lawyer can explain alternatives including negotiation, preventive restructuring, or preparation for liquidation, and outline likely timelines and costs.

- Consider early negotiations - sometimes reaching out to major creditors, employees and tax authorities early can lead to consensual solutions without formal filings.

- Plan for communication - coordinate communication with stakeholders to manage reputational and operational impacts during the process.

- Hire specialists as needed - insolvency work often needs accountants, valuers and tax advisors in addition to legal counsel.

Taking timely, informed steps and working with local counsel increases the chance of a workable outcome, whether your objective is to rescue a business, protect creditor rights or manage an orderly liquidation.