Best Restructuring & Insolvency Lawyers in Gibraltar

Share your needs with us, get contacted by law firms.

Free. Takes 2 min.

TSN

TSN

Gibraltar, Gibraltar

Founded in 1950
English
TSN is a prominent law firm in Gibraltar, offering comprehensive legal services to a diverse clientele, including individuals, businesses, and governmental organizations. Established in the early 1950s, the firm has grown through strategic mergers and acquisitions, becoming one of Gibraltar's...
Gibraltar, Gibraltar

English
Charles Gomez & Company is a distinguished law firm based in Gibraltar, known for its decades-long presence at the heart of the jurisdiction's legal landscape. The firm’s team of accomplished lawyers delivers comprehensive legal services across a wide array of practice areas, from civil and...
Gibraltar, Gibraltar

Founded in 1973
English
Ellul & Co., established in 1973 by Eric C. Ellul, is one of Gibraltar's oldest and most respected law firms. With over 50 years of experience, the firm has built a reputation for delivering practical and effective legal solutions across a broad spectrum of practice areas, including corporate and...
Gibraltar, Gibraltar

Founded in 1905
English
Triay Lawyers in Gibraltar is recognised for its decades-long commitment to excellence across a comprehensive range of legal services. As one of the most respected law firms in the jurisdiction, the firm delivers trusted counsel in corporate law, private client matters, tax, family law, employment,...
AS SEEN ON

About Restructuring & Insolvency Law in Gibraltar, Gibraltar

Restructuring and insolvency law in Gibraltar is designed to help individuals and businesses manage financial difficulties while providing protection for creditors and stakeholders. As a significant financial center, Gibraltar has developed a robust legal framework that aims to balance the interests of debtors and creditors, facilitate business recovery where viable, and ensure orderly and fair insolvency proceedings. The legal system in Gibraltar is based on the English model and incorporates both local statutes and case law guidance. The courts in Gibraltar play an active supervisory role in many insolvency and restructuring matters.

Why You May Need a Lawyer

There are several situations in which legal advice may be crucial if you are involved in a restructuring or insolvency matter in Gibraltar. Common scenarios include:

  • Facing financial distress as a business owner or individual and needing to understand your options
  • Being served with a statutory demand or winding-up petition
  • Seeking to recover debts as a creditor or safeguarding your interests in an insolvency process
  • Needing assistance restructuring a company to avoid insolvency where possible
  • Understanding your duties as a company director in the face of insolvency
  • Negotiating with creditors or debtors in a formal or informal arrangement
  • Complying with legal obligations, court procedures, and statutory deadlines
  • Navigating cross-border insolvency issues involving Gibraltar-based entities

A lawyer with expertise in Gibraltar's restructuring and insolvency laws can help you protect your rights, minimize personal liability, and achieve the best possible outcome for your situation.

Local Laws Overview

Gibraltar’s insolvency framework largely mirrors key aspects of English insolvency law with some local adaptations. The primary legislation is the Companies Act 2014, which, together with various regulations and local rules, sets out the procedures for corporate insolvency, administration, liquidation, and receivership. Key points include:

  • The law provides for voluntary and compulsory winding-up procedures for companies facing insolvency.
  • Company directors have specific duties when insolvency is likely, including a duty to minimize loss to creditors.
  • The appointment of liquidators and the powers of the Official Receiver are determined by statute.
  • Creditors have rights to present winding-up petitions and take actions to protect their interests.
  • There are mechanisms for formal company restructuring, including schemes of arrangement approved by the court.
  • Cross-border issues and cooperation with foreign insolvency proceedings are supported under Gibraltar law.

Personal bankruptcy is also covered and involves different rules and procedures, often with strict requirements for disclosure and conduct. The court system in Gibraltar provides oversight of all insolvency proceedings to ensure procedures are followed and parties are treated fairly.

Frequently Asked Questions

What is the difference between restructuring and insolvency?

Restructuring involves reorganizing a company’s finances or structure to avoid insolvency, often with the goal of returning to profitability. Insolvency occurs when an individual or entity cannot pay its debts as they fall due, potentially leading to bankruptcy or winding-up procedures.

How do I know if my company is insolvent in Gibraltar?

A company is generally insolvent if it cannot pay its debts as they come due or if its liabilities exceed its assets. Specific legal tests apply, and a lawyer can help assess your situation accurately.

What are the first steps if my business faces insolvency?

Seek legal advice immediately. Early intervention allows you to explore all available options, such as restructuring or entering into a formal arrangement with creditors, before insolvency proceedings are initiated.

What are my duties as a company director during financial distress?

Directors must act in the best interests of creditors, not just shareholders, once insolvency is likely. Failure to do so could result in personal liability for company debts or legal action for wrongful trading.

Can creditors force my company into liquidation?

Yes, creditors can petition the court to have your company wound up if you owe more than a certain amount and have failed to pay. The process is governed by statutory rules under Gibraltar law.

What happens to employees during insolvency proceedings?

Employees are generally treated as preferential creditors for certain claims such as unpaid wages. Their rights and entitlements depend on the specific type of insolvency process and the available assets.

Is personal bankruptcy the same as company insolvency?

No. Personal bankruptcy applies to individuals who cannot pay their debts, while company insolvency deals with businesses. Each process follows different legal procedures in Gibraltar.

Can I negotiate with creditors instead of going into insolvency?

Yes. Informal negotiations or formal arrangements like company voluntary arrangements (CVAs) can sometimes provide a solution without formal insolvency. A lawyer can help determine the best approach.

How long do insolvency proceedings typically take in Gibraltar?

The duration varies depending on the complexity of the case, number of creditors, assets involved, and any disputes. Some procedures take a few months while others extend over several years.

What role does the court play in Gibraltar’s insolvency process?

The court oversees most formal insolvency procedures, including granting winding-up orders, appointing liquidators, and approving restructuring plans or schemes of arrangement.

Additional Resources

If you need further information on restructuring and insolvency in Gibraltar, the following resources and organizations may be helpful:

  • Gibraltar Financial Services Commission (GFSC) - Provides regulatory information for businesses and insolvency practitioners
  • The Official Receiver - Responsible for handling official liquidation and bankruptcy matters
  • Gibraltar Bar Association - Lists qualified lawyers in Gibraltar who specialize in restructuring and insolvency law
  • Companies House Gibraltar - Maintains records of incorporated companies and insolvency filings
  • Government of Gibraltar - Offers guidance on procedures for insolvency and legal obligations
  • Insolvency Practitioners in Gibraltar - Licensed professionals who can act as liquidators, administrators, or trustees

Next Steps

If you are facing financial difficulties or need legal help with restructuring and insolvency in Gibraltar, it is wise to act promptly. Here is how you can proceed:

  • Gather relevant financial documents and any communications with creditors or debtors
  • Consult with a lawyer experienced in Gibraltar’s restructuring and insolvency laws to discuss your situation
  • Consider whether informal negotiation or formal legal processes are appropriate for your case
  • Ensure you understand your obligations and any deadlines you must meet
  • Follow your lawyer’s advice on next steps, whether that is restructuring, entering into a voluntary arrangement, or defending an insolvency application

Early legal advice can help you protect your interests, explore all available options, and stay compliant with Gibraltar’s laws. Do not delay seeking professional help if you believe you or your business may be at risk.

Lawzana helps you find the best lawyers and law firms in Gibraltar 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 Gibraltar, Gibraltar - 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.