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Restructuring and insolvency law in Argentina aims to balance the interests of viable businesses with the rights of creditors. The framework encourages reorganization plans to preserve value and jobs, rather than immediate liquidation. In San Miguel de Tucumán, as in the rest of the country, insolvency matters are governed by national law and adjudicated in the provincial courts under local procedural rules.
Key instruments include the national statutes for corporate insolvency and the Civil and Commercial Code of the Nation. These tools establish processes such as concurso preventivo (preventive reorganization), concurso ordinario (ordinary bankruptcy), and quiebra (liquidation). In practice, local Tucumán courts apply these rules through the province’s Civil and Commercial procedures and the national insolvency framework.
Source: Ministerio de Justicia y Derechos Humanos de Argentina - Concursos y Quiebras https://www.argentina.gob.ar/justicia/concursos-y-quiebras
Scenario 1: A Tucumán-based manufacturer faces an imminent liquidity crisis due to delayed payments from large local suppliers. A lawyer can assess whether a concurso preventivo is appropriate, prepare a restructuring plan, and negotiate with creditors to avoid liquidation.
Scenario 2: A San Miguel de Tucumán retailer discovers a significant tax dispute alongside debt to multiple banks. An attorney can coordinate a plan that complies with tax obligations and restructures debt under the concurso, potentially reducing penalties and creating a feasible repayment schedule.
Scenario 3: A family-owned restaurant in Yerba Buena (within the metropolitan area of San Miguel de Tucumán) fears a cross-default from several creditors. Legal counsel can help secure a stay of executions, organize creditor meetings, and guide the company through an approved plan that preserves the business.
Scenario 4: A local service company needs to respond to creditor claims while considering an out-of-court agreement. A restructuring attorney can draft an extrajudicial agreement or assist with a formal concurso preventive, depending on the stage of delinquency.
Scenario 5: An individual debtor with substantial personal debt seeks relief. A qualified attorney can advise on personal insolvency options and coordinate with the relevant authorities and creditors to achieve a feasible repayment or discharge plan.
Scenario 6: A creditor in Tucumán wants to recover funds from a failing business. A lawyer can file and manage claims, participate in creditors' meetings, and pursue enforcement in line with the concurso and eventual liquidation if necessary.
Argentina regulates restructuring and insolvency primarily through national law, but its application in San Miguel de Tucumán occurs within the local judicial framework. The main governing sources include the national Ley de Concursos y Quiebras and the Código Civil y Comercial de la Nación. These instruments set out procedures, rights, and remedies for debtors and creditors in Tucumán courts.
Law 24.522, known as the Ley de Concursos y Quiebras, provides the foundational mechanisms for reorganizing indebted companies and creditors alike. The statute covers preventive and ordinary bankruptcy processes and defines roles such as the administrator and creditors' committees. For up-to-date text and interpretations, consult the official normative resources.
The Código Civil y Comercial de la Nación, in effect since August 1, 2015, governs general obligations, contracts, and bankruptcy-related concepts within Argentina. It complements the insolvency statutes by clarifying treatment of obligations, rescission rights, and the framework for court-supervised reorganizations. See the official normative portal for the current consolidated text.
Provincial procedural rules in Tucumán also shape how cases proceed through the local courts. The province maintains a Civil and Commercial Procedural framework that sets timelines, filing requirements, and hearing procedures for concurso proceedings. Always verify the latest provincial practice directions when filing in San Miguel de Tucumán.
Source: Código Civil y Comercial de la Nación - vigente desde 2015 https://www.argentina.gob.ar/normativa/nacional/codigo-civil-y-comercial-de-la-nacion
Source: Boletín Oficial y normativa nacional sobre concursos y quiebras https://www.boletinoficial.gob.ar
Concurso preventivo is a preventive restructuring process designed to reorganize a debtor's obligations under supervision. Quiebra is a liquidation procedure when a business cannot be restructured. Both are governed by Ley de Concursos y Quiebras but serve different outcomes for creditors and the company.
File a petition at the Civil and Commercial Court of Tucumán with a summary of debts, assets, and proposed restructuring terms. A judge may appoint an administrator and summon creditors to a meeting to approve a plan.
You'll typically need financial statements, tax filings, creditor lists, asset appraisals, contracts, and intercompany loan details. A lawyer helps assemble these documents to support a viable restructuring plan.
Complex restructurings may span 6 to 24 months, depending on creditor cooperation and court schedules. Simple cases could settle in under a year with timely plan approval.
Local experience matters because the case is heard in Tucumán courts and requires knowledge of provincial practice. A national firm can handle cross-jurisdictional issues, but local counsel is usually essential.
Costs vary with complexity, but anticipate attorney fees, court costs, and potential expert reports totaling several thousand to tens of thousands of USD equivalent over the course of a case. A detailed engagement letter helps manage expectations.
The administrator oversees the debtor’s assets, reports to creditors, and implements the approved restructuring plan. They ensure compliance with court orders and protect creditor interests.
Yes. Creditors can file claims, attend meetings, vote on plans, and challenge proposed terms through the court process. An attorney can help organize and advocate on your behalf.
If approved by the court and creditors, the agreement becomes binding. It outlines debt reorganization terms, payment schedules, and enforcement mechanisms to avoid liquidation.
Judicial decisions on insolvency matters vary; expect several weeks to months for status hearings, plan approvals, and potential appeals. Your attorney can provide more precise timelines based on the docket.
Judicial restructurings involve court oversight and formal creditor participation. Extrajudicial restructurings occur outside court with formalities in place to protect creditors, often faster but not always viable for all debtors.
Personal debt matters are treated separately from business insolvencies in most cases. A lawyer can determine if a personal bankruptcy filing is appropriate and coordinate with the business case if needed.
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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.
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