Insolvency Administrators

The transposition of European Directive 2019/1023 should serve as a framework for reordering corporate restructuring mechanisms, in which the urgent sale or auction of assets and Production Units (PUs) will be necessary. Some courts are already applying systems such as prepack, which is configured as an agile and transparent pre-bankruptcy tool in which an independent expert, appointed by the court itself, is responsible for the execution and supervision of the entire process of early sale of the PU. Through this formula, the sale of the UP takes place almost immediately once the insolvency proceedings have been declared.

IAG Auction's experience in the liquidation of bankruptcy and foreclosure assets, as well as its participation in corporate restructuring processes that require the early realisation of assets, allows us to work closely with the independent expert in these key aspects, reinforcing the performance of the future Bankruptcy Administrator and exponentially increasing the chances of success of the operation.

We support professionals (lawyers and economists) in the search for solutions for companies by means of divestment instruments, new investors and other possibilities that avoid the final filing for insolvency proceedings.

Procedures regulated in arts. 690 et seq. of the TRLC
The adaptation of the TRLC to the Community Directives has led to the creation of a special insolvency procedure for so-called micro-companies that is regulated in Book Three of the new TRLC. In the aspects relating to the pre-bankruptcy institutes and the possibility of disposal of certain assets, this process is basically the same as that set out in articles 583 et seq. with regard to the rest of the entities that can benefit from the common procedure and therefore, in this special procedure, we can also intervene to give the assets to be realised the highest possible profitability.

We manage the entire procedure for the sale or liquidation of assets, both in the Common Phase, article 204 et seq. of the TRLC, when the needs of the insolvency proceedings require sales in this phase, and the strictly liquidation procedure, article 406 et seq. of the TRLC, by designation as a specialised company by the insolvency administrators who entrust us with the management of the entire procedure. et seq. of the TRLC, through appointment as a specialised company by the insolvency administrators who have placed their trust in our management, as we take charge of the entire procedure from the commission with the location of the assets, inventory, appraisal, maintenance, security, etc. until the culmination of the sale and payment of the price to the insolvency proceedings, and this both through direct sale procedures and by means of a notarially certified online auction.

We can intervene in the so-called "Counterclaim", which was introduced for a limited period of time in one of the reforms of the Insolvency Act and has been implemented again in art. 8 of Royal Decree 16/2020 on urgent measures issued as a result of COVID-19, being able to advise professionals on investment or disinvestment projects of their clients that are necessary to enable creditors to accept a reformulation of the agreement in the compliance phase but with the prospect that it cannot be met, thus avoiding an effective breach and the opening of the dreaded liquidation.