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Garrigues

Financial Crisis and the downturn 2009 (2)

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Award levelCommended
InnovationHelping to reform Spanish insolvency law
Originality5
Rationale7
Impact5
Total17
DescriptionUsing its exposure to local courts through its 27 Spanish offices, the firm compiled a case law database on the 2004 insolvency law, later made available to the government when insolvency legislation was reformed in March 2009

Financial Crisis and the downturn 2009

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Rankings at a glance
Award levelHighly commended
InnovationUsing an industrial lease to save an insolvent company
Originality6
Rationale7
Impact6
Total19
DescriptionLCN was unable to purchase Promek’s insolvent business until proceedings were concluded. Garrigues proposed an industrial lease agreement, allowing the purchaser to save the business in exchange for a discounted future price