Ms. Alicia  Herrador Muñoz  pictureMs. Alicia Herrador Muñoz

Augusta Abogados


Description of Practice

Alicia Herrador is the head partner in the restructuring and insolvency department of Augusta Abogados with offices in Madrid   and Barcelona. She has extensive experience in legal advice to distressed companies and has taken part in several leading   insolvency proceedings in Spain representing investors, financial entities and commercial creditors, companies and boards.

  • Regularly appointed as a receiver  in the bankruptcy of companies in different sectors.
  • In addition, she is a  recognized practitioner in litigation matters regarding corporate and commercial conflicts.


  • Legal advice to Thomas Cook Airlines Balearics (Spanish subsidiary of THOMAS COOK, U.K) in its restructuring process and sale to a German investment group.
  • Legal advice to SANTANDER group, as a creditor, in many insolvency proceedings, either as an independent creditor or as a member of a syndicated bank loan.
  • Legal advice to Suminco Group, specialized in the production of HDPE plastic compounds, in the negotiation of a new creditors agreement, once they realized they were not able to fulfill the previous arrangement with creditors approved in the insolvency proceeding.
  • Legal advice to ADCO International GmbH. Negotiation, advice and execution of Poly-Klyn, S.A., Spanish leader in mobile toilets. The transaction involved discussions and approval by the Insolvency Court and simultaneous clearance of merger control issues with the Spanish Competitive Authorities due to Poly-Klyn’s high market share.
  • Legal advice to MEDIA MARKT (largest retail company in electronic devices) as one of FAGOR main clients (large Spanish producer, in bankruptcy proceeding) referred to the effects of FAGOR’s unit production sale to a third investor, on the commercial relationships between MEDIA MARKT and FAGOR.
  • Legal advice to YUILOP, S.L. (Spanish company that developed a free social communication app for iOS and Android) in its insolvency proceeding and in the selling of its production unit to Inveready, an early-stage venture capital  company which invests in technology companies with high growth potential.


  • Legal advice to Mollet Impulsa, S.A. (which its only shareholder is a Spanish City Council and whose main activity consists of the sustainable socio-economic development of the city) in its insolvency proceeding that culminated in a creditors’ agreement that allows the company to continue with its socio-economic activities.
  • Legal advice to ETXART & PANNO, retail company, in its financial debt restructuring process.
  • Legal advice to NORTHWOOD, UK paper sector leader company to acquire three Spanish production units, DICEPA PAPELERA DE ENATE, S.L. MANIPA, S.A. and DISELVA, S.L. in the frame of a bankruptcy procedure hold in Huesca Province. We have assisted in all the acquisition process including labour  assistance to acquire all workforce, trademarks acquisition and financial contracts.
  • Legal advice to SANT ANDREU DE LLAVANERES Municipality in ALTIARE EMPRESA CONSTRUCTORA’s insolvency proceeding.
  • Legal advice to J. VILASECA, S.L., Spanish leading in manufacturing of security paper, in its commercial debt restructuring process and in a capital injection from a private investor.
  • Legal advice to HMY group, leading group in the engineering, manufacturing & fitting of retail furniture, in the bankruptcy proceeding of INDESIGN Group. Receiver filed four petitions to declare that INDESING’s managers and HMY RETAIL, S.L. liable of the insolvency situation and condemned them to pay the sum of  € 10.500.000. After negotiating, receiver accepted our arguments and filed a withdrawal petition declaring HMY RETAIL,S.L. not liable of  Indesing’s insolvency situation.
  • Legal advice to ESTRUAGUA, a Spanish company with a long experience in manufacturing waste water treatment equipment, for restructuring its debt with a bank pool.
  • Legal advice to TENACI PARTNERS in the acquisition of the productive unit of the Spanish company Cremalleras Rubí.
  • Legal advice to VALLE INDUSTRIAL group, as one of the main creditors in ABANTIA group insolvency proceeding.
  • Appointed as a  receiver for Sacresa Group's bankruptcy proceeding. It was the second-largest proceeding of this type in Spain in 2010, regarding the volume of debt (2,400,000,000 €). This real estate and construction group is made up of 5 companies. The mean acquaintance rate was 90%.
  • Appointed as receiver for Labiana Group bankruptcy proceeding, a Spanish pharmaceutical group. The early agreement proposal was approved.
  • Appointed as receiver for Era Biotech's bankruptcy proceeding, a biotechnology company focused on the development and marketing of technology for application in the pharmaceutical and industrial markets. Since an agreement proposed with its creditors was not viable, the production unit was acquired by a third investor. 
  • Appointed receiver for the insolvency proceeding of PAYMACOTAS, a civil engineering works company of the BUREAU VERITAS group. The early agreement proposal has been approved and the company sold to Getisa group.
  • Appointed receiver for the insolvency proceeding of the owner of HOTEL RESORT MUNTANYÀ in Seva (Barcelona).This matter was significant because the company reached an agreement with its creditors, in the terms of the Spanish insolvency regulation and, because of that fact, was acquired by and foreign real estate fund.
  • Appointed as a receiver for VSS group's, specialized in private security services, in its liquidation proceeding. Liquidation affected the entire workforce of more than 900.
  • Appointed as receiver in the insolvency proceeding Fripanel, a Spanish company- specialized in the manufacturing and commercialization of insolation panels.


  • Law degree with the University of Barcelona .
  • Master in Company Law with the Pompeu Fabra Univesity of Barcelona.


  • Spain


  • Spanish Commercial Courts
  • Spanish Civil Courts
  • Spanish Supreme Court
  • Court of Justice of the European Justice

Publications and Conferences

  • Lecturer on the Master’s Degree in Procedural Law at the Barcelona Bar Association.
  • Lecturer on the Master’s Degree in Insolvency Law at Barcelona.
  • She has been regular speaker at the Centro de Estudios Financieros.
  • Conference "Damage caused by the company board member: expert approach", in the 28th edition at Professional Accountant Forum, organized by the Colegio de Censores Jurados de Cuentas de Cataluña.
  • Author of “Some aspects of the functioning of recovery actions in the new Bankruptcy Law”, published at Revista de Derecho Concursal and Paraconcursal, 2005.

Professional Associations & Other Activities

  • Member of the International Aviation Womens Association (IAWA).


  • Recognized as a notable practitioner for Restructuring and Insolvency by Chambers and Partners.
  • Listed in the Global Business Edition Best Lawyers 2020  for Insolvency and Reorganization Law and Litigation.


  • English - Spanish - Catalan