Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Spanish law firm Arriaga Asociados has already implemented an employment redundancy file (ERE) affecting 158 people being dismissed after the closure of its offices in Almeria, Coruna, Alicante, Seville, Bilbao, Lleida, Girona and Tarragona, representing approximately 40% of the total workforce. Notwithstanding this, the company maintains operational headquarters in Valencia, Barcelona and Madrid, and continues to provide telephone services across Spain. The company has also launched a branch dedicated to the provision of legal services based on Artificial Intelligence (AI).
According to company sources, this situation is due to the high debt level of the company (approximately 32 million Euro), which has obliged to present a restructuring plan to defer payments to defer payments to creditors. This high level of debt is due to two main reasons. Firstly, a reduction in the workload of the staff (explained by the business model of the company, which specialises in filing claims against revolving credit cards, or mortgage expenses), and secondly, delays in judicial rulings that affect the collection of their fees
Eurofound (2024), Arriaga Asociados, Internal restructuring in Spain, factsheet number 201901, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201901.