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Associate

Adriana Cangalaya

Associate

Adriana Cangalaya is an associate in the Corporate Restructuring and Insolvency practice at CMS Grau.  

Adriana has experience supporting lawyers and partners on corporate distress and insolvency matters, as part of teams assisting both creditors and debtors. Her experience includes assisting with insolvency proceedings before INDECOPI, in both restructuring and liquidation scenarios. 

Prior to joining CMS Grau, Adriana gained professional experience at local law firms specialising in restructuring and insolvency, where she participated in insolvency proceedings and debt recovery processes in the context of corporate insolvency. She was also part of the team that secured a binding precedent in insolvency matters (Resolution No. 047-2025/SCO-INDECOPI). 

Adriana holds a Bachelor of Laws degree from la Universidad de Lima and a Diploma in Corporate Law from the same university. She has also undertaken further training in corporate finance and commercial law at The London School of Economics and Political Science and the Universidad Católica de Colombia. 

She was recognised as a Key Lawyer in Bankruptcy and Restructuring by The Legal 500 (2026). She also received first place in the 2026 “Professor Jesús Quijano González” Young Researchers Award in Insolvency Law, unanimously awarded by the Ibero-American Institute of Insolvency Law. She is the author of articles on insolvency and restructuring. 

She is a co-founder of Peruvian Women in Restructuring (PWR) and a member of IWIRC (International Women’s Insolvency & Restructuring Confederation). 

Relevant experience

AMG – Auplata Mining Group Perú S.A.C. | Advised on the ordinary insolvency proceeding of the mining company before INDECOPI, involving approximately two hundred labour, tax, secured and related-party claims. 

Avla Perú Compañía de Seguros S.A. | Advised the insurer on the protection and recovery of claims against debtors subject to insolvency proceedings before INDECOPI, including the recognition and defence of claims, participation in creditors' meetings and the design of recovery strategies. 

CORFID Corporación Fiduciaria S.A. | Advised the trust company on the analysis and protection of trust assets in scenarios of settlor insolvency, including the assessment of insolvency-related contingencies and the structuring of fiduciary security in debt restructuring transactions. 

Mining company (confidential) | Advised on the preventive insolvency proceeding of the mining company before INDECOPI. 

Publications

Cangalaya, A. (forthcoming). Chapter on the Global Refinancing Agreement. In Instituciones del Derecho Concursal, collective work commemorating the 25th anniversary of the General Insolvency System Law. Tirant lo Blanch. 

Cangalaya, A. (2026). La votación por clases en la Ley General del Sistema Concursal: Una lectura sistemática y teleológica del artículo 59. Enfoque Derecho. Link:https://enfoquederecho.com/la-votacion-por-clases-en-la-ley-general-del-sistema-concursal-una-lectura-sistematica-y-teleologica-del-articulo-59/?utm_source=chatgpt.com  

Cangalaya, A. (2026). ¿Cómo estructurar un Plan de Reestructuración exitoso? (y cómo evitar que lo declaren nulo). Juztina AI. Link: https://www.juztina.ai/pe/es/blog/como-estructurar-un-plan-de-reestructuracion-exitoso-y-como-evitar-que-lo-declaren-nulo?utm_source=chatgpt.com  

Cangalaya, A. (2026). El procedimiento concursal como herramienta estratégica (y no como último recurso desesperado). Enfoque Derecho. Link: https://enfoquederecho.com/el-procedimiento-concursal-como-herramienta-estrategica-y-no-como-ultimo-recurso-desesperado/?utm_source=chatgpt.com  

Cangalaya, A. (2026). Liquidación vs. reestructuración: ¿cómo saber si la empresa todavía es viable? Juztina AI. Link: https://www.juztina.ai/pe/es/blog/liquidacion-vs-reestructuracion-como-saber-si-la-empresa-todavia-es-viable?utm_source=chatgpt.com  

Cangalaya, A. (2025). Restructuring and Insolvency Guide – Peru. Jurisdictional Guides, Ally Law. 

Cangalaya, A. (2021). ¡Revisen su RUC!: Sobre los concursos involuntarios de gerentes-fiadores. Revista Industria Legal, Issue No. 6. 

Memberships & Roles

Co-founder of Peruvian Women in Restructuring (PWR). 

Member of IWIRC – International Women's Insolvency & Restructuring Confederation. 

Honorary Member of the Grupo de Estudios de Propiedad Intelectual de la Universidad Nacional Mayor de San Marcos. 

Managing Director of Advocatus Magazine (2018 – 2019). 

Editorial Director of the Agnitio Legal Blog (2018). 

General Coordinator of the International Law Study Circle, Universidad de Lima (2018). 

Awards & Rankings

Recognised as a Key Lawyer in Bankruptcy and Restructuring by The Legal 500, 2026. 

Winner of the 2026 «Profesor Jesús Quijano González» Young Researchers Award, unanimously granted by the Ibero-American Institute of Insolvency Law, 2026. 

Awarded “Best Written Submission in the 1st Moot Court on Community Law and Intellectual Property in the Andean Community” by the Court of Justice of the Andean Community and the International Trademark Association (INTA), 2021. 

Insights by Adriana

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