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Portrait of Michelle Barclay

Michelle Barclay

Partner

Contact
CMS Grau
Av. Santa María 110
Miraflores, L18
Lima
Peru
Languages Spanish, English
Corporate Restructuring & Insolvencies

Michelle Barclay (dual-qualified lawyer in New York and Peru) specializes in corporate restructuring and cross-border insolvencies, including in and out-of-court restructurings, corporate and bankruptcy liquidations, distressed M&A, bankruptcy takeovers, international projects and arbitrations.

Michelle’s national and international experience allows her to provide expert advice in bankruptcy and corporate restructuring matters and cases. Michelle worked as a permanent associate at Skadden, Arps, Slate, Meagher and Flom’s Corporate Restructuring Practice group in New York and joined CMS Grau as a Partner on January 2013.

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Clients commend her for “her experience at the international level”, as well as for “her notable and important leadership skills.” An interviewee further appreciates that “she has a willingness to think beyond the legal precedents and comes up with creative solutions.” Observers further point to her activity leading important and highly complex cases in the area.

Band 1 | Chambers & Partners 2022 | Bankruptcy/Restructuring

CMS Grau -and particularly Michelle Barclay- has expert knowledge of bankruptcy procedures and analyses all the related points and defines clear strategies in a timely manner.

The Legal 500 Latin America 2022 | Bankruptcy and Restructuring

Michelle Barclay Thorne is highlighted as "a very experienced lawyer" by satisfied clients. Other market commentators single out her "ability to take Peruvian law and help US lawyers to understand it. She goes beyond when you ask specific questions because she sees the bigger picture in terms on how it is going to affect deals."

Chambers Latin America 2020

Michelle Barclay Thorne is highly valued by clients, who appreciate that "she not only has an excellent command of Peruvian law, but also has a lot of knowledge and experience in international insolvencies. This clearly adds value to our matters." Another client enthuses that "she is very clear and practical when explaining matters and gets straight to the point."

Chambers Latin America 2018

Relevant experience

Michelle has been retained to work together with Skadden Arps Slate Meagher & Flom LLP (New York) to provide advice to the US Chapter 11 Trustee in the China Fishery case. This involves several international issues an expertise in Chapter 11 (US reorganization proceedings).

Michelle has worked together with Covington & Burling in an international arbitration proceeding which involved bankruptcy matters related to an international oil company, and on a different matter with a Korean client regarding certain agreements and its insolvency implications due to distressed local assets.

Michelle advises a key creditor in one of the most important bankruptcy cases handled by the Peruvian Bankruptcy Authority.  This is a very unique case as it involves the State (Ministry of Energy and Mines) as one of the majority creditors.

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Memberships & Roles

  • New York Bar Association (New York Bar Exam)
  • Lima Bar Association (Colegio de Abogados de Lima – CAL)
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Education

  • 2001 – Master´s Degree in Corporate Law (LL.M.), New York University
  • 2001 – Finance seminar, Stern School of Business (NYU)
  • 1997 – Law Degree, Universidad de Lima
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Corporate/M&A

Michelle Barclay joined CMS Grau as a Partner on January 2013. She specializes in mergers and acquisitions, corporate restructuring and cross-border insolvencies, investment projects and infrastructure, public-private associations and international arbitration.

She advises clients on different local and international corporate transactions, including the design of strategic structures to acquire or sale companies and/or assets, sale and acquisitions of important infrastructure projects, distressed M&A, bankruptcy takeovers, corporate reorganization proceedings and cross-border insolvencies; and she also participated as a bankruptcy expert in international arbitration.

Michelle has worked as a permanent associate at Skadden, Arps, Slate, Meagher and Flom’s Corporate Restructuring Practice group in New York, having wide international experience advising clients in corporate, bankruptcy and corporate restructuring matters and cases. She is admitted to practice in New York and Perú.

Michelle is currently a member of the Management Committee of CMS Grau, she co-leads the Marketing and Communications Committee and is responsible for the firm’s programs for the development of women in the legal profession. This year, Chambers & Partners (Diversity) granted Michelle the Women in Law Award: Peru Lawyer of the Year (2018).

She currently writes a monthly column for El Comercio newspaper (the largest circulation daily newspaper in Peru) in the Economy section.

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Relevant experience

Michelle has participated in several M&A transactions, including Gloria´s Group (Grupo Gloria) acquisitions of several companies located in the north of Peru and a private equity takeover process of an important private electric energy provider. Michelle. She has advised an international client together with other five US and Latin American law firms in a regional acquisition process of a pension fund (US$ 3 Billion).

She lead a complex due diligence process which included the review and analysis of 15 companies of Pacifico Seguros (Credicorp Group) and establishments of such companies all over the country.

She has been retained to work together with Skadden Arps Slate Meagher & Flom LLP (New York) to provide advice to the US Chapter 11 Trustee in the China Fishery case. This involves several international issues, including several cross-border deals that are key to the development of the reorganization process and demands expertise in Chapter 11 (US reorganization proceedings) matters.

She has worked together with Covington & Burling in an international arbitration proceeding which involved bankruptcy matters related to an international oil company.

She advised an important Korean client regarding certain agreements and its insolvency implications due to distressed local assets.

She advises a key creditor in one of the most important bankruptcy cases handled by the Peruvian Bankruptcy Authority.  This is a very unique case as it involves the State (Ministry of Energy and Mines) as one of the majority creditors.

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Memberships & Roles

  • New York Bar Association (New York Bar Exam)
  • Lima Bar Association (Colegio de Abogados de Lima – CAL)
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Education

  • 2001 – Master´s Degree in Corporate Law (LL.M.), New York University
  • 2001 – Finance seminar, Stern School of Business (NYU)
  • 1997 – Law Degree, Universidad de Lima
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Arbitration

Michelle Barclay (dual-qualified lawyer in New York and Peru) specializes in national and international arbitration and has broad experience leading diverse projects, dispute settlement, as well as negotiations and dispute settlement with the Peruvian government.  

Michelle has also experience  in distressed mergers and acquisitions, corporate restructuring and cross-border insolvencies, investment projects and infrastructure.

She has provided advice to various local and international companies in infrastructure projects, including Public-Private Partnerships (PPPs). Michelle has led and managed a variety of cases related to business crisis at the local and international levels.

Michelle has worked as a permanent associate at Skadden, Arps, Slate, Meagher and Flom’s Corporate Restructuring Practice group in New York, having wide international experience advising clients in diverse matters and cases.

Michelle joined CMS Grau as a Partner on January 2013 and is currently a member of the Management Committee of CMS Grau, co-leads the Marketing and Communications Committee and is responsible for the firm’s programs for the development of women in the legal profession. Chambers & Partners (Diversity) granted Michelle the Women in Law Award: Peru Lawyer of the Year (2018).

Michelle currently writes a monthly column for El Comercio newspaper (the largest circulation daily newspaper in Peru) in the Economy section.

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Michelle Barclay Thorne is highlighted as "a very experienced lawyer" by satisfied clients. Other market commentators single out her "ability to take Peruvian law and help US lawyers to understand it. She goes beyond when you ask specific questions because she sees the bigger picture in terms on how it is going to affect deals."

Chambers Latin America 2020

Relevant experience

Currently advises a Spanish company in various arbitration disputes (ICSID arbitration and local arbitrations) related to the termination by the Peruvian government of the largest concession awarded in Peru (project - South Peruvian gas pipeline).

Appointed as expert (findings of fact and conclusions of law) in an important international arbitration held in New York with the International Centre for Dispute Resolution of the American Arbitration Association concerning two large business groups in the hydrocarbon industry.

Advised Hydro Quebec (Canada) in the negotiation and settlement of an investment dispute with the Peruvian government related to the amendment to their BOOT contract referring to the main electric power transmission line in Peru.

Advised Electro Sur Medio (currently Dunas Energía), an electric power distribution company, in the renegotiation of the privatization agreement executed with the Peruvian government and subsequent resolution of the company’s crisis (following the 2007 earthquake in Peru). 

Advised a Peruvian company of Norwegian capital in a commercial arbitration brought before the Lima Chamber of Commerce (Peru), relating to the payment of a significant debt within the framework of a major insolvency process of a mining company in Peru.

Advised a Peruvian company of Dutch capital in a commercial arbitration brought before the Arequipa Chamber of Commerce (Peru) in connection with illegal and irregular acts carried out by the company’s general manager.

Advised a Spanish company in various negotiations and agreements with the Municipality of Lima (Peru) in connection with a utility services agreement.

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Memberships & Roles

  • New York Bar Association (New York Bar Exam)
  • Lima Bar Association (Colegio de Abogados de Lima – CAL)
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Education

  • 2018 – Participant in the first Executive Education Course in International Investment Law and Arbitration organized by The Lauterpacht Centre for International Law, in collaboration with Cambridge Judge Business School at University of Cambridge.
  • 2001 – Master´s Degree in Corporate Law (LL.M.), New York University
  • 2001 – Finance seminar, Stern School of Business (NYU)
  • 1997 – Law Degree, Universidad de Lima
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Feed

04/08/2022
In­ter­na­tion­al ar­bit­ra­tion law and rules in Peru
In Peru, ar­bit­ra­tion is a dis­pute res­ol­u­tion mech­an­ism in­creas­ingly used by com­pan­ies, and this con­fid­ence in this dis­pute res­ol­u­tion mech­an­ism is mainly due to the qual­ity of ar­bit­ral awards and a leg­al...
08/04/2022
Re­struc­tur­ing and in­solv­ency law in Peru
1. What is the primary le­gis­la­tion gov­ern­ing in­solv­ency and re­struc­tur­ing pro­ceed­ings in your jur­is­dic­tion? Per­uvi­an bank­ruptcy pro­ceed­ings are gov­erned mainly by Per­uvi­an Bank­ruptcy Law No. 27809 and...
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01/2022
Bank­ing and Fin­ance Cor­por­ate / M&A
CMS Grau has a multi-dis­cip­lin­ary team con­formed by ex­perts from all prac­tice areas and sec­tors. We have broad ex­per­i­ence provid­ing spe­cial­ized ad­vice in loc­al and in­ter­na­tion­al trans­ac­tions in...
17/11/2020
CMS Dis­putes Talk
In these un­cer­tain times, glob­al busi­nesses in al­most every sec­tor are fa­cing chal­lenges brought about by an un­pre­ced­en­ted op­er­a­tion­al cli­mate. Ac­tions and de­cisions taken dur­ing and im­me­di­ately after...
17/02/2021
CMS Dis­putes Talk
In these un­cer­tain times, glob­al busi­nesses in al­most every sec­tor are fa­cing chal­lenges brought about by an un­pre­ced­en­ted op­er­a­tion­al cli­mate. Ac­tions and de­cisions taken dur­ing and im­me­di­ately after...
09/06/2020
In­solv­ency law and rules in Peru
1. What type of re­struc­tur­ing schemes ex­ist in Peru? In Peru, cor­por­ate re­struc­tur­ing is car­ried out through in­solv­ency pro­ceed­ings. These pro­ceed­ings are handled by a na­tion­al ad­min­is­trat­ive agency...
16/03/2020
Coronavir­us (Cov­id 19) and Busi­ness Pre­vent­ive Meas­ures
What to do today to pre­vent a crisis? Very few com­pan­ies an­ti­cip­ate a crisis. Even more ex­cep­tion­al, is find­ing com­pan­ies which have a pre­ven­tion plan ready in time.Here are some re­com­mend­a­tions:Identi­fy...
18/11/2019
CMS Pub­lic Pro­cure­ment Tool­box of Rem­ed­ies
Pub­lic pro­cure­ment is the largest single glob­al mar­ket­place, ac­count­ing for around one-fifth of world­wide GDP. In this in­creas­ingly in­ter­na­tion­al mar­ket­place, com­pan­ies need to have con­fid­ence that pub­lic...
18/11/2019
E-pub­lic pro­cure­ment
On 18 Oc­to­ber 2018 ob­lig­at­ory e-pro­cure­ment rules entered in­to force in many EU mem­ber states. The CMS Pub­lic Pro­cure­ment Group has the pleas­ure of shar­ing key in­form­a­tion re­gard­ing mul­tiple jur­is­dic­tions.   Pub­lic...
28/08/2019
Crisis man­age­ment in the midst of Op­er­a­tion Car Wash
Op­er­a­tion Car Wash (known as Lava Jato in Lat­in Amer­ica), the largest cross-bor­der anti-cor­rup­tion in­vest­ig­a­tion in Lat­in Amer­ica, star­ted five years ago as a routine money laun­der­ing case in the Brazili­an...
28/06/2019
In­ter­na­tion­al Dis­putes Di­gest - Sum­mer Edi­tion 2019
Back to main page Wel­come to our In­ter­na­tion­al Dis­putes Di­gest, a new bi-an­nu­al pub­lic­a­tion fea­tur­ing ana­lys­is and com­ment­ary on the key trends cur­rently shap­ing the glob­al dis­pute res­ol­u­tion mar­ket...
23/05/2018
Michelle Barclay as "Peru Law­yer of the Year" in the Cham­bers Wo­men in...
Our Part­ner, Michelle Barclay, won the cat­egory of 'Peru Law­yer of the Year' in the Cham­bers Wo­men in Law Awards: Lat­in Amer­ica 2018, which took place this May, 10 in San­ti­ago de Chile. The Cham­bers...