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Michelle Barclay
Partner

Michelle Barclay

Languages
  • Spanish
  • English
Social media

Michelle Barclay is a partner at CMS Grau and co-heads the firm’s Restructuring and Insolvency practice. She specializes in corporate matters, cross-border transactions, local and international refinancings and restructurings, insolvency proceedings and corporate and insolvency liquidations, as well as projects and international arbitration.

Her local and international experience allows her to advise clients on highly complex cross-border matters involving multiple stakeholders and jurisdictions.

Michelle holds a Master´s Degree in Corporate Law from New York University and worked as a permanent associate in the corporate restructuring practice group at Skadden, Arps, Slate, Meagher & Flom LLP in New York. She is admitted to practice in New York and Peru.

Michelle has been a partner at CMS Grau since January 2013, is a member of the CMS Grau Board, and serves on the Latin American Committee of CMS Latam.

She is a frequent speaker at events and conferences on topics within her specialization. Since 2017, she has been a columnist for El Comercio, the leading newspaper in Peru. She has also taught the Corporate Restructuring course in the master’s programs at Universidad de Lima, ESAN, and Universidad del Pacífico.

Awards & Recognitions
01
  • Quote
    "Michelle Barclay Thorne knows how to guide us, is strategic, and takes the time to respond appropriately."
    Chambers & Partners Latin America 2026 | Band 1
  • Quote
    "Michelle Barclay Thorne has a great client awareness and is very efficient in getting things done no matter their difficulty. She is one of the best bankruptcy and restructuring lawyers in Peru."
    Chambers & Partners Latin America 2025 | Band 1
  • Quote
    Clients commend her for "Her experience at the international level," as well as for "her notable and important leaderships 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.
    Chambers & Partners Latin America 2023 - Band 1
  • Quote
    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.
    Chambers & Partners 2022 - Band 1
  • Quote
    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
  • Quote
    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
  • Quote
    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
  • Award
    Peru Lawyer of the Year (2018), recognition granted by the British magazine Latin Lawyer (Women in Law).
    Latin Lawyer (Women in Law)
  • Quote
    CMS Grau has a diverse practice with expertise in bankruptcy, insolvency and liquidation matters. Michelle Barclay heads the team, and is routinely involved in debtor and creditor work for both private companies and public entities work. Recent highlights for Barclay include representing Depositos Quimicos Mineros in Doe Run Perú’s bankruptcy process – senior associate Francisco Barrón and associate Daniela Camacho assist her on the case. The team also has expertise in distressed M&A, debt refinancing and reorganisation proceedings.
    Legal 500

Relevant experience

  • Advises the Ad Hoc Committee formed by the majority group of bondholders (local and international) of Telefónica del Perú (now Integratel) in connection with the restructuring proceedings in Peru and Chapter 15 proceedings in the United States. This is the largest insolvency proceeding initiated in Peru, with approximately USD 1.4 billion in outstanding debt.
  • Advised on the cross-border restructuring of the China Fishery Group, with an approximate value of USD 2.5 billion. The group’s main assets are located in Peru, and the process involved the jurisdictions of the United States (Chapter 11), the United Kingdom, Singapore, Spain, and Peru.
  • Advises an oil and gas company on various crisis management matters related to the termination of its concession agreement by the Peruvian government, valued at USD 7 billion, as well as several complex shareholder disputes that involved an ICSID arbitration, an insolvency proceeding in Peru, and multiple corporate and regulatory matters.
  • Acted as fact and law expert in an international arbitration in New York involving an oil and gas company.
  • Advised on the restructuring and distressed acquisition of an important energy distribution company, including the preparation and negotiation of the restructuring plan, the renegotiation of the privatization agreement with the Peruvian government, and the crisis management following the 2007 earthquake in Peru.
  • Ministry of Economy and Finance of Peru | Worked in two legislative projects to amend the Peruvian General Insolvency Law. The legislative proposal was approved, and the new regulations are currently in force.
  • Numerous additional matters related to corporate acquisitions, including distressed M&A, restructurings, refinancings, liquidations, complex negotiations, cross-border deals, and general corporate and contractual advisory.

Publications

  • Barclay, M. (2025, September 1st). ¿Dónde está el pez? Los conflictos corporativos [Where is the fish? Corporate conflicts]. El Comercio. Link
  • Barclay, M. (2025, June 30th). Héroes sin capa: El poder de lo común [Heroes without capes: The power of the ordinary]. El Comercio. Link
  • Barclay, M. (2025, April 28th). La trampa del conocimiento aparente [The trap of apparent knowledge]. El Comercio. Link
  • Barclay, M. (2025, February 17th). El “Chit-Chat” corporativo: ¿Vale la pena? [Corporate ‘chit-chat’: Is it worthwhile?]. El Comercio. Link
  • Barclay, M. (2024). Insolvencias transfronterizas: el Chapter 15 y la cooperación internacional [Cross-border insolvencies: Chapter 15 and international cooperation]. En A. Lizárraga Vera-Portocarrero (Ed.), Derecho concursal [Bankruptcy Law] (pp. 337-360). Grupo Editorial Lex & Iuris. PDF
  • Barclay, M. (2024, September 27th). Cerrando la casa en orden: Liquidaciones por terminación a propósito [Closing the house in order: Liquidations by termination on purpose]. El Comercio. Link
  • Barclay, M. (2024, July 24th). Insolvencia internacional: Mecanismos SOS [International insolvency: SOS mechanisms]. El Comercio. Link
  • Barclay, M. (2024, May 27th). Negociando en situaciones críticas: La historia velada [Negotiating in critical situations: The hidden story]. El Comercio. Link
  • Barclay, M. (2024, April 3th). Innovación: Entre dos pizzas y el Ave Fénix [Innovation: Between two pizzas and the Phoenix]. El Comercio. Link
  • Barclay, M. (2019, September 18th). Quiero cerrar mi empresa [I want to close my company]. El Comercio. Link
  • Barclay, M. (2019, May 29th). Preventivo todo terreno [All-terrain preventive]. El Comercio. Link
  • Barclay, M. (2019, May 1st). Déjà vécu concursal [Bankruptcy déjà vécu]. El Comercio. Link
  • Barclay, M. (2018, November 14th). Dadaísmo concursal [Bankruptcy Dadaism]. El Comercio. Link
  • Barclay, M. (2018, August 22th). Prevenir es vivir [To prevent is to live]. El Comercio. Link
  • Barclay, M. (2018, May 31th). Lecciones de una crisis [Lessons from a crisis]. El Comercio. Link

Memberships & Roles

  • New York Bar Association (Bar Exam)
  • Lima Bar Association (CAL).
  • Chair (2010–2012) – Co-Chair (2008–2010) / International Bar Association – Committee on Workouts and Reorganizations. Led the organization of in-person conferences with various law firms in Buenos Aires, Madrid, Hamburg, and Dubai.
  • Member of the Board of Women in the Profession (WIP Peru) (2020–2024).
  • Alternate Member of the Superior Council of Arbitration of the Lima Chamber of Commerce Arbitration Center (2020–2023).
  • Member of the International Arbitration Court of AMCHAM Peru (2024–present).
  • Member of the Peruvian Chapter of the International Chamber of Commerce (ICC). Responsible for the social responsibility initiative Peru Social Mission (2019–2024).

Awards & Rankings

  • Band 1 by Chambers Latin America 2026 - Bankruptcy/ Restructuring 
  • Leading Individual by The Legal 500 2025 - Restructuring and Bankruptcy 
  • ‘Leading Lawyer’ by Leaders League 2025 - Bankruptcy/ Restructuring 
  • Recognised by "Best Lawyers" - Bankruptcy/Restructuring. 
  • Peru Lawyer of the Year (2018), recognition granted by the British magazine Latin Lawyer (Women in Law).

Education

  • 2002 - New York Bar Association (Bar Exam)
  • 2001 - Master of Laws in Corporate Law (LL.M. - Corporate), New York University (NYU).
  • 2001 - Course in Finance, Stern School of Business (New York University).
  • 1997 - Graduated from the University of Lima. 

Michelle Barclay is a partner and member of the firm's Executive Committee. She has extensive experience in cross-border transactions, including mergers and acquisitions, distressed M&A, international restructurings, and complex contract negotiations across various economic sectors. Michelle is a columnist for the Economy section of El Comercio newspaper. She has worked as a permanent associate at Skadden, Arps, Slate, Meagher & Flom LLP in New York and is licensed to practice law in both New York and Peru. She has also been a professor in the Master's in Business Law program at Universidad de Lima, Universidad del Pacífico, and ESAN.

Awards & Recognitions
01
  • Quote
    "Michelle Barclay Thorne has a great client awareness and is very efficient in getting things done no matter their difficulty. She is one of the best bankruptcy and restructuring lawyers in Peru."
    Chambers & Partners Latin America 2025 | Band 1

Relevant experience

  • Investor Group | Acquisition process of a significant privatized public utilities provider. After the acquisition, advised the new owners on the company's reorganization process and matters related to the government and investors. 
  • Major energy company | Crisis matters arising from the involuntary termination by the Peruvian government of a concession contract and several complex issues among shareholders of the Special Purpose Vehicle (SPV) incorporated for the concession project. This matter involves (including but not limited to) bankruptcy, liquidation, corporate matters, litigation, and regulations. 
  • Electro Sur Medio (now Dunas Energía) | Renegotiation of the privatization contract with the Peruvian government following the company's crisis and achievement of a comprehensive solution and restructuring after the earthquake in Peru in 2007. 
  • Ministry of Economy and Finance of Peru | Preparation of two bills to amend the Bankruptcy Law of Peru. This bill was approved, and the new regulations are currently in effect. 
  • Chapter 11 | Advised court-appointed trustee in New York presiding over the Chapter 11 case involving USD 2 billion in debts of one of the world's largest producers of fishmeal and fish oil (based in Singapore), the majority shareholder of two Peruvian companies that hold a significant anchovy fishing quota in Peru. 

Memberships & Roles

  • New York Bar Association (Bar Exam)
  • Lima Bar Association (CAL).
  • Chair (2010–2012) – Co-Chair (2008–2010) / International Bar Association – Committee on Workouts and Reorganizations. Led the organization of in-person conferences with various law firms in Buenos Aires, Madrid, Hamburg, and Dubai.
  • Member of the Board of Women in the Profession (WIP Peru) (2020–2024).
  • Alternate Member of the Superior Council of Arbitration of the Lima Chamber of Commerce Arbitration Center (2020–2023).
  • Member of the International Arbitration Court of AMCHAM Peru (2024–present).
  • Member of the Peruvian Chapter of the International Chamber of Commerce (ICC). Responsible for the social responsibility initiative Peru Social Mission (2019–2024).

Awards & Rankings

  • Band 1 by Chambers Latin America 2023 - Bankruptcy/ Restructuring 
  • Leading Individual by The Legal 500 2023 - Restructuring and Bankruptcy 
  • ‘Leading’ by Leaders League 2023 - Bankruptcy/ Restructuring 
  • Recognised by "Best Lawyers" - Bankruptcy/Restructuring. 
  • Women Lawyer of the Year Peru 2018 by Chambers & Partners - Diversity. 
  • Peru Lawyer of the Year (2018), recognition granted by the British magazine Latin Lawyer (Women in Law). 

Education

  • 2002 - New York Bar Association (Bar Exam)
  • 2001 - Master of Laws in Corporate Law (LL.M. - Corporate), New York University (NYU).
  • 2001 - Course in Finance, Stern School of Business (New York University).
  • 1997 - Graduated from the University of Lima. 
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