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 Michelle Barclay
Partner

Michelle Barclay

Languages
  • Spanish
  • English
Social media

Michelle Barclay is a partner at CMS Grau and co-leads the Insolvency and Restructuring practice area. She specialises in both local and international restructurings and insolvencies, including in-court and out-of-court restructurings, insolvency and corporate liquidations, distressed asset and company acquisitions, international projects, and arbitrations. 

Her local and international experience enables her to advise clients on complex insolvency and corporate restructuring matters. 

Michelle holds a Master's in Corporate Law from New York University and has previously worked as an associate in the corporate restructuring practice at Skadden, Arps, Slate, Meagher & Flom LLP in New York. She is admitted to practice in both New York and Peru. 

Since January 2013, Michelle has been a partner at CMS Grau, and she is a member of the Management Committee and co-leads the Marketing and Communication Committee of the firm. 

She is a frequent speaker at events and conferences on topics related to her specialisation. Currently, she is a columnist for El Comercio (Peru's highest-circulation newspaper), with monthly publications in the Economics section. 

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
  • 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
  • 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

  • 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. 

Publications

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, septiembre 27). 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, julio 24). Insolvencia internacional: Mecanismos SOS [International insolvency: SOS mechanisms]. El Comercio. Link

Barclay, M. (2024, mayo 27). Negociando en situaciones críticas: La historia velada [Negotiating in critical situations: The hidden story]. El Comercio. Link

Barclay, M. (2024, abril 3). Innovación: Entre dos pizzas y el Ave Fénix [Innovation: Between two pizzas and the Phoenix]. El Comercio. Link

Barclay, M. (2019, septiembre 18). Quiero cerrar mi empresa [I want to close my company]. El Comercio. Link

Barclay, M. (2019, mayo 29). Preventivo todo terreno [All-terrain preventive]. El Comercio. Link

Barclay, M. (2019, mayo 1). Déjà vécu concursal [Bankruptcy déjà vécu]. El Comercio. Link

Barclay, M. (2018, noviembre 14). Dadaísmo concursal [Bankruptcy Dadaism]. El Comercio. Link

Barclay, M. (2018, agosto 22). Prevenir es vivir [To prevent is to live]. El Comercio. Link

Barclay, M. (2018, mayo 31). Lecciones de una crisis [Lessons from a crisis]. El Comercio. Link

Memberships & Roles

  • New York Bar Association (Bar Exam)
  • Lima Bar Association (CAL).

Awards & Rankings

  • Band 1 by Chambers Latin America 2025 - Bankruptcy/ Restructuring 
  • Leading Individual by The Legal 500 2024 - Restructuring and Bankruptcy 
  • ‘Leading’ by Leaders League 2024 - Bankruptcy/ Restructuring 
  • Recognised by "Best Lawyers" - Bankruptcy/Restructuring. 
  • Women Lawyer of the Year Peru 2018 by Chambers & Partners - Diversity. 

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).

Awards & Rankings

  • Band 1 by Chambers Latin America 2025 - Bankruptcy/ Restructuring 
  • Leading Individual by The Legal 500 2024 - Restructuring and Bankruptcy 
  • ‘Leading’ by Leaders League 2024 - Bankruptcy/ Restructuring 
  • Recognised by "Best Lawyers" - Bankruptcy/Restructuring. 
  • Women Lawyer of the Year Peru 2018 by Chambers & Partners - Diversity. 

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.