Global Insolvency | Daily News Headlines on Insolvency Developments across the Globe

Welcome to Spain, prepacks!

José Carles and Carlos Cuesta comment on the recent ruling of a Commercial Court of Barcelona approving the first pre-packaged sale in Spain as well as on the brand-new guidelines for prepacks issued by the Commercial Courts of Barcelona.

Spain: New Restructuring Plans under the Transposition of the EU Directive

Spain published the transposition of the Directive on Preventive Restructuring and Insolvency in its Official Gazette on 6 September 2022.

Country Reports for Belarus, Spain and Estonia

Belarus: New draft laws on insolvency. The Government of the Republic of Belarus has submitted a new draft law on insolvency to the Parliament. The Resolution No.9 of the Ministry of Economy ‘On electronic bidding for the sale of property in economic insolvency (bankruptcy) proceedings” will come into force on 13 November 2019.

Acquisition of production units in Spain by Julio Menchaca Vite

The acquisition of production units (PU), defined by article 149.4 of the Insolvency Act 22/2003 (IA) as “a set of means organised for the purpose of carrying out an essential or ancillary economic activity”1, can be structured in each of the phases of the Spanish insolvency procedure, i.e.: (i) common phase, (ii) composition phase, (iii) liquidation phase, and (iv) pre-pack process; each of them with the specificities analyzed below

Abengoa subsidiary to face first creditor-forced insolvency proceedings by Jose Carles Delgado and Carlos Cuesta Martin

Commercial Court nr. 2 of Seville has granted the opening of insolvency proceedings against Abengoa’s subsidiary, ‘Simosa IT’, after the petition submitted by one of its commercial creditors. It was the first time the Commercial Court agreed, since other creditors had also tried this measure against other companies of the group, with no success.

Is the situation of insolvent ‘Simosa IT’ the prelude of what will happen with the rest of the Spanish group?

Reforms to employer succession in Spain - by Agustin BOU

The Spanish Insolvency Act (hereinafter, “IA”) propose as one of its main objectives to maintain the continuity of the economic activity in companies involved in insolvency proceedings. During recent years, due to the regulation, it has been possible to save numerous jobs and business units through the sale of productive units within the context of insolvency proceedings.

Judicial consideration of the Schemes of Arrangement

The significant changes brought to Spanish insolvency law and introduced in the latest legislative session have been firmly directed at promoting schemes of arrangement as a measure to prevent corporate insolvency.

Court Approval of Refinancing Agreements in Spain

The 4th Additional Provision of Law 22/2003 of July 9, on Spanish Insolvency (the “Insolvency Law”) regulates one of the main pre- insolvency instruments existing in Spanish law: court approval of refinancing agreements between a debtor company and its creditors.

Italy Report: Major amendments to insolvency and restructuring law

Italy has a modern and competitive legal system to face not only insolvency, but especially, the financial crisis. In order to further improve the present regulations, on 28 January 2015, the Italian Ministry of Justice established a Commission which will study how to reform the Italian insolvency and restructuring proceedings.

Country Reports Winter 2014/15. Updates from Latvia, Spain, France and Romania

After two years of fierce debate a major package of amendments is going to enter into force on 1 March 2015 in Latvia. The most controversial are those relating to personal bankruptcy. Firstly, after the sale of the debtor’s dwelling that served as collateral, the remainder of the debtor’s obligations towards the secured creditor will be discharged automatically, without applying a discharge procedure.