La Ley de Sociedades de Capital, aborda en sus arts. 391.2 y 394.1 la cuestión acerca de si la sociedad en liquidación puede acordar dividir el patrimonio social y pagar a sus socios la cuota de liquidación con carácter previo a la satisfacción de todos los acreedores sociales.

La liquidación ordinaria (no concursal) de una sociedad constituye una situación o estatus jurídico especial en que pasa a encontrarse la sociedad una vez es disuelta por la causa que fuere y hasta que la misma se extingue, pero también es un proceso jurídico que comprende una serie de actos que se dirigen al pago de los créditos existentes frente a la sociedad, a la distribución del patrimonio social remanente entre los socios y a la propia extinción y cancelación registral de la sociedad.

This ruling resolved an issue originating from a personal and joint and several guarantee granted by two companies to secure the obligations assumed by a Dutch company under a junior financing agreement. In light of the Dutch company's default on one of its payments under that agreement, the creditor companies sued the debtor, and the court issued a resolution ordering the debtor company to pay the amount claimed.

Cuatrecasas, Gonrcalves Pereira has advised GRUPO EMPRESARIAL ALCO on submitting and processing the early composition agreement with the company's creditors, attaining the approval of the competent court within 10 months of the company's declaration of insolvency.

A company's insolvency is requested by three of its creditors whose credits originated from a syndicated financing agreement signed with other credit institutions. The three creditors seeking the insolvency request that they all be recognized a general privilege of 50% of their credits and that the entirety of their respective credits be considered in calculating this general privilege, excluding subordinated credits only.

This ruling resolves the financial creditors' challenge to the approval of a refinancing agreement extending the deferral stipulated and the modification of the margins added to the Euribor to them. As grounds for their opposition, they claim that the 75% majority of the financial liabilities necessary to extend the reduction of the applicable margin whereby, in their opinion, such reduction entailed debt relief was not present.

First, the court analyses whether the refinancing agreement seeking approval complies with the legal requirements envisaged in Additional Provision 4 LC and confirms this.¹³

Cuatrecasas, Gonrcalves Pereira has advised one of the coordinating institutions on the process for the acquisition of NATRA debt and on the design and implementation of the refinancing, including the execution of a lock-up agreement.

Act 15/2015 regulates voluntary jurisdiction cases processed in the courts, which are legally considered all cases requiring court intervention to protect rights and interests in civil and commercial law matters that do not involve disputes that must be heard in litigation proceedings.

The SC adopts a decision on the inclusion of contractual set-off agreements that document a single financial transaction within the scope of application of Royal Decree-Act 5/2005 and on the insolvency classification of the credits resulting from financial swap, thus settling the disparity of criteria that existed in our lower case law with respect to such matters.