On Dec. 18, Spain’s High Court said it would investigate claims of mismanagement by Abengoa creditors’ against the former chairman and the former CEO of the engineering and energy firm struggling with serious financial problems. In its ruling, the High Court asked Felipe Benjumea, the former chairman whose father founded the company, to post a bond of 11.5 million euros ($12.5 million) to cover potential liabilities within 24 hours.
Análisis GA&P | Febrero 2016 1 N. de la C.: En las citas literales se ha rectificado en lo posible —sin afectar al sentido— la grafía de ciertos elementos (acentos, mayúsculas, símbolos, abreviaturas, cursivas...) para adecuarlos a las normas tipográficas utilizadas en el resto del texto. Ante las dificultades competenciales y materiales en asuntos derivados del concurso de acreedores, siempre resultan sumamente interesantes las conclusiones alcanzadas por jueces o magistrados especialistas en materia mercantil en sus diferentes reuniones periódicas.
Analysis GA&P | February 2016 1 Given the jurisdictional and material difficulties arising in the context of insolvency proceedings, the conclusions reached by judges specialised in corporate and commercial matters, in their various regular meetings, are invariably of tremendous interest. The recent conference held in Pamplona at the beginning of last November was no exception, particularly so, as far as this paper is concerned, in relation to the employment and Social Security aspects of a production unit transfer. As is well known, the referral of arts.
La Ley 40/2015, de 1 de octubre, de Régimen Jurídico del Sector Público (“LRJSP”) -publicada en el BOE del 2 de octubre de 2015- modifica en su Disposición Final 5ª varios preceptos de la Ley Concursal (“LC”), entre ellos el artículo 90.1.6º LC. En concreto, se ha incorporado a este precepto el siguiente texto:
«Los créditos garantizados con prenda constituida sobre créditos futuros solo gozarán de privilegio especial cuando concurran los siguientes requisitos antes de la declaración de concurso:
Law 25/2015, of 28 July, on the second-chance mechanism, financial burden reduction and other social support measures, ratifies and confirms the content of Royal Decree-Law 1/2015, of 27 February, amending the Insolvency Act (Ley Concursal –“LC”), among other laws.
Key Point
The court adjourned a bankruptcy hearing on the basis that a Spanish court sanctioned liquidation plan for a group of companies in which the debtor had an interest might release value for creditors.
The Facts
El pasado 18 de junio entró en vigor la Ley 11/2015 de recuperación y resolución de entidades de crédito y empresas de servicios de inversión (la "Ley 11/2015"), que deroga y refunde la antigua Ley 9/2012, de 14 de noviembre, de reestructuración y resolución de entidades de crédito (la "Ley 9/2012").
The Law 9/2015 includes the following novelties:
1. In Regard to the Insolvency Agreement
Law 9/2015 presents a series of novelties regarding the insolvency agreement, such as:
1. Tema objeto de controversia
On October 1, 2015, the Public Sector Legal Regime Act (Ley 40/2015, 1 de octubre, de Régimen Jurídico del Sector Público) ("PSLR Act") was passed by the Spanish Parliament. As discussed in more detail below, the PSLR Act introduces, among other things, the following reforms to the Spanish Insolvency Act (Ley 22/2003, de 9 de Julio, Concursal) ("SIA") and to the Spanish Public Sector Contracts Act (Real Decreto Legislativo 3/2011, de 14 de noviembre, por el que se aprueba el texto refundido de la Ley de Contratos del Sector Público) ("SPSC Act"):