On March 7, 2014 the Spanish Government approved the Royal Decree Law 4/2014 adopting urgent measures on business debt refinancing and restructuring ("Real Decreto-ley 4/2014, de 7 de marzo, por el que se adoptan medidas urgentes en material de refinanciación y reestructuración de deuda empresarial" or "RDL 4/2014"). The aim of this new regulation is the implementation of legal measures necessary to achieve the viable restructuring of debtors.
EL RDL 4/2014, de 7 de marzo, por el que se adoptan medidas urgentes en materia de refinanciación y reestructuración de deuda empresarial, tiene como objetivo declarado (vid. su Exposición de Motivos) facilitar el saneamiento financiero de las empresas en situación de crisis económica. A estos efectos se han dictado un conjunto de normas de diferente alcance y significado.
El art. 172 LC determina los pronunciamientos que ha de contener la sentencia de calificación culpable, pronunciamientos judiciales que constituyen verdaderas sanciones civiles.1 Así, calificado culpable el concurso, deben determinarse a continuación las personas afectadas por la calificación y los cómplices, que son las que van a soportar los pronunciamientos de condena. Luego, el art.
Credits arising under interest rate swap agreements are (i) insolvency credits, as they do not fulfil the requisite of functional synallagma dependent on reciprocal obligations, and (ii) subordinate, because they involve payment of credits arising due to interest.
These regulations contain two provisions clarifying the regime applicable to SAREB (Company Managing the Assets derived from the Banking Restructuring) in its capacity as creditor in insolvency proceedings.
Spain takes its first step towards securing international interests in mobile equipment.
The ruling called for rescission of previously agreed valuations to divide a company’s assets into two portions in a process for total spin-off in favour of two pre-existing companies. One of the beneficiaries was ordered to refund the other beneficiary company (undergoing insolvency proceedings) the excess valuation the former h ad received during the total spin-off.
The Madrid and Barcelona Provincial Courts took different positions on the classification of a creditor’s credit in the insolvency of the joint and several guarantor: the former classed it as an insolvency credit; the latter classed it as a contingent claim.
These resolutions clarify the circumstances in which an appraisal certificate is required to create and amend mortgages following the reform of the Rules of Civil Law Procedure under Act 1/2013.
Royal Decree-Law 4/2014, of March 7, on urgent measures for refinancing and restructuring corporate debt, substantially amends the Insolvency Act (particularly regarding the regulation of refinancing agreements and their court sanctioning, and other pre-insolvency institutions). It also modifies the exemption on mandatory takeover bids for rescue operations and extends for one more year (and broadens the scope of) the special regime for calculating loss based on impairment in cases of mandatory capital reduction and mandatory dissolution of companies.