The Madrid Provincial Court (Section 28) ruling of December 7, 2012, and the Barcelona Provincial Court (Section 15) ruling of October 4, 2012, judged the insolvency categorisation of a credit the receivers had categorised as subordinate because they held that the creditor company belonged to the same corporate group as the insolvent company.6 In both cases, the provincial courts analysed the concept of group for the purposes of insolvency before and after the reform of the Insolvency Act introduced under Act 38/2011.
I. Planteamiento
Es sabido que en la práctica judicial concursalista española se ha extendido la técnica de dictar Autos de simultánea declaración y conclusión del concurso con extinción de la persona jurídica concursada y baja registral por la presumible insuficiencia del activo para hacer frente a los créditos previsibles contra la masa (denominado concurso express).
The Supreme Court clarified the insolvency categorisation for interest rate swap contracts, classifying them as insolvency credits, as they fail to meet the functional synallagma requirement, which establishes functional reciprocal obligations.
New criteria set out by the Bank of Spain will have a binding nature for supervised financial entities
Introduction
On 30 April 2013 the supervisory body of the Bank of Spain sent a formal communication to the financial entities subject to its supervision containing the criteria to be used with regard to the definition, documentation, follow-up and review of credit refinancing and restructuring transactions (the Communication).
Sí se puede, según pronunciamientos recientes de los Tribunales Superiores de Justicia. Se trata de varias Sentencias dictadas por el Tribunal Superior de Justicia de Castilla-La Mancha (entre ellas, la Sentencia de 11 de febrero de 2013, recurso n.º 320/2012, y la de12 de febrero de 2013, recurso n.º 321/2012), y del Auto del TSJ de Madrid número 41/2012, de 21 de enero.
Yes it can, according to the most recent judgments of the Spanish high courts. The question was addressed in several Judgments issued by the High Court (HC) of Castilla-La Mancha (amongst others, the Judgment issued on 11 February 2013, in Appeal no. 320/2012, and the Judgment issued on 12 February 2013 on Appeal no. 321/2012) and by the High Court (HC) of Madrid in its Judgment no. 41/2012 of 21 January.
Act 38/2011, of 10 October, which reforms the former Spanish Insolvency Act, introduces a number of measures, including the possibility of obtaining court approval for refinancing agreements meeting certain requirements to extend the agreed debt rescheduling to certain creditors that have either opposed the refinancing agreement (i.e. dissident creditors), or that have not participated in it.
Additional Provision 4 of the Insolvency Act establishes that court approval for refinancing agreements may be sought by the debtor if they meet the following conditions:
1. Introducción
El apartado siete del artículo 21 del Proyecto de Ley de apoyo a los emprendedores y su internacionalización añade un nuevo Título X a la Ley Concursal integrado por doce artículos (231 a 242) que regula el expediente de Acuerdo extrajudicial de pagos.
Introduction
The Supreme Court of Spain has recognized it its Judgment dated September 5th, 2012, the lack of consent in a work contract on which one of the parties applied for the bankruptcy proceedings 10 days after such contract was entered by both parties.
The parties entered into a contract for execution of work by virtue of which the company that few days later applied for the insolvency proceedings, was committed to carry out the works of a building under construction.
Once the bankruptcy proceeding was started, each party issued a claim within the insolvency proceeding.