1864775-v3\MADDOCS 1 AMENDMENT OF THE INSOLVENCY ACT ROYAL DECREE-ACT 1/2015 SECOND-CHANCE MECHANISM URGENT MEASURES TO REDUCE FINANCIAL BURDEN (in force as of 1 March 15) THE NEW MEASURES CAN AFFECT YOU IF AN INDIVIDUAL OWES YOU MONEY AND THEY ARE DECLARED INSOLVENT If an individual, be they businessmen/entrepreneurs or not, owes you money and they become insolvent, and you (or your Company) have not secured the credit with a guarantee or with some type of security interest (mortgage or pledge), then you could be affected by the so-called “unpaid debt waiver benefit" that is applicable t
1
REFORM OF THE INSOLVENCY ACT: Royal Decree-Act 11/2014
(passed on 5/9/2014; in force since 6/9/14)
WHO DOES IT AFFECT? HOW?
DEBTORS
Over the last few years Spain has amended its insolvency laws to promote
out of court refinancing arrangements as a much needed alternative
to formal insolvency proceedings. The outcome of these changes,
aimed at putting Spain on a par with other EU jurisdictions, is yet to be
seen. However, what is clear is that the latest round of amendments
has substantially improved the possibility of reaching an out of court
refinancing settlement in Spain.
Historically, in relation to syndicated facilities, out of court refinancing
On September 27, Law 14/2013, on support to the internationalization of business, was approved (Spanish Official Gazette of September 28). From its entry into force on October 18, the procedure for out-of-court settlement of payments will be implemented, which is a new mechanism of debt renegotiation prior to the declaration of insolvency and an alternative to the so-called “pre-insolvency”, aimed to individual entrepreneurs, freelancers and small and medium-sized businesses that have not yet been declared insolvent whose assets and liabilities meet certain re
Two companies showed interest in the assets of a third company that was in a state of bankruptcy.
The ongoing COVID-19 pandemic has profoundly reshaped the global business landscape. Some companies that only months ago seemed unstoppably profitable have been brought to an existential brink by extended lockdowns, supply chain failures, and other obstacles caused by the pandemic. Other companies who have experienced less disruption (or in some cases windfalls) stand at the threshold of opportunity even as they prepare themselves for the challenges of the 'new normal'.
This is the twenty-ninth in our series of General Counsel Updates which aim to summarise major developments in key areas.
The AP-36 toll road is therefore handed back to the state, after Commercial Court 2 of Madrid approved the concessionaire's liquidation plan.
Javier de Carvajal, socio co-responsable de la práctica de Restructuraciones y concursal de la oficina de Madrid, nos da una visión práctica y ciertas recomendaciones en el caso de que una contraparte inste el preconcurso de acreedores. Nos explica qué se debe hacer y qué no debe hacerse ante esa situación, y analiza las implicaciones de cara a buscar la máxima protección posible ante un eventual concurso de acreedores de la contraparte. |
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").