Ranking of claims payable to the government in respect of refunded subsidies depends on when they were granted

Judgment by the Supreme Court (Chamber One), November 20, 2018

Chronological parameters must be used when classifying claims arising from the obligation to refund subsidies. Accordingly, if the subsidies were granted before the insolvency order, the claim in respect of the refunded subsidy must be a pre-insolvency claim whereas if the subsidy was granted after the insolvency order, the claim for the refund must be a post-insolvency claim.

El rango de los créditos a favor de la Administración por restitución de subvenciones depende del momento de su concesión

Sentencia de la Sala Primera del Tribunal Supremo de 20 de noviembre de 2018

En un auto de 18 de diciembre de 2018, el Juzgado Mercantil número 1 de Madrid ha permitido que un deudor declarado en concurso pueda suscribir y homologar un acuerdo de refinanciación con posterioridad a la declaración de concurso.

On January 17, 2019, the United States Court of Appeals for the Fifth Circuit issued a decision holding that “impairment” under a plan of reorganization does not arise even if a creditor is paid less than it would be entitled to under its contract, so long as the reduced recovery is due to the plan’s incorporation of the Bankruptcy Code’s disallowance provisions.

Intercreditor agreements between secured creditors are intended to limit the potential for litigation and result in predictable commercial outcomes with respect to recoveries from collateral in enforcement actions and bankruptcies. Despite the extensive drafting efforts of sophisticated counsel to eliminate ambiguities in these agreements, the interpretation of intercreditor agreements has been the subject of substantial bankruptcy litigation.

El Tribunal Constitucional ha declarado inconstitucional una disposición de una ley del Parlamento de Cataluña que permitía que, en caso de venta a un tercero (habitualmente un fondo) de un crédito garantizado con vivienda, el deudor pudiera liberarse de su deuda pagando al comprador de la deuda exclusivamente el precio que éste había pagado (más los intereses legales y gastos causados por la reclamación).

The Constitutional Court has held unconstitutional a provision in a law passed by the Catalan parliament which, if a loan secured with a home is sold to a third party (a fund usually), allowed the debtor to be released from their debt by paying the buyer out of the debt only the price the buyer had paid (plus the statutory interest and costs caused by the claim).

On November 8, 2018, the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) issued a decision dismissing an involuntary chapter 11 case filed against Taberna Preferred Funding IV, Ltd. (“Taberna”), a CDO, by holders of non-recourse notes (the “Petitioning Creditors”).

Parties involved in cross-border bankruptcy/restructuring situations may be wary of the risk that repeated litigation in different courts with jurisdiction over the same debtor will result in conflicting judgments. The principle of “universalism” is the theory whereby the decisions of one primary jurisdiction addressing a debtor’s bankruptcy/restructuring issues are given universal effect by courts in other jurisdictions.

Selección de las principales resoluciones en materia de Reestructuraciones e Insolvencias.

Nulidad de un despido colectivo realizado en la sucursal española de una sociedad sometida a un procedimiento de insolvencia alemán

Sentencia de la Sala de lo Social de la Audiencia Nacional de 30 de abril de 2018