Análisis GA&P | Marzo 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. 1. Sobre el alcance de la subrogación en las deudas laborales y de la Seguridad Social: totalidad de la deuda o contratos subrogados 1.1.
Con la reforma del artículo 90.1.6.º de la Ley Concursal (LCon) dispuesta por la Ley 40/2015 se generalizó un casi entusiasta clamor entre los operadores del sector. Se consideraba que quedaba definitivamente resuelto el perverso historial con- cursal de las prendas sobre créditos futuros. Yo no lo veo tan claro y puedo imaginarme más de un modo por el que un juez concursal averso a este tipo de garantías puede arruinar aquel entusiasmo por vía de una interpretación no totalmente absurda del precepto nuevo.
Australia is making several significant reforms to its insolvency legislation – with more changes likely to come – to provide much-needed comfort for directors and to align legislation on ipso facto clauses in order to prevent contractual terminations simply as a result of the commencement of an insolvency proceeding. (See the Productivity Commission Report on Business Set-up, Transfer and Closure (available here)).
The amendment to art. 90(1)(6) of the Insolvency Act 22/2003 (abbrev. LCON) by the Public Sector (Legal Regime) Act 40/2015 was welcomed almost enthusiastically by most market agents. It was felt that the inconsistent treatment bestowed on pledges of future claims (hereinafter, ‘PFC’) would finally be a thing of the past. I myself am not altogether convinced that this is the case, being able to envisage more than one way an insolvency judge, averse to this type of security interests, can dampen the aforementioned enthusiasm by way of a not overly absurd interpretation of the new provision.
Privilege bestowed on (syndicated) creditors instigating the insolvency proceedings against the debtor
Preamble
Equality among all creditors (the so-called par conditio creditorum) is a basic principle under Spanish insolvency rules. Only specific exceptions envisaged in the Spanish insolvency law allow for a particular creditor to take precedence over others in the recovery of its claims against the debtor.
Generally speaking, the following ranking applies to insolvency claims (excluding predeductible claims):
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.
We previously posted about a recent effort to address an issue left unresolved in Baker Botts v. ASARCO, 135 S. Ct.
Baker Botts L.L.P. has filed its application for retention as debtors’ counsel in In re New Gulf Resources, LLC, et al. (Case No. 15-12556, Bankr. D. Del.), and the application incudes a novel “Fee Premium.” Essentially, Baker Botts’ aggregate fees incurred in the case will be increased by 10% (subject to court approval) but … Baker Botts will waive the entire Fee Premium “if, and only if, Baker Botts does not incur material fees and expenses defending against any objection with respect to an interim or final fee application.”