On 19 June 2024, the expected amendment to the Act on Transformations of Business Corporations and Cooperatives was published in the Collection of Laws. The amendment mainly transposes Directive (EU) 2019/2121 of the European Parliament and of the Council.
In addition to harmonising the process of cross-border transformations, unifying the regulation and reducing the administrative burden, the amendment also introduces a completely new form of transformation.
Below we summarise the key changes.
El Tribunal Supremo, en su sentencia número 513/2024, de 17 de abril (Rec. 2443/2020) ("la Sentencia"), confirma la válida legitimación del recurrente declarado en concurso de acreedores con suspensión de facultades, en tanto la administración concursal omitió el deber de sustituirlo en el procedimiento en trámite.
En los últimos años, sociedades y fondos han sido capaces de aumentar la rentabilidad de sus inversiones al implantar políticas ESG. Esta herramienta les ha permitido, no sólo una correcta mitigación de los riesgos, sino también aprovechar nuevas oportunidades, generar valor y mejorar la reputación corporativa, al mismo tiempo que contribuían al desarrollo sostenible y con impacto en la sociedad.
La Dirección General de Seguridad Jurídica y Fe Pública ha resuelto, en Resolución de 19 de febrero de 2024, que una sociedad concursada, en fase de liquidación, no puede nombrar un administrador único. La DGSJyFP excluye, implícitamente, que subsista cualquier rango de funciones representativas que no se vea afectada por el concurso, a pesar de lo generalmente defendido por la doctrina.
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Abril 2024
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Corporate / M&A
Avoidance action is an umbrella term for adversary proceedings that seek to unwind or avoid transactions that occurred before an insolvency filing. These actions are also referred to as “claw-back claims” because, by undoing a transaction, an asset or value is being clawed back into the insolvency estate.
El pasado 20 de julio de 2023 fue publicado en el Boletín Oficial de Estado el Real Decreto 668/2023, de 18 de julio, que modificó el Reglamento de planes y fondos de pensiones al objeto de completar la regulación e impulso de los planes de pensiones de empleo y reforzar así, el segundo pilar de la previsión social en España. Este artículo aborda las principales novedades del último desarrollo reglamentario y repasa algunos de los retos que persisten de cara a impulsar y consolidar el segundo pilar y motivar el ahorro.
Bankruptcy law has always been an interesting area to practice and study in China. Having nominally a “socialist market economy” as per its Constitution, China allows its private sector to operate relatively freely within regularly re-defined boundaries but has a strong state-owned sector that comprises about half of the entire economy. Adding constant concerns about social stability in the country of 1.4 billion people, the rules for companies going into insolvency must be a careful balance between capitalist “freedom to fail” principles and governmental control over the economy.
在中国，破产法一直是一个有趣的实践和研究的领域。自从社会主义市场经济被写入我国宪法，我国就允许私营企业在定期不断重新界定的范围内相对自由地经营，同时约占整个经济一半的国有企业也展现出其雄厚的实力。在这个拥有14亿人口的国家，社会稳定问题一直备受关注，因此企业破产制度必须在资本主义“允许失败的自由”原则和政府对经济的管控之间保持谨慎的平衡。
中国的破产法从业人员一直热切期待新的并且能够对公司何时以及如何进行破产清算与重整产生影响的法律法规出台。中华人民共和国第十四届全国人民代表大会常务委员会第七次会议于2023年12月29日审议并通过了新修订的《中华人民共和国公司法》（简称“新公司法”），将自2024年7月1日起正式实施。本文将从破产实务的角度对新公司法进行解读。
Bankruptcy law has always been an interesting area to practice and study in China. Having nominally a “socialist market economy” as per its Constitution, China allows its private sector to operate relatively freely within regularly re-defined boundaries but has a strong state-owned sector that comprises about half of the entire economy. Adding constant concerns about social stability in the country of 1.4 billion people, the rules for companies going into insolvency must be a careful balance between capitalist “freedom to fail” principles and governmental control over the economy.
During summer 2023 the Swedish Government Official Report (SOU 2023:34) (the “Report”) was published proposing, inter alia, the removal of the requirements of a limited liability company to prepare a control balance sheet (Sw. Kontrollbalansräkning) and eventually enter into liquidation upon shortage of own capital. Instead, the suggestion was that the emphasis should be shifted more towards liquidity and solvency. The Report has now been through a referral process and by 15 December 2023 various referral bodies had submitted their responses to the Report.