Any restitution and compensation agreed by the judge when the  swap agreement is terminate

The remaining credit after the cancelation of its guarantee through an assignment in lieu of payment (dación en pago) in favor of a creditor with a lower-ranking guarantee is an ordinary credit and cannot be subject to a new classification

The insolvency administration is authorized to sell the production unit of the insolvent company Antibióticos, S.A.U. to Black Toro Capital S.A.R.L.

Intellectual property rights are meant to protect that which cannot be easily protected: ideas, images, music and brands. The creators of these intangible concepts are given an economic monopoly over them, in the hopes of fostering greater creativity and economic growth. Bankruptcy law, on the other hand, seeks to equitably distribute the property of the bankrupt among its creditors, subject to the rights of secured creditors.  There is an inherent conflict between the rights of two groups.

Judgment of the Supreme Court of Justice of 1 July 2014 

This judgment concludes that the Insolvency Plan is an alternative corporate recovery  measure which aims to satisfy the interests of the creditors, which applies  indiscriminately to natural and to legal persons. When the insolvent is a natural person,  the fact that the liquidation of its assets within the insolvency proceedings took place  without the full payment of the claims, is still not enough to declare the release of the  debtor.

On 27 July 2014, the Regulation (UE) n.º 655/2014, of the European Parliament and of  the Council (the “Regulation”), establishing a European Account Preservation Order procedure to facilitate cross-border debt recovery in civil and commercial matters was  published.

INTRODUCTION

Financial institutions are not de facto directors of the insolvent company because they do not significantly affect the performance of the insolvent company’s activity, but only ensure that  certain costs do not affect the repayment of their loan.

The extension of the term for the delivery of works not authorized by the guarantor that had secured  the penalty for delay does not  harm it and, therefore, the guarantee is not  extinguished;  any increase in the  penalty agreed does not extinguish the guarantee,  but  cannot be enforceable on the guarantor that will be liable in the terms agreed in the initial  agreement. This decision discussed the effects  on the guarantee of  the novation of the  secured  obligation agreed without the guarantor’s knowledge.

The rescission was declared of a mortgage the insolvent company  granted over a  warehouse it owned in guarantee of the  loan a credit institution  had  granted to a company of its group. The Supreme Court declared (i) that the contextual guarantee was  for consideration and (ii) the need for proof of the profit (even indirect) of the guarantor  company without merely belonging to the  group sufficing, and  confirmed that the  rescission only affected the guarantee and not the loan.