Public disclosure not required of appointment of expert in restructuring in the context of a pre-insolvency notice
Decision by Pontevedra Commercial Court No 3 on November 16, 2022
In the context of a pre-insolvency notice made on a confidential basis in which the debtor requests appointment of the expert in restructuring, Pontevedra Commercial Court took the view that the appointment does not have to be sent to the Public Insolvency Register to publicly disclose their identity.
No se exige publicidad del nombramiento del experto en reestructuración en el marco de una comunicación de negociaciones de carácter reservado
Auto del Juzgado de lo Mercantil núm. 3 de Pontevedra, de 16 de noviembre de 2022
Spanish Insolvency Law 16/2022
Los jueces de lo mercantil de Madrid publican una guía para el nombramiento de experto en pre-pack concursal
You can find below a high-level summary of the brand new instruments the reform has introduced in the Spanish corporate restructuring and insolvency toolkit.
1. New restructuring plan
A US Chapter 11-like plan with very light court-involvement and a number of new main features in case it is court-homologated:
1. Fully debtor-in-possession.
Introducción
Este mes las resoluciones reseñadas son menos y de menor relevancia que el mes pasado. Destacamos en todo caso el auto de homologación de uno de los primeros planes de restructuración aprobados tras la entrada en vigor de la nueva ley 16/2022 con una peculiar formación de clases donde muchas de ellas son clases unipersonales.
También destacamos un auto del Juzgado de lo Mercantil número 3 de Gijón que niega el embargo preventivo de los bienes de los administradores de la concursada por no apreciarse que vaya a existir un déficit concursal.
An administration is intended to achieve one of two objectives: 1. to rescue the company as a going concern; or 2. to achieve a better result for the company's creditors as a whole than would be likely if the company was placed into liquidation
Introducción
Esta edición tiene esta vez bastante contenido interesante entre el que destacamos:
Background to this overview
The below overview is deemed to be a high-level overview providing the general outlines of the legal Luxembourg framework applicable to the members of the management board in private limited liability companies (sociétés à responsabilité limitée) (an “SARL”) in times of financial distress.
1. My tenant is in administration, do they have to pay the full rent and is the administrator personally liable?
The company in administration has to pay rent as an administration expense for each day that the company occupies or uses the property for the benefit of the administration. The administrator is not personally liable, but the rent is payable as a priority expense ahead of the administrator's fees.