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.
From investors to regulators, FTX Trading Ltd (FTX) filing for bankruptcy was unexpected by all. A catalyst for litigation and regulation over the years to come, this collapse will serve as a warning, particularly to cryptocurrency insurers.
What happened?
In this chapter of our Annual Insurance Review 2023, we look at the main developments in 2022 and expected issues in 2023 for restructuring and insolvency.
Key developments in 2022
Corporate insolvencies have been rising sharply in 2022 albeit against the backdrop of record low insolvency filings during the pandemic. By June, they had reached their highest quarterly level since 2009 and the depths of the global financial crisis.
El pasado 28 de diciembre de 2022 se publicó en el BOE el Real Decreto-ley 20/2022, de 27 de diciembre, de medidas de respuesta a las consecuencias económicas y sociales de la Guerra de Ucrania y de apoyo a la reconstrucción de la isla de La Palma y a otras situaciones de vulnerabilidad.
La reforma concursal recientemente aprobada ha sustituido los acuerdos de refinanciación y los acuerdos extrajudiciales de pago por los planes de reestructuración. Para los socios en general, y de la empresa familiar en particular, esta reforma supone un cambio de paradigma, ya que, en determinadas condiciones, los acreedores podrían imponerles un plan de reestructuración mediante el cual los acreedores tomen el control del capital de la compañía, amortizando las participaciones de los socios fundadores o preexistentes.
The Judgment of the Supreme Court in BTI 2014 LLC v Sequana SA was handed down on 5 October 2022.
The Supreme Court considered the circumstances in which company directors must exercise their duties under s.172 Companies Act 2006 (CA06) with regard to the interests of the creditors and affirmed the position reached by the Court of Appeal.
Comment
The Act n 16/2022, dated September 5, on the reform of the Recast Insolvency Act, published on September 6, 2022, brings deep and major changes to the existing legislation.
The amendment will come into force on September 26, 2022, twenty days after its publication, and affect both proceedings commencing after entry into force of the legislation and a few parts of proceedings that had commenced earlier.
The differences between the original bill and the approved insolvency reform are shown in the compared version available here.
El 6 de septiembre se ha publicado en el Boletn Oficial del Estado la Ley 16/2022, de 5 de septiembre, de reforma del Texto Refundido de la Ley Concursal, que trae consigo importantes y profundas modificaciones en la norma vigente.
La modificacin entrar en vigor el 26 de septiembre de 2022, a los veinte das desde su publicacin, y afectar tanto a los procedimientos que se inicien tras la entrada en vigor de la norma como a algunas partes de aquellos que se hubieran abierto con anterioridad.