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    Restructuring - January 2014 - Act 26/2013, of December 27, 2013, on savings banks and banking foundations and Royal Decree Law 14/2013, of November 29, 2013 on urgent measures to adapt Spanish law to European Union regulations on supervision and solvency
    2014-01-28

    These regulations contain two provisions clarifying the regime applicable to SAREB (Company Managing the Assets derived from the Banking Restructuring) in its capacity as creditor in insolvency proceedings.

    Filed under:
    Spain, Banking, Insolvency & Restructuring, Cuatrecasas, Debtor
    Location:
    Spain
    Firm:
    Cuatrecasas
    Restructuring - January 2014 - Madrid Provincial Court (division 28) ruling No. 232/2013, of July 19, 2013, and Barcelona Provincial Court (division 15) ruling No. 177/2013, of May 2, 2013
    2014-01-28

    The Madrid and Barcelona Provincial Courts took different positions on the classification of a creditor’s credit in the insolvency of the joint and several guarantor: the former classed it as an insolvency credit; the latter classed it as a contingent claim.

    Filed under:
    Spain, Insolvency & Restructuring, Litigation, Cuatrecasas, Surety, Debtor, Debt, Default (finance), Joint and several liability
    Location:
    Spain
    Firm:
    Cuatrecasas
    Restructuring - January 2014 - Directorate General for Registries and Notaries resolutions of September 13 and October 29, 2013: appraisal certificate requirement for mortgage creation since the reform of act 1/2013
    2014-01-28

    These resolutions clarify the circumstances in which an appraisal certificate is required to create and amend mortgages following the reform of the Rules of Civil Law Procedure under Act 1/2013.

    Filed under:
    Spain, Banking, Insolvency & Restructuring, Cuatrecasas, Debtor, Mortgage loan, Deed, Debt restructuring
    Location:
    Spain
    Firm:
    Cuatrecasas
    Entrepreneurs Act: main developments affecting insolvencies
    2013-09-30

    Act 14/2013, of September 27, 2013, favoring entrepreneurs and their internationalization (the “Act”), introduces a wide range of reforms on insolvency, corporate, tax and labor matters. Regarding insolvencies, it takes a more flexible approach to the quorum of financial creditors required for court-sanctioned refinancing agreements and it regulates out-of-court agree-ments for payment as mechanisms for out-of-court negotiation with creditors.

    REFINANCING AGREEMENTS

    Filed under:
    Spain, Insolvency & Restructuring, Cuatrecasas, Debtor, Debt, Refinancing
    Authors:
    Antonio Baena
    Location:
    Spain
    Firm:
    Cuatrecasas
    La nueva y reforzada protección penal de los derechos de crédito del acreedor en el Proyecto de Reforma del Código Penal
    2013-10-09

    Con la finalidad de agilizar la tramitación de los procedimientos de ejecución, reforzar las expectativas de cobro del deudor, dotar de mayor seguridad jurídica al mercado, y en última instancia, para tratar de dar respuesta a algunos de los problemas económicos –y socialesde los últimos tiempos, el Proyecto de Ley Orgánica de Reforma del Código Penal (en adelante, “el Proyecto de Reforma”) propone una nueva regulación de los delitos de alzamiento de bienes e insolvencia punible.

    Filed under:
    Spain, Insolvency & Restructuring, Gomez-Acebo & Pombo Abogados, Debtor, Bailout
    Authors:
    Álvaro Martín Talavera
    Location:
    Spain
    Firm:
    Gomez-Acebo & Pombo Abogados
    New amendment to the Insolvency Act: small and medium-sized businesses may reach an out-of-court settlement with creditors and avoid insolvency, and a limited fresh start option is introduced
    2013-10-11

    On September 27, Law 14/2013, on support to the internationalization of business, was approved (Spanish Official Gazette of September 28).  From its entry into force on October 18, the procedure for out-of-court settlement of payments will be implemented, which is a new mechanism of debt renegotiation prior to the declaration of insolvency and an alternative to the so-called “pre-insolvency”, aimed to individual entrepreneurs, freelancers and small and medium-sized businesses that have not yet been declared insolvent whose assets and liabilities meet certain re

    Filed under:
    Spain, Insolvency & Restructuring, Baker McKenzie, Debtor, Debt, Mediation
    Location:
    Spain
    Firm:
    Baker McKenzie
    The insolvency qualification of credits transferred by the Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria ("SAREB")
    2013-12-04

    Royal Decree-Law 14/2013 ("RD-L 14/2013"), of 29 November, of urgent measures to adapt Spanish law to European Union regulations on the supervision and solvency of financial institutions, that entered into force on 1 December, clarifies the insolvency qualification regime applicable to the credits transferred by SAREB, to third parties, thus modifying section h) of article 36.4 of Act 9/2012, of 14 November, on the restructuring and resolution of credit institutions ("Act 9/2012").

    Filed under:
    Spain, Insolvency & Restructuring, Herbert Smith Freehills LLP, Credit (finance), Debtor
    Authors:
    Gonzalo Martín de Nicolás , Ignacio Echenagusia
    Location:
    Spain
    Firm:
    Herbert Smith Freehills LLP
    Spanish Insolvency Act amendment offers comfort to parties in Sareb transactions
    2013-12-17

    Market participants welcome a clarification extending equitable subordination exemptions granted Sareb to those subsequently purchasing debt from Sareb.

    On November 30, 2013, the Spanish legislator approved a recent amendment to Spanish insolvency law, introduced in March 2013, to clarify that a claim transferred to Spanish “bad bank” Sareb, and subsequently sold by Sareb to a third party, will also be exempt from equitable subordination risk.

    Background

    Filed under:
    Spain, Insolvency & Restructuring, Latham & Watkins LLP, Tax exemption, Credit (finance), Debtor, Debt
    Authors:
    Ignacio Pallarés , John Houghton , Javier López Antón , Manuel Deó , Fernando Colomina Nebreda
    Location:
    Spain
    Firm:
    Latham & Watkins LLP
    Spanish debt restructurings: new binding accounting criteria policies
    2013-05-23

    New criteria set out by the Bank of Spain will have a binding nature for supervised financial entities

    Introduction

    On 30 April 2013 the supervisory body of the Bank of Spain sent a formal communication to the financial entities subject to its supervision containing the criteria to be used with regard to the definition, documentation, follow-up and review of credit refinancing and restructuring transactions (the Communication).

    Filed under:
    Spain, Insolvency & Restructuring, Latham & Watkins LLP, Debtor, Security (finance), Debt, Refinancing
    Authors:
    Xavier Pujol , Ignacio Domínguez
    Location:
    Spain
    Firm:
    Latham & Watkins LLP
    The application of refinancing agreements to dissident creditors holding secured credits
    2013-07-08

    Act 38/2011, of 10 October, which reforms the former Spanish Insolvency Act, introduces a number of measures, including the possibility of obtaining court approval for refinancing agreements meeting certain requirements to extend the agreed debt rescheduling to certain creditors that have either opposed the refinancing agreement (i.e. dissident creditors), or that have not participated in it.

    Additional Provision 4 of the Insolvency Act establishes that court approval for refinancing agreements may be sought by the debtor if they meet the following conditions:

    Filed under:
    Spain, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Debtor, Debt, Refinancing
    Authors:
    Ignacio Echenagusia , Gonzalo Martín de Nicolás
    Location:
    Spain
    Firm:
    Herbert Smith Freehills LLP

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