Análisis GA&P | Mayo 2015 1 N. de la C.: En las citas literales se ha rectificado en lo posible —sin afectar al sentido— la grafía de ciertos elementos (acentos, mayúsculas, símbolos, abreviaturas, cursivas...) para adecuarlos a las normas tipográficas utilizadas en el resto del texto. La Ley 9/2015 deriva de la tramitación como Proyecto de Ley del Real Decreto Ley 11/2014 de 5 de septiembre. Durante su recorrido parlamentario se han aceptado ciertas enmiendas que modifican el régimen del convenio concursal tal y como éste había quedado establecido en septiembre del 2014.

Litigation & Arbitration Insolvency Alert: Act 9/2015, on Urgent Insolvency Measures Legal Alert June 1st, 2015 For More Information Laura Camarero [email protected] Tel.: +34 912304500 DOCUMENT ATTACHED: Act 9_2015, on URGENT INSOLVENCY MEASURES.pdf Although a good number of the amendments that have been included in Act 9/2015 on urgent insolvency measures (in force since 27 May 2015) were already introduced last September by Royal Decree

El pasado miércoles 27 de mayo de 2015 se produjo la entrada en vigor de la Ley 9/2015, de 25 de mayo, de medidas urgentes en materia concursal. Se termina así el proceso de conversión en Ley del Real Decreto-Ley 11/2014, de 5 de septiembre (ver e-bulletin publicado).

Act 9/2015, of 25 May, regarding urgent measures on insolvency, entered into force in Spain on 27 May 2015, thus concluding the process to give Royal Decree Law 11/2014, of 5 September, the status of an Act in its own right (see published e-bulletin).

The facts are as follows: an insolvency creditor challenged the decision of the administrator in bankruptcy of a company about not recognizing its credit. The credit derived from a guarantee granted to secure a promissory note from a company belonging to the group of the insolvent company.

1864775-v3\MADDOCS 1 AMENDMENT OF THE INSOLVENCY ACT ROYAL DECREE-ACT 1/2015 SECOND-CHANCE MECHANISM URGENT MEASURES TO REDUCE FINANCIAL BURDEN (in force as of 1 March 15) THE NEW MEASURES CAN AFFECT YOU IF AN INDIVIDUAL OWES YOU MONEY AND THEY ARE DECLARED INSOLVENT  If an individual, be they businessmen/entrepreneurs or not, owes you money and they become insolvent, and you (or your Company) have not secured the credit with a guarantee or with some type of security interest (mortgage or pledge), then you could be affected by the so-called “unpaid debt waiver benefit" that is applicable t

1. The reform and its drivers

We are witnessing an unprecedented review of Spanish Law 22/2003 on Insolvency Proceedings (Spanish Insolvency Act or “IA”).  With the recent approval of three Royal Decree-Laws (“RDLs”), namely RDL 4/2014, of 7 March, RDL 11/2014, of 5 September and RDL 1/2015, of 27 February), the Spanish legislator seeks to achieve three main goals:

1. El Estatuto de los Trabajadores (LET) prevé en su artículo 50 la posibilidad de que el trabajador reclame la extinción de su contrato, entre otros motivos, por falta de pago o retrasos continuados por parte del empleador en el abono de los salarios pactados (art. 50.1b LET).

The Supreme Court rules in a recent decision over different bankruptcy incidents. The first relates to a work contract to supply materials in which a penalty clause for late work is established, and the ability to execute the works under the guarantee provided in the contract if the contractor may not execute them. Having a delay in delivery of the work and having entrusted to another company the repair works, the owner claimed the payment of the amounts and compensation with the guarantee held.

The Royal Decree-Law 1/2015 dated February 27, 2015 (the “RDL”) seeks to implement urgent measures to, among other things, reduce individual debtors’ financial burden.