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    Judgment no. 708/2015 of the Spanish Supreme Court (Civil Division) of 21 December 2015
    2016-02-11

    Privilege bestowed on (syndicated) creditors instigating the insolvency proceedings against the debtor

    Preamble

    Equality among all creditors (the so-called par conditio creditorum) is a basic principle under Spanish insolvency rules. Only specific exceptions envisaged in the Spanish insolvency law allow for a particular creditor to take precedence over others in the recovery of its claims against the debtor.

    Generally speaking, the following ranking applies to insolvency claims (excluding predeductible claims):

    Filed under:
    Spain, Insolvency & Restructuring, Litigation, Gomez-Acebo & Pombo Abogados, Debtor, Tribunal Supremo (España)
    Authors:
    Fermín Garbayo Renouard
    Location:
    Spain
    Firm:
    Gomez-Acebo & Pombo Abogados
    Some operating rules concerning pledges of future claims in insolvency proceedings
    2016-02-25

    The amendment to art. 90(1)(6) of the Insolvency Act 22/2003 (abbrev. LCON) by the Public Sector (Legal Regime) Act 40/2015 was welcomed almost enthusiastically by most market agents. It was felt that the inconsistent treatment bestowed on pledges of future claims (hereinafter, ‘PFC’) would finally be a thing of the past. I myself am not altogether convinced that this is the case, being able to envisage more than one way an insolvency judge, averse to this type of security interests, can dampen the aforementioned enthusiasm by way of a not overly absurd interpretation of the new provision.

    Filed under:
    Spain, Insolvency & Restructuring, Gomez-Acebo & Pombo Abogados, Liquidation
    Authors:
    Ángel Carrasco Perera
    Location:
    Spain
    Firm:
    Gomez-Acebo & Pombo Abogados
    Algunas reglas operativas sobre la prenda de créditos futuros en el concurso
    2016-02-26

    Con la reforma del artículo 90.1.6.º de la Ley Concursal (LCon) dispuesta por la Ley 40/2015 se generalizó un casi entusiasta clamor entre los operadores del sector. Se consideraba que quedaba definitivamente resuelto el perverso historial con- cursal de las prendas sobre créditos futuros. Yo no lo veo tan claro y puedo imaginarme más de un modo por el que un juez concursal averso a este tipo de garantías puede arruinar aquel entusiasmo por vía de una interpretación no totalmente absurda del precepto nuevo.

    Filed under:
    Spain, Insolvency & Restructuring, Gomez-Acebo & Pombo Abogados
    Authors:
    Ángel Carrasco Perera
    Location:
    Spain
    Firm:
    Gomez-Acebo & Pombo Abogados
    Precisiones sobre los efectos laborales de la oferta «vinculante» en la venta de unidad productiva concursal
    2016-03-16

    Análisis GA&P | Marzo 2016 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. 1. Sobre el alcance de la subrogación en las deudas laborales y de la Seguridad Social: totalidad de la deuda o contratos subrogados 1.1.

    Filed under:
    Spain, Employment & Labor, Insolvency & Restructuring, Litigation, Gomez-Acebo & Pombo Abogados, Social security
    Location:
    Spain
    Firm:
    Gomez-Acebo & Pombo Abogados
    Mecanismo de Segunda Oportunidad y Estatuto de la Administración Concursal
    2016-02-05

    La Ley 25/2015, de 28 de julio, de mecanismo de segunda oportunidad, reducción de la carga financiera y otras medidas de orden social, ratifica y convalida el contenido del Real Decreto Ley 1/2015, de 27 de febrero, modificando, entre otras, la Ley Concursal (“LC”).

    Filed under:
    Spain, Insolvency & Restructuring, GMQ Abogados
    Location:
    Spain
    Firm:
    GMQ Abogados
    Pledges of Future Receivables in Insolvency
    2016-02-05

    The 5th Final Provision of Law 40/2015, of 1 October, on the Regulation of the Public Sector (Ley 40/2015, de 1 de octubre, de Régimen Jurídico del Sector Público –“LRJSP”), published in the Official State Gazette on 2 October 2015, amends several precepts of the Insolvency Law (“LC”), including Article 90.1.6 LC. Specifically, the following text has been added to this precept:

    Filed under:
    Spain, Insolvency & Restructuring, GMQ Abogados, Accounts receivable
    Location:
    Spain
    Firm:
    GMQ Abogados
    Barcelona Provincial Court (Division 15) ruling of October 7, 2015, No. 233/2015: non-subordination of a credit from a specially - related person because it is not a loan or similar transaction
    2016-02-09

    A credit institution appealed the ruling that approved the agreement claiming that the creditors meeting had allowed the presence and vote by a city council that, in its opinion, did not have such right because it was the holder of 100% of the share capital of the insolvent party.

    Filed under:
    Spain, Insolvency & Restructuring, Litigation, Cuatrecasas
    Location:
    Spain
    Firm:
    Cuatrecasas
    Spanish Insolvency and English Law Governed Guarantees
    2016-01-11

    Key Points

    • Court considers the impact of the Spanish Insolvency Act on guarantees governed by English law
    • Court holds that the liability under the guarantee was not extinguished

    The Facts

    Filed under:
    Spain, United Kingdom, Banking, Insolvency & Restructuring, Litigation, Taylor Wessing, High Court of Justice (England & Wales)
    Authors:
    Amy Patterson
    Location:
    Spain, United Kingdom
    Firm:
    Taylor Wessing
    Competence of the Magistrate of the Mercantile Court Regarding Social Security Debts as Part of Insolvency Proceedings
    2016-01-19

    The Provincial Court of Zaragoza has ruled on an appeal lodged by the General Treasury of Social Security against a Mercantile Court decision approving a liquidation plan that considered the transfer of the insolvent company as a productive unit and exonerated the buyer from social security debts.

    The legal issue to consider was whether the magistrate of the Mercantile Court had the power to declare the buyer of an insolvent company exempt from paying the social security debts acquired prior to said transfer, as it did.

    Filed under:
    Spain, Insolvency & Restructuring, Litigation, Squire Patton Boggs
    Authors:
    Ramón Castilla
    Location:
    Spain
    Firm:
    Squire Patton Boggs
    Bankrupted? No valid reason to stop using your trademark
    2016-01-22

    The Spanish High Court has recently issued a decisión (cassation appeal) confirming that insolvency proceedings are not a valid reason to justify non-use of a trademark. It is the 22nd December ruling (see here).

    Filed under:
    Spain, Insolvency & Restructuring, Litigation, Trademarks, Abril Abogados
    Authors:
    Jorge Oria Sousa-Montes
    Location:
    Spain
    Firm:
    Abril Abogados

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