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).
On Dec. 18, Spain’s High Court said it would investigate claims of mismanagement by Abengoa creditors’ against the former chairman and the former CEO of the engineering and energy firm struggling with serious financial problems. In its ruling, the High Court asked Felipe Benjumea, the former chairman whose father founded the company, to post a bond of 11.5 million euros ($12.5 million) to cover potential liabilities within 24 hours.
Análisis GA&P | Febrero 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. Ante las dificultades competenciales y materiales en asuntos derivados del concurso de acreedores, siempre resultan sumamente interesantes las conclusiones alcanzadas por jueces o magistrados especialistas en materia mercantil en sus diferentes reuniones periódicas.
Analysis GA&P | February 2016 1 Given the jurisdictional and material difficulties arising in the context of insolvency proceedings, the conclusions reached by judges specialised in corporate and commercial matters, in their various regular meetings, are invariably of tremendous interest. The recent conference held in Pamplona at the beginning of last November was no exception, particularly so, as far as this paper is concerned, in relation to the employment and Social Security aspects of a production unit transfer. As is well known, the referral of arts.
La Ley 40/2015, de 1 de octubre, de Régimen Jurídico del Sector Público (“LRJSP”) -publicada en el BOE del 2 de octubre de 2015- modifica en su Disposición Final 5ª varios preceptos de la Ley Concursal (“LC”), entre ellos el artículo 90.1.6º LC. En concreto, se ha incorporado a este precepto el siguiente texto:
«Los créditos garantizados con prenda constituida sobre créditos futuros solo gozarán de privilegio especial cuando concurran los siguientes requisitos antes de la declaración de concurso:
Law 25/2015, of 28 July, on the second-chance mechanism, financial burden reduction and other social support measures, ratifies and confirms the content of Royal Decree-Law 1/2015, of 27 February, amending the Insolvency Act (Ley Concursal –“LC”), among other laws.
On October 1, 2015, the Public Sector Legal Regime Act (Ley 40/2015, 1 de octubre, de Régimen Jurídico del Sector Público) ("PSLR Act") was passed by the Spanish Parliament. As discussed in more detail below, the PSLR Act introduces, among other things, the following reforms to the Spanish Insolvency Act (Ley 22/2003, de 9 de Julio, Concursal) ("SIA") and to the Spanish Public Sector Contracts Act (Real Decreto Legislativo 3/2011, de 14 de noviembre, por el que se aprueba el texto refundido de la Ley de Contratos del Sector Público) ("SPSC Act"):
Análisis GA&P | Octubre 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. 1. Sobre la prejudicialidad de los pronunciamientos de los juzgados de lo Mercantil ante la venta de unidades productivas en sede concursal 1.1. Son muchas las empresas interesadas en adquirir unidades productivas en liquidación.
The change provides clarity regarding the pledges over credit rights, restoring pledges as effective and efficient security interests.
New options for investment due to recent legal development
Motorway´s insolvency in Spain
Nine motorway companies that were financed by local and international banks during the mid-2000s entered into Insolvency proceedings. Recently two of these motorways: Aeropistas M-12 (Madrid-Barajas airport) and Madrid Levante (AP-36 Ocaña-La Roda), begun the final “liquidation” phase of the Insolvency proceedings.