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.
Our legislation prohibits (as unconscionable) clauses that, while not negotiated with consumers, require “collateral disproportionate to the risk assumed” (art. 88(1) of the Spanish Consumer and User Protection Act). Note that this rule has not been the subject of any case law development and that the clause that paradoxically could yield to art.
A composition agreement was approved involving the merger of some of group’s companies and with different alternatives, one of which is specifically designed for financial institutions, but open to all creditors, proposing a partial capitalization of the insolvency credits and the payment of the resulting credits through the realization of certain assets and the free cash flow generated by the company in the coming eight years.
Claims secured with an in rem guarantee continue to accrue default interest charged to the encumbered asset and are classified as privileged.
First decisions on the court-sanction of refinancing agreements and extension of effects to dissenting entities under the new text of the Fourth Additional Provision, and analysis of the concept of disproportionate sacrifice when there is opposition to the agreement
The Madrid Provincial Court applied the doctrine of the Supreme Court judgment of April 30, 2014, no. 100/20148, and declared the rescission of a personal guarantee granted by the insolvent company to secure the loan granted by a credit institution to a related company.
On October 1, 2014, the Official Gazette of the Spanish State (“BOE”) published Act 17/2014, on urgent measures for refinancing and restructuring corporate debt (“Act 17/2014”). This act arises from Royal Decree-Law 4/2014, of March 73 (“Royal Decree-Law 4/2014”), which was approved by the Spanish Congress of Deputies and subsequently processed as a draft bill through the urgent procedure.
When an composition agreement is terminated due to non-fulfillment and the disappearance is declared of its effects over the credits, the affected credits will be recognized for their original amount, and the definitive texts will include the fraction pending of payment, even if the resulting amount after applying the debt relief agreed has been paid in full