The remaining credit after the cancelation of its guarantee through an assignment in lieu of payment (dación en pago) in favor of a creditor with a lower-ranking guarantee is an ordinary credit and cannot be subject to a new classification
The insolvency administration is authorized to sell the production unit of the insolvent company Antibióticos, S.A.U. to Black Toro Capital S.A.R.L.
El Real Decreto-ley 11/2014, de 5 de septiembre, de medidas urgentes en materia concursal, añade un artículo 146 bis a la Ley Concursal que elimina obstáculos a la transmisión de la actividad en la fase de liquidación del concurso pero que no excluye la autorización administrativa de la transmisión en aquellos casos en los que la normativa sectorial lo requiere.
EL NUEVO ARTÍCULO 146 BIS DE LA LEY CONCURSAL
- RDA (RDL, its Spanish acronym) 11/2014, of 5 September, on urgent measures in insolvency matters, amends, inter alia, the rules on majorities required for the acceptance of settlement proposals.
The new rules can be found in art. 124(1) of the Spanish Insolvency Act (Ley Concursal), which now reads as follows:
Just six months after the last reform of the Law on Insolvency (Royal Decree-Law No. 4/2014 of 7 March) the Council of Ministers has promulgated a new amendment of the law with a view to facilitating, as far as possible, the continuity of financially viable businesses that become involved in insolvency proceedings.
These changes have been introduced by way of Royal Decree-Law No. 11/2014 of 5 September 2014 (the “Royal Decree-Law”).
- Debt capitalisation in court-approved refinancing agreements
The 4th additional provision (4th a.p.) of the Spanish Insolvency Act (IA) provides that certain effects under a court-sanctioned refinancing agreement may extend to financial creditors that either have not signed the agreement or have expressed disagreement with it (dissenting creditors).
The rule
Royal Decree Law 4/2014, intended to promote efficiency in Spanish insolvency proceedings, is officially enacted with some important updates.
The Spanish legislature has finally enacted Royal Decree Law 4/2014 (the March Reform). Now known as Law 17/2014, of 30 September (the Act), the new law implements urgent measures regarding refinancing and restructuring of corporate debt. In addition to formally enacting the March Reform, the Spanish legislature included a few updates that are worth highlighting.
Pre-Insolvency Communication
The lender’s credit in respect of the joint-and-several guarantor declared insolvent is contingent unless existence of p
Rescission of an extension to a mortgage granted by the insolvent company securing a preexisting debt of a company of its group