Con la finalidad de agilizar la tramitación de los procedimientos de ejecución, reforzar las expectativas de cobro del deudor, dotar de mayor seguridad jurídica al mercado, y en última instancia, para tratar de dar respuesta a algunos de los problemas económicos –y socialesde los últimos tiempos, el Proyecto de Ley Orgánica de Reforma del Código Penal (en adelante, “el Proyecto de Reforma”) propone una nueva regulación de los delitos de alzamiento de bienes e insolvencia punible.

On September 27, Law 14/2013, on support to the internationalization of business, was approved (Spanish Official Gazette of September 28).  From its entry into force on October 18, the procedure for out-of-court settlement of payments will be implemented, which is a new mechanism of debt renegotiation prior to the declaration of insolvency and an alternative to the so-called “pre-insolvency”, aimed to individual entrepreneurs, freelancers and small and medium-sized businesses that have not yet been declared insolvent whose assets and liabilities meet certain re

The Spanish Congress has approved important amendments into the so-called Spanish scheme of arrangements, to facilitate Spanish company refinancings.

Proceedings from the Courts’ seminar on the homologation of refinancing agreements clarify some material uncertainties.

Background

Quienes reclaman contra alguna medida colectiva de reestructuración (despidos, suspensiones, modificaciones sustanciales, movilidad geográfica, descuelgues de convenio) suelen denunciar que durante el período de consultas no se ha negociado de buena fe. Cuando las sentencias consideran que así ha sucedido declaran la nulidad de la correspondiente decisión, por disponerlo la Ley. Aunque suele pensarse en la negociación ex fide bona como deber de la empresa, hay que recordar su carácter bilateral.

1. Introduction

This paper intends to briefly describe the amendment to the Spanish Insolvency Act (“SIA”) approved by the Spanish Parliament on 19 September 2013 (the “Amendment”). Within the Amendment, we want to highlight two issues: (i) the changes introduced in Court homologation proceedings (see definition below), and (ii) the newly introduced out-of-court settlement procedure.

This paper intends to briefly describe the amendment to article 36(4)(h) of the Restructuring and Resolution of Credit Institutions Act 9/2012 (“Act 9/2012”), introduced by Royal Decree Act 14/2013, passed on 29 November 2013 and published in the Official Journal of Spain on 30 November 2013 (the “Amendment”).

Royal Decree-Law 14/2013 ("RD-L 14/2013"), of 29 November, of urgent measures to adapt Spanish law to European Union regulations on the supervision and solvency of financial institutions, that entered into force on 1 December, clarifies the insolvency qualification regime applicable to the credits transferred by SAREB, to third parties, thus modifying section h) of article 36.4 of Act 9/2012, of 14 November, on the restructuring and resolution of credit institutions ("Act 9/2012").

Market participants welcome a clarification extending equitable subordination exemptions granted Sareb to those subsequently purchasing debt from Sareb.

On November 30, 2013, the Spanish legislator approved a recent amendment to Spanish insolvency law, introduced in March 2013, to clarify that a claim transferred to Spanish “bad bank” Sareb, and subsequently sold by Sareb to a third party, will also be exempt from equitable subordination risk.

Background

1. La venta de la unidad productiva de las sociedades en concurso ha devenido en la actualidad un fenómeno habitual en los Juzgados Mercantiles, en especial de los de Cataluña que cuentan con el apoyo expreso de la Direcció General d´Industria de la Generalitat de Cataluña.

Esta solución concursal permite continuar con la actividad empresarial, asegura el mantenimiento de los puestos de trabajo y evita la destrucción del tejido empresarial.