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REFORM OF THE INSOLVENCY ACT: Royal Decree-Act 11/2014
(passed on 5/9/2014; in force since 6/9/14)
WHO DOES IT AFFECT? HOW?
DEBTORS

Over the last few years Spain has amended its insolvency laws to promote
out of court refinancing arrangements as a much needed alternative
to formal insolvency proceedings. The outcome of these changes,
aimed at putting Spain on a par with other EU jurisdictions, is yet to be
seen. However, what is clear is that the latest round of amendments
has substantially improved the possibility of reaching an out of court
refinancing settlement in Spain.
Historically, in relation to syndicated facilities, out of court refinancing

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

Two companies showed interest in the assets of a third company that was in a state of bankruptcy.

1864775-v3\MADDOCS 1 AMENDMENT OF THE INSOLVENCY ACT ROYAL DECREE-ACT 1/2015 SECOND-CHANCE MECHANISM URGENT MEASURES TO REDUCE FINANCIAL BURDEN (in force as of 1 March 15) THE NEW MEASURES CAN AFFECT YOU IF AN INDIVIDUAL OWES YOU MONEY AND THEY ARE DECLARED INSOLVENT  If an individual, be they businessmen/entrepreneurs or not, owes you money and they become insolvent, and you (or your Company) have not secured the credit with a guarantee or with some type of security interest (mortgage or pledge), then you could be affected by the so-called “unpaid debt waiver benefit" that is applicable t

The ongoing COVID-19 pandemic has profoundly reshaped the global business landscape. Some companies that only months ago seemed unstoppably profitable have been brought to an existential brink by extended lockdowns, supply chain failures, and other obstacles caused by the pandemic. Other companies who have experienced less disruption (or in some cases windfalls) stand at the threshold of opportunity even as they prepare themselves for the challenges of the 'new normal'.

This is the twenty-ninth in our series of General Counsel Updates which aim to summarise major developments in key areas.

With the aim of managing the potential ramifications of the measures that have so far been implemented in the context of the COVID-19 crisis, the Spanish Government has approved Royal Decree-law 16/2020, of 28 April, of procedural and organisational measures to tackle COVID-19 connected to the administration of justice.

In Spain individuals and entities have an obligation to file for insolvency if they are unable to regularly meet their obligations within two months of the position of insolvency coming to light. Breach of that obligation could lead to civil (and even criminal) liability.

The legal obligation imposed by the Spanish Insolvency Law 22/2003, of 9 July (the “Spanish Insolvency Law”), has been modified by Royal Decree-law 8/2020 (the “RDL”), of 17 March, on extraordinary measures to tackle the economic and social impact of COVID-19.

Con la asunción de estas dos autopistas, la empresa pública SEITTSA, dependiente del Ministerio de Fomento, ya gestiona la explotación y el mantenimiento de todas las que han entrado en fase de liquidación concursal, faltando únicamente por asumir la AP-41, “Madrid-Toledo”, que aún no ha llegado a dicha fase.

Revierten así al Estado, las dos últimas autopistas de peaje en fase de liquidación, después de que el Juzgado de lo Mercantil nº 6 de Madrid, aprobase el plan de liquidación de las sociedades concesionarias.