Tal como informamos a través de la Alerta Informativa Concursal del pasado 21 de marzo, en fecha de 8 de marzo de 2014 se publicó en el Boletín Oficial del Estado el Real Decreto-ley 4/2014, de 7 de marzo, por el que se adoptaron medidas urgentes en materia de refinanciación y reestructuración de deuda empresarial (en adelante el RDL 4/2014).

Novedades concursales y fiscales introducidas por el Real Decreto‑ley 4/2014, de 7 de marzo, por el que se adoptan medidas urgentes en materia de refinanciación y reestructuración de deuda empresarial (B.O.E. de 8 de marzo de 2014)

Financial entities. Royal Decree-Law 14/2013, of November 29, on urgent measures to adapt Spanish law to European Union law on the supervision and solvency of financial entities. (BOE 287, November 30, 2013)

European Union law on the supervision and solvency of financial entities (Basel III) has been incorporated into Spanish law.

Following the latest reform of the Bankruptcy Act, the Spanish Tax Authorities have established a mechanism to ensure the collection of the applicable VAT in the acquisition of property from companies declared bankrupt.

Until 1 January 2012, Article 84 of the VAT Act 37/1992, when regulating the reversal cases of the taxpayer liable for this tax, no reference is made to companies declared bankrupt and the cases of their goods being acquired. However, this situation has changed since 1 January 2012.

Tax treatment in the hands of the creditor

The waiver of an outstanding debt by a creditor shall be treated as an extraordinary loss for accounting purposes. As taxable income for corporate income tax purposes is calculated from the company’s accounting results assessed upon accounting regulations, such loss is normally deductible unless income tax law provides for an adjustment.

This briefing discusses certain Spanish tax points regarding financially distressed and insolvent corporate taxpayers, (secondary) tax liabilities and preferential rights in relation to tax claims.

Tax treatment in the hands of the creditor

In Sweden, debt is typically waived through either judicial settlement (Sw. offentligt ackord) (which will not be discussed here) or through private settlement (Sw. underhandsackord) between creditor and debtor.

The tax treatment of financial restructuring measures can significantly impact a company’s financial position.

Introductory remarks

The coronavirus (COVID-19) is currently causing concern and uncertainty and poses challenges to companies and individuals alike. A number of legal issues are also emerging, whether in relation to contractual obligations, labour law matters or corporate law aspects. This article aims to highlight the most important points from a Swiss law perspective and to clarify legal issues in the elaboration of possible courses of action.

1. Commercial contracts

1.1 Force majeure

Certain amendments are made on multiple laws concerning Turkish financial markets with the Law No. 7186 and the Capital Movements Circular in line with the letter of Ministry of Treasury and Finance dated 16 July 2019.