Restructuring and Insolvency Newsletter - December 2021
Spain -
Pre-pack: check the map with the current situation in Spain
Commercial judges are gradually introducing the so-called pre-pack by way of judicial orders and protocols. We offer a map from which you can access the new developments that arise in this field in Spain.
News
- Insolvency moratorium extended until June 30, 2022
- Preliminary Insolvency Law Reform Bill published
- Code of Good Practices for renegotiating financing guaranteed by ICO, CESCE and CERSA approved
- Time period to apply for Covid guarantees extended and rules on collecting enforced guarantees implemented
- Following the initiative promoted by the Barcelona and Madrid courts, Balearic Island commercial judges agree on a pre-pack insolvency protocol to facilitate transfers of productive units
Judgments
- Court-validation of the refinancing of the Naviera Armas Group
- Admission of appeal against publication of auction rules departing from terms approved in liquidation rules
- The beneficiary of a condition precedent may waive it at any time
- Debt discharge relief should apply to public claims also
- Only parties with legitimate interests in the insolvency proceeding are entitled to be heard in the application procedure for court authorization
- Alternative proposal for an arrangement targeted only at creditors and consisting of converting debt into shares is valid
- Petition for insolvency order cannot be refused from the outset due to plurality of creditors not originally existing
- No ex ante judicial control required for disproportionate trade-off in the sanctioning of a refinancing agreement
- Insolvency proceeding does not displace the jurisdiction of public authorities over a concession on public property and its potential termination
- Jurisdiction of insolvency judge to hear a mortgage foreclosure during performance of the arrangement or after end of a year from the insolvency order
Publications and events where Garrigues participates
- Forthcoming conference on 'Reforms for recovery. Productivity, business growth and business climate' organised by the Economic and Social Council
- Aranzadi Insolvency and Corporate Forum in Alicante
- NPL Management Europe 2021 Congress
- Corporate and Insolvency Law Cátedra Garrigues International Congress
- 3rd Spanish Congress on 'Real Estate Servicing'
- Webinar 'Mitigating the valuation risks arising from the new EU Restructuring Directive' organized by the International Valuation Standards Council (IVSC)
- ‘Insolvency in the aeronautical industry; international security interests and Brexit’
- Specialist diploma on business restructuring and refinancing, organized by Universidad Loyola
- 1st International Conference on ‘The post-pandemic corporate reality’
Contacts
