Ignacio  Pallarés

Ignacio Pallarés

Latham & Watkins LLP

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Latest Publications


Spanish Insolvency Law Amended with a Welcome Reform to Article 90.1.6º

The change provides clarity regarding the pledges over credit rights, restoring pledges as effective and efficient security interests. The Spanish legislator has finally enacted the long-awaited reform to Article 90.1.6º...more

10/27/2015 - Insolvency Regulatory Reform Spain

Amendments to Spanish Corporate Laws Add Flexibility to Bond Issuances by Spanish Companies

New rules relax certain structural and procedural legal restrictions, helping Spanish companies access debt capital markets. On 27 April 2015, the Spanish parliament passed Law 5/2015, of 27 April, of corporate finance...more

5/21/2015 - Amended Legislation Bonds Capital Markets Corporate Bonds Spain

New Spanish Regulation for Venture Capital and Private Equity Entities

Changes harmonize Spanish regulations with existing EU regulations and increase the scope of acceptable investment activities for closed-ended investment entities. Introduction - On 12 November 2014 the...more

11/25/2014 - EU Harmonization Rules Private Equity Funds Spain Venture Capital

Lawmakers Enact Spanish Insolvency Law

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...more

10/29/2014 - Debt Restructuring Insolvency New Legislation Spain

Spanish Insolvency Law Reform Extends to Composition Agreements

A second round of material reforms should encourage the viability of distressed companies in Spain. Royal Decree Law 11/2014 (the New Reform) is another clear effort to decrease the number of insolvent companies which...more

9/26/2014 - Bankruptcy Reform Commercial Bankruptcy Insolvency Spain

Mercantile Courts of Catalonia’s Conclusions Clarify Aspects of Production Unit Sales

Proceedings from the courts’ seminar address some material uncertainties, but ambiguities — especially over Social Security — remain. Catalonian Mercantile Courts recently held a seminar and reached a common...more

7/31/2014 - EU Insolvency Social Security

New Spanish Tax Regime for Qualifying Bond Offerings May Boost High-Yield Bond Markets

New rules will facilitate privately held companies’ access to bond financing and reassure Spanish investors. On June 28, 2014, Law 10/2014, on the organization, supervision and solvency of credit institutions (Law...more

7/22/2014 - Bonds EU International Tax Issues

Material Reform of the Spanish Insolvency Law

The Royal Decree Law 4/2014 of 7 March significantly amends the Spanish Insolvency Law, ostensibly in favor of refinancing agreements. With the approval of Royal Decree Law 4/2014 of 7 March on urgent measures...more

3/19/2014 - Commercial Bankruptcy Corporate Restructuring EU Insolvency Refinancing Restructuring

Alteco / Mag Import Case: New Developments for Secured Creditors

Luxembourg court decisions allow secured lenders to enforce Gecina share pledge. A controversial insolvency dispute winding its way through courts in Spain and Luxembourg may reinforce the rights of secured lenders to...more

2/20/2014 - Creditors EU Insolvency

Spanish Insolvency Act Amendment Offers Comfort to Parties in Sareb Transactions

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...more

12/18/2013 - Creditors Debtors Equitable Subordination EU Priority Disputes Risk Management

Mercantile Courts of Catalonia to Follow “Celsa” Rationale

Proceedings from the Courts’ seminar on the homologation of refinancing agreements clarify some material uncertainties.* Background - As a result of a recent seminar, the Catalonian Mercantile Courts have...more

11/8/2013 - EU Insolvency Refinancing

Spanish Insolvency Law Amendment: Refinancing Agreements Homologation Majority Rate Lowered to 55 percent

The Spanish Congress has approved important amendments into the so-called Spanish scheme of arrangements, to facilitate Spanish company refinancings. The approval of Law 14/2013, 27 September on support for entrepreneurs...more

10/28/2013 - EU Insolvency

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