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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

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

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

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

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

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

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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