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The Acquisition and Leveraged Finance Review, 9th Edition - Spain

Market conditions have remained challenging through the past year. The post-pandemic recovery globally saw a significant setback as a result of the war in Ukraine, which exacerbated the pre-existing market issues and led to...more

The Acquisition and Leveraged Finance Review, 8th Edition - Spain

It is fair to say that the acquisition and leveraged finance industry has shown resilience in relation to the difficult global situation arising from the covid-19 pandemic, particularly in comparison to the previous global...more

Acquisition and Leveraged Finance Review – Spain

The covid-19 pandemic has dramatically altered all aspects of life. The acquisition and leverage finance industry has been no exception. M&A activity has slowed down, and hence the leverage financing activity as well. Having...more

Catalonian Civil Code Reform for Pledges to Secure Multiple Obligations Is Finally Approved

The Catalonian Parliament approves the same measure it passed in 2019 but abrogated by failing to ratify it in time. On 21 May 2019, the Catalonian legislature passed Decree 9/2019 to modify certain articles of the...more

Spain Approves New Insolvency and Procedural Measures to Mitigate COVID-19 Impact

The new measures seek to overcome the expected high rate of insolvency, refinancing, and corporate disputes arising from the COVID-19 crisis. The Spanish government approved Royal Decree-Law 16/2020 on 28 April, which...more

Spain Imposes Recoverable Paid Leave for Workers in Non-Essential Services

The new regulation limits the mobility of workers providing services in sectors that currently qualify as non-essential. On 29 March 2020, the Spanish Official Gazette (BOE) published Royal Decree-Law 10/2020 of 29 March...more

Spain Amends Again New Foreign Direct Investment Screening System

The Spanish government adopts a new Royal Decree-Law which amends the FDI screening system approved at the beginning of the COVID-19 crisis. On 17 March, Royal Decree-Law 8/2020 suspended the liberalisation of foreign...more

Spain Approves Additional Measures to Mitigate the Social and Financial Impact of COVID-19

The new Royal Decree-Law contains measures affecting real estate, finance, and corporate matters as well as the right of consumers to terminate certain agreements. On 1 April, the Spanish Government’s Council of Ministers...more

Spain Develops First €20 Billion of Guarantee Line to Help Spanish Businesses

The Resolution contains the terms and conditions of the first tranche of the ICO Guarantee Line for businesses and self-employed persons, in order to mitigate the economic impact of COVID-19. On 26 March 2020, Spain’s...more

España impone un Permiso Retribuido Recuperable para Trabajadores de Servicios no Esenciales

Esta regulación limita la movilidad de los trabajadores que prestan servicios en los sectores calificados actualmente como no esenciales. El 29 de marzo de 2020, se publicó en el Boletín Oficial del Estado el Real...more

Real Decreto-ley 9/2020 por el que se adoptan medidas laborales adicionales para paliar los efectos del COVID-19

Real Decreto-ley 9/2020 por el que se adoptan medidas laborales adicionales para paliar los efectos del COVID-19 - El 17 de marzo de 2020, el Consejo de Ministros aprobó el Real Decreto-ley 8/2020 de medidas urgentes y...more

Spanish Government Approves Additional Labor Measures to Mitigate the Impact of COVID-19

Spanish Government Approves Additional Labor Measures to Mitigate the Impact of COVID-19 - On 17 March 2020, the Council of Ministers approved Royal Decree-law 8/2020, of urgent and extraordinary measures to mitigate the...more

Spanish Government Approves Urgent and Extraordinary Measures to Mitigate the Impact of COVID-19

The Royal Decree-Law contains measures touching on labor, tax, insolvency, corporate, and finance matters, among others. Following the approval by the Spanish Government of the state of alarm last 14 March to manage the...more

Gobierno de España aprueba medidas urgentes y extraordinarias para hacer frente al impacto del COVID-19

El Real Decreto-Ley contiene medidas en materia laboral, fiscal, concursal, mercantil, y financiera, entre otras. Tras el decreto del estado de alarma aprobado por el Gobierno de España el pasado 14 de marzo para la...more

Spain to Implement and Apply Directive (EU) 2019/1023 to the Spanish Insolvency Act

The Directive will require Spain to adapt key areas of the Spanish Insolvency Act, affecting the rights of debtors, creditors, and shareholders. On 26 June 2019, Directive (EU) 2019/1023 of the European Parliament and of...more

Repeal of the Catalonian Civil Code Reform

The prohibition to create successive pledges applies again as the Catalonian Parliament could not ratify Decree 9/2019. On 21 May 2019, the Catalonian legislature passed Decree 9/2019 to modify certain articles of the...more

7/9/2019  /  Civil Code , Repeal , Spain

Catalonian Civil Code Reform Allows Pledges to Secure Multiple Obligations

The Spanish financial market has welcomed the reform, which entered into force on 22 May 2019. On 21 May 2019, the Catalonian legislature passed Royal Decree 9/2019 to modify certain articles of the Catalonian Civil Code....more

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
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