The Government of Spain has extended the bankruptcy moratorium for the third time until 30th June 2022. Insolvency debtors will not have a legal obligation to file for bankruptcy until the middle of next year.
The appointment of José María Mesa as a Partner of the law firm Mariscal & Abogados strengthens the corporate structure of the firm and reaffirms its commitment to customer care and service.
Regarding the termination of contracts with reciprocal obligations in the context of bankruptcy declaration, the Spanish regulations distinguish between contracts pending fulfilment by one of the parties or by both parties.
The deadline for the communication of credit by the foreign creditor is one month after the publication of the declaration of bankruptcy in the Spanish Official Gazette (BOE). Although it is not mandatory, the foreign creditor should make such communication for its qualification and subsequent payment.
Declaring insolvency proceedings in Spain entails its consideration as “main bankruptcy” and implies the inclusion of the debtor’s assets, regardless of whether or not they are in Spain, and that, with certain exceptions, Spanish law applies.