International jurisdiction in insolvency matters
Although the center of main interests of a company is presumably its registered office, courts admit refutation of this presumption if brought by the creditors.
Author Archive for: Insolvency Law
Entries by Insolvency Law
Restructuring plans in Spain: Keys to the insolvency reform
The entry into force of the Law transposing Directive (EU) 2019/1023 introduces reforms in the insolvency field to provide agile and effective instruments to improve insolvency procedures and facilitate the maintenance of viable companies in Spain. Restructuring plans are one of the central elements.
New bankruptcy moratorium in Spain until 30th June 2022
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.
Bankruptcy in Spain (3): Directors’ Liability in bankruptcy proceedings
Although Royal Decree-Law 5/2021 exempts directors from the duty to file for insolvency proceedings, it does not exempt them from the responsibility to avoid the winding-up of the company.
Bankruptcy in Spain (2): Mechanisms and measures to prevent corporate insolvency in Spain
Pre-bankruptcy mechanisms and labour, corporate or procedural measures can prevent and restrain the high number of insolvency filings expected following the insolvency moratorium in Spain.
Bankruptcy in Spain (1): New moratorium to request insolvency
Official data reveal a sharp increase in insolvency filings in 2021. Estimates suggest that after the extended moratorium on insolvency proceedings until 31 December, the number of insolvency proceedings will rise significantly.
Extension of the insolvency moratorium in Spain until 14 March 2021
Royal Decree Law 34/2020, published on 18 November 2020, establishes an extension of the insolvency moratorium (previously established until 31 December 2020) until 14 March 2021.
Procedural measures in Spain, the Law 3/2020
This informative note deals with the procedural and organizational measures to deal with COVID-19 in the field of the Administration of Justice in Spain, as included in Law 3/2020, of 18 September. We analyze its chapters and summarize their most relevant points.
The termination of contracts with reciprocal obligations in bankruptcy proceedings
Articles 61 and following of Law 22/2003 provide for the effects of the termination of contracts in the context of bankruptcy proceedings in Spain. The law grants different mechanisms to the parties to guarantee the survival of the bankrupt company and the right of debt recovery of its creditors.
How to apply for bankruptcy proceedings in Spain
Royal Decree-Law 8/2020 introduces changes to the deadlines for applying for bankruptcy proceedings in Spain, whether voluntary or necessary. It also empowers the judges to reject applications, up to two months after the end of the state of alarm.