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.
Director’s Liabilities during the State of Alarm
Royal Decree-Law 8/2020 amends certain obligations of company directors when there is a legal or statutory cause for dissolution or if the company finds itself in a state of insolvency.
Closing a Subsidiary in Spain: With or Without Bankruptcy Proceedings?
When partners of a subsidiary in Spain decide its closing due to economic reasons, the question arises as to how to do it. Depending on each specific case, the company may be dissolved and liquidated with or without bankruptcy proceedings.
Unsuccessful enforcement by the creditor as a basis for the necessary bankruptcy application
Unsuccessful enforcement by the creditor implies the existence of a title by which enforcement has been effected, without sequestration resulting in sufficient unencumbered assets for the payment of the outstanding credit.
International bank guarantees and bankruptcy proceedings
The purpose of this article is to provide an answer to the legal uncertainty that many foreign businessmen have when establishing commercial relations with Spanish companies, as well as the lack of knowledge of current bankruptcy legislation.
Seizure of a main residence in Spain due to debts to Social Security
The Entrepeneurs Act aims to find a different solution for debt collection procedures by facilitating a second opportunity to self-employed workers affected by the debt collection procedure.
Changes in the Bankruptcy Law in Spain
The Royal Decree-Act 4/2014 is focusing on the refinancing agreements which may include waivers and capitalisation of debt and deferral payments. These agreements will essentially make the heavy burden of debt much more manageable for businesses.
