Art. 46 of the Arbitration Act 2003 (Act 60/2003) under « Foreign Status of awards», ensures the recognition and enforcement of foreign arbitral awards. Law 29/2015 of 30 July (International Cooperation in civil matters) applies to civil and commercial matters.
Litigation and Arbitration enable the resolution of controversies and disputes before having to go before a Spanish court or initiating a proceeding before national or international arbitration courts. These preventive proceedings and the pre-dispute strategies enable you to prevent future liabilities. Other alternative conflict resolution methods are mediation and conciliation.
Law on Arbitration 60/2013 guarantees that the foreign arbitral award will be recognised and performed in Spain. Nevertheless, issues may arise and thus national jurisdictions may oppose the recognition and performance of foreign arbitral awards.
Since October 2015, a website brings together notarial and judicial auctions in Spain. A citizen with prior registration and deposit will be able to consult and participate in an auction. Auctions affect both real estate and personal property, including those that would have been mortgaged.
The new Regulation relating to the jurisdiction, recognition, and enforcement of judgements in civil and commercial matters is a step further in the process of European integration in the field of Judicial Administration, given that it simplifies and accelerates the enforcement of rulings issued in other European Union Member States.
In 2011, the entity Bankia made a public offering of shares (IPO), where the detail brochure, the only informative channel for small investors, distorted the veracity of the entity’s accounts. Five years later, the Supreme Court ratified the nullity of the purchase of shares.
An out-of-court settlement is a legal arrangement between parties outside of court and without a trial. Some of its benefits are the reduction in expenses and stress, its greater privacy, its predictability, finality and flexibility. In Spain, the modification to the Bankruptcy Act has introduced out-of-court settlement as an alternative to contestations and formal refinancing agreements.
In October 2015, the limitation period for actions to reclaim debts and obligations involving business relations as well as for the provision of services in Spain has been reduced when there is a contract and law does not specify a particular deadline. This measure will affect numerous legal actions.
Council Regulation No. 44/2001 contains the rules applicable to enforce a civil or commercial judgement in another European member state. However, Spain, with no bilateral agreements, follows the Hague Convention.
Electronic evidence is valid in the Spanish legal system and is admissible in trial if it is relevant and has been lawfully obtained.
Assignments of receivables is an act where a creditor transfers the ownership of the rights to receivables to a third person.