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.
Litigation is a process that involves determining issues through a court, with a judge or jury. Arbitration involves two parties in a dispute who agree to work with a third party in an attempt to resolve the dispute. Other alternative conflict resolution methods are mediation and conciliation.
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.
When judicial proceedings in Spain involve hiring expert witnesses it is important to remember that their performance is one more factor that could tip the scale. Recent judgments are proof of that.
With more frequency, proceedings and lawsuits in Spain are with opponents from non-Spanish-speaking states. In such cases, the law in Spain requires the translation of written documents supporting the claim. Failure to do so may underestimate the written evidence and jeopardize the proceeding.
The main objective of the monitorio proceeding is the quick resolution of recovery claims. It has proven to be very useful for both entrepreuneurs and smes in the collection of commercial debts in Spain.
On December 13, 2013, the Spanish Council of Ministers adopted the Royal Decree on the Development of the Determined Aspects of Law 5/2012, of July 6, 2012, on Mediation in Civil and Commercial Matters (the “Regulation”). Among other things, the Regulation develops the training requirements for access to the Civil and Commercial Mediator Registry as […]
In general, Spanish courts are protecting those purchasers of preferred stock who do not meet the profile of a suitable investor for these products nor those who are sufficiently informed about the characteristics and risks. At the same time, Spanish courts are also ordering those financial entities to repay the invested amounts. It is common […]