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.
Mariscal Abogados advises the British distributor RFMW of radio frequency and microwave products on the acquisition transaction of the Spanish company Spantech Technology Solutions.
The bankruptcy moratorium in Spain, in force since 14 March 2020 and already extended several times, ends on 30 June 2022.
After the insolvency proceedings begin, creditors have a one-month limit to communicate their claims against the insolvent debtor.
With the end of the chaos of the world pandemic that disrupted the world’s economy, the Spanish government has declared suspensions of dissolution through Law Article 13 3/2020, 18th September. Our lawyer AGF explains it in the following article.
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.
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