At the end of 2021, the Spanish government approved draft reforms of the Spanish insolvency laws that transposes Directive (EU) 2019/1023 of 20 June 2019 on preventive restructuring frameworks into Spanish law. The reform will bring about a comprehensive change in insolvency proceedings in Spain. So what are these changes and what effect will these … Continue Reading
This quick guide summarises the duties that directors of Spanish companies are subject to, and how those duties change when the company is insolvent or at risk of being insolvent. It also gives an overview of the personal risk to directors when the company is in financial difficulty and suggests some practical tips to help … Continue Reading
The EU directive 2012/30/EU proposed in November 2016 (“Proposed Directive”) aims to avoid the adverse effects of insolvency on companies through a more flexible regime of restructuring.… Continue Reading
Abengoa, the Spanish engineering and energy firm, has communicated to Spain’s High Court that it has initiated restructuring negotiations with its creditors in an attempt to avoid insolvency proceedings. If the restructuring is unsuccessful, it would produce one of the major insolvencies in the history of Spain. On December 18 2015, the Court said it would … Continue Reading
TMA Europe held its second roundtable discussion in Madrid, Spain on Thursday May 28, 2015. The Roundtable featured a panel of senior professionals from central banks, regulators and law firms, together with alternative investors, PE firms and financial advisory firms. Fernando Gonzalez, a partner at Squire Patton Boggs in Madrid, spoke about the recent changes in the banking field in Spain … Continue Reading
Cathryn Williams, Andreas Lehmann, Fernando Gonzalez and Antoine Adeline have written an article for the Journal of Corporate Renewal in its May 2015 issue entitled “EU Retailers’ Struggles Continue Amid Signs of Improvement.” Click here to read the article.… Continue Reading
Insolvency Statistics 2014 was the first year in which the number of insolvency proceedings filed by Spanish companies fell each month since 2004, the year when the last bankruptcy reforms were enacted. Last year, a total of 6,508 insolvency proceedings were initiated in Spain, a reduction of 26.2% when compared to 2013, which was a record year … Continue Reading
The Royal Decree-Law 1/2015 dated February 27, 2015 (the “RDL”) seeks to implement urgent measures to, among other things, reduce individual debtors’ financial burden. The RDL was designed to give a second chance to an individual debtor and introduced a mechanism according to which such debtor may have his debts discharged if (i) he acts in good faith … Continue Reading
In a Cross-Jurisdictional review of distressed loan sales in US, France, Germany and Spain, Squire Patton Boggs’ insolvency/restructuring lawyers from each of these jurisdictions give a high-level overview of both economic and legal market trends and how certain key legal issues are being addressed by their local insolvency regimes. They look at: Who is selling … Continue Reading
