A consumer credit agreement (CCA) is an agreement whereby a creditor grants or undertakes to grant credit in the form of a deferred payment, loan, credit facility or any other equivalent way of financing in favour of a consumer.
Three partial reforms of the Spanish Insolvency Law have already been approved by means of Royal Decree-Laws dated on March 2014, September 2014 and February 2015. The three main purposes sought are: enhancement of prepetition restructuring deals; extension of pre-insolvency refinancing agreements to composition agreements and offer a second chance for individual creditors.
On March 8, 2014, Spain introduced Royal Decree-law 4/2014, known as the New Reform, to enhance the Spanish Insolvency Law. Acknowledging the inflexibility in pre-insolvency and insolvency systems, the reform aims to boost refinancing discussions. It achieves this by establishing a more secure pre-insolvency environment, safeguarding the debtor’s key assets against enforcement by unsecured creditors.
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 …
The Entrepreneur Support Act (Law 14/2013), enacted on September 27, 2013, introduced the bankruptcy mediator role. Published in the Spanish Legal Bulletin (BOE), it also brought partial modifications to the Insolvency Act (Law 22/2003) on July 9, 2003.
The benefits of belonging to a group of companies are well known. The integration of companies within a group not only improves each of the companies’ competitive positions within their …
The express insolvency mechanism benefits debtors by cutting costs, eases the workload for mercantile courts, and prevents false satisfaction expectations for creditors. This is likely to result in a continued high number of insolvencies as debtors increasingly use this shortcut to obtain the entity’s death certificate.
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