Following the pandemic, companies in Spain have adopted telematic and hybrid meetings, supported by legislative changes that allow shareholders and directors to participate remotely. To implement these meetings, companies must amend their bylaws and ensure participants’ identity, legitimacy and effective communication.
The judicial approval of a restructuring plan represents a vital mechanism for the debtor, protecting essential business aspects necessary to ensure survival.
The economic unit encompasses the active and passive elements constituting a ‘company’ or ‘autonomous productive unit’ within the company. The transfer of an authentic economic unit is an essential requirement for partial spin-offs in Spain.
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.
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.
Spanish bankruptcy regulations list the conducts that determine the liability of the directors in bankruptcy proceedings. The consequences of such behaviour include disqualification, loss of rights associated with the position of a creditor of a bankruptcy or a sentence to cover the insolvency deficit.
During the COVID-19 pandemic, arbitration stands out as an advantageous alternative to settle legal disputes between companies. The ordinary jurisdiction has suffered a slowdown in its processes and does not provide the fast and effective response demanded by current market operators.
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