Force Majeure ERTE are regulated in arts. 47.3 and 51.7 ET, art. 31 and ff of Royal Decree 1483/2012 and arts. 22 and 24 to 28 of Royal Decree Law 8/020. ERTE for objective causes linked to COVID-19 are regulated in art. 47 ET, arts. 16 and ff of Royal Decree 1483/2012 and arts.23 and 25 to 28 of Royal Decree-Law 8/2020.
With widespread application in M&A transactions, MAC clauses are a very useful instrument since, as a rule, they allow the buyer to withdraw from a transaction in case of significant adverse changes that discourage the economic aim of the contract.
Information note on Royal Decree-Law 18/2020 (RDL 18/2020) of 12 May, on social measures in defence of employment, which introduces modifications to employment regulation records.
Articles 61 and following of Law 22/2003 provide for the effects of the termination of contracts in the context of bankruptcy proceedings in Spain. The law grants different mechanisms to the parties to guarantee the survival of the bankrupt company and the right of debt recovery of its creditors.
Force majeure and rebus sic stantibus clauses are particularly relevant in the context of the COVID-19 health crisis. These legal instruments allow for a modification of the terms of contracts in extraordinary and unpredictable circumstances such as at present.
Liquidity solutions for companies in Spain are designed to help businesses navigate financial challenges, particularly in times of economic uncertainty.
Collective bargaining agreements in Spain regulate labor conditions and relationships between employers and employees. We point out the differences between substancial modification of collective working conditions and the collective dismissal.
Following the decree of the State of Alarm, the Spanish Government has approved a package of measures on labour Law (by easing the suspension of employment contracts) and insolvency Law, in order that companies can better cope with their lack of liquidity.
We analyse the requirements to apply the moratorium on the payment of rent on commercial premises, according to the provisions of RDL 15/2020 in the context of the State of Alarm decreed in Spain.
Read the full article: The Temporary Suspension of Employment Contracts in Spain or ERTE
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