Changes in the Bankruptcy Law in Spain
The Royal Decree-Act 4/2014 is focusing on the refinancing agreements which may include waivers and capitalisation of debt and deferral payments. These agreements will essentially make the heavy burden of debt much more manageable for businesses.
Merry-Go-Round of Amendments to the Spanish Insolvency Law
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.
Other features of the training contract in Spain
The training contract has important reductions in Social Security fees for business owners. The transformation of the training contract into a permanent contract allows an additional bonus, which can reach 700 euros annually.
The transfer of personal data to the police in Spain
The petition for personal data by a police officer must be justified and accompanied by a formal written request. Spanish law specifies that data processing by law enforcement agencies is possible provided certain guarantees are respected.
Major modifications to work conditions contract in Spain
The modifications to work conditions contracts in Spain include: significant modifications to the employment contract, required conditions for significant modification to work conditions, types of significant modifications to work conditions, communication of the decision on significant modifications to work conditions, and opportunies available to the employees with regards to individual and collective framework.
The role of the executor in the inheritance process in Spain
Executors of wills in Spain are those appointed by a testator to fulfil the testator’s last will. Executors can be named jointly, successively or severally and perform on a voluntary basis and free of charge. He must report about his functions to the heirs.
Consequences of the Fiscal Reform in Spain for Self-Employed Workers
The fiscal reform in Spain implies a lowering of tax withholdings for self-employed people whose annual income is lower than 12.000 €. Self-employed workers can benefit from these measures beginning on the 1st of July 2014.
Can a child be disinherited in Spain?
In Spain, it is particularly difficult to disinherit a child because the Spanish Law on Inheritance obliges estates to be divided into three parts. Two thirds belong to the heirs: one third of which would correspond exclusively to the compulsory heirs —in Spanish, this part is called legítima (legitimate); the other third is aimed to improve any of the heirs’ portion as the testator wishes.
M&A in Spain: Management and control of economic concentration
The management of economic concentration requires a due diligence report. After this, the acquirer prepares a binding offer to the target company which lays down the basics of the concentration contract. The national control of economic concentration aims to obtain the necessary authorisation of the transaction. It achieves this through notification duty, and then a two stage procedural phase.
Taxation on the purchase of property under the new fiscal reform in Spain
The cuts to tax benefits planned in the draft of the Spanish fiscal reform will affect property acquired before the 31st of December 1994, experts thus expecting a rise in sales.
