Restructuring & Insolvency
The economic crisis that started to engulf Spain in 2007, which the country has been shaking off little by little, has spurred players in the restructuring market to step out of their comfort zone and go down lesser-trodden paths in Spain. This means players are exploring new alternative sources of funding to conventional bank lending; similarly, investors, encouraged by experiences in other markets, are incessantly researching any mechanisms that will enable them to move their capital in their constant search for greater returns. Litigation funding has been moving towards the point where the interests of all of these appear to converge.
Garrigues detected that there was no clear guideline that allowed notaries to issue another enforceable copy of the mortgage deed to funds that had acquired NPLs.
On March 14, 2018 the European Commission presented the Second Progress Report on the reduction of non-performing loans (“NPLs”). The report comprises a memo and a factsheet, whose versions in English can be obtained on the website of the European Commission, which also distributed a press release (English version).
On February 28 last the European Commission published the Draft Agreement on the withdrawal of the United Kingdom from the European Union (“EU”). This draft, based on the Joint agreement submitted by the the negotiators of the EU and the United Kingdom on December 8, 2017, will set the tone for the future negotiations between the Union and the United Kingdom.
The Direction issued by the DGRN on February 5, 2018, takes a highly practical approach to the initial steps to be taken in arranging an AEP and, above all, clarifies some uncertainties that have previously frustrated the refinancing process.
Newsletter Restructuring & Insolvency Newsletter - February 2018