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Garrigues, ‘European Firm of the Year’ and ‘Firm of the Year in Iberia’, according to The Lawyer

Thu, 05 Nov 2009 00:00:00 GMT

Garrigues was twice awarded as ‘European Firm of the Year’ and ‘Firm of the Year in Iberia’ yesterday night in Barcelona, in the first-ever European awards organized by The Lawyer. The British publication, one of the main references in the UK’s legal sector, recognized the Firm’s outstanding ambition.

“There is a multitude of reasons why Garrigues wins the top award”, writes Tom Phillips, editor of The Lawyer and a member of the Awards’ panel, today on their website. The panel, integrated by lawyers from private practice and multinational corporatioans, along with The Lawyer’s editorial team, valued the Firm’s international commitment. “It has taken the strength of its home practice and exported it to an extensive network across the world,” says the editor.

More specifically, in just two years, Garrigues has consolidated its position in Central Eastern Europe, with last year’s opening of the Bucharest office, as well as in Northern Africa, where it launched its Tangiers office in January of this year, standing by its clients in their internationalization process.

The panel also recognized the Firm’s strong presence in the Iberian market, with 29 offices spanning Spain and Portugal, as well as its strong financial performance, with FY09 revenue amounting to €334.3m. It also commended the Firm’s bold strategies in Iberia, which have allowed it to position itself amongst the biggest law firms in Portugal in just four years.

Garrigues’ Corporate Social Responsibility report –the only big Iberian law firm to publish an annual GRI-rated report- was also specifically commended, as well as its Equality Plan.

Garrigues Managing Partners, Fernando Vives and Ricardo Gómez-Barreda, expressed their satisfaction in obtaining this honor. "This award recognizes our firm commitment to the Iberian market, as well as the excellence of our team of professionals, which translates into high value added to the client,” they conveyed.

Following a highly competitive process, the Awards’ panel has gone through nearly 100 submissions from 25 jurisdictions. In order to identify the outstanding law firms across continental Europe, the panel looked for evidence of strong local identity and market share, and entries were judged on the following criteria: strategic vision; strong partnership ethos; strong financial performance and growth; consistent excellence in their chosen sectors; excellent talent management.

The Lawyer Awards in the UK has been an important industry’s benchmark of quality for more than a decade.

Garrigues reports €334.3 million in revenues from professional services in 2009

Wed, 28 Oct 2009 00:00:00 GMT

At the provisional close of the 2009 fiscal year (from September 1, 2008 through August 31, 2009), Garrigues reported revenues from professional services of €334.3 million, according to the data submitted at the Partners’ Meeting held in Madrid. This figure represents an increase of 37.5 million on 2008 revenues (€296.8 million) or 12.6% in percentage terms.

Garrigues is the foremost law firm in continental Europe by billings and professional headcount. During FY09, 2,061 professionals worked at the Firm (251 partners; 553 associates; 415 senior lawyers, and 842 junior lawyers), while total employee at Garrigues stood at 2,713 people, including administrative and internal services personnel.

The Firm also boasts the largest Iberian network, with 29 offices in Spain and Portugal, as well as nine international offices: New York, Miami, Brussels, Shanghai, Casablanca, Tangiers, Warsaw, London, and Bucharest.

In addition, the Garrigues Partners’ Meeting approved the appointment of 32 new partners today.

Partner promotions

The 32 new partners, their practice areas and corresponding offices are as follows:

Barcelona: Miriam Barrera Ubieto (Tax); Ferrán Escayola (Corporate/Commercial); Alex Pujol Pamies (Corporate/Commercial).
Bilbao: Ignacio Eróstegui Rodríguez (Corporate/Commercial); David Pérez Basconcillos (Tax).
Cáceres: Francisco Javier Galindo García (Tax).
Granada: Rafael Paniza Medoza (Corporate/Commercial).
León: Pablo de Juan Fidalgo (Tax).
Lisbon: Susana Pimenta de Sousa (Corporate/Commercial); João Duarte de Sousa (Litigation).
Madrid: José Luis Palao Iturzaeta (Corporate/Commercial); Daniel Parejo Ballesteros (Corporate/Commercial); Marcos Botella Serrano (Corporate/Commercial); Adrian Thery
Martí (Restructuring and Insolvency); Gabriel Castro Salillas (Litigation); Jorge Moreira Peláez (Tax); Francisco Martínez Iglesias (Corporate/Commercial); José Ignacio Corchuelo Martínez-Azua (Labor and Emplyment).
Málaga: Felipe González Martín (Tax).
Murcia: Octavio Llamas Fuentes (Corporate/Commercial).
Oviedo: Alejandro Fernández García (Tax).
Palma de Mallorca: María Montserrat Mas Llull (Tax).
Seville: Luis Molero Pellón (Litigation).
Valencia: Vicente Climent Escriche (Tax); Fernando Crespo Champion (Labor and Employment); Cristóbal Martí Brugada (Tax); Josefa Teresa Roselló (Litigation).
Valladolid: Antonio Santocildes Castañón (Tax).
Vigo: Juan Pablo Lerena Roca (Litigation); Manuel Torres Salazar (Maritime Law); Francisco Veiga Calvo (Tax).
Zaragoza: Carlos Peralta Jiménez (Administrative Law).

Garrigues' Restructuring and Insolvency team, contributors to The Restructuring Review 2009

Thu, 22 Oct 2009 00:00:00 GMT

After the success of last year’s edition, the team at Garrigues’ Restructuring and Insolvency Department –integrated by Antonio Fernández, Borja García-Alamán, Adrián Thery and Juan Verdugo-, has again contributed to the second edition of The Restructuring Review, a world-renowned book published by prestigious British publishing house, Law Business Research.

Thanks to its international prestige in the area of restructuring and insolvency, Garrigues was invited to participate once again to write Spain’s chapter. Christopher Mallon, a senior partner of the US law firm, Skadden, Arps, Slate, Meagher & Flom, a global authority in this field, has acted again as editor.

Under an exclusive model, this unique book offers a thorough retrospective of last year’s business milestones in all major jurisdictions worldwide. It also presents an accurate update of the recent legal developments, new cases and other changes to the most respected in-house and private lawyers, as well as clients from across the globe.

Garrigues’ online courses to Latin American judges awarded at the Managing Partners’ Forum Awards 2009

Wed, 21 Oct 2009 00:00:00 GMT

Garrigues won the “Best Learning Programme” at the MPF European Practice Management Awards held yesterday night at The Marriot Hotel in London. The Firm was also the second finalist in the categories “Use of Technology” for Logalty and “Management of Knowledge” for its Insolvency Extranet.

The Awards judges, who are leading international management consultants or experts, considered the online accounting courses developed and taught by Garrigues partners as one of the most innovative initiatives in Europe. The free two-month, on-line accounting course for 30 judges from eight Latin American countries is Garrigues contribution to the World Bank’s Global Development

Learning Network (GDLN) training program of high-level civil servants in Latin America. The project is carried out by the Garrigues Foundation through CEDDET (Distance Learning Center for Economic and Technological Progress), a foundation that is the node for the GDLN in Spain. The aim is to improve judges’ understanding of basic accounting so they can better grasp insolvency and restructuring matters.

Garrigues’ co-managing partners, Fernando Vives and Ricardo Gómez-Barreda, expressed their satisfaction at the award, “which recognizes our Firm’s ability to share its unique knowledge and experience with Latin American countries, contributing to their economic and social development”
Garrigues was also second finalist in the categories “Use of Technology” and “Management of Knowledge” for Logalty and its Insolvency Extranet. The former is a joint venture between Garrigues and T-Systems that enables contracts to be signed securely over the internet. The latter is a web 2.0-type IT platform that has become the most comprehensive and dynamic knowledge database in the area of insolvency and out-of-court restructurings in the Spanish legal market.

First introduced in 2002, MPF´s awards are the only awards focusing on the full range of management disciplines within professional services firms in Europe. The awards aim to recognize the most noteworthy contributions in management that range from marketing, HR, technology, finance, facilities, knowledge management, best brand and leadership, amongst others.

WORLD TAX 2010 includes Garrigues among the leading group of tax firms on the Iberian Peninsula

Fri, 09 Oct 2009 00:00:00 GMT

Garrigues has been singled out as one of Spain and Portugal’s finest tax firms, according to the ranking published in the 2010 World Tax Report, prepared every year by the International Tax Review. In order to claim a spot in the directory’s highest category, it is essential for firms to prove solid leadership in their own jurisdiction, as well as intense international activity. Garrigues’ membership of Taxand, an independent specialist global tax network, played a pivotal role.

In Spain, Garrigues has secured its place in the directory’s top category for six years running, ever since the ranking was first released. The opinions of tax directors and an analysis of the deals made by firms represent the directory’s main source of information. World Tax emphasized the “excellent reputation of the tax department”, currently boasting over 600 professionals.

In Portugal, Garrigues’ tax practice was awarded the accolade for the fourth time by the international directory, which placed it in the leading group. The report highlighted the department’s extensive team of tax practitioners, the largest of its kind in the country, with almost thirty professionals working out of the Lisbon and Oporto offices.

Taxand rounds off Garrigues’ success
Alongside the success garnered by Garrigues, the Taxand-member firms from Australia, Denmark, Greece, India, Russia and the Ukraine were also named Tier 1 firms by the report. Overall, 39 firms pertaining to the network (practically all of its members) were included in the various categories of the World Tax 2010 guide. Taxand is currently present across the five continents and can boast 2,000 professionals, of whom 300 are partners. Since its formation in 2005, Taxand’s work has received awards in Europe, the Americas and Asia, and it received its most recent accolade when it was named ‘Latin American Tax Firm of the Year’ at the 2009 ITR Ameritas Awards.

Garrigues names the new partners in charge of its Corporate/Commercial, Tax, Litigation and Maritime Law Departments

Wed, 16 Sep 2009 00:00:00 GMT

Garrigues has named the new partners in charge of the Firm’s Corporate/Commercial, Tax, Litigation and Maritime Law Departments. Javier Ybáñez and Ernesto Jiménez are set to take up their new duties as the Heads of Garrigues’ Corporate/Commercial and Tax Law Departments, respectively. They will occupy the posts left vacant by Fernando Vives and Ricardo Gómez-Barreda, who became the Firm’s Managing Partners on September 1.

The Litigation Department will be headed by Carlos de los Santos, following the retirement of Miguel Moscardó. The last appointment fell to Manuel Torres, who will be at the helm of the Maritime Law Department, succeeding Manuel González, who is also retiring. In addition to these appointments, Antonio Fernández was named partner in charge of the recently created Restructuring & Insolvency Department.

The appointments were unveiled this morning by Fernando Vives and Ricardo Gómez-Barreda at the presentation of Garrigues’ third annual Corporate Social Responsibility Report. The Report, for the 2008 fiscal year, describes in detail the Firm’s commitments under the three pillars (economic, social and environmental) constituting sustainable development. Garrigues is the only Spanish law firm (and one of a handful worldwide) to publish an annual CSR Report. The document can be viewed on the Firm’s website. (www.garrigues.com)

Garrigues creates a Restructuring & Insolvency Department, cementing its position as the leading provider of integral legal advice to distressed businesses

Mon, 14 Sep 2009 00:00:00 GMT

The growing economic significance of business refinancing transactions and insolvency situations in the current climate has led Garrigues to create a Restructuring & Insolvency Department offering integral legal advice on these types of transactions.

The new Restructuring & Insolvency Department will cater to the needs of distressed businesses on a joint and coordinated basis. The new structure will allow the Department, which will boast a multidisciplinary professional team of lawyers and economists, to offer enhanced support services to companies in difficulty, as the analysis and design of optimal solutions from the financial, labor and employment, corporate/commercial, real estate, tax and litigation standpoints will be centralized in one single practice area.

According to data from the National Statistics Institute, the number of concurso proceedings, formerly known as suspensiones de pagos (Chapter 11-type proceedings), has increased exponentially in Spain since the onset of the crisis there. At the start of this summer, 1,727 formal insolvency orders had been made, up 173.7% on the 631 recorded in the same period last year.

The new Department will be headed by Antonio Fernández, currently the partner in charge of the Insolvency Area, an area of expertise in which Garrigues has been the market leader over the last few years.

Antonio joined the Firm in 1985 and boasts an international reputation as a specialist in cross-border financial crises and in offering value-added legal solutions to distressed businesses. His experience ranges from the coordination of far-reaching refinancing and business restructuring processes to the re-floating of business lines, the implementation of financial and labor/employment solutions, mergers, distress transactions, advice to executives, concurso proceedings and liquidation processes, among others.

With this new structure, Garrigues aims to offer the market and its clients the benefit of the experience amassed by its professionals in dealing with the economic crisis, as well as build on such expertise, both in-house and externally.

Garrigues: leading law firm in Continental Europe

Fri, 04 Sep 2009 00:00:00 GMT

Garrigues is the top law firm in Continental Europe, according to the Global 100 ranking published annually by the legal publication, Legal Business, and is the only Spanish law firm ranked among the top 100 worldwide in terms of billings.

Garrigues was ranked 76th, an improvement of 22 places on 2008 (98th position). As a result of this significant progress, Garrigues has overtaken the two continental European firms that last year held higher places in the ranking: Dutch firm Loyens & Loeff (81st) and French firm Fidal (82nd).

After this result, Garrigues was once again ranked among the Top 100 international law firms by US publication, The American Lawyer, as the only Spanish law firm among the top 100 worldwide in terms of business volume.

Ricardo Gómez-Barreda and Fernando Vives are as from today the new managing partners of Garrigues

Tue, 01 Sep 2009 00:00:00 GMT

Fernando Vives and Ricardo Gómez-Barreda have taken over the position of managing partners at Garrigues, for a period of four years, as was agreed during the last Garrigues Partners meeting celebrated on 9 July, at Alicante. The new Managing Partners have taken over from José María Alonso and Miguel Gordillo, whose tenure at the helm of the Firm over the last nine years has been characterized by continuous growth, the consolidation of the Firm’s commanding position in Spain and international expansion.

Ricardo Gómez-Barreda has a Degree in Law and Economics and Business Administration from Universidad de Deusto. He joined the Firm in 1982 and was admitted as a partner at Garrigues in 1993. Since 1998, he has been the head and national coordinator of Garrigues’ Tax Department, which comprises over 600 practitioners. During his career at the Firm, he has specialized in tax advice for financial institutions and multinational groups, as well as in M&A deals. He sits on the Board of the Taxand alliance, a global alliance of independent, pure tax firms, of which Garrigues is a founding member and which currently boasts more than 2,000 professionals from some fifty firms across the world.

Fernando Vives holds a Degree in Law and Economics and Business Administration from Universidad Pontificia de Comillas (ICADE), as well as a PhD in Law from the same University. He joined the Firm in 1986, going on to be admitted as a partner in 1998, and since 2001 he has been the head and national coordinator of Garrigues’ Corporate/Commercial Law Department (with over 500 lawyers). Throughout his professional career, he has specialized in corporate governance at listed companies, corporate finance, restructuring and M&A transactions, tender offers, security issues and offerings and listed company-related regulatory matters. He has advised on major M&A deals and has played an active role in private equity transactions. He also has a wealth of experience in the insurance industry.

Garrigues is one of the top Continental European legal services firms, both in terms of billings and number of fee earners. The Firm, which provides full advisory services, has the largest network of offices in Spain has own offices in London, New York, Brussels, Lisbon, Oporto, Bucharest, Warsaw, Casablanca and Shanghai.

Garrigues Partners’ Meeting names Fernando Vives and Ricardo Gómez-Barreda as the Firm’s new Managing Partners

Thu, 09 Jul 2009 00:00:00 GMT

Meeting in Alicante, Garrigues’ partners have approved the appointments of Fernando Vives and Ricardo Gómez-Barreda as the Managing Partners of the Firm, a position they will take up on September 1. The new Managing Partners are set to take over from José María Alonso and Miguel Gordillo, whose tenure at the helm of the Firm over the last nine years has been characterized by continuous growth, the consolidation of the Firm’s commanding position in Spain, and international expansion.

Their time in charge has seen Garrigues take its place as the country’s top law firm in terms of billings and professional headcount. In 2000, the year in which José María Alonso and Miguel Gordillo took up the reins at Garrigues-Andersen, some 700 people worked at the Firm and billings stood at Ptas. 16,300 million (close to €98 million). Nine years down the line, the Firm is set to close FY2009 with professional fee revenues of over €330 million, and headcount at the Firm has now passed the 2,600-mark.

The new Managing Partners
Fernando Vives and Ricardo Gómez-Barreda are due to take up office on September 1, following long and successful professional careers at Garrigues.

Fernando Vives holds a Degree in Law and Economics and Business Administration from Universidad Pontificia de Comillas (ICADE), as well as a PhD in Law, Cum Laude, from the same University. He joined the Firm in 1986, going on to be admitted as a partner in 1998, and since 2001 he has been the head and national coordinator of Garrigues’ Corporate/Commercial Law Department (with over 500 lawyers). Throughout his professional career, he has specialized in corporate finance, reorganizations and M&A deals, tender offers, securities issues and public offerings, and regulatory matters concerning listed companies. He has advised on major M&A transactions and has played an active role in private equity deals. He also has a wealth of experience in the insurance industry.

Ricardo Gómez-Barreda has a Degree in Law and Economics and Business Administration from Universidad de Deusto. He joined the Firm in 1982 and was admitted as a partner at Garrigues in 1993. Since 1998, he has been the head and national coordinator of Garrigues’ Tax Department, which comprises over 600 practitioners. During his career at the Firm, he has specialized in tax advice for financial institutions and multinational groups, as well as in M&A deals. He sits on the Board of the Taxand alliance, a global alliance of independent, pure tax firms, of which Garrigues is a founding member and which currently boasts more than 2,000 professionals from some fifty firms across the world.

Garrigues, ‘European Firm of the Year’ and ‘Firm of the Year in Iberia’, according to The Lawyer

Thu, 05 Nov 2009 00:00:00 GMT

Garrigues, ‘European Firm of the Year’ and ‘Firm of the Year in Iberia’, according to The Lawyer

Garrigues reports €334.3 million in revenues from professional services in 2009

Wed, 28 Oct 2009 00:00:00 GMT

Garrigues reports €334.3 million in revenues from professional services in 2009

Garrigues’ online courses to Latin American judges awarded at the Managing Partners’ Forum Awards 2009

Thu, 22 Oct 2009 00:00:00 GMT

Garrigues’ online courses to Latin American judges awarded at the Managing Partners’ Forum Awards 2009

WORLD TAX 2010 includes Garrigues among the leading group of tax firms on the Iberian Peninsula

Fri, 09 Oct 2009 00:00:00 GMT

WORLD TAX 2010 includes Garrigues among the leading group of tax firms on the Iberian Peninsula

Garrigues Partners’ Meeting names Fernando Vives and Ricardo Gómez-Barreda as the Firm’s new Managing Partners

Thu, 09 Jul 2009 00:00:00 GMT

Garrigues Partners’ Meeting names Fernando Vives and Ricardo Gómez-Barreda as the Firm’s new Managing Partners

Garrigues and AENOR will offset Carbon Expo 2009

Wed, 27 May 2009 00:00:00 GMT

Garrigues and AENOR will offset Carbon Expo 2009

Garrigues, ‘Spanish Law Firm of the Year´ - Chambers Europe Awards for Excellence 2009

Wed, 22 Apr 2009 00:00:00 GMT

Garrigues, ‘Spanish Law Firm of the Year´ - Chambers Europe Awards for Excellence 2009

Garrigues singled out as the “2008 Firm of the Year” by the UK publication TopLegal International

Wed, 28 Jan 2009 00:00:00 GMT

Garrigues singled out as the “2008 Firm of the Year” by the UK publication TopLegal International

Garrigues opens for business in Logroño

Thu, 22 Jan 2009 00:00:00 GMT

Garrigues opens for business in Logroño

Garrigues makes the Global Project Finance Top Ten

Wed, 14 Jan 2009 00:00:00 GMT

Garrigues makes the Global Project Finance Top Ten

Updates Restructuring & Insolvency 1-2010

Garrigues — Thu, 25 Feb 2010 00:00:00 GMT

INDEX

1. COMMENTARIES ON NEW LEGISLATION
2. CASE COMMENTARIES
3. HEADNOTES
    Supreme Court
    Provincial Appellate Courts
    Commercial Courts
4. FIRM ARTICLES

For further information:
Antonio Fernández
Partner in charge of Restructuring & Insolvency
antonio.fernandez.rodriguez@garrigues.com

Updates Litigation and Arbitration 2-2010

Garrigues — Mon, 15 Feb 2010 00:00:00 GMT

UPDATES UNFAIR COMPETITION AND ADVERTISING

Reform of the legislation on unfair competition and advertising for consumer and user protection (law 29/2009, of december 30, 2009).
The following statute was published in the Official State Gazette (“BOE”) on December 31, 2009:
Law 29/2009, of December 30, 2009, Modifying the Legal Regime Governing Unfair Competition and Advertising to Improve Consumer and User Protection.

- Unfair Competition Law 3/1991, of January 10, 1991
- General Advertising Law 34/1988, of November 11, 1988
- The Revised General Consumer and User Protection Law and Other Supplementing Legislation, approved by Legislative Royal Decree 1/2007, of November 16, 2007Retail Trade Law 7/1996, of January 15, 1996
- LAW 29/2009, OF DECEMBER 30, 2009, MODIFYING THE LEGAL REGIME GOVERNING UNFAIR COMPETITION AND ADVERTISING TO IMPROVE CONSUMER AND USER PROTECTION:
1. MAIN AMENDMENTS TO UNFAIR COMPETITION LAW 3/1991, OF JANUARY 10, 1991 (“LCD”)
2. MAIN AMENDMENTS TO GENERAL ADVERTISING LAW 34/1988, OF NOVEMBER 11, 1988 (“LGP”)
3. MAIN AMENDMENTS TO THE REVISED GENERAL CONSUMER AND USER PROTECTION LAW AND OTHER SUPPLEMENTING LEGISLATION, LEGISLATIVE ROYAL DECREE 1/2007, OF NOVEMBER 16, 2007 (“LDCU”)
4. AMENDMENTS TO RETAIL TRADE LAW 7/1996, OF JANUARY 15, 1996 (“LOCM”)
5. ADDITIONAL PROVISION
6. TRANSITIONAL PROVISION
7. FINAL PROVISION ONE (AMENDING ARTICLE 15 OF CIVIL PROCEDURE LAW 1/2000, OF JANUARY 7, 2000)
8. FINAL PROVISION TWO. JURISDICTION
9. FINAL PROVISION FOUR. COMPLIANCE
10. FINAL PROVISION FIVE. ENTRY INTO FORCE

Updates Tax Portugal 1-2010

Tue, 02 Feb 2010 00:00:00 GMT

TAX PROPOSALS

The government presented to Parliament on 27 January 2010 the Budget Bill for 2010. The Budget which comes amidst calls for fiscal consolidation and public deficit control was subject to intense negotiation in order to secure its approval in Parliament. As the final vote in Parliament is only expected mid-march, it is likely that the final text may still be subject to some amendments until final approval.

The last months of 2009 were prolific in tax changes, namely the alignment of the corporate tax with the new accounting system, taxation of severance payments to management, the new inward expatriate regime, widening of the banking secrecy rules and new tax incentives under the investment tax code. The proposals included in the Budget Bill for 2010 keep the tax changes to a bare minimum, adjust targeted tax incentives and align certain provisions with EC Law. The major novelties are the revival of the 2005 tax amnesty, the penalty taxation on bonus payment and a proposal to enact domestic arbitration on tax matters

This note provides an insight on the most significant proposals included in the Budget Bill for 2010, which once approved will generally apply from 1 January 2010.

1. CORPORATE INCOME TAX (IRC)
1.1 Penalty taxation on bonus payments
1.2 Minimum corporate tax liability mechanism
1.3 Inbound and outbound dividends
1.4 Rollover relief
1.5 Tax incentives
1.6 Domestic arbitration and tax incentive for SME initial public offerings
1.7 Tax treaties and exchange of information agreements

2. INDIVIDUAL INCOME TAX (IRS)
2.1 Tax amnesty for undeclared funds held abroad (RERT II)
2.2 Personal Income Tax rates and credits
2.3 Taxation of investment income and withholding taxes
2.4 Venture capital investors ("business angels")
2.5 Tax credit for investments on public debt instruments

3. OTHER TAXES
3.1 Stamp Tax on share capital increases
3.2 Taxation of supplies of cars
3.3 VAT
3.4 Late payment interest

Updates Litigation & Arbitration 1-2010

Garrigues — Mon, 25 Jan 2010 00:00:00 GMT

New Legislation

Special Section

1. ESTABLISHMENT OF NEW JUDICIAL OFFICE
1.1 Organic Law 1/2009, of November 3, 2009, Supplementing the Law Reforming Procedural Legislation for the Establishment of the New Judicial Office, and Amending Judiciary Organic Law 6/1985, of July 1, 1985
1.2 Law 13/2009, of November 3, 2009, Reforming Procedural Legislation for the Establishment of the

New Judicial Office
2. MEASURES TO PROMOTE AND PROCEDURALLY EXPEDITE THE RENTAL OF DWELLINGS
3. CONSUMER AND USER PROTECTION MEASURES
3.1 Objective of the reform
3.2 Main pieces of legislation affected by the reform

Updates Restructuring & Insolvency 5-2009

Garrigues — Thu, 03 Dec 2009 00:00:00 GMT

1. NEW LEGISLATION
Law 13/2009, of November 3, 2009, reforming procedural legislation for the establishment of the new Judicial Office

Law 13/2009 was published in the Official State Gazette on November 4, 2009, and most of its provisions are set to come into force on May 4, 2010.

According to the Preamble, by setting reasonable time periods the Law seeks to establish a cut-off point for court proceedings. To achieve this, the Law provides that judges and senior justices will essentially devote their efforts to the functions of adjudication and judgment execution, and be relieved of the burden of ordinary management of internal court business, with tasks that are not strictly of a judicial nature being divided among other members of the judicial team, including most importantly the court clerks.

In relation to insolvency proceedings, the Law introduces a number of changes, above all of a functional nature, that will mean in practice an increase in the functions hitherto performed by court clerks. Apart from overhauling the Insolvency Law (Ley Concursal or “LC”), it also makes amendments to other statutes that apply secondarily to insolvency cases, such as the Civil Procedure Law (Ley de Enjuiciamiento Civil or “LECiv”).

1.1 Principal amendments to the Insolvency Law

1.2 Amendments to other primary legislation

2. CASE COMMENTARIES
Judgment of Lugo Court of First Instance no. 2/Commercial Court dated October 30, 2009.
Art. 61.2 LC. Termination of contract in interests of insolvency proceeding: summons to appear, absence of agreement and filing of subsequent claim in proceeding ancillary to insolvency proceeding. Plaintiff argued: termination of financial lease agreements in interests of insolvency proceeding, without obligation to indemnify financial lessor for early termination. Finding: insolvent party should not be ordered to pay damages because “termination” in Art. 61.2 LC is not linked to notion of “breach,” but instead is due to higher legal purpose, namely, interests of insolvency proceeding. Interpretation of Insolvency Law: ‘indemnification’ as referred to in Art. 61.2 LC is restitution in natura of consideration under terminated contract: financial lessor is “indemnified” solely by return of leased assets and cannot seek additional monetary award.

3. HEADNOTES
Commercial Courts

4. AWARDS AND ACCOLADES
Financial Times Innovative Lawyers 2009

European Practice Management Awards 2009

5. PUBLICATIONS

5.1 The Restructuring Review 2009/2010
Building on the success achieved with the 2008 edition, the Garrigues R&I Department has taken part again, this time, in the 2009/2010 edition of “The Restructuring Review,” a authoritative book from prestigious British publishing house, Law Business Research.
Established in 1996, Law Business Research Limited publishes research, analysis and reporting on international business law and policy and the business of international law. Subscribers include leading international corporations, government agencies and law firms and eminent economists. In 2004, Law Business Research Limited became the official research partner of the International Bar Association, and in 2008 it became the strategic research partner of the American Bar Association's Section of International Law.

6. UPCOMING EVENTS
Institute for International Research (London)
On December 9 and 10, a conference will be staged in London by the prestigious Institute for International Research (IIR) on “Investing & Restructuring for Distressed Debt Situations.”

For further information:
Antonio Fernández
Partner in charge of Restructuring & Insolvency
antonio.fernandez.rodriguez@garrigues.com

Updates Tax 3 - 2009

Garrigues — Thu, 12 Nov 2009 00:00:00 GMT

LISTED CORPORATIONS FOR INVESTMENT IN THE REAL ESTATE MARKET (SOCIMIs) AND OTHER NEW DEVELOPMENTS INTRODUCED BY LAW 11/2009 IN THE AREA OF REAL ESTATE TAXATION

Last October 27, the law regulating the so-called SOCIMIs (Law 11/2009, of October 26) was published. SOCIMIs are a vehicle for investment in the real estate market created with the aim of promoting the rental market in Spain and making it easier for citizens to invest in urban rental properties.

In order for a company to qualify as a SOCIMI, it must meet a series of corporate/commercial, investment, financing and dividend distribution requirements. With the aim of making this vehicle attractive, a special tax regime has been established with a view to achieving economic effects similar to those existing under the traditional REIT (Real Estate Investment Trust) regimes in neighboring countries, but through a different tax mechanism from theirs.

Apart from regulating SOCIMIs, in relation to the area of real estate taxation, this Law (i) eliminates the requirement for real estate collective investment vehicles to have a minimum investment in homes and student and senior citizen residences (albeit introducing the new requirement for these institutions’ bylaws to stipulate the nondistribution of dividends); (ii) changes the VAT rates applicable to residential lease contracts with a purchase option; and (iii) amends Article 108 of the Securities Market Law.

Moreover, this Law contains other new tax developments in a variety of matters that are not related to the SOCIMI regime or to real estate taxation.

In this Newsletter, we will exclusively review the SOCIMI regime and the new developments introduced in relation to collective investment vehicles; the rest of new developments will be analyzed in our monthly Tax News Bulletin for November 2009.

1. CORPORATE/COMMERCIAL REGIME FOR SOCIMIS
1.1 Corporate form
1.2 Corporate purpose
1.3 Distribution of dividends

2. INVESTMENT REQUIREMENTS FOR SOCIMIS
2.1 Requirement regarding volume of assets
2.2 Requirement regarding volume of income
2.3 Asset holding period requirement

3. FINANCING OF SOCIMIS

4. SOCIMI TAX REGIME
4.1 Corporate income tax treatment of SOCIMIs
4.2 Taxation of the income obtained by the shareholders of the SOCIMI
4.2.1 Dividends
4.2.2 Capital gain on the sale of holdings in the SOCIMI
4.3 Starting to apply the special regime: entry regime
4.4 Ending application of the special regime: exit regime

5. MAKING THE ELECTION TO APPLY THE SPECIAL SOCIMI REGIME
5.1 Formalizing the election to apply the regime
5.2 Two-year transitional period for fulfilling the requirements of the regime

6. SOCIMIS’ REPORTING REQUIREMENTS

7. FORFEITURE OF THE SPECIAL TAX REGIME

8. AMENDMENT RELATING TO REAL ESTATE COLLECTIVE INVESTMENT VEHICLES

Updates Restructuring & Insolvency 4-2009

Garrigues — Tue, 20 Oct 2009 00:00:00 GMT

1. CASE COMMENTARIES
- Decision of Madrid Commercial Court no. 4 dated March 6, 2009.
- Decision of Guadalajara Court of First Instance/Commercial Court no. 4 of July 2,
2009.
- Decision of Málaga Commercial Court no. 1 dated July 8, 2009.
Decision of Cuenca Court of First Instance/Commercial Court no. 2 dated July 9,
2009.
- Decision of Madrid Commercial Court no. 5 dated July 27, 2009.
- Decision of Madrid Commercial Court no. 4 of July 28, 2009.
- Decision of Madrid Commercial Court no. 2 of September 15, 2009.

2. HEADNOTES
- Supreme Court
- Commercial Courts
- Directorate-General of Taxes

3. FIRM ARTICLES
- Foreign publications
- Local publications

Garrigues News Bucarest 3

Garrigues — Mon, 21 Sep 2009 00:00:00 GMT

Real Estate News

The National Agency of the Cadastre and Real Estate Public Disclosure (the “ANCPI”) has recently amended the regulations relating to the cadastre and real estate public disclosure through:
• Order No. 133/03.26.2009, amending the Regulation on the organization and operation of the cadastre and real estate public disclosure offices, which was published in the Romanian Official Gazette, Part I, No. 245 of April 13, 2009, and entered into force on April 28, 2009.
• Order No. 134/03.26.2009, amending the Regulation on the content and the drafting procedure for the cadastral documentation necessary for registration purposes, which was published in the Romanian Official Gazette, Part I, No. 245 of April 13, 2009, and entered into force on April 28, 2009.
• Order No. 186/04.17.2009, regarding the terms of the services provided by ANCPI and its divisions, which was published in the Romanian Official Gazette, Part I, No. 296 of May 05, 2009, and entered into force on its publication date.

In addition, the Ministry of Public Administration and the Interior has amended Order No. 371/2007 relating to the fees for real estate public disclosure services through:
• Order No. 39/04.06.2009 regarding the approval of the fees for the services provided by ANCPI and its divisions, and the fees payable by
persons executing specific works relating to the cadastre, geodesy and cartography, which was published in the Romanian Official
Gazette, Part I, No. 253 of April 16, 2009, and entered into force on its publication date.

Updates Corporate 2-2009

Garrigues — Thu, 30 Jul 2009 00:00:00 GMT

LAW 5/2009, OF JUNE 29, 2009. REGIME FOR THE ACQUISITION OF SIGNIFICANT HOLDINGS

Law 5/2009, of June 29, 2009, amending Securities Market Law 24/1988, of July 28, 1988, Credit Institutions (Discipline and Control) Law 26/1988, of July 29, 1988, and the Revised Private Insurance (Regulation and Supervision) Law, approved by Legislative Royal Decree 6/2004, of October 29, 2004, for the Reform of the Regime on Significant Holdings in Investment Services Firms, Credit Institutions and Insurance Companies, was published in the Official State Gazette on June 30 (“Law 5/2009”).

1. INTRODUCTION
2. CONCEPT OF ‘SIGNIFICANT HOLDING’. THRESHOLDS
3. ASSESSMENT OF SUITABILITY AND FINANCIAL SOUNDNESS
4. ASSESSMENT PROCEDURE
5. DISCLOSURE
6. COOPERATION BETWEEN SUPERVISORY AUTHORITIES
7. FINAL PROVISIONS
8. ENTRY INTO FORCE

Updates Restructuring & Insolvency 3-2009

Garrigues — Thu, 23 Jul 2009 00:00:00 GMT

1. LEGISLATION
ROYAL DECREE-LAW 9/2009 of June 26, 2009 on bank restructuring and reinforcement of the capital of credit institutions (Official State Gazette no. 155 of June 27, 2009 [p. 53194 – p 53212]).

2. CASE COMMENTARIES
- DECISION of Bilbao Commercial Court no. 1 dated May 4, 2009
- DECISION of Madrid Commercial Court no. 4 dated June 29, 2009
- DECISION of Bilbao Commercial Court no. 1 dated June 2, 2009

3. HEADNOTES
- Commercial Courts

4. FIRM ARTICLES
- Foreign publications
- Local publications