## [Restructuring and Insolvency Newsletter - July 2024](/en_GB/new/restructuring-and-insolvency-newsletter-july-2024) # Restructuring and Insolvency Newsletter - July 2024 Spain - 07 / 15 / 2024 - - [](https://www.linkedin.com/sharing/share-offsite/?url=https://www.garrigues.com/en_GB/new/restructuring-and-insolvency-newsletter-july-2024) - []() - []() Previous Next ![](/sites/default/files/noticias/img/reestructuraciones-e-insolvencias.jpg) ## [News update](https://www.garrigues.com/en_GB/new/restructuring-insolvency-newsletter-july-2024-news) - Judges of Barcelona unify principles on certain points of insolvency law - Changes on the Spanish Insolvency Law on arrangements with creditors and restructuring plans regarding structural modifications - The Ministry of Economy, Commerce and Business publishes the draft law on credit administrators and buyers to transpose the European Directive that promotes the development of NPLs - The term for granting guarantees by the Official Credit Institute (ICO) is extended and the conditions of sections I, II and III are modified [**Read more**](https://www.garrigues.com/en_GB/new/restructuring-insolvency-newsletter-july-2024-news) ## [Judgments of interest](https://www.garrigues.com/en_GB/new/restructuring-insolvency-newsletter-july-2024-judgments) **International case law** - European jurisprudence on universal and territorial procedures (AIR BERLIN matter) **Restructuring plans** - Court confirmation of a restructuring plan proposed by creditors and evicting the existing shareholders (CELSA matter) - Court confirmation of a non-consensual restructuring not based on a majority of classes but on enterprise valuation (NAVIERA ARMAS matter) - Restriction to early termination of contracts due to a change of control derived from a Court-confirmed restructuring plan (FANDICOSTA matter) - Combined court confirmation of various individual restructuring plans (EZENTIS matter) - Joint appointment of restructuring expert for Spanish and foreign companies of the same group (TELEPIZZA matter) - It is not necessary to value guarantees in plans that have unanimous support of affected creditors (DENEF matter) - Denial of Court-validation of a joint restructuring plan due to non-compliance by one of the requesting debtors - Financial claims with and without an ICO guarantee can form separate classes of creditors - Possibility of obtaining court confirmation of individual restructuring plans of foreign companies with a Spanish parent - Competing restructuring plans must be handled in a time-based priority order **Bankruptcy proceedings** - Shareholders be liable for outstanding tax debt in the event of the bankruptcy being concluded due to insufficient assets - An arrangement with creditors cannot alter priority in the order of payment of claims, nor impose obligations on creditors who are not parties to the proposal with respect to other proceedings - The initial assessment of an insolvency proceeding as a no-asset bankruptcy does not prevent a potential subsequent declaration of a full-fledged insolvency proceeding - Termination of contracts in the interests of insolvency proceedings is incompatible with regular grounds for termination of contract under civil law - Nonpayment of one past-due claim is a sufficient ground for applying for declaration of a breach of the arrangement with creditors [**Read more**](https://www.garrigues.com/en_GB/new/restructuring-insolvency-newsletter-july-2024-judgments) ## [Events and publications in which Garrigues participates](https://www.garrigues.com/en_GB/new/restructuring-insolvency-newsletter-july-2024-publications-and-events-where-garrigues) **Publications** - ‘Commentary of the Insolvency Law, 3rd edition’ - ‘Joint processing of competing restructuring plans’ - ‘How to Obtain Recognition of a Foreign Insolvency Process and How to Enforce Insolvency-Related Judgments (Spain)’ - ‘Risks for Transactions and Directors in Financially Distressed Businesses (Spain)’ - ‘International transfers of claims: present and future challenges’ - ‘Equity wipe-out in the new regulation of restructuring plans in Spain’ - ‘About Celsa, Celsus and the brand new restructurings’ **Awards and accolades** - Andrés Gutiérrez Gilsanz obtains Chair in Corporate/Commercial Law (*Cátedra de Derecho Mercantil*) at Universidad Rey Juan Carlos - Chambers ranks Garrigues Band 1 in the areas of Restructuring and Insolvency 2024 - IFLR 1000 2024 ranks Garrigues Band 1 in the area of Restructuring and Insolvency - Legal 500 (EMEA 2024) ranks Garrigues Band 1 in the area of Restructuring and Insolvency, and recognizes several partners in such practice area [**Read more**](https://www.garrigues.com/en_GB/new/restructuring-insolvency-newsletter-july-2024-publications-and-events-where-garrigues) [Restructuring & Insolvency](/en_GB/tags/restructuring-insolvency), [Spain](/en_GB/tags/spain) ### Contacts ![Adrián Thery Martí - Garrigues](/sites/default/files/styles/medium/public/team/photo/Adrian_Thery_Marti_en_20240619.jpg?itok=jcbiBc9t) [Adrián Thery](/en_GB/team/adrian-thery-marti) ![](/themes/custom/garriguestheme/img/iconos/email-contacto.svg)[Contact]() - +34 91 514 52 00 [Madrid](https://www.garrigues.com/en_GB/office/madrid) ![Foto del socio](/sites/default/files/styles/medium/public/team/photo/Borja_Garcia-Alaman_de_la_Calle_en_20251105.jpg?itok=m4Nee5Rk) [Borja García-Alamán](/en_GB/team/borja-garcia-alaman-calle) ![](/themes/custom/garriguestheme/img/iconos/email-contacto.svg)[Contact]() - +34 91 514 52 00 [Madrid](https://www.garrigues.com/en_GB/office/madrid) ![](/sites/default/files/styles/medium/public/team/photo/10004186.jpg?itok=BVwekzFG) [Juan María Jiménez](/en_GB/team/juan-maria-jimenez-moreno) ![](/themes/custom/garriguestheme/img/iconos/email-contacto.svg)[Contact]() - +34 91 514 52 00 [Madrid](https://www.garrigues.com/en_GB/office/madrid) [Find more professionals](../team) ### Related services - 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