## [Restructuring and Insolvency Newsletter - October 2020](/en_GB/new/restructuring-and-insolvency-newsletter-october-2020) # Restructuring and Insolvency Newsletter - October 2020 España - 10 / 05 / 2020 - - [](https://www.linkedin.com/sharing/share-offsite/?url=https://www.garrigues.com/en_GB/new/restructuring-and-insolvency-newsletter-october-2020) - []() - []() Previous Next ![](/sites/default/files/noticias/img/newsletter_reestructuraciones_e_insolvencias_octubre_2020_0_0.jpg) ## **The Recast Insolvency Law came into force on September 1** Legislative Royal Decree 1/2020, of May 5, 2020, approving the Recast Insolvency Law (*Texto Refundido de la Ley Concursal* or TRLC) was published in the May 7 edition of the Official State Gazette and has repealed among other legislation, the Insolvency Law, Law 22/2003, of July 9, 2003 (LC) along with a few, not all, of its additional and final provisions. Its coming into force does not affect the urgent insolvency and pre-insolvency measures adopted during the COVID-19 crisis. The main features of legislation in the new law can be read **[**here**](https://www.garrigues.com/es_ES/noticia/15-claves-entender-nuevo-texto-refundido-ley-concursal)**. Following the entry into force of the new law, Spanish insolvency legislation will have to be revised again to adapt it the requirements in Directive 2019/1023 of June 20 on preventive restructuring frameworks which all member states are required to transpose before July 17, 2021, unless an exceptional one-year extension is allowed. ## **Law 3/2020, on procedural and organization measures to confront COVID-19 in the sphere of the justice system came into force on September 20** This law raised Royal Decree-Law 16/2020 to the status of a Law besides including a few important new pieces of legislation on insolvency which may be read **[**here**](https://www.garrigues.com/es_ES/noticia/covid-19-asi-afectaran-ambito-concursal-nuevas-medidas-procesales-organizativas)**. ### [**Topical Judgments**](https://www.garrigues.com/en_GB/new/restructuring-insolvency-newsletter-october-2020-judgments) - Contingent claims remain contingent until their exact and final quantification - An administrative concession may be applied for as part of a productive unit if operations continue in the same premises - COVID-19 could be a reason for applying the *rebus sic stantibus* clause to stay obligations under financing agreements - Creditors who have appeared as parties have standing to appeal assessment judgment contrary to their interests - A judge cannot make up for or complete non-identification of the person affected by the fault-based assessment in the report by the public prosecutor’s office - A claim stemming from a proceeding shifting tax liability has the same classification in an insolvency proceeding as the original claim for the liability that was shifted - A presumption of principal residence in one state for the purpose of determining the center of main interests is not rebutted by ownership of a single property in a different state - Exception to requirement to open assessment section due to existence of a less onerous alternative does not operate where it affects a weak class of creditors - Court appointment of independent expert to supervise search process for investors for the sale of productive unit in a pre-insolvency scenario [**VIEW MORE**](https://www.garrigues.com/en_GB/new/restructuring-insolvency-newsletter-october-2020-judgments) ### [**News, publications and events**](https://www.garrigues.com/en_GB/new/restructuring-insolvency-newsletter-october-2020-news-publications-and-events) - Iván Heredia publishes two articles on international transfers of claims and security interests in intellectual property in Spain - INSOL Europe publishes a guidance note chaired by Adrián Thery with guidelines for applying Directive on preventive restructuring frameworks - Iván Heredia takes part in FIDE Foundation’s talk on arbitration and international insolvency proceedings - Marina Lorente publishes article on insolvency tools available to help hospitality industry contend with the economic crisis caused by Covid-19 - Andrés Gutiérrez participates in joint chairing of eighth edition of insolvency conference - Juan Verdugo speaks at seminar on legal levers for orderly management of the crisis organized by Asociación para el Progreso de la Dirección. - Garrigues and Madrid Bar Association contribute to disseminating the Recast Insolvency Law - Juan Verdugo and Luis de la Peña publish article in 2020 commercial law practice review - Adrián Thery and José Manuel Fariñas publish articles in insolvency journal on productive units - Chapter by Andrés Gutiérrez on corporate governance issues surrounding homologated refinancing agreements published in collective work (*Reestructuración y gobierno corporativo en la proximidad de la insolvencia)* - Marina Lorente takes part in conference on Second Chance Law organized by Madrid Bar Association - Garrigues participates this year again in managing insolvency forum Foro Concursal de Madrid 2020-2021 [**VIEW MORE**](https://www.garrigues.com/en_GB/new/restructuring-insolvency-newsletter-october-2020-news-publications-and-events) [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]() - 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