Restructuring & Insolvency Newsletter - June 2019

Green light to the directive set to harmonize and strengthen restructurings in the EU

On June 6 the Council of the European Union approved the Proposal for a Directive of the European Parliament and of the Council on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures.

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The Ministries of Justice and of Economy and Enterprise submit the Bill for the Revised Insolvency Law

Final provision number three of the Trade Secrets Law, in force since March 13, 2019, authorized the government to approve a revised wording of the Insolvency Law within eight months. Under that authorization, on March 22 the Ministries of Justice and of Economy and Enterprise submitted a bill for the Revised Insolvency Law. 

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Judgments of interest

• A member state’s court entertaining an insolvency proceeding has exclusive jurisdiction to entertain clawback actions brought within the proceeding
• Approval of an arrangement with a recomposition by less than a third or a rescheduling below three years prevents commencement of the assessment section
• A discrepancy between insolvent debtor and insolvency practitioner over the valuation of assets is not sufficient in itself to assess the insolvency proceeding as fault-based
• No specific time limit in the insolvency proceeding for requesting the netting of claims
• The Supreme Court restricts penalty clauses in insolvency proceedings
• The Court of Justice of the European Union (CJEU) sets case law on accelerated repayment clauses of mortgage loans under foreclosure
• Late-payment interest on claims secured with a mortgage does not continue accruing after the insolvency order

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News and events

• Chambers Europe 2019 directory gives highest recognition to the Garrigues Restructuring and Insolvency Department
• The General Council of the Spanish Legal Profession organizes an international conference on corporate restructuring
• FIDE holds a workshop on the insolvency phenomenon at groups of companies
• Real Academia de Jurisprudencia y Legislación hosts a seminar on the European Directive on preventive restructuring frameworks and second chance
• Editorial Sepin organizes the 1st Corporate Insolvency Conference in Madrid
• FIDE analyzes rulings of the DGRN at a conference on insolvency proceedings and registers
• The Madrid Bar Association looks at dealings between Sareb and insolvency receivers

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