Garrigues has been doubly recognized as Tax Firm of the Year in Spain and Portugal. The firm collected the honors bestowed by International Tax Review (ITR) at the European Tax Awards held yesterday in London. These prestigious annual awards reward excellence in tax matters by European firms. The firm also picked up a third award for its participation in Blackstone’s acquisition of the real estate assets of Banco Popular, listed by ITR as Impact Deal of the Year.
Under article 55 of the Spanish Insolvency Law, it is not allowed after the insolvency order to take individual enforcement action or initiate tax or administrative enforced collection proceedings against the debtor’s property; although until approval of the liquidation plan, administrative enforcement proceedings in which an attachment order has been issued are allowed to continue, together with enforcement actions for employee claims in which the insolvent company's assets have been attached, although certain restrictions apply. This means therefore that from when the liquidation phase commences enforcement proceedings can no longer be initiated to collect claims against the insolvent debtor, even if they are pre-insolvency claims.
In a particularly significant judgment on the subject of transfer pricing handed down on March 6, 2019, the National Appellate Court concluded on economic comparability analyses, and in particular, on selection of the point in the range of values from a sample to support the arm’s length nature of intragroup prices.
Garrigues has strengthened its Mexico office by recruiting Manual Llaca and a team of four expert tax litigation lawyers. By hiring these professionals, Garrigues consolidates its Mexico City office and shores up the Tax Department throughout all of Latin America. Garrigues runs a tax practice in the 13 countries in which it operates, including its five regional head offices (Brazil, Chile, Colombia, Mexico and Peru).