Restructuring and Insolvency Newsletter - December 2021

Pre-pack: check the map with the current situation in Spain

Commercial judges are gradually introducing the so-called pre-pack by way of judicial orders and protocols. We offer a map from which you can access the new developments that arise in this field in Spain.

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News

• Insolvency moratorium extended until June 30, 2022
• Preliminary Insolvency Law Reform Bill published
• Code of Good Practices for renegotiating financing guaranteed by ICO, CESCE and CERSA approved
• Time period to apply for Covid guarantees extended and rules on collecting enforced guarantees implemented
• Following the initiative promoted by the Barcelona and Madrid courts, Balearic Island commercial judges agree on a pre-pack insolvency protocol to facilitate transfers of productive units

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Judgments

• Court-validation of the refinancing of the Naviera Armas Group 
• Admission of appeal against publication of auction rules departing from terms approved in liquidation rules
• The beneficiary of a condition precedent may waive it at any time
• Debt discharge relief should apply to public claims also
• Only parties with legitimate interests in the insolvency proceeding are entitled to be heard in the application procedure for court authorization
• Alternative proposal for an arrangement targeted only at creditors and consisting of converting debt into shares is valid
• Petition for insolvency order cannot be refused from the outset due to plurality of creditors not originally existing
• No ex ante judicial control required for disproportionate trade-off in the sanctioning of a refinancing agreement
• Insolvency proceeding does not displace the jurisdiction of public authorities over a concession on public property and its potential termination
• Jurisdiction of insolvency judge to hear a mortgage foreclosure during performance of the arrangement or after end of a year from the insolvency order

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Publications and events where Garrigues participates 

• Forthcoming conference on 'Reforms for recovery. Productivity, business growth and business climate' organised by the Economic and Social Council
• Aranzadi Insolvency and Corporate Forum in Alicante
• NPL Management Europe 2021 Congress
• Corporate and Insolvency Law Cátedra Garrigues International Congress
• 3rd Spanish Congress on 'Real Estate Servicing'
• Webinar 'Mitigating the valuation risks arising from the new EU Restructuring Directive' organized by the International Valuation Standards Council (IVSC)
• ‘Insolvency in the aeronautical industry; international security interests and Brexit’
• Specialist diploma on business restructuring and refinancing, organized by Universidad Loyola
• 1st International Conference on ‘The post-pandemic corporate reality’

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