## [Restructuring and Insolvency Newsletter - December 2021](/pl/en_GB/new/restructuring-and-insolvency-newsletter-december-2021)
# Restructuring and Insolvency Newsletter - December 2021
Spain - 12 / 01 / 2021
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## [**Pre-pack: check the map with the current situation in Spain**](https://www.garrigues.com/en_GB/new/pre-pack-check-map-current-situation-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.
[**VIEW MORE**](https://www.garrigues.com/en_GB/new/pre-pack-check-map-current-situation-spain)
### [**News**](https://www.garrigues.com/en_GB/new/restructuring-insolvency-newsletter-december-2021-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
[**VIEW MORE**](https://www.garrigues.com/en_GB/new/restructuring-insolvency-newsletter-december-2021-news)
### [**Judgments**](https://www.garrigues.com/en_GB/new/restructuring-insolvency-newsletter-december-2021-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
[**VIEW MORE**](https://www.garrigues.com/en_GB/new/restructuring-insolvency-newsletter-december-2021-judgments)
### [**Publications and events where Garrigues participates**](https://www.garrigues.com/en_GB/new/restructuring-insolvency-newsletter-december-2021-publications-and-events-where-garrigues)
- 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’
[**VIEW MORE**](https://www.garrigues.com/en_GB/new/restructuring-insolvency-newsletter-december-2021-publications-and-events-where-garrigues)
[Restructuring & Insolvency](/pl/en_GB/tags/restructuring-insolvency), [Spain](/pl/en_GB/tags/spain)
### Contacts
[Adrián Thery](/pl/en_GB/team/adrian-thery-marti)
[Contact]()
- +34 91 514 52 00
[Madrid](https://www.garrigues.com/pl/en_GB/office/madrid)
[Borja García-Alamán](/pl/en_GB/team/borja-garcia-alaman-calle)
[Contact]()
- +34 91 514 52 00
[Madrid](https://www.garrigues.com/pl/en_GB/office/madrid)
[Juan María Jiménez](/pl/en_GB/team/juan-maria-jimenez-moreno)
[Contact]()
- +34 91 514 52 00
[Madrid](https://www.garrigues.com/pl/en_GB/office/madrid)
[Find more professionals](../team)
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- [Restructuring and Insolvency ](/pl/en_GB/services/restructuring-and-insolvency)
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