The decision states that insolvency receivers, owners or lawyers must report regarding any companies with operating business units that have given a pre-insolvency notice, are in insolvency proceedings or other difficult situations, remotely on a standard form with the company’s main particulars. This gives them tools for providing information to parties interested in investing in companies in distress and other particularly difficult situations, and to disseminate business opportunities.
Stay of duty to request the opening of insolvency proceedings extended until March 14, 2021, and new measures on renegotiation of arrangements with creditors and refinancing agreements approved
Royal Decree-Law 34/2020, of November 17, 2020, on urgent measures to support the solvency of businesses and support the energy sector, and in the tax field has broadened the stay of the duty to request the opening of insolvency proceedings until March 14, 2021 and amended the time periods for renegotiating arrangements with creditors, refinancing agreements or out-of-court payment agreements.
For further details of the main new legislation see here.
The decision of November 25, 2020, by the Secretary of State for the Economy and Business Support, published the decision by the council of ministers setting out the terms and conditions for the new tranches of the guarantee facilities approved by Royal Decree-Law 25/2020, of July 3, 2020. The new tranches are to be used for funding to businesses under an arrangement and any which, while not under an arrangement, were in the process of reviewing their promissory note program on MARF (Spanish Alternative Bond Market) on April 23, 2020.