2020 has been a year like no other. The world health emergency caused by the spread of COVID-19 and the resulting declaration of a state of emergency (lockdown) in Spain in March 2020 brought an unprecedented whirl of legislative activity. Companies have now been placed in an uncertain scenario where decision-making is the key to the future survival of their businesses. Over these months the Garrigues Special COVID-19 team have tried to provide answers to many of the questions that have arisen in the new context. Now that this traumatic 2020 is drawing to an end, we review and look back on the main legal matters of the year, from every angle of business law, while looking towards 2021 and picking out the most important trends to watch in the new year.
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.
Spain’s Strategic Projects for Economic Transformation and Recovery (PERTEs) could bring a considerable wave of projects in Spain. They are a new public-private partnership device appearing in the recent legislation on the Spanish Recovery, Transformation and Resilience Plan and to be funded by subsidies and loans from the European Recovery Mechanism (Next Generation EU), which in Spain's case are estimated to amount to €140,0000 million. Professionals practicing in projects and in the particular area of project finance should keep track of how they are taken forward and evolve.
It analyzes the current state of the legal systems in these regions by taking a comparative look at the Anglo-Saxon regimes.