Restructuring & Insolvency
The European Court has issued a sentence of special relevance for the operation and effectiveness of the “pre-pack” insolvency procedures. Specifically, it clarifies the requirements that must be met to respect the rights of workers in the event of business transfers.
The appeal court has issued a decision which constitutes a reminder to be careful in relation to practices that have been occurring in certain out-of-court auctions within liquidation proceedings. Particularly, it rejects the possibility that a commission fee is collected when the winning bidder is the secured creditor whose security interest levies the asset sold.
NPL transactions continued in the first quarter of 2022. Spain and Portugal were the most active jurisdictions with our Madrid, Barcelona and Lisbon offices playing a leading role.
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.