Recognition and enforcement in Spanish bankruptcy proceedings of subordination agreements between creditors
Sierra Noguero, Eliseo (Universitat Autònoma de Barcelona. Departament de Dret Privat)

Date:	2023
Abstract:	The Consolidated text of the Spanish Insolvency Act (hereinafter, the Insolvency Act) has been amended to incorporate into Spanish law Directive (EU) 2019/1023 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt. In addition to incorporating the guidelines of the Directive in the pre-insolvency stage, Law 16/2022 amending the Insolvency Act introduces a rule not provided for in the aforementioned Directive: the new Art. 435. 3 of the Insolvency Act provides that agreements between creditors remain valid including when the common debtor goes into insolvency proceedings. Moreover, it applies indistinctly whether the agreements between creditors have been adopted within procedures concerning restructuring or outside of these.
Rights:	Aquest document està subjecte a una llicència d'ús Creative Commons. Es permet la reproducció total o parcial, la distribució, la comunicació pública de l'obra i la creació d'obres derivades, sempre que no sigui amb finalitats comercials, i sempre que es reconegui l'autoria de l'obra original.
Language:	Anglès
Document:	Article ; recerca ; Versió acceptada per publicar
Subject:	Bankruptcy law ; Intercreditor agreements ; Spanish law ; Finance ; Banking
Published in:	Journal of business law, 2023 , ISSN 0021-9460

Available from: 2024-12-30 Postprint 14 p, 1.5 MB

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