Insolvency procedures in Spain – Effects on contracts - LIUZZI e LIUZZI International law & Tax Firm (Italian law, Spanish Law, European Union law, International Law)

Insolvency procedures in Spain – Effects on contracts

Published by Liuzzi e Liuzzi International law firm in Spanish Law · Friday 09 Aug 2019 · 1:45
Tags: insolvency, proceedings, in, spain, and, in, italy

Liuzzi e Liuzzi Italian and International Law & Tax Firm

Italy-Spain

Insolvency procedures in Spain – Effects on contracts

I PART

The Spanish legislation on insolvency procedures establishes on contracts that if at the moment of declaration of initiation of an insolvency procedure in Spain one of the parts has completely performed obligations and the other one still has to completely or partially perform his ones, the credit or debit due by the debtor will be included in the assets or liabilities of the Spanish insolvency procedure.

The declaration of initiation of insolvency proceeding in Spain that is the so called in Spanish “Concurso de acreedores en España” does not produce effects according to the Spanish Insolvency Law on contracts validation regarding reciprocal obligations still to be performed by the debtor for whom has been initiated the insolvency procedure in Spain or initiated because of the other party.

Any contractual term establishing the possible contract termination in case of initiation of insolvency proceedings must be considered as not valid according to Spanish Law.

Liuzzi e Liuzzi International Law & Tax Firm provides legal advice and assistance to International companies in any Insolvency proceeding both in Spain and in Italy.

The Lawyers and other professionals of Liuzzi e Liuzzi International Law & Tax Firm (Italy- Spain) speak fluently and professionally English, Spanish, Italian, French and German and they also understand Catalá and Portuguese.

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