Insolvency procedures in Spain – Effects on contracts
Published by Liuzzi e Liuzzi International law firm in Spanish Law · 9 August 2019
Tags: insolvency, proceedings, in, spain, and, in, italy
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.
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