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SPAIN: Retention and Insolvency Law in Spain

Mr. Roger Bordas

analyze in this article delcreditore place that sold products with retention of title (machinery, plant, equipment and various products in general be identified with a serial number or serial number) and is a bankruptcy of his client.

Before 2004, those creditors, considered "secured creditors" could begin at any time azioniorientate the recovery of the product sold, even if the debtor is declared bankrupt Insitu.

With the current Insolvency Act, the creditor sitroverà normally with two possible situations:

1. Where 's orientation of the insolvency proceedings ( Concurso de Acreedores ) is the liquidation of assets, the Trustee will keep the plant frozen for one year from the time when it was declared the situation of multiple creditors.

2. In exceptional cases will end before them requires that the judge permission to sell.

3. If the prospect is the continuity of the company, then the owner of the system must wait for approval of the Composition with creditors (average 12.18 months) and after that stage, it can act only if that does not involve such property in going Concordat's future.

With this new system, the more important siail product that sells (integrated plants in production chains, forexample) more risk there is to see that product stuck waiting dellosvolgimento of bankruptcy proceedings.

Although, the Chief Judicial (Curator) will reinstate the contract and assume the payment of accrued interest and be debitoin. The subsequent installments will be paid or not infunzione del'andamento activity.

The new situation makes it even more importantepianificare guarantees in the sale. If the buyer, as it happens normally does not provide a bank guarantee or alternative, then the way of private dominiopuò still be suitable as long as you add cautelecontrattuali allowing compensate for any block in dell'impiantovenduto stabiliento the buyer entered into bankruptcy proceedings.

Mr. Roger Bordas

Law Firm Viganego

Barcelona Madrid

www.pieroviganego.com