Spanish Corporate-Real Estate Legal Update No. 24

    View Authors April 2014

    Welcome to the latest issue of our Spanish Corporate-Real Estate Legal Update where you can find relevant information related to Corporate-Real Estate.

    This issue contains the following articles:

    Express licences to energise retail unit rentals

    The Government has recently unveiled some details on the measure known as “express licences”, approved on May 27, 2012, and also revealed that the trend of business closures suffered over the past years is now receding.

    Express licences allow a business to be opened in 48 hours after submitting the minimum documents required.

    New legislation concerning refinancing and restructuring of corporate debt (RDL 4/2014, dated March 7)

    The recently-approved Royal Decree Law 4/2014, dated March 7, published last March 8 in the Official State Gazette (BOE), (hereinafter, the “RDL”), has the main goal of addressing measures to ensure the feasible restructuring of corporate debt, encouraging a relief of financial burdens for companies which, despite high debt levels, are still feasible from an operational viewpoint.

    Future amendment of the Capital Companies Act for the improvement of corporate governance.

    Last December 13, 2013, the Council of Ministers approved the draft legislation project whereby Royal Legislative Decree 1/2010, dated July 2, approving the redrafted text of the Capital Companies Act (the public consultation process of which finalised last January 15, 2014) which is bringing in multiple new regulations to improving corporate governance of companies.

    Amendment of annual financial statements forms filed with the Commercial Registry

    The Official State Gazette (of the Spanish, BOE) dated February 6, 2014, includes the publication of two Decisions involving an amendment of the forms for consolidated annual financial statements and the forms for annual financial statements of taxpayers obliged to publish statements, the full, updated and complete versions of which are published on the website of the Ministry of Justice.

    Payment of municipal capital gains tax: is there a significant imbalance for consumers?

    On January 16, 2014, the European Court of Justice (ECJ) ruled on the potential unfairness for consumers of contract clauses establishing that the buyer of a property is liable for payment of the Municipal Tax on the Increase of Value of Urban Land, usually called municipal capital gains tax.