Spanish Corporate-Real Estate Legal Update No. 25

    View Authors October 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:

    Royal Decree-Law no. 11/2014 5 September on Urgent Measures in Insolvency

    Just six months after the last reform of the Law on Insolvency (Royal Decree-Law No. 4/2014, of 7th March) the Council of Ministers has promulgated a new amendment of the law with a view to facilitating so far as possible the continuity of financially viable businesses that become involved in insolvency proceedings.

    These changes have been introduced by way of Royal Decree-Law No. 11/2014, of 5th September 2014 (the "Royal Decree-Law").

    Future Amendment to the Spanish Corporations for Improved Corporate Governance

    On May 30, 2014 the Council of Ministers passed the Draft Law which amended the Royal Legislative Decree 1/2010, of July 2 (the “Draft Law”), under which the consolidated text of the Corporations Act was approved, introducing many new aspects intended to improve the corporate governance of companies.

    The Supreme Court endorses the autonomy of the first demand guarantee in respect of the primary obligation guaranteed

    Supreme Court Ruling, Division for Civil Affairs, Section 1, of June 10, 2014. Ruling 296/2014, Appeal for annulment 1846/2012

    The Supreme Court rules that VAT and Other Expenses Incurred Must be Included in the Damages for Construction Defects

    Supreme Court Ruling Number 347/2014 of 26 June 2014

    The Application of the Rebus Sic Stantibus Clause in the Real Estate Market Continues Due to the Crisis Situation in Spain

    Ruling of the Provincial Court of the Balearic Islands, Section 3, July 25, 2014. Ruling no. 236/2014, Rec. 108/2014