Spanish Corporate - Real Estate Legal Update No 27

    View Author April 2015

    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 1/2015 Amends Insolvency Legislation Again

    Royal Decree-Law 1/2015, dated 27 February, concerning second chance mechanisms, the reduction of the financial burden and other social measures, introduces changes in the Insolvency Act.

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    CNMV Introduces the New Good Governance Code of Listed Companies

    On 18 February 2015, the Board of Spain's Securities Market Commission (CNMV) approved the new Good Governance Code of Listed Companies (hereinafter, the “Code”), prepared with the support of the “Committee of Experts on Corporate Governance Matters” appointed by the Cabinet of Ministers in May 2013.

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    The New Audit Law Enters into force in June 2016

    Last February, the Cabinet of Ministers approved the Draft Law on Financial Accounts, which is aimed at strengthening the independence, transparency and supervision of audit services, adapting the current regulation to European regulation.

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    Electronic Legalization of Companies' Ledgers in the Mercantile Register

    Instruction issued by the Directorate General of Registers and Notaries, on 12 February 2015, concerning the legalization of companies' ledgers.

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    The European Court of Justice Rules on the Transmission of Payroll Debt of Companies Involved in a Creditor Insolvency Proceeding

    ECJ, Sixth Chamber, Judgement of 28 January 2015.

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    The Spanish Supreme Court Recognises New Homebuyer's Right to Terminate the Contract When the Seller Fails to Comply with the Period Agreed for Completion and Delivery of the Dwelling

    Judgement of the Supreme Court (Civil Chamber), 20 January 2015.

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