Spanish Corporate – Real Estate Legal Update Nº 31

    View Author July 2016
    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:

    New Rules Introduced by Act 22/2015, 21 July, on Accounts Auditing

    The primary objective of the new auditing act, Act 22/2015, 21 July, on Accounts Auditing – published in the BOE [Official Gazette of the Spanish State] on 21 July 2015 and taking full effect as of 17 June 2016 – is to adapt Spanish legislation to the European Directive on statutory audits of annual and consolidated accounts, in other words, Directive 2006/43/EC of the European Parliament and of the Council. It is aimed at reinforcing the independence, transparency and supervision of auditing services.

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    Banks Must Refund Home Buyers' Advance Payments on Unfinished Developments in Spain

    Two recent Supreme Court rulings, one from December 2015 and another from March 2016 (SCR of 21 December 2015 and SCR of 9 March 2016, respectively), oblige guaranteeing banks to refund deposits paid to the developer-constructor by purchasers of off-plan homes, in cases where the developer fails to complete.

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    Constitutional Court Removes Commercial Restrictions in Catalonia

    Judgment of the Constitutional Court dated 14 April 2016

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    Determination of the Moment at Which Director Liability Arises for Corporate Debts in the Event of Company Insolvency

    Supreme Court Judgment dated 10 March 2016 (STS 151/2016)

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    The Supreme Court Rates a Credit as Subordinated Because the Creditor Is a Company Belonging to the Insolvent Company's Group

    Judgment of the Supreme Court, Chamber One, number 134/2016, 04 March

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    The Supreme Court Analyses the Criminal Liability of Legal Persons in a Case of Real Estate Fraud

    Judgment of the Supreme Court, Chamber Two, number 221/2016, 16 March 2016

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    The Supreme Court Establishes the Maximum Default Interest Rate in Mortgage Loans

    Supreme Court (Civil Chamber 1) Judgment no 364/2016, 3 June

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