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Royal Decree-law 11/2014, of September the 5th, on urgent reform measures of Bankruptcy Procedure.

On September the 7th, the Royal Decree-law 11/2014, of September the 5th, on urgent reform measures of Bankruptcy Procedure, entered into effect. Its main objective is, to transfer to the Regulation of Settlement with Creditors, the clear idea that the economically viable Business continuity enhances the global economy and helps maintaining employment.

 

The enforcement of this new regulation is of paramount importance for the flexibilization of the procedure to transfer, either the bankrupt business as a whole, or to transfer one of its fields of activity.

 

 

A broad transitional law allows the application of this new bankruptcy regulation to currently ongoing Insolvency procedures.

Law 3/2014, of March the 27th , for which is modified the restated text of the General Law for the Protection of Consumers and Users, and other complementary laws, approved by the Royal Decree-law 1/2007, of November the 16th

The underlying aim of this legal norm is to transpose the European Directive 2011/83/UEto the National Law.

 

Among its most important modifications, we highlight the definition of “Consumer” and “User”, having both concepts been constantly used as case law objectives.  With this new law, the definition includes natural persons acting with a purpose different than its commercial or, business activity, office or profession, together with Legal Persons acting on a non-profit basis in areas different than the commercial or business framework.

 

The new regulation governs in detail the distance contracts and the off-premises contracts; this is, a huge number of contracts increased day by day due to new technologies.

Royal Decree-law 4/2014, of March the 7th , which instigated urgent measures in refinancing and restructuring of corporate debt (BOE, number. 58, of March the 08th ,2014)

The Royal Decree-law 4/2014, of March the 7th, (published in the BOE On March the 8th), which instigates urgent measures in refinancing and restructuring corporate debt, certainly opens the possibility of surviving to hundreds of businesses with economic viability.

 

Among other novelties, we outstand the following: after the Communication to the Mercantile Court is met, it is permitted to stop the ongoing judicial executions. Also, cash contributions immersed in refinancing agreements are protected by considering the contribution as claims against the estate of the bankrupt, for which they are payable following the oldest maturities and will be paid out of its estate.