WG Refinancing

Three sessions have been held on different issues regarding refinancing, in order to create an open and relaxed discussion among professionals who are linked to these matters from one institution or another.

Subjects addressed in this WG:

Is the current Bankruptcy Law suitable for the restructuring of a group of companies? Or is it necessary to introduce improvements due to the entry into force of the EU Insolvency Regulation and the new EU directive proposal?
  • Analysis of the experiences of the AR-AEF to date:
    • Statistics: Typologies, problems that were solved and solutions reached.
    • As they have been raised in practice: exposition of real cases.
  • Strategies to ensure the success of the AR-AEF:
    • Legal strategies regarding companies of the same group located inside and outside the EU.
    • Mechanisms to prevent the opening of insolvency proceedings and loan executions.
  • Problems surrounding the determination of the financial liability:
    • Criteria used in practice. Would it fit or be convenient to unify criteria within the commercial jurisdiction? Do the decisions obtained so far constitute precedents within the same jurisdiction, taking into account that there is no appeal?
    • Through what means can the Court verify ex officio compliance with the legal requirements for the approval of the AR-AEF? Specifically, how to verify that the content of the AR-AEF is adequate to achieve the viability of the company or group, in the short and medium term?
    • Analysis of the report of the independent expert, is it worthwhile to provide this report with the AR-AEFs that they want to approve? Advantages and disadvantages.
    • What practical effects can the report of the independent expert generate in view of the approval and eventual challenge?
  • The challenge of the AR-AEF:
    • Criteria to assess the disproportionate sacrifice on which to base the challenge of the AR-AEF. Practical difficulties to illustrate and prove that another solution than that obtained through the AR-AEF would have been better.
    • On the basis of what motives can the approval of an AR-AEF be challenged? Could one claim the disproportionate nature of the guarantees provided, the unjustified search for protection against rescission actions? Who could challenge?
    • With what real means is it counted to urge the ineffectiveness of an AR-AEF?
    • Effects derived from the breach of AR-AEF?

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