9 July, 2020

The next day leases

One of the main mysteries of the time after the pandemic (of that long next day which is just starting) is how the business and commercial activity will be resumed. Will the life of offices, premises and buildings be the same as before? And if the likely answer is no, what the leases regulating those […]

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5 June, 2020

Coexistence of the measures concerning bankruptcy derived from the health crisis of the COVID-19 and the Restated Bankruptcy Law

Since the declaration of the state of alarm on 14 March, a series of economic and social measures have been adopted to tackle the health crisis resulting from the COVID-19, which reach several areas, including bankruptcy. In addition, the government have finally completed the task pending since 2015 of producing the restatement of Insolvency Law […]

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21 May, 2020

Tax risk on investments in Spain

The structure Private Equity funds and houses (and other investors) which come from out of the EU traditionally incorporate a subsidiary in EU Member State in order to be eligible for some exemptions for repatriation of dividends and payment of interest and royalties (from other subsidiaries resident in a EU jurisdiction).  These tax exemptions are […]

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15 April, 2020

The exclusion of operators from public tendering due to infringements of competition law in Spain

The Spanish Law 9/2017 on Public Sector Procurement (“LPSP”) regulates the exclusion of operators from public tendering procedures (article 71 et seq). The LPSP transposes Directive 2014/24/ EU, which sets out on article 57 a number of mandatory and discretionary grounds for excluding an economic operator from public procurement procedures. The Directive considered anticompetitive conduct […]

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16 March, 2020

COVID-19 epidemic: application of force majeure and hardship under Spanish law

1. Context On 30 January 2020, the World Health Organization (WHO) General Director declared the outbreak of CoViD-19 (also known as Coronavirus), a public health emergency of international concern (PHEIC). In addition, on 11 March 2020, the WHO has officially declared the Coronavirus a pandemic. Finally, the Spanish Government has declared the official “state of alarm” […]

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20 February, 2020

Does the new early termination legal regime really impact on NPL’s transactions?

In principle, it may be believed that the new early termination legal regime provided for in Law 5/2019 of 15 March, regulating real estate credit agreements (“Ley de Contratos del Crédito Inmobiliario” or “LCCI”) could have a major impact on the sale of real estate portfolios and non-performing loans (“NPLs”). Indeed, with the new early […]

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16 October, 2019

Not only bad news from the United States

While we have been bombarded almost daily with the unfair increase in custom duties on olive oil and wine products to the United States (“US”), we have also received good news from the US.  On 16 July 2019, the US Senate finally ratified (after years of suspension by the US Senator Rand Paul) the protocol […]

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28 November, 2018

Draft Bill on Digital Services Tax

Although it is not clear if it will be finally approved due to the lack of sufficient parliamentary support, Draft Bill on Digital Services Tax was released last month. Known as “the Google tax”, it is an indirect levy (in the words of the draft, compatible with VAT), which aims to tackle the problems of digital business […]

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16 November, 2018

Banks liable for the Stamp Duty on mortgage loans

Up to a little less than a month ago, borrowers were the taxpayer of the Stamp Duty on mortgage loans. However, on October 16, 2018, the Supreme Court unexpectedly changed its criterion stating that said tax had to be paid by the lenders. Due to the “enormous economic and social impact”, the Supreme Court announced […]

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20 March, 2018

PCA tribunal finds against investors in Czech solar power arbitration (Wirtgen and others v Czech Republic)

Arbitration analysis: Clifford J Hendel, partner with the Spanish law firm Araoz & Rueda, examines a Permanent Court of Arbitration (PCA) tribunal’s rejection of the claimant foreign investors’ case that the respondent state had breached its obligations to them under a bilateral investment treaty (BIT) when it amended its incentive regime for the renewable energy […]

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