Post by account_disabled on Feb 22, 2024 1:23:42 GMT -5
Regarding this new figure promoted by Law 16/2022, he states that “ it is a useful instrument to safeguard many companies that are in crisis , but we have encountered some issues that we do not know if they respond to the spirit of the law. In the case of the restructuring of Single Home , those who were dragged along were the partners, creditors subordinated to a very majority liability.”
From his point of view, “ these restructuring plans Cayman Island WhatsApp Number work , they are being progressively extended to medium-sized companies, with the support of the banks that are accepting them. The consensual ones are being simple , although there is always some dissident because you can never have one hundred percent of a passive, but you have to look for majorities. If this does not happen, judicial battles will occur that I believe the current law is not prepared to give an adequate solution to.”
In his opinion, “there are some open fronts. We will have to wait a little longer to see if the legal mechanisms adjust to practice and to the judges' interpretation of the norm. And if not, some technical legislative modification will have to be promoted so that all these issues, such as the viability of contradictory business plans and other issues, are addressed while safeguarding legal certainty.”
Regarding the sale of productive units , sometimes the best solution to keep a company operational, Alemany emphasizes that “it is working, but not as much as was thought. Restructuring plans work more than this sale of productive units . This sale is the last resort to take advantage of the company's remaining assets. It is true that sacrifices are being demanded from creditors, but protecting the business fabric is one of the keys to this law.”
In his opinion, “this reform promoted from the aforementioned bankruptcy reform law 16/2022 must be given a high approval in this first year of life . The only thing is that it must keep up with the law and make the necessary technical adjustments and also advance in the jurisprudential interpretation of said law, which always helps us a lot."
From his point of view, “ these restructuring plans Cayman Island WhatsApp Number work , they are being progressively extended to medium-sized companies, with the support of the banks that are accepting them. The consensual ones are being simple , although there is always some dissident because you can never have one hundred percent of a passive, but you have to look for majorities. If this does not happen, judicial battles will occur that I believe the current law is not prepared to give an adequate solution to.”
In his opinion, “there are some open fronts. We will have to wait a little longer to see if the legal mechanisms adjust to practice and to the judges' interpretation of the norm. And if not, some technical legislative modification will have to be promoted so that all these issues, such as the viability of contradictory business plans and other issues, are addressed while safeguarding legal certainty.”
Regarding the sale of productive units , sometimes the best solution to keep a company operational, Alemany emphasizes that “it is working, but not as much as was thought. Restructuring plans work more than this sale of productive units . This sale is the last resort to take advantage of the company's remaining assets. It is true that sacrifices are being demanded from creditors, but protecting the business fabric is one of the keys to this law.”
In his opinion, “this reform promoted from the aforementioned bankruptcy reform law 16/2022 must be given a high approval in this first year of life . The only thing is that it must keep up with the law and make the necessary technical adjustments and also advance in the jurisprudential interpretation of said law, which always helps us a lot."