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Recent jurisprudence rendered by Spanish Courts establishes that in the case of copyright infringement over the internet, it is not necessary to sue the infringer, but rather the IT intermediaries that host the website. The Court of Appeal in Barcelona has now dismissed an appeal filed by several IT companies against the first instance Judgment that established the above-mentioned doctrine.  The claimant had sued several IT companies requesting that the defendants must prevent access to…
Abengoa, the Spanish engineering and energy firm, has communicated to Spain’s High Court that it has initiated restructuring negotiations with its creditors in an attempt to avoid insolvency proceedings. If the restructuring is unsuccessful, it would produce one of the major insolvencies in the history of Spain. On December 18 2015, the Court said it would investigate claims of mismanagement made by Abengoa creditors against the former chairman and the former CEO of the company which is struggling…
TMA Europe held its second roundtable discussion in Madrid, Spain on Thursday May 28, 2015. The Roundtable featured a panel of senior professionals from central banks, regulators and law firms, together with alternative investors, PE firms and financial advisory firms. Fernando Gonzalez, a partner at Squire Patton Boggs in Madrid, spoke about the recent changes in the banking field in Spain resulting from the financial crisis and about cases from the European Court of Justice (ECJ) which compelled Spain to legislate to comply…
A recent Judgment rendered by the Spanish Supreme Court has clarified the problems arisen by the exploitation by a Spanish editorial (ENOKIA, S.L.) of the works of G.K Chesterton, which were considered as public domain as the protection period imposed by law had expired. The holder of the rights, the entity “The Royal Literary Fund” (hereinafter RLF), claimed that the rights should not be under public domain based on the Intellectual Property Law of 1879,…
Insolvency Statistics 2014 was the first year in which the number of insolvency proceedings filed by Spanish companies fell each month since 2004, the year when the last bankruptcy reforms were enacted. Last year, a total of 6,508 insolvency proceedings were initiated in Spain, a reduction of 26.2% when compared to 2013, which was a record year when 8,823 cases were filed.  As a result, in 2014, the streak of consecutive years of increase in the number…
The Royal Decree-Law 1/2015 dated February 27, 2015 (the “RDL”) seeks to implement urgent measures to, among other things, reduce individual debtors’ financial burden. The RDL was designed to give a second chance to an individual debtor and introduced a mechanism according to which such debtor may have his debts discharged if (i) he acts in good faith and (ii) he has previously liquidated all his assets in favour of his creditors (or his bankruptcy proceeding concluded due to…
In a Cross-Jurisdictional review of distressed loan sales in US, France, Germany and Spain, Squire Patton Boggs’ insolvency/restructuring lawyers from each of these jurisdictions give a high-level overview of both economic and legal market trends and how certain key legal issues are being addressed by their local insolvency regimes. They look at: Who is selling distressed assets? What are the drivers for sale? Are there “hot spots” across Europe? Are there any particular sector trends? Are…