![Las ventajas del concurso de acreedores para la refinanciación y restructuración de las empresas españolasAdvantages of insolvency proceedings for corporate refinancing and restructuring in Spain[:nl]Advantages of insolvency proceedings for corporate refinancing and restructuring in Spain](https://lequid.es/blog/wp-content/uploads/2016/12/Ventajas_Concurso_Acreedores.jpg)
En este artículo intentaremos exponer resumidamente las enormes ventajas que el concurso de acreedores ofrece para la restructuración y viabilidad de las empresas españolas, cuando se presenta a tiempo.
Pretendemos así, seguir contribuyendo a un mayor conocimiento y a una mayor utilización de los magníficos mecanismos previstos en nuestra ley concursal por parte de las empresas en España. Pese a los 7.799 concursos declarados en 2012 (año record), la ratio de empresas concursadas por cada 10.000 empresas se situó en 24,7 en España, muy lejos de los niveles de Francia (178,59), Reino Unido (114,69) o Alemania (96,31).
Siguiendo una clasificación por objetivos perseguibles, agruparemos las diferentes medidas o efectos en las siguientes cinco categorías; (i) garantizar la financiación y el mantenimiento de los principales contratos necesarios para la continuidad de la actividad, (ii) facilitar un rápido incremento de la tesorería disponible por la empresa concursada, (iii) proteger el patrimonio de la concursada (despliegue de los llamados “escudos protectores”), (iv) evitar la responsabilidad de los administradores sociales ante una situación de desequilibrio patrimonial por pérdidas, y (v) acceder a las soluciones formales y materiales para el pago de los acreedores previstas por la ley concursal (convenio, liquidaciones traslativas de unidades productivas…).
1. Dentro del primer grupo, para garantizar la financiación y el mantenimiento de los principales contratos necesarios para la continuidad de la actividad:
1.1- En general, la empresa concursada tendrá más posibilidades de financiación una vez declarado el concurso de acreedores.
La principal ventaja para los bancos acreedores estriba en que en caso de declaración de concurso, las nuevas inyecciones de liquidez, bajo cualquier forma; préstamos, créditos, líneas de descuento, factoring, etc., tendrán la consideración de créditos contra la masa y por tanto de pago preferente respecto de la totalidad de créditos concursales, originados con anterioridad a la declaración de concurso, mientras que las inyecciones de liquidez (la obligación de devolverlas) anteriores a una eventual posterior declaración de concurso tendrían la consideración de crédito concursal, salvo que se concediesen en el marco de un acuerdo de refinanciación, en las condiciones previstas en el art. 71 bis o en la Disposición Adicional cuarta, ambas de la ley concursal (LC), en cuyo caso únicamente el 50 por 100 sería considerado crédito contra la masa, siendo el restante 50 por 100 calificado como crédito concursal con privilegio general.
1.2. De manera análoga, tendrá mayores posibilidades de contratación con terceros.
Por un lado los créditos generados por proveedores, suministradores, colaboradores, tendrán igualmente la consideración de créditos contra la masa y, por otro lado, los actos realizados por la empresa no tienen el riesgo de poder ser rescindidos por el ejercicio de la poderosa acción de reintegración concursal como si pueden serlo los realizados con anterioridad a la declaración del concurso.
1.3. Rehabilitación de contratos de financiación.
Conforme a determinados requisitos, se podrán rehabilitar los contratos de préstamo y demás de crédito a favor de la concursada vencidos anticipadamente por impago de cuotas de amortización o intereses, dentro de los tres meses precedentes a la declaración.
1.4. Rehabilitación de contratos de adquisición de bienes con precio aplazado.
Podrán rehabilitarse los contratos de adquisición de bienes muebles o inmuebles con precio aplazado cuya resolución se hubiese producido dentro de los tres meses precedentes al concurso.
1.5. Mantenimiento de contratos de arrendamiento de inmuebles.
Podrá enervarse la acción de desahucio ejercitada contra la empresa concursada con anterioridad a la declaración del concurso, así como rehabilitar la vigencia del arrendamiento hasta el momento de practicarse el lanzamiento.
2, Para facilitar un rápido incremento de la tesorería disponible por la empresa concursada:
2.1. Suspensión del devengo de intereses.
Desde la declaración del concurso se suspende el devengo de los intereses legales y convencionales, salvo los correspondientes a los créditos con garantía real, exigibles hasta donde alcance la garantía, y a los créditos salariales, intereses que no obstante tendrán la consideración de créditos subordinados.
2.2. Refuerzo de las posibilidades de recuperación de cantidades retenidas a la empresa concursada.
Declarado el concurso quedará suspendido el derecho de retención sobre bienes y derechos de la concursada, exceptuándose las retenciones impuestas por la legislación administrativa, tributaria, laboral y de seguridad social.
2.3. Mayores posibilidades de cobro frente a los dueños de las obras que se estén ejecutando por la concursada (empresa de ingeniería, constructora, etc.).
La ley concursal obliga a inadmitir a trámite el ejercicio de la acción directa (prevista en el art. 1.597 del Código Civil) contra los dueños de las obras, que se estén ejecutando por la concursada, por parte de sus acreedores por créditos por trabajos y materiales puestos en las obras ajustadas alzadamente. Por tanto las cantidades adeudadas a la concursada serán cobradas por ella y no por los acreedores de ésta.
2.4. Posibilidad de resolver contratos que no interese continuar.
La concursada podrá solicitar la resolución de contratos vigentes si lo estimara conveniente y ello pese a que no exista ningún incumplimiento por la otra parte.
2.5. Suspensión del pago de los créditos concursales.
Se suspende el pago de los créditos concursales generados con anterioridad a la declaración del concurso, que se pagarán en convenio o liquidación en la cuantía que resulte posible en el procedimiento. Asimismo, respecto de los contratos con obligaciones recíprocas celebrados por el deudor concursado, cuando la otra parte (el acreedor) hubiese cumplido íntegramente sus obligaciones (por ejemplo; préstamos, en general los contratos de leasing…) y la concursada tuviese pendiente el cumplimiento total o parcial de sus obligaciones, la deuda se integrará en la masa pasiva del concurso como crédito concursal.
3. Para proteger el patrimonio de la concursada (despliegue de los llamados “escudos protectores”):
Se establece la paralización de ejecuciones, de forma que no pueden iniciarse acciones de ejecución singulares contra el patrimonio de la concursada y se suspenden las que estuviesen tramitándose, incluso los apremios administrativos o tributarios. Esta paralización de ejecuciones alcanza incluso a las ejecuciones de garantías reales y acciones de recuperación asimiladas cuando recaen sobre bienes necesarios para la continuidad de la actividad.
4. Para evitar la responsabilidad de los administradores sociales ante una situación de desequilibrio patrimonial por pérdidas:
Con la presentación de la solicitud de concurso voluntario, los administradores sociales cumplen la obligación prevista en la ley de sociedades de capital de reaccionar ante una situación de desequilibrio patrimonial como consecuencia de pérdidas (patrimonio neto inferior al 50 por 100 del capital social) y evitan así la responsabilidad personal por las deudas contraídas con posterioridad a dicha situación. Adicionalmente, los jueces de lo mercantil no admitirán a trámite, o suspenderán las que se estén tramitando, las demandas que se presenten desde la declaración del concurso hasta su conclusión, reclamando obligaciones contra los administradores sociales que hubieran incumplido los deberes antes referidos.
5. Para alcanzar las soluciones formales y materiales para el pago de los acreedores previstas por la ley concursal (convenio, liquidaciones traslativas de unidades productivas…):
Tales soluciones se instrumentan, bien a través de un convenio con los acreedores o bien mediante la venta en la fase de liquidación, en la fase de convenio, en la fase común o incluso antes, incluyendo una oferta vinculante de adquisición con la propia solicitud de concurso.
5.1. La propuesta de convenio deberá contener proposiciones de quitas y/o esperas a los acreedores y podrá contener también proposiciones alternativas o adicionales, tales como; conversión de créditos en acciones, participaciones sociales, préstamos u obligaciones convertibles, créditos subordinados, créditos participativos, préstamos con intereses capitalizables o en cualquier otro instrumento financiero, o enajenación de bienes o derechos del concursado o de unidades productivas.
5.2. En relación con la transmisión de unidades productivas, se establecen importantes incentivos y ventajas, respecto a las mismas operaciones realizadas fuera del concurso:
5.2.1. Exoneración de pasivos fiscales mediante exclusión de la sucesión del adquirente en la deuda tributaria del transmitente.
5.2.2. Aplicación de un régimen de sucesión laboral y de seguridad social atenuado o limitado a la plantilla vinculada a la unidad productiva que se transmita/adquiera.
5.2.3. Cesión obligatoria, sin necesidad de consentimiento de la otra parte, de los contratos afectos a la continuidad de la actividad empresarial, así como de las licencias o autorizaciones administrativas
5.2.4. Exoneración de la obligación de pago de los créditos no satisfechos por el concursado antes de la transmisión, excepto cuando se transmita a personas especialmente relacionadas con la concursada.
This article, will show all huge advantages that insolvency proceedings offers to the corporate restructuring in Spain, when it is on time.
In order to bring a wider knowledge over all mechanisms provided by our insolvency Law, we would like to say that in 2002 (record year), an amount of 7,799 insolvencies were declared, however, the “ratio” of insolvency proceedings for every 10,000 companies was 24,7 in Spain, far from the levels of France (178,59), United Kingdom (114,69) and Germany (96,31).
Below are the different main benefits of the referred Law, which will be divided into 5 categories; (i) To guarantee the financing and maintenance of main contracts which are essential to the continuity of the activity, (ii) To ease as fast as possible an increase of liquidity of the company declared insolvent, (iii) To protect the insolvent company assets (through the common known as “protective shields”), (iv) To avoid directors liability derived from structural imbalance for the company equity, and (v) To carry out formal and material solutions provided by the insolvency Law (collective agreements, transfer of productive units…)
1. Inside the first category, to guarantee the financing and maintenance of main contracts which are essential to the continuity of the activity:
1.1- Generally, the company declared insolvent will have more opportunities to get financing once the insolvency proceeding has been declared.
The main advantage for creditor banks will take place when in case of the declaration of insolvency, the new liquidity injections, in any form, (loans, credits, discount lines, factoring, etc,) will be consider claims against the estate of the bankrupt (claims against the bulk), therefore, it will be paid as preferential payments with regard to the whole of the insolvency credits, caused prior to the insolvency declaration.
Another case is the liquidity injection (the duty to send them back) previous to the insolvency declaration which will be consider as insolvency credits, unless it has been granted within a refinancing framework according to the article 71bis or the additional fourth disposition of the insolvency Law. If the above is the case, only the 50% will be consider as claims against the estate and the remaining 50 will be considered as insolvency credits with general preference.
1.2. At the same time, the company declared insolvent will get more possibilities to contract with third parties.
On one side, the credits caused by providers, external partners will have the same consideration as claims against the state and on the other side, the activities carried out by the company will be not terminated due to the insolvency procedure, different case will be whether the activities were carried out prior the insolvency declaration.
1.3. Financing agreements
According to certain requirements, within the three months prior the insolvency declaration, could be restored all loan contracts and credit agreements in favor of the insolvent company, which have already expired for unpaid dues of installments or interests.
1.4. Restore of purchase goods contracts with deferred price
Within the three months prior the insolvency declaration, could be restored all purchase of movable or immovable properties with referred price.
1.5. Maintenance of immovable lease contracts
The eviction action against the insolvent company prior bankrupt declaration could be weakened and at the same time the lease contract validity could be restored.
2. To ease as fast as possible an increase of liquidity of the company declared insolvent:
2.1. Accrual of interests suspension
With the insolvency declaration the accrual on legal and conventional interests are suspended except those related to the secure loans and to the salary claims, although will have to be considered as subordinated loans.
2.2. Increase of possibilities for recovering insolvent company withheld amounts
Liens over real properties and rights of the insolvent company (retained amounts) will be suspended when the insolvency has been declared, except the liens imposed by the administrative, tax, labour and social security Law.
2.3. More possibilities of charging against the owner of the work that are executed by the insolvent company (engineering company, construction Company)
The insolvency Law rejects the direct action exercised by creditor (provided by the article 1.597 of the civil code) against the owners of the work that are executed by the insolvent company. Thus, the company will cash the outstanding amounts, not its creditors.
2.4. Possibility of early termination of the contract
The insolvent Company will be allowed to request the early termination of the contracts, although there is no breach by the other party.
2.5. Suspension of payments
The payment of claims against the insolvent company caused prior the declaration will be suspended and it will be paid once the proceeding is concluded and there is an agreement over it. Likewise, regarding another contracts, in case of the other party has already fulfilled its obligations (such as, loans, leasing…) and the insolvent company has not fulfilled totally or partially its obligations, the debt will be integrated as liabilities of the proceeding.
3. To protect the insolvent company assets (through the common known as “protective shields”).
The Law provides the suspension of executions, which means it is not possible to start execution actions against the insolvent company assets, and the actions in development at the time of the proceeding will be also suspended, inclusively tax and administrative constraints. In addition, the suspension will cover the executions of guarantees and recovering actions when those are related to the essential assets to the continuity of the activity.
4. To avoid liability directors facing structural imbalance for the company´s operating losses:
Once submitted the insolvency proceeding request, means that the directors, are acting in accordance with the Law of capital companies, and therefore, taking the actions against the structural imbalance for the company equity (when the company’s net equity to be lower than 50% of the share capital), doing it, the directors are avoiding personal liability for the debts contracted subsequently.
In addition to the above, the judges will not accept new proceedings or the existing procedures shall be suspended, as well as the claims against the company at the beginning and conclusion of the declaration.
5. To agree to carry out formal and material solutions provided by insolvency Law (agreements, transfer of productive units…)
Those solutions are included, either on creditor agreements or through the sale during the liquidation phase, agreement phase, within the common phase of the insolvency proceeding even before of that, including a binding offer to purchase at the same time of the insolvency request (“pre-pack”).
5.1. The agreement proposal must contain creditor’s reduction debts and/or moratoriums. It could also contain other alternatives such as, conversion of debt into shares, loans, subordinated debts, participating loans or any similar financial instrument, or disposal of properties or rights of the insolvent company or productive units.
5.2. Regarding the productive units transmissions, the Law brings considerable incentives and advantages related to the operations developed out of the insolvency proceeding:
5.2.1. Tax exemption through the exclusion of the acquirer succession debt of the transferring company.
5.2.2. Application of labor succession and social security rules limited by the productive unit staff acquired or transmitted.
5.2.3. Compulsory cession, without previous consent of the other part, of contracts related to the business continuity as well as the licenses or administrative permissions.
5.2.4. Exemption of payment duties before the transmission, except in the case of the transmission to someone closely related to the insolvent company.
[:nl]This article, will show all huge advantages that insolvency proceedings offers to the corporate restructuring in Spain, when it is on time.
In order to bring a wider knowledge over all mechanisms provided by our insolvency Law, we would like to say that in 2002 (record year), an amount of 7,799 insolvencies were declared, however, the “ratio” of insolvency proceedings for every 10,000 companies was 24,7 in Spain, far from the levels of France (178,59), United Kingdom (114,69) and Germany (96,31).
Below are the different main benefits of the referred Law, which will be divided into 5 categories; (i) To guarantee the financing and maintenance of main contracts which are essential to the continuity of the activity, (ii) To ease as fast as possible an increase of liquidity of the company declared insolvent, (iii) To protect the insolvent company assets (through the common known as “protective shields”), (iv) To avoid directors liability derived from structural imbalance for the company equity, and (v) To carry out formal and material solutions provided by the insolvency Law (collective agreements, transfer of productive units…)
1. Inside the first category, to guarantee the financing and maintenance of main contracts which are essential to the continuity of the activity:
1.1- Generally, the company declared insolvent will have more opportunities to get financing once the insolvency proceeding has been declared.
The main advantage for creditor banks will take place when in case of the declaration of insolvency, the new liquidity injections, in any form, (loans, credits, discount lines, factoring, etc,) will be consider claims against the estate of the bankrupt (claims against the bulk), therefore, it will be paid as preferential payments with regard to the whole of the insolvency credits, caused prior to the insolvency declaration.
Another case is the liquidity injection (the duty to send them back) previous to the insolvency declaration which will be consider as insolvency credits, unless it has been granted within a refinancing framework according to the article 71bis or the additional fourth disposition of the insolvency Law. If the above is the case, only the 50% will be consider as claims against the estate and the remaining 50 will be considered as insolvency credits with general preference.
1.2. At the same time, the company declared insolvent will get more possibilities to contract with third parties.
On one side, the credits caused by providers, external partners will have the same consideration as claims against the state and on the other side, the activities carried out by the company will be not terminated due to the insolvency procedure, different case will be whether the activities were carried out prior the insolvency declaration.
1.3. Financing agreements
According to certain requirements, within the three months prior the insolvency declaration, could be restored all loan contracts and credit agreements in favor of the insolvent company, which have already expired for unpaid dues of installments or interests.
1.4. Restore of purchase goods contracts with deferred price
Within the three months prior the insolvency declaration, could be restored all purchase of movable or immovable properties with referred price.
1.5. Maintenance of immovable lease contracts
The eviction action against the insolvent company prior bankrupt declaration could be weakened and at the same time the lease contract validity could be restored.
2. To ease as fast as possible an increase of liquidity of the company declared insolvent:
2.1. Accrual of interests suspension
With the insolvency declaration the accrual on legal and conventional interests are suspended except those related to the secure loans and to the salary claims, although will have to be considered as subordinated loans.
2.2. Increase of possibilities for recovering insolvent company withheld amounts
Liens over real properties and rights of the insolvent company (retained amounts) will be suspended when the insolvency has been declared, except the liens imposed by the administrative, tax, labour and social security Law.
2.3. More possibilities of charging against the owner of the work that are executed by the insolvent company (engineering company, construction Company)
The insolvency Law rejects the direct action exercised by creditor (provided by the article 1.597 of the civil code) against the owners of the work that are executed by the insolvent company. Thus, the company will cash the outstanding amounts, not its creditors.
2.4. Possibility of early termination of the contract
The insolvent Company will be allowed to request the early termination of the contracts, although there is no breach by the other party.
2.5. Suspension of payments
The payment of claims against the insolvent company caused prior the declaration will be suspended and it will be paid once the proceeding is concluded and there is an agreement over it. Likewise, regarding another contracts, in case of the other party has already fulfilled its obligations (such as, loans, leasing…) and the insolvent company has not fulfilled totally or partially its obligations, the debt will be integrated as liabilities of the proceeding.
3. To protect the insolvent company assets (through the common known as “protective shields”).
The Law provides the suspension of executions, which means it is not possible to start execution actions against the insolvent company assets, and the actions in development at the time of the proceeding will be also suspended, inclusively tax and administrative constraints. In addition, the suspension will cover the executions of guarantees and recovering actions when those are related to the essential assets to the continuity of the activity.
4. To avoid liability directors facing structural imbalance for the company´s operating losses:
Once submitted the insolvency proceeding request, means that the directors, are acting in accordance with the Law of capital companies, and therefore, taking the actions against the structural imbalance for the company equity (when the company’s net equity to be lower than 50% of the share capital), doing it, the directors are avoiding personal liability for the debts contracted subsequently.
In addition to the above, the judges will not accept new proceedings or the existing procedures shall be suspended, as well as the claims against the company at the beginning and conclusion of the declaration.
5. To agree to carry out formal and material solutions provided by insolvency Law (agreements, transfer of productive units…)
Those solutions are included, either on creditor agreements or through the sale during the liquidation phase, agreement phase, within the common phase of the insolvency proceeding even before of that, including a binding offer to purchase at the same time of the insolvency request (“pre-pack”).
