Law 9/2015, 25 May, On Urgent Measures In Bankruptcy Matters.

Original Language Title: Ley 9/2015, de 25 de mayo, de medidas urgentes en materia concursal.

Read the untranslated law here: http://www.boe.es/buscar/doc.php?id=BOE-A-2015-5744

FELIPE VI King of Spain to all that the present join together and act.

Know: That the Cortes Generales have approved and I come in to sanction the following law.

PREAMBLE I La Ley 17/2014, of 30 September, by which adopt urgent measures in the field of refinancing and restructuring of corporate debt, reduced the regime of the pre-bankruptcy conventions according to some basic premises. The first one is to consider that the continuity of economically viable enterprises is beneficial not only for the companies themselves, but for the economy in general and, in particular, to the maintenance of employment. The second of the premises was to accommodate the legal privilege to underlying economic reality, because often the recognition of lacking privileges of Foundation came to be the main obstacle of the pre-bankruptcy agreements. The third of the premises was respected to the greatest possible extent the legal nature of security interests (but always, and taking into account the second premise, according to their true economic value).

This law deals with the extension of the premises prior to the bankruptcy Convention.

II in addition to the foregoing, adopt a series of measures to make more flexible the transfer of the business of the bankrupt or of any of its branches of activity, since nowadays there are some obstacles, which, well during the bankruptcy process, well when the liquidation of the bankrupt is inevitable, they are making it difficult to sale.

From this perspective, the changes that are introduced in this area have ultimately the same purpose than those relating to the insolvency Convention: facilitate to the greatest possible extent the continuation of business activity, which has to be not only in the interests of the company itself, but also of its employees and creditors and the economy in general.

Part III operative of this law consists of a single article, divided in turn into four paragraphs, whereby various precepts of the law 22/2003, of July 9, amending bankruptcy (hereinafter law bankruptcy), relating to the bankruptcy Convention, the liquidation phase, to the rating of the contest, the settlement of payments and refinancing agreements , as well as to other precepts of the law related to these aspects.

With respect to the bankruptcy Convention, are introduced, first, provisions similar to the of the fourth additional provision of the bankruptcy law (in writing given by the law 17/2014) concerning the valuation of guarantees upon which rests the special privilege. Articles 90 and 94 of the insolvency law are modified for this purpose.

In this way remains a principle that seems most reasonable not only from the economic point of view, but it is a synthesis of the existing rules in our law about the purge of further guarantees, maintenance of the preferred and the allocation of the remaining possible in the event of execution by any of the holders of security rights. Seems, indeed, hard to question that to obtain the true value of a warranty it is necessary to deduct from the reasonable value of the property on which it falls the amount of outstanding loans benefiting from preferential guarantee on the same good. Also appears a rule of prudence to reduce such reasonable ten percent value as the guarantee, to be effective, will require the implementation of the property or right on which it is constituted, which involves costs and delays that reduce the value of the guarantee, at least, this percentage.

Consider that not to adopt a measure as the present it is that privileged credits can multiply 'ad infinitum' when your warranty is on a same good, without compromising the value of this well at all increased. To give a practical example, it is now possible to have five mortgages of 100 on a good that is worth $ 100, thus reaching the absurd have a liability to bankruptcy effects by 500 guaranteed by a good worth 100. No it should be forgotten, moreover, that one of the principles which must necessarily govern the contest is «pars conditio creditorum» and that the indefinite extension of the privileges is a glaring contradiction of this principle. Also the practical result is that creditors who benefit from these guarantees only will have a right of abstention that nothing will benefit the Convention and the continuity of the company, and that in no case will ensure effective debt recovery, even less if the bankrupt must go to liquidation. Keep in mind that, in the case of liquidation or even singular implementation of the mortgaged, the creditor will receive as much as the value of the guarantee. The rest of credit not covered by the warranty, will not charge more than that part that had remained unscathed in the Convention, but probably less in a context of liquidation and not of concern.

Not be considered that the determination of the value of the guarantee is a cut in the guaranteed credit. It is simply a valuation differential the main right and the right accessory. Main law does not matter, but it is allowed to clarify what portion of it will benefit from the accessory right and what not, and in the second receive the same treatment that corresponds to the credit according to their nature.

Secondly, another relevant change in the field of bankruptcy agreements is enlargement of the quorum of the Board of creditors, giving voting rights to some creditors that, until now, did not. If measures taken in respect of valuation of guarantees should be conducted already on the extension of the quorum, also must do so measures that recognize the right to vote in general creditors who had acquired their rights of credit after the Declaration of insolvency, except always to those who have a special connection with the debtor. So far only recognized them from voting when the acquisition would have been a universal title, as result of a compulsory realization or, from 2012, when were financial institutions subject to supervision.

Preventing that existed previously with respect to these creditors is that this acquisition could hide some kind of fraud that it wanted to discourage by the deprivation of the right to vote. But fraud cannot be in acquiring something, in this case a right of credit, at one lower price than the one that is intended to sell or perform, since this is the end and after the characteristic of market economic activity. The real problem is that the purchaser has concluded with the debtor to defraud other creditors. Therefore not only reforms article 122 but also the 93 to make a list of people especially related to the debtor who, for this reason, shall be subordinated creditors and consequently they have no vote at meetings of creditors.

Attributing right voting creditors who acquire debts subsequent to the Declaration of insolvency has an additional effect that should reputar is beneficial for the rest of the creditors: promote the existence of a market for these loans that allow them to obtain liquidity, in a situation of competition of its debtor, without having to wait for the final settlement. Will be the own creditor of the assignor which assess whether the sacrifice or discount required to do this is acceptable and the creditor assigned, usually specializing in this type of procurement, which suffer the risk that the acquisition and subsequent processing of the contest.

Thirdly, certain additional provisions with respect to the purposes of the Convention are introduced in article 100. As is done in the fourth additional provision, refers to agreements of capital increase required in the case of capitalisation shall be adopted with the same majorities provided for in the additional provision. A referral is made to the general scheme of transmission of productive units, provisions of articles 146 bis and 149, implying, with certain exceptions, free unpaid pre-existing obligations purchase. In addition the transfer in payment of goods is provided with certain precautions aimed at preventing fraudulent behaviors.

The fourth aspect of the modifications of the bankruptcy agreements refers to the votes and majorities in the Convention and to the expansion of the capacity of dissident creditors under certain circumstances. Rises the general limitation that previously existed for the purposes of the Convention (take away 50 percent and waits five years) but to overcome these limits require a reinforced majority of 65 percent. It is introduced also on pre-bankruptcy conventions already adopted rule concerning maximum majorities required for the Covenants of syndication, which will be 75 per cent (article 121.4).
And finally introduces a new forecast (new article 134.3), which also has precedent in the law 17/2014, about the possibility of carryover of some credits with privilege, general or special, even in the part covered by the value of the guarantee. Although this requires a double requirement: in addition to some even more reinforced majorities, that the agreement is adopted by creditors of the same class, introducing for the first time in our bankruptcy area this consideration that already has precedents in comparative law and in pre-bankruptcy agreements of the fourth additional provision affecting the creditors of financial liabilities. So four kinds of creditors, are distinguished each of which meets characteristics that justify a specific treatment in the contest. First of all, the creditors of labour law; Secondly, the public creditors; Thirdly, the financial creditors; and finally, the rest (which should include main way to commercial creditors).

The decision taken by the qualified majorities required may be as a sacrifice of the creditor that is dragged, which is true, but also from a point of view positive as a minor sacrifice of the rest of the creditors who agree to the drag. The qualified majorities required broad necessarily is based and agreements in line with the reality of the bankrupt and creditors. Consider also that if 60 or 75 per cent of creditors, as the case may be, agree to certain privileged debts sacrifices that seem essential for the viability of the company and to recover the largest part of the credit outstanding, such measures will have to be much tougher if the 40 or 25 percent of creditors respectively, are not bound by the majority agreement. It seems that the qualified majorities and the fact that each agreed to itself the least of the potential sacrifices is sufficient guarantee that agreements shall not be adopted with the aim of injuring the interests of these creditors. This impossibility of injury is reinforced by the establishment of four classes of creditors above so that any agreements of some creditors may imagine to harm those of another class, especially the labour or public which, by its nature, deserve a special guardianship.

Similar to paragraph 11 in order to respect to the greatest extent possible and the fourth additional provision sets the true value of the guarantee, article 140 to if, where appropriate, the creditor with privilege, which had voted in favour of a Convention or had been dragged by it, you need to run the warranty It will be done with the retrieved total amount not to exceed the original credit. We must insist on the fact that all the measures introduced in this law and in the law 17/2014, about the value of the guarantees have their effectiveness in relation to bankruptcy proceedings but they do not involve alteration of the registered warranties or of the rules laid down for its implementation out of the competition.

Fifthly, a number of changes are to compel that information relating to both the Convention and the report of administrators and their challenges is electronically communicated to creditors that record your email address, thus facilitating a faster understanding of certain steps in the bankruptcy process.

In addition, certain specialties are entered into insolvency of companies of works and public services, or contractors of the public administrations. Currently there are a number of companies awarding of administrative contracts in bankruptcy situation. Urgent reasons of public interest aimed at the keeping and maintenance of the public services make it necessary to articulate solutions that allow to continue the activity object of the contract, for the benefit of bidders, third parties who benefit from the execution of administrative contracts and public administration. These solutions are arbitrating a joint formula for all bankruptcy proceedings involving the presentation of proposals for agreement which may affect all these entities. In this sense, reasons of agility and judicial economy and achieve a guarantee of success of the designed solution, advise the cumulative processing of bankruptcy declared in relation to such entities.

The specialties of the administrative law of contracts of both general and sectoral public sector, and the necessary interrelation with forms of development and completion of the bankruptcy proceedings set forth in the insolvency law, make it necessary to the establishment of a special regime applicable to competitions of the concessionary companies of works and public services and public service contractors whose legislative location must be both administrative legislation regulating administrative contracts, both general and specific, the bankruptcy law, through a new second additional provision ter collecting bankruptcy specialties in the matter.

The bankruptcy law itself, in its article 67, forwards the effects of the Declaration of insolvency in the case of administrative contract concluded by the debtor with the public administrations to his specific legislation. In addition, it should be recalled that the powers of the judge of the competition and their mandatory participation in bankruptcy proceedings must respect the competences of the administrative bodies as regards this type of contracts and related procedures of an administrative nature with them.

IV in terms of liquidation amending certain provisions of chapter II of title V of the bankruptcy law in order to facilitate the development of this phase of bankruptcy proceedings. It is, as he has exhibited previously, ensure as far as possible the continuation of the business activity, fundamentally, facilitating the sale of all settlements and farms of the bankrupt or any other productive units.

Thus, introduces subrogation «ipso iure» the purchaser contracts and administrative licenses that would headline the assignor (article 146 bis) and exemption from liability for previous debt mechanisms, arbitrate except in certain special cases which by its uniqueness still deserve a special guardianship, as it is the case of the debt against the Social security or workers.

148 additional provisions regarding the transfer in payment are also introduced in article or for payment and a novel provision in that the judge may agree the withholding of 15 percent of the mass active intended to meet future challenges. This forecast should lead to a streamlining of the liquidation phase.

Article 149 is also modified. In the light of the doubts that have arisen, clarifies which rules are suppletive nature and which of them must be applied in any liquidation, whether or not plan of liquidation. In particular, intends to apply to all settlements new rules of purging or subsistence of possible security rights to which could be subjects of all or some of the goods included in a production unit and the rules on succession of enterprise for labour purposes and social security.

Consistent with amendments in article 140.4, amending article 155 to establish that when assets or rights pertaining to a credit with special privilege, you run the preferred creditor will be made with the retrieved total amount not to exceed the original credit. Thus, guarantees registered nor the rules for its implementation are not altered.

V qualification, deals with a modification of article 167 which clarifies the existing interpretative doubts surrounding the term 'kind'. This term may involve, on a strict interpretation, a reference to "the legal classification" of the respective credits, in the terms established in the articles 89 to 92 of the bankruptcy law, so that only when each and every creditor classified in the bankruptcy process in the same way are affected by the take away and waits below what has the precept the formation of the qualification section will not proceed. However, judicial practice has come to give you a more generic sense, including in such 'class' to a group of creditors that meet common features although this group does not understand all the same classification bankruptcy, for the purposes of the contemplated treatment section of rating regarding proposals for agreement not burdensome.
Taking into account that article 94.2, in the wording given by this law includes a new definition of the term 'kind' applicable, pursuant to article 134, the assumptions in the Convention to reach drag privileged creditors and not exclusively to the ordinary, it is essential to clarify, to avoid major doubts, the mention of which is done on the article 167 be understood also referred to this definition affecting a plurality of creditors benefiting from the bankruptcy solution large enough to make equivalent treatment for the purposes of the rating section.

Finally, technical improvements are introduced in various articles of title VI of the Bankruptcy Act in order to clarify the wording or adjust to the of the cited article 167.

VI in terms of refinancing agreements, include a number of amendments which aims to clarify certain doubts that have arisen in its practical application.

First, amending article 5 bis to establish that, in case of controversy, will be the judge of the contest who has the competence to determine whether a good is or not necessary for the continuity of the economic activity of the bankrupt.

In article 71 bis regulates the system of voting in the bosom of syndicated agreements and the fourth additional provision introduces a number of changes to clarify the system of voting in the bosom of syndicated agreements is necessary, for the purposes of determining the fair value of the collateral, which this may not exceed the value of the mortgage or pledge maximum liability which would have agreed.

VII the final part of this law consists of four additional provisions, four transitional provisions and a repealing provision final ten provisions.

The first additional provision clarifies that actions arising from the application of article 5 bis and the fourth additional provision of the Bankruptcy Act shall be regarded as measures of sanitation for the purposes of the Royal Decree-Law 5/2005 March 11.

The second additional provision envisages the creation of a telematic access portal to facilitate the disposal of companies that are in liquidation or their production units.

The third additional provision establishes the creation of a Monitoring Committee of refinancing and practices reduction of overindebtedness, with functions of verification of compliance with the measures adopted by this law and proposal to the Government for policy changes to facilitate the pre-insolvency or bankruptcy restructuring of debt of economically viable enterprises.

The fourth additional provision meets interpretative doubts about the negotiation of securities issued by a securitisation Fund's assets directed exclusively to institutional investors, who can only be negotiated in a multilateral trading system where the underwriting and securities trading is restricted to qualified investors.

Transitional provisions first to third to govern the transitional arrangements of certain provisions contained in this law.

The fourth transitional provision determines the execution proceedings pending to which are applicable amendments by disposal third law 1/2000, of 7 January, code of Civil procedure.

The first final provision extends to its imminent completion, the "vacatio legis" provided for in the transitional provision of the text revised law of societies of Capital, approved by Royal Legislative Decree 1/2010 of 2 July, concerning the right of separation in case of distribution of dividends.

The second final provision clarifies, in order to prevent restrictive interpretations, which credits transferred to the Sociedad de Gestión de from assets of the bank restructuring (AP'SAREB) will be taken into consideration for the purposes of the computation of the majority needed to adopt the agreements covered in the fourth additional provision of the bankruptcy law.

The third final provision modifies the law 1/2000, of 7 January, code of Civil procedure, to adapt it to the recent judgement of the Court of Justice of the European Union of July 17, 2014. Thus, the mortgagor may bring appeal against the car that dismiss their opposition to the execution, if it was based on the existence of an abusive contractual clause that constitutes the Foundation of the execution or the amount payable.

The fourth final provision modifies the law 1/2013, May 14, measures to reinforce the protection of mortgage borrowers, restructuring debt and social rental, introducing the possibility that a percentage of dwellings that make up the social housing fund may allocate to people who have been evicted from their homes by non-payment of non-mortgage loans.

The fifth final provision changes to turn the second final disposition of law 17/2014, 30 September, by which adopt urgent measures in the field of refinancing and restructuring of corporate debt.

The sixth final provision modifies certain precepts of the law 14/2014, of 24 July, maritime navigation, and the seventh final disposition declared of general interest certain infrastructure works.

The final disposition eighth authorizes the Government to elaborate and adopt, within a period of twelve months, starting from the entry into force of this Act, a consolidated text of the law 22/2003, of July 9, bankruptcy.

Finally, the ninth and tenth final provisions regulate, respectively, competence titles and the entry into force, which will take place the day following its publication in the «Official Gazette».

Single article. Modification of law 22/2003 of 9 July, bankruptcy.

Law 22/2003, of July 9, bankruptcy, is modified in the following terms: one. Changes in Convention.

1 amending paragraphs 1 and 3 of the letter c) of paragraph 1 of article 33, which is drawn up in the following way: «c) labour: 1 to comply with judicial decisions that had gone to the date of the Declaration of insolvency to procedures of substantial modification of the conditions of work of collective character, collective transfer» suspension of contracts and reduction in working hours and collective redundancies.

«3rd intervene in procedures of substantial modification of working conditions of collective, collective transfer, collective dismissal and suspension of contracts and reduction in working hours initiated during the contest and, where appropriate, agree them with representatives of the workers.»

2 amending article 64, which is drawn up in the following way: «article 64. Contracts of employment.

1. the procedures of substantial modification of working conditions of collective, collective transfer, collective dismissal and suspension of contracts and a reduction in working hours, once declared the contest, will be processed before the judge of the competition rules laid down in this article.

If at the date of the Declaration of the contest pending a procedure of collective dismissal or suspension of contract or reduction in working hours, the labour authorities shall forward it acted to the judge of the competition. Within three days of receipt of the record, the clerk will quote to appear to the legitimate provided in the following section to expose and justify, in his case, the origin of continuing with the processing of collective action, in accordance with the provisions of this article. The actions carried out in the previous administrative procedure until the date of the Declaration of insolvency shall remain valid in the proceeding that is pending before the Court.

If the date of the Declaration of the contest entrepreneur because it had communicated to the labour authority the decision adopted under the aegis of provisions in article 47 of the Statute of workers or 51 or, where appropriate, already had relapsed administrative resolution authorizing measures of termination, suspension or reduction in working hours, it shall be for the bankruptcy administration the implementation of such measures. In any case, the Declaration of insolvency should be communicated to the labour authority to the effects that apply.

2. the bankruptcy administration, the debtor or the workers of the company competitions through their legal representatives, may request the judge of the competition the substantial modification of the conditions of work and collective work contracts in which the bankrupt is employer extinction or suspension.

The representation of workers in the procedure will be indicated subjects in article 41.4 of the Statute of workers, in the order and conditions indicated therein. After the deadlines set in the referred article unless workers have been designated representatives, the judge may agree the intervention of a Commission of up to three members, made up of the most representative trade unions and the representatives of the sector to which the company belongs.
3. the adoption of the measures provided for in the preceding paragraph only may request of the judge of the competition once issued by the bankruptcy administration, the report referred to in chapter I of title IV of this law, unless it considers that the delay in the implementation of the alleged collective measures may seriously compromise the future viability of the company and the employment or cause serious harm to workers in which case, and accreditation of this circumstance, the request may be to judge any procedural time since the Declaration of insolvency.

4. the application must expose and justify, in his case, motivating causes alleged collective action and the objectives which they intend to achieve with these to ensure, where appropriate, the future viability of the company and the job, accompanying documents required for accreditation.

The bankruptcy administration may request the collaboration of the bankrupt or the aid of the Court that it deems necessary for its verification.

5 the application has been received, the judge will convene to the bankrupt, the representatives of the workers and the bankruptcy administration a consultation period, whose duration shall not exceed thirty calendar days or fifteen, also natural, in the case of companies that have less than 50 workers.

In case of intervention of the powers of administration and disposition of the debtor, the judge may authorize the participation of the bankrupt in the period of consultation.

Representatives of workers or the bankruptcy administration may apply to the judge the participation in the consultations of other natural or legal persons that may indiciariamente a unit of the bankrupt company. To these effects, May concern the aid of the Court that deemed necessary for its verification. Equally, in the case of business unit, and for the purpose of rating the economic reality of the whole business, is claim the consolidated economic documentation or the relative to other companies.

If the measure affects companies of more than 50 workers, a plan that contemplates the incidence of labour measures proposed in the future viability of the company and the employment must accompany the application.

In cases in which an application has been made by the employer or by the bankruptcy administration, communication to the legal representatives of the workers of the beginning of the consultation period must include copy of the intended application in paragraph 4 of this article and the accompanying in appropriate documents.

Judge, at the request of the bankruptcy administration or the representation of employees, may agree at any time substitution of consultation period by the procedure of mediation or arbitration that applies in the area of the company, which must develop within the period designated for that period.

6. during the period of consultation, representatives of the workers and the bankruptcy administration must negotiate in good faith to achieve an agreement.

The agreement will require the conformity of the majority of the legal representatives of workers or, where appropriate, of the majority of the members of the representative of the workers Commission provided that, in both cases, they represent the majority of the workers of the Center or work centers affected.

The agreement signed by the bankruptcy administration and representatives of the workers can be accompanied with the request, in which case, the opening of consultation period will not be required.

Agreement, the identity of the affected workers will pick up and be fixed compensation, which shall comply with the provisions of labour legislation, except that other superiors weighing the interests affected by the competition, agreed the of express way.

At the end of the term designated or at the time when an agreement is achieved, bankruptcy administration and representatives of the workers shall inform the judge of the contest the outcome of the consultations.

Receipt of such communication, the Clerk shall obtain a report of the labour authority on proposed measures or the agreement reached, which must be issued within the period of fifteen days, and may this hearing the bankruptcy administration and representatives of the workers before its broadcast.

Received the report by the judge of the competition or expiry of the period of issuance, it will follow the course of the proceedings. If the report is issued after the deadline, it may however be taken into account by the judge of the competition by adopting the relevant resolution.

7 completed the paperwork sorted in the preceding paragraphs, the judge will resolve within a maximum of five days, by order, on the proposed measures, accepting, exist, the agreement reached, except that at the conclusion of the same I appreciate the existence of fraud, fraud, coercion or abuse of right. In this case, as well as in the event there is no agreement, the judge will determine as appropriate in accordance with labour legislation.

If had not been reached an agreement, the judge of the competition will give audience to those who had spoken in the period of consultation, which, the Secretary of the Court will convene them an appearance which may make declarations alegaciones and provide documentary evidence. The judge may replace this appearance with a written procedure of allegations by three days.

The car, in case of agreed suspension or collective termination of employment contracts, will take effect from the date that is issued, unless another later date specified on it, and will produce the same consequences as the extinctive or suspensive decision taken by the employer under cover of the provisions of articles 51 or 47 of the Statute of workers or , where appropriate, the administrative decision of the labour authority issued in a record of employment regulation, for the purposes of the access of workers to the legal situation of unemployment.

8. against the car referred to in the preceding paragraph, the bankruptcy administration, the bankrupt, workers through their representatives and the wage guarantee fund (in later FOGASA) may appeal of supplication, as well as other resources provided for in the Act 36-2011, of 10 October, regulating the Social jurisdiction, which will be processed and resolved before the courts of the social order , without which none of them have suspensive effect on the processing of the contest or bankruptcy incidents.

The actions that the workers or the FOGASA may exercise against the car in matters relating strictly to the individual legal relationship, will be examined by the procedure of the bankruptcy incident on labor matters. The deadline for filing the bankruptcy incident lawsuit is a month since the worker knew or could know the auto of the judge of the competition. The sentencing falling may be appealed in supplication.

9. in the course of agreeing a substantial modification of collective character provided for in article 41 of the Statute of workers, the right of rescission of contract with compensation that recognizes that legal standard, for such course, shall be suspended during the contest and up to the maximum of one year since the court order authorizing such modification has been given.

The suspension referred to in the preceding paragraph also shall apply when it agreed a collective transfer involving geographical mobility, provided that the new work center is in the same province as the center of origin and work at less than 60 kilometres, except that it is accredited to the minimum travel time, of round-trip twenty-five per cent of the duration of daily working time exceeds.

So in this case as in others alleged substantial working conditions change, the inadmissibility of the exercise of the action of rescission for collective working conditions modification may not be extended for a period exceeding twelve months, from the date on which the court order authorizing such modification has been given.

10. these individual adjudicative actions on the basis of article 50 of the Statute of workers, motivated by the economic situation or insolvency of the bankrupt, shall be regarded as extinctions of a collective nature, since the initiation of the procedure laid down in this article, for the extinction of the contracts agreed. Agreed upon the initiation of the procedure laid down in this article, all of the individual processes followed against the insolvent subsequent to the request of the firm pending competition, will be suspended until you purchase the car that put an end to the procedure of collective extinction firmness. The resolution agreed the suspension will be communicated to the bankruptcy administration for the purposes of recognition as a contingent of the credit that may result from the ruling in his day, lifted once the suspension. You will also communicate to the courts to those who are prosecuting individual procedures. The car agreed collective extinction will produce effects of judicata on the suspended individual processes.

11. in all matters not provided for in this article shall apply legislation work and, especially, will keep the workers representatives many powers attributed to them to be the same.»
3 amending the paragraph 1.4. º and added a paragraph 3 in article 90, in the following terms: "4th credit contracts of lease or sale with deferred price of movable or immovable property, in favour of landlords or sellers and, where appropriate, of the funders, the property leased or sold with retention of title with prohibition of having or resolutory condition in the event of non-payment."

«3. the only special privilege will reach the part of the loan that does not exceed the value of the respective guarantee that were on the list of creditors, calculated in accordance with the provisions of paragraph 5 of article 94. The amount of credit that exceed the recognized as privileged special will be rated according to their nature.»

4 amending paragraphs 1 and 2 of article 93, which are written in the following terms: "1. are considered especially related to the bankrupt people natural person: 1 the bankrupt spouse or who would have been within the two years preceding the Declaration of insolvency, your partner in fact registered or people that they live together with similar relation of affection or they usually lived with it within the two years preceding the Declaration» contest.

2nd the ascendants, descendants and siblings of the bankrupt or of any of the persons referred to in the previous number.

3rd the spouses, ascendants, descendants and siblings of the bankrupt.

4th legal entities controlled by the bankrupt or by persons referred to in the previous issues or its administrators in fact or law. Be presumed control when any of the situations provided for in article 42.1 of the commercial code.

5 legal persons that are part of the same group of companies as provided in the previous issue.

6 legal entities of which persons described in the previous numbers are administrators in fact or law.

2. are considered people especially related to the bankrupt legal person: 1 members that are personal and unlimitedly responsible social debts and those others who, at the time of the birth of the right to credit, hold directly or indirectly, in accordance with the law at least 5 per cent of the share capital, if the society declared bankrupt securities admitted to trading on official secondary market , or 10 percent if it did not have them. When the partners are natural persons, are also considered especially related to the legal person insolvent persons persons who are members in accordance with the provisions of the preceding paragraph.

2nd administrators, law or fact, the liquidators of the bankrupt legal person and parents with General powers of Attorney of the company, as well as those who may have been within the two years preceding the Declaration of insolvency.

Creditors who have capitalized directly or indirectly all or part of your credits at a refinancing agreement adopted in accordance with article 71 bis or the fourth additional provision, of a settlement of payments or a bankruptcy agreement, and although they have assumed positions in the administration of the debtor by reason of capitalization, not will the consideration of people especially related to the bankrupt for the purposes of the credit rating that it holds against the debtor as a result of the refinancing that would have given him under that agreement or arrangement. Nor shall be regarded as administrators in fact creditors who have entered into an agreement of refinancing, bankruptcy agreement or settlement of payment obligations to assume the debtor in relation to the safe viability plan that has proved the existence of circumstances which would justify this condition.

3rd societies that are part of the same group declared bankrupt society and its joint partners, provided that they meet the same conditions as in number 1 of this section.»

5 amending paragraph 2 and added a paragraph 5 in article 94, with the following wording: «2. the relationship of our creditors will express the identity of each one of them, cause, the amount of the principal and interests, dates of origin and expiry of credits recognized that any holder, their personal or real guarantees and its legal classification» indicating, where appropriate, its character of litigation, conditional or pending prior exclusion of the heritage of the principal debtor. Creditors with general or special privilege must respectively be included in the following classes: 1 labor, understanding as such the creditors of labor law. Excluded those linked by the employment relationship of the special character of senior management staff in which exceed the amount provided for in article 91.1. to these effects the self-employed will have equally consideration of creditors of labor law economically dependent amount not exceeding that provided in article 91.1. º 2nd public, understanding as such the creditors of public law.

3rd financial, understanding as such the owners of any financial debt regardless of whether or not subject to financial supervision.

4th rest of creditors, which will include by trade creditors and other creditors not included in the previous categories.

Shall be entered explicitly, if them, differences between communication and recognition and the consequences of the lack of timely communication.

«When the bankrupt is the person married in marital property regime or any other community of property, will interact separately claims that only can be effective on its proprietary equity and which can be effective also on common heritage.»

'5. for the purposes of article 90.3, expressed the value of guarantees constituted assurance of credits benefiting from special privilege. For its determination will be reduced, nine tenths of the fair value of the property or right on which is constituted the guarantee, outstanding debts benefiting from preferential over the same good warranty, unless in any case the value of the guarantee may be less than zero, or greater than the value of the credit or to the value of the mortgage or pledge maximum liability which would have agreed.

For these unique effects means fair value: to) in the case of securities that they are listed in an official secondary market or other regulated market instruments of the money market, the price weighted average which had been negotiated in one or more regulated markets in the last quarter prior to the date of Declaration of insolvency, in accordance with the certification issued by the society leadership official secondary market or regulated that market concerned.

(b) in the case of real estate, resulting from the report issued by a society of appraisal approved and registered in the special register of the Bank of Spain.

(c) in case of property or rights other than those specified in previous letters, the resulting report issued by independent expert in accordance with the principles and the valuation rules generally recognized for those goods.

(The reports provided for in the letters b) and (c)) shall not be necessary when that value had been determined, for real estate by a society of appraisal approved and registered in the special register of the Bank of Spain within the twelve months preceding the date of Declaration of insolvency or, for property other than real estate, by independent expert, within the six months prior to the date of Declaration of the contest. They will not be required in the case of cash, checking accounts, cash or fixed-term deposits.

Property or rights that were constituted guarantees, which were denominated in currency other than the euro, will be converted to the euro by applying the rate of Exchange on the date of valuation, understood as the average exchange rate of cash.

If relevant new circumstances that could significantly alter the fair value of the goods, it should provide a new report by company or independent expert appraisal approved and registered in the special register of the Bank of Spain, as appropriate.

The report referred to in point (b)), when it relates to completed housing, it may be replaced by an updated appraisal provided that, between the date of the last available valuation and the date of the updated valuation, not more than six years have elapsed. The updated assessment is obtained as a result of applying to the last available appraised value by a society of appraisal approved and registered in the special register of the Bank of Spain, the observed cumulative change in the fair value of real estate located in the same area and with similar characteristics since the issuance of the latest pricing to the valuation date.
In the event of not having information on the variation in the fair value provided by a society of appraisal or if it deemed not representative, you can update the latest available value with variation accumulated housing price established by the National Statistical Institute to the autonomous community in which the property is situated, differentiating between whether it is new or second-hand housing , and always among the last available valuation date and the date of the updated valuation not after more than three years.

The cost of reports or appraisals will be liquidated with charge to mass and deducted from the remuneration of insolvency administration unless the affected creditor requested a contradictory assessment report, which shall issue at their expense. Also will be at your expense report when invoked by the affected creditor concurrence of circumstances that make a reassessment necessary.

In the event that the guarantee in favour of a same creditor taken on various goods, will add the resulting from applying on each goods scheduled rule in the first paragraph of this section, unless the joint value of the guarantees can not exceed the value of the credit of the corresponding creditor.

In the event of a security lodged in undivided in favour of two or more creditors, the value of the corresponding to each creditor guarantee will be the calculated by applying to the total value of the special privilege the proportion that corresponds to each of them, according to the rules and agreements that govern the undivided in the same.»

6 amending paragraphs 1 and 2 of article 95, which are written in the following terms: "1. the bankruptcy administration, at least ten days prior to the submission of the report of the judge, direct electronic communication to the debtor and the creditors that had communicated their credits and that record their email address, informing them of the project inventory and list of creditors» whether or not they are included in the same. The same communication will be published in the bankruptcy public record. Creditors may ask the bankruptcy administration, also by electronic means, up to three days before the presentation of the report to the judge, that any error is rectified or that supplement reported data. Bankruptcy administration head also electronically a list of the requests for rectification or complement to the debtor and the creditors, which will be also published in the bankruptcy public record.

2. the presentation to the judge's report of the bankruptcy administration and additional documents will be notified to who have once in the contest at the address designated for the purpose of notifications and published in the bankruptcy public record and on the noticeboard of the Court. In addition, the bankruptcy administration communicated electronically report to creditors whose address is aware.»

7 amending paragraph 5 and a paragraph 6 is added to article 96, as follows: ' 5. challenges shall be conducted by the procedures of the incident bankruptcy may ex officio judge accumulate them to solve them together. " Within five days following the notification of the last decisive statement of challenges, bankruptcy administration will introduce in the inventory, the list of creditors and motivated exposure of its report modifications which, if any, come and shall submit to the judge the relevant definitive texts. Shall expressly state the differences between the inventory and list of creditors initially presented and the final texts, as well as relationship of the subsequent communications presented and included modifications and other updated against the mass credits earned, paid and pending payment, with expression of the respective maturities, all of which will be revealed at the Secretariat of the Court. At the time of filing, the judge of the report with the amendments and the relationship of credits against the mass bankruptcy administration electronically communicated these documents to the creditors of its email address is aware.

6. all complaints must be recorded immediately after its presentation, in the bankruptcy public record. Equally, within the five days following the day on which any after the deadline to challenge, will be published when registering a relationship presented challenges and deducted in each one of them claims.»

8. amending paragraphs 1, 2 and 3 of article 100, which are written in the following terms: "1. the proposed agreement shall contain propositions removes or standby, and can accumulate both.»

2. the proposed agreement may contain, in addition to take away or waiting, additional or alternative proposals for all or some of the creditors or classes of creditors, with the exception of the public creditors. Among the propositions conversion of credit offerings may include actions, interests or social quotas, convertible debentures, subordinated credits, participatory loans, loans with interest capitalizable or any other financial instrument range, maturity or features other than the original debt.

In case of conversion of the loan into shares, the agreement of capital increase of the debtor necessary for the funding of loans need to subscribe by the expected majority, respectively, for societies of corporations and limited liability in articles 198 and 201.1 of the revised text of the companies act of Capital, approved by Royal Legislative Decree 1/2010 , 2 July. Item 301.1 the cited consolidated text of the companies act of Capital, purposes that liabilities are liquids, are due and enforceable.

Also be included in the proposal of Convention propositions of alienation, of all property and rights of the bankrupt pertaining to their business or professional activity or certain production units in favor of a natural person or legal set, which will be governed by the provisions of article 146 bis.

The propositions will necessarily include the assumption by the purchaser of the continuity of the business or professional activity of the productive units affected. In these cases, the legal representatives of the workers must be heard.

3. in any case the proposal may consist of the liquidation of the assets of the bankrupt to the satisfaction of their debts, or alteration of the classification of credits established by law, or the amount of the same set in the procedure, without prejudice to the take away that could be agreed and the possibility of fusion, global division or transfer of assets and liabilities of the insolvent legal entity.

Only the transfer may be included in payment of goods or rights of creditors whenever the goods or rights transferred are not necessary for the continuation of the professional or business activity and that its fair value, calculated in accordance with article 94, is equal to or less than the credit it extinguishes. If it is over, the difference must be integrated into the active mass. If it were assets pertaining to warranty, shall apply the provisions of article 155.4.

In any case the transfer shall be payment to public creditors.»

9 is deleted the paragraph 2 of article 104.

10. amending paragraph 2 of article 107, which is drawn up in the following terms: "2. the bankruptcy administration will evaluate the content of the proposed agreement in accordance with the payment plan and, where appropriate, to the viability plan accompanying it.» If the assessment is favorable, will join the bankruptcy administration report. If it were unfavorable or contains reservations, will be in the shortest time to the judge, who may annul the proposal early admission or continuation of their processing with union of the writing of the report evaluation. The bankruptcy administration shall communicate the unfavorable report form telematics or with reservations to the creditors of its email address is aware. Against the car that resolve these matters will not be recourse."

11. amending article 110, which is worded as follows: «article 110. Maintenance or modification of non-approved proposals.

1. If no appropriate advance approval of the Convention, the judge will require immediately the debtor so that, within three days, manifest if you request the opening of the Convention phase or would like to request the liquidation. During the Convention, the debtor may keep or modify the proposed Convention advance or formulate a new.

2 be maintained the proposed advance agreement, creditors attached thereto shall be taken by present on the Board for the purposes of quorum and its accessions will be counted as votes for the computation of the result of the vote, unless to attend the meeting of creditors or that, prior to its conclusion, recorded in cars the revocation of membership.»

12 amending paragraph 2 of article 115, which is drawn up in the following terms:
'2. the writings of assessment issued before the presentation of the report of the bankruptcy administration will join, in accordance with paragraph 2 of article 75, and those issued subsequently are will reveal in the judicial office from the day of its presentation and shall be communicated by the bankruptcy administration form electronically to creditors whose address is aware.'

13. amending paragraph 4 article 116, which is worded in the following terms: "4. the Board shall be made with the concurrence of creditors who titled credits amounting to, at least, half of the regular contest liability or, failing that, when there are creditors representing at least half of the liabilities of the contest that could be affected by the Convention» excluding subordinated creditors.»

14. Add a final paragraph to paragraph 4 of article 121, in the following terms: «in the case of agreements that, following the Declaration of the contest, still subject to a regime or organise Pact, means that creditors vote for the agreement when they vote in its favour representing at least 75 per cent of liabilities affected by the regime of syndication agreement except that the rules governing unionization establish a lower majority, in which case shall apply the latter. This provision shall apply to the computation of the majorities required for the adoption of the Convention and for the extension of its effects to creditors not participants or dissidents'

15. amending paragraph 1 of article 122, which is drawn up in the following terms: "1. will not have voting rights on the Board of the holders of subordinated credits including, in particular, especially related persons who had acquired their credit by acts inter vivos after the Declaration of insolvency."

16 is deleted the paragraph 1 of article 123, which is worded as follows: «article 123. Privileged creditors.

1 vote of a creditor privileged in favour of a proposal will, in the event that it is accepted by the Board and that the judge adopted the corresponding Convention, produce effects resulting from the content of this with regard to their credit and privilege.

2. the vote of a creditor that, simultaneously, is holder of ordinary and privileged credits are presumed to be issued in relation to the latter and affects only the privileged few if any so expressly stated in the Act of voting."

17 new wording is given to article 124, which is worded as follows: «article 124. Necessary majorities for the acceptance of the proposals of the Convention.

1 to make a proposal for a Convention to be accepted by the Board the following majorities are required: to) the 50 per cent of the ordinary passive, when the proposed agreement contains take away equal or less than half of the amount of the loan; you expect, whether of principal, interest or any other amount due, with a period not exceeding five years; or, in the case of creditors other than the public or the labour, the conversion of debt into equity loans during the same period.

However the provisions of the preceding paragraph, where the proposal consists in the full payment of regular appropriations in a period not exceeding three years or in the immediate payment of overdue ordinary loans with less than twenty percent removes, will be enough to vote in its favour a portion of liabilities exceeding that vote against. For these purposes, in the cases of early proposal and be sure that processing, creditors shall, where appropriate, express your vote with the same requirements for accessions in article 103 and deadlines, depending on the case, articles 108 and 115 bis.

(b) 65 per cent of the ordinary passive, when the proposed agreement contains waiting with a term of more than five years, but in no event more than ten; take away more than half of the amount of the loan, and, in the case of creditors other than the public or the labour, the conversion of debt into equity loans for the same term and the other measures laid down in article 100.

2. for the purposes of the computation of the majorities provided for in the preceding paragraph, are considered privileged creditors who vote in favour of the proposal included in the ordinary passive of the contest.

3. the adoption of the Convention will involve the extension of its effects to ordinary and subordinated creditors who had not voted in favour, without prejudice to the provisions of article 134. If the required majority is not attain means that the Convention voted shall be rejected.»

18.-amending paragraph 2 of article 133, which is worded as follows: ' 2. from the effectiveness of the Convention will cease all effects of the statement of contest, being replaced by which, where appropriate, be established in the Convention itself, unless the duties of cooperation and information laid down in article 42, which will remain until the conclusion of the procedure.»

The bankruptcy administration will pay accounts of his performance before the judge of the contest, the deadline to this point. Accountability report will be forwarded by means of telematic communication creditors whose address is aware the bankruptcy administration.»

19. is added a paragraph 3 to article 134, in the following terms: (from 60 percent, in the case of the measures established in article 124.1. to).»

((b) of 75 per cent, in the case of the measures established in article 124.1. b).

In the case of creditors with special privilege, the computation of the majorities will be depending on the proportion of acceptors guarantees on the total value of guarantees granted within each class.

In the case of general privileged creditors, the computation will be according to the accepting passively over the total liabilities benefiting general privilege within each class.»

20. paragraph 4 of article 140 is drawn up in the following terms: "4. the Declaration of non-compliance with the Convention will involve the resolution of this and the disappearance of the effects on the appropriations referred to in article 136.»

However, if non-compliance would affect creditors with special privilege which had been linked to the Convention by application of the provisions of article 134.3 or had joined voluntarily, may start or resume execution separate warranty since the Declaration of non-compliance, regardless of the eventual start of the liquidation phase. In this case, the performer creditor will make yours the resulting amount of execution in amount not to exceed the original debt, with the remainder, if any, to the active mass of the contest.»

21. it introduces an additional provision second ter in the following terms: «ter second additional provision. Special regime applicable to situations of insolvency of the concessionary companies of works and public services, or contractors of the public administrations.

In contests of companies of works and public services or contractors of the public administrations, shall apply the specialties that are established in the law of contracts in the public sector and the regulator of each type of administrative contract specific legislation.

Also, in these competitions the accumulation of the already initiated bankruptcy proceedings will remember when formulated proposals for agreement affecting all of them, and may be submitted proposals for agreement by public administrations, including agencies, entities and companies linked or dependent on them. You can be conditional approval of the proposed agreement filed in each of the insolvency proceedings to the approval of the Convention proposals put forward in the other bankruptcy proceedings accrued pursuant to this provision.

Competition for the processing of accumulated competitions referred to in this provision shall be governed in accordance with article 25 bis.3 from this law.»

Two. Changes in settlement.

1 is deleted the last paragraph of section 3 (added by Royal Decree-Law 11/2014, September 5) and added a paragraph 4 to article 43, which is drawn up in the following manner: "4. in the case of transmission of productive units of goods or services belonging to the bankrupt shall apply the provisions of articles 146 bis and 149.»

2 adds a number 5 to paragraph 2 of article 75, in the following terms: «5 valuation of the company as a whole and productive units that comprise under the hypothesis of continuity of operations and liquidation.»

3 Add an article 146 bis with the following wording: «article 146 bis.» Specialties of the transmission of productive units.
1. in the case of transmission of productive units, be transferred to the transferee the rights and obligations arising from contracts pertaining to the continuity of the business or professional activity whose resolution had not been requested. The transferee is subrogated in the contractual position of the insolvent without consent of the other party. Assignment of administrative contracts occur in accordance with the provisions of article 226 of the consolidated text of the law of contracts in the Public Sector, approved by Royal Legislative Decree 3/2011, from 14 November.

2. also those licensing or administrative authorisation affected the continuity of the business or professional and included activity as part of the production unit, be transferred provided that the acquirer to continue the activity in the same facilities.

3. the provisions of the preceding two paragraphs shall not apply to those licenses, authorizations or contracts in which the acquirer has expressly stated its intention of not subrogated. This is without prejudice to the labour effects of the application of the provisions of article 44 of the Statute of workers in cases of succession of business.

4. the transmission will not take with obligation of payment of claims not satisfied by the bankrupt before transmission, whether bankruptcy or against the mass, unless the purchaser had assumed it expressly or any statutory provision to the contrary and without prejudice to the provisions of article 149.4.

The exclusion described in the preceding paragraph shall not apply when purchasers of the productive units are especially related to the bankrupt people.'

4 paragraphs 5, 6 and 7 is added to article 148 with the following content: «5. except for public creditors in the liquidation plan may provide for the transfer of goods or rights in payment or for payment of bankruptcy loans, with the limitations and intended scope, concerning the assets pertaining to a guarantee, in paragraph 4 of article 155.»

6. the judge, ex officio or at the request of a party, may order the deposit in the account of the Court of up to 15 percent of what is obtained in each of the disposals of property and rights that integrate the active mass or cash payments made through the same. This amount will be used to cope with amounts that are owed to certain creditors, in accordance with the judicial pronouncements issued in appeals could be lodged against acts of liquidation. This amount will be released when appeals have been resolved or when your filing deadline has expired. The part of the remnant which has been cleared after the resolution or expiry of the period of the appeals, will be assigned according to the priority order legally established, taking into account the part of credits have already been satisfied.

7. in the case of legal persons, the bankruptcy administrator, upon approval of the liquidation plan, must submit for publication on the portal of bankruptcy liquidations from the bankruptcy public record, how much information is necessary to facilitate disposal.

In particular, information on the legal form of the company, sector that scope, belongs, time during which has been in operation, turnover, balance sheet size, number of employees, inventory of the most important assets of the company, contracts with third parties and existing administrative authorizations, licenses and liabilities of the company, judicial, administrative processes will be forwarded arbitration or mediation in which he was involved and relevant aspects of employment.'

5. amending article 149, which is worded as follows: «article 149. Legal rules of liquidation.

1. of not to approve a plan of liquidation and, where appropriate, in what has not provided the approved, the liquidation operations shall comply with the following supplementary rules: 1st set of settlements, farms and any other productive units of goods or services belonging to the debtor dispose as a whole, unless the bankruptcy administration report , the judge deems more convenient for the interests of the competition prior division or carrying out isolated all items or only some of them.

Disposal the whole or, where appropriate, for each production unit will be done through auction. However, the judge may agree realization through direct disposal or person or specialized entity when the auction will stay deserted, or when, in view of the report of the bankruptcy administration, thinks that it is the best way to safeguard the interests of the competition. Transmission through specialized entity will be financed by fees from the bankruptcy administration.

The resolutions taken by the judge in these cases should be issued following a hearing, by within fifteen days, of the representatives of the workers and complying, in his case, as provided for in paragraph 4 of article 148. These resolutions shall take the form of self and not be recourse against them.

2nd in the event of the liquidation operations involving the substantial modification of the collective working conditions, including collective transfers and collective labour relations, suspension or termination shall apply the provisions of article 64.

However 3rd as provided in rule 1st, between whose price does not differ in more than 15 percent of the bottom, may the judge agree the award to this when it considers that greater guarantees the continuity of the company, or where its production units, and the jobs, as well as the best satisfaction of creditors credits.

2. the goods referred to in rule 1 of the previous section, as well as other property and rights of the bankrupt is written, according to its nature, subject to the provisions contained in the settlement plan and, failing that, by the provisions laid down in the law of Civil procedure for the enforcement procedure.

Property and rights pertaining to loans with special privilege applies to provisions of article 155.4. If these goods are included in settlements, farms and any other productive units of goods or services belonging to the debtor that alienated altogether, is, in any case, the following rules apply: to) if they transmit without guarantee subsistence, the proportional part of the price equivalent to the value that good or right on which the security has been lodged with respect to the company's overall value obtained will correspond to privileged creditors or broadcast production unit.

If the price to not reach the guarantee value, calculated in accordance with article 94 it will be necessary that they manifest their conformity to the transmission creditors with special privilege that have separate execution right, representing at least 75 per cent of the liabilities of this nature affected by transmission and that they belong to the same class , according to determination of article 94.2. In such a case, the portion of the value of the guarantee that is not satisfied will have the credit rating that corresponds according to their nature.

If the price to receive were equal to or greater than the value of the guarantee, the consent of the affected privileged creditors will not be accurate.

b) if they transmit with the guarantee subsistence, carry the acquirer in the obligation of the debtor, not shall require the consent of the preferred creditor, the credit of the passive mass being excluded. The judge shall ensure that the acquirer has the financial solvency and means to assume the obligation that is transmitted.

By exception, not the subrogation of the acquirer will take place while subsists the warranty, in the case of tax credits and social security.

3. in case of transfer of the whole of the undertaking or of certain production units of the same through auction will set a deadline for the submission of offers of purchase of the company, which shall include an item relating to expenses incurred by the company declared bankrupt for conservation in operation of the activity until the final adjudication (, as well as the following information: a) identification of the offeror, information on their solvency and the human and technical means at their disposal.

(b) precise designation of goods, rights, contracts, licenses or authorizations included in the offer.

(c) price, methods of payment and guarantees provided. Where is transmit assets or rights pertaining to loans with special privilege, shall distinguish in the offer between the price offer with subsistence or livelihood guarantees.

(d) impact of the offer on the workers.

If the transmission is done by direct disposal, the acquirer shall include in its offer the contents described in this section.
4. when, as a result of the alienation referred to in rule 1 of paragraph 1, an economic entity retains its identity, understood as a set of media organized in order to carry out an economic activity essential or accessory, it will be considered, for the purposes of labour and Social Security, that there is a succession of company. In such a case, the judge may decide that the purchaser was not subrogated to the part of the amount of the wages or compensation payable prior to the alienation that is assumed by the wage guarantee fund in accordance with article 33 of the Statute of workers. Also, to ensure the future viability of the activity and the maintenance of employment, the assignee and the representatives of the workers can sign agreements for the modification of the collective working conditions.

«5. in the auto approval of the auction or the transmission of goods or rights conducted either separately, batch or forming part of an undertaking or production unit, the judge will agree the cancellation of all loads prior to the contest constituted in favor of bankruptcy loans, except those that enjoy special privilege pursuant to article 90 and have transmitted to the acquirer with livelihoods assessment.»

6 amending paragraphs 1 and 2 of article 152, which are written in the following terms: "1. every three months, starting from the opening of the stage of liquidation, bankruptcy administration shall submit a report on the status of operations, which will itemize and quantify appropriations against the mass accrued and unpaid to the judge of the competition» , with an indication of their maturity. This report will be highlighted in the judicial office and shall be communicated by the bankruptcy administration form telematics creditors whose address is aware. Failure to comply with this obligation may determine the liability provided for in articles 36 and 37.

2. within the month following the conclusion of the liquidation of the mass activated and, if in processing the sixth section, within the month following the notification of the statement of qualification, the bankruptcy administration will present to the judge of the competition an exculpatory final report of operations and inexcusably razonará that there are no viable actions of reintegration of the active mass or responsibility of third earrings to be exercised or other property or rights of the bankrupt. Shall not prevent the conclusion that the debtor keep ownership of property legally indefeasible or devoid of market value or cost of preparation would be grossly disproportionate to its predictable market value.

It will also include a complete accountability, in accordance with the provisions of this law. The bankruptcy administration attached report communication electronically to creditors whose address is aware."

7. amending article 155, which is drawn up in the following terms: "1. the payment of appropriations with special privilege will be charged to the property and related rights, whether separate or collective execution.»

2. Notwithstanding the provisions of the preceding paragraph, either does not take the time limits referred to in paragraph 1 of article 56 or subsists the suspension of the operation commenced before the Declaration of insolvency, in accordance with paragraph 2 of the same article, bankruptcy administration may communicate to the holders of these credits with special privilege that choose to serve your payment with charge to mass and realization of assets and rights affected. Communicated this option, bankruptcy administration will meet all deadlines for amortization and interest overdue immediately and shall assume the obligation to attend the successive as credits against the mass and in amounts not to exceed the value of the guarantee, calculated in accordance with the provisions of article 94. In the event of non-compliance, property and related rights will be to suit credits with special privilege pursuant to paragraph 5.

3 when you have proceed within the competition, even before the liquidation phase, to the alienation of property and rights pertaining to loans with special privilege, the judge, at the request of the bankruptcy administration and after hearing of the interested parties, may authorize it with livelihoods assessment and subrogation of the transferee in the obligation of the debtor, which shall be excluded from the passive mass. Does not authorize it in these terms, the price obtained in the sale will go to the payment of special privilege pursuant to paragraph 5 and credit, be remnants, to pay the other appropriations.

If a same good or right were affected more than one credit with special privilege, payments will be made in accordance with the temporary priority that result from compliance with the requirements and formalities provided for in their legislation specific to your third-party effectiveness for each credit. The priority for the payment of credits with tacit legal mortgage will be the resulting from this regulation.

4. the realization in any State of the contest of goods and rights pertaining to loans with special privilege will be at auction, unless, at the request of insolvency administration or the creditor with special privilege within the Convention, judge the direct sale or transfer in payment or for payment to the preferred creditor or to the person designated by him provided that the special privilege are completely satisfied with it, or, in your case, is the rest of the credit recognised within the competition with the qualification that corresponds.

If realization is performed outside of the agreement, the Offeror must satisfy a higher price to a minimum that had been agreed and payment in cash, unless the bankrupt and the creditor with special privilege give expressly acceptance for a lower price, provided such realizations are carried out at market value according to official pricing updated by entity approved for the case of real estate and appraisal institution specialized for movable property.

Judicial authorization and conditions will be announced with the same advertising that it corresponds to the auction of the good and right to affection and if within losdiez days of the last of the ads submission of bidder, the judge will open bidding among all bidders and agreed bail which have provided.

5. in the event of realization of goods and rights pertaining to loans with special privilege foreseen in this article, the preferred creditor will make yours the resulting amount of realization in the amount not exceeding the original debt, with the remainder, if any, to the active mass of the contest.»

8 added a new paragraph 7 to article 191, with the following wording: «7. in the case of transmission of productive units, be taken into account provided for in articles 146 bis specialties and 149.»

9 added a new paragraph 4 to article 191 ter, with the following wording: «4. in the case of transmission of productive units, be taken into account provided for in articles 146 bis specialties and 149.»

3. Changes in rating.

1. amending paragraph 1 of article 164, which is drawn up in the following terms: "1. the contest will qualify as guilty when in the generation or aggravation of the State of insolvency had mediated fraud or serious fault of the debtor or, if any, of their legal representatives and, in case of legal person, its administrators or liquidators, fact and law» Proxy generals, who have had any of these conditions within the two years prior to the date of Declaration of the contest, as well as its partners in accordance with article 165.2(a).

2. amending article 165, which is worded as follows: «article 165. Presumptions of guilt.

1. the competition is presumed guilty unless proven otherwise, when the debtor or, where applicable, their legal representatives, administrators or liquidators: 1 had breached the duty to request the Declaration of the contest.

2nd had breached the duty to collaborate with the judge of the competition and insolvency administration or had not provided them information necessary or convenient for the interest of the competition or not they had attended, by itself or through proxy, the meeting of creditors, provided that their participation would have been decisive for the adoption of the Convention.

3rd if the debtor is legally obligated to the keeping of accounts and had not made the annual accounts had not subjected them to auditing, and must do so, or, once approved, had not deposited them in the register or in the corresponding registry, in one of the last 3 years preceding the Declaration of insolvency.
2. the competition is presumed guilty unless proven otherwise, when partners or managers had refused without reasonable cause to the capitalization of credits or an issuance of securities or instruments convertible and it had frustrated the attainment of an agreement of refinancing of those provided for in article 71 bis.1 or the fourth additional provision or a settlement of payments. For these purposes, it shall be presumed that the capitalization is due to reasonable cause when so declared by a broadcast report, prior to the refusal by the debtor, by independent expert appointed in accordance with the provisions of article 71 bis.4. If there is more than one report, they should match such an assessment most of the issued reports.

In any case, that refusal to approval determine the guilt of the contest, the proposed agreement should recognize on behalf of members of the debtor a right of pre-emption on shares, shares, securities or convertible instruments signed by creditors, as a result of capitalization or proposed emission, in the event of a subsequent disposition thereof. However, the proposed agreement may exclude the right of pre-emption in the transmissions made by the creditor to a company of the same group or any entity, have intended holding and administration of shares in the share capital of other entities as long as it is your group's or that it is owned by the creditor. In any case, means alienation made in favour of a third party by the creditor himself or by companies or entities referred to in the preceding subparagraph.»

3. amending article 167, which is drawn up in the following terms: "1. the formation of the sixth section will be sorted in the same judgment that adoption of the Convention, the plan of liquidation or order the liquidation in accordance with the supplementary laws.»

By derogation from the provisions of the preceding paragraph, shall not be the formation of the rating of the contest section where judicial approval of an agreement in which it is established, is for all the creditors or of one or more classes, also understanding as such in the article 94.2, a reduction of less than one-third of the amount of their credits or a wait of less than three years unless it is breached.

The section headline with testimony of the Court ruling and testimonies of the application for a declaration of insolvency, the documentation provided by the debtor, the order of Declaration of insolvency and Administration report will be incorporated into it.

2. in the case of the reopening of the section of qualifying for breach of agreement, proceed as follows, to the purposes of determining the causes of non-compliance and responsibilities to any place: 1 if file auto or statement of qualification, the same court ruling agreed opening settlement by reason of a breach of the Convention has been given will be ordered the reopening of the section , with addition to her previous actions and own resolution.

2nd in another case, the concerned court ruling ordered the formation of a piece separated within the section of qualifying is found open, for processing in an autonomous way and in accordance with the rules laid down in this chapter which will be applied.»

4 amending section 2.1. of article 172, which is drawn up in the following terms: "1. the determination of the people affected by the rating, as well as, where appropriate, that of the declared accomplices. In the case of a legal person, may be considered affected by rating the Administrators or liquidators, in fact or law, General proxy, and those who have had any of these conditions within the two years prior to the date of the Declaration of insolvency, as well as partners who had refused without reasonable capitalization credits cause or an issue of securities or instruments convertible in the terms provided for in article 165.2(a) , according to their degree of contribution to the formation of the necessary majority for the rejection of the agreement. If any of the affected people out as administrator or liquidator in fact, the sentence must motivate the attribution of that condition.

The presumption contained in article 165.2(a) will not be applicable to administrators who had recommended the recapitalization based on reasonable cause, even if it was subsequently rejected by the partners.»

Four. Changes in refinancing agreements.

1. amending paragraph 4 of article 5 bis, which is drawn up in the following manner: formalize the refinancing agreement provided for in article 71 bis.1;»

(b) rendered Providence admitting to process the application for judicial approval of the refinancing agreement;

(c) adopt the settlement of payments;

(d) obtained the necessary accessions to the admission of an early proposal for a Convention;

(e) or the statement of contest takes place.

In its communication the debtor will indicate which executions are still against his property and which of them fall on goods deemed necessary for the continuity of their professional or business activity, which shall be entered in the decree by which the clerk has to made the communication of the record. In case of controversy over the necessary character of the good may be that Decree before the competent judge for contest.

The executions of those goods that are in the pipeline shall be suspended by the judge who has been meeting with the presentation of the resolution of the court clerk giving proof of communication. The limitations provided for in the first subparagraph of this paragraph shall be lifted if the competent judge for the contest resolved that the assets or rights affected by the execution are not necessary for the continuity of professional or business activity and, in any case, once within the time limits laid down in the following section.

They may not begin or, where appropriate, will be suspended executions unique, judicial or extrajudicial, promoted by the creditors of financial liabilities that refers the fourth additional provision on any other assets or rights of the patrimony of the debtor provided that it accredits documented that a percentage of not less than 51 percent of financial liabilities have supported explicitly the start of negotiations for the signing of the agreement of refinancing committing to not start or continue individual against the debtor executions while it negotiates.

The four preceding paragraphs shall not prevent creditors with security to exercise the actual action against the assets and rights on which justifiably warranty without prejudice to that, once the procedure has begun is paralyzed while he has not performed any of the actions provided for in the first subparagraph of this paragraph, or expiry of the period provided for in the following paragraph.

There are, in any case, excluded from the provisions contained in this section implementation procedures designed to make effective public law credits.»

2. amending paragraph 6 of article 71, which is drawn up in the following terms: "6. the exercise of the waiver actions will not prevent the for further challenges to acts of the debtor that arose under law, which may be exercised before the judge of the competition, in accordance with the rules of legitimation and procedure to those contained in article 72.»

3 amending the number 1 of paragraph 1.b) of article 71 bis, which is drawn up in the following terms: "1 the agreement has been signed by creditors whose loans represent at least three-fifths of the liabilities of the debtor on the date of adoption of the refinancing agreement. For the purposes of the computation of that majority of passive means that agreements subject to a regime or agreement of syndication, the totality of creditors subject to this agreement sign refinancing agreement when they vote in its favour representing at least 75 per cent of liabilities affected by the syndication agreement, except that the rules governing unionization establish a lower majority in which case it shall apply this last.

«In the case of group agreements, the designated percentage shall be calculated both on an individual basis, in relation to each of the societies concerned, as on a consolidated basis, in relation to the appropriations of each group or subgroup affected and excluding in both cases the computation of liabilities loans and credits granted by companies of the group.»

4 amending paragraphs 1 and 2 of the fourth additional provision, which are written in the following terms:
(And in numbers 2 and 3 of the letter b) of paragraph 1 of article 71 bis.» The agreements adopted by the majority described may not be subject to termination in accordance with paragraph 13. The majorities required in the following paragraphs will be needed to extend its effects.

They will not be taken into account, for the purposes of the computation of the majorities set forth in this provision, the financial liabilities owned by creditors who have consideration of person especially connected in accordance with paragraph 2 of article 93 who, however, may be affected by the approval provided for in the additional provision.

For the purposes of this provision, shall be regarded as financial liabilities creditors holders any financial debt regardless of whether or not subject to financial supervision. Creditors for claims, by trade creditors and creditors of public law liabilities are excluded from such a concept.

In the case of agreements subject to a regime or agreement of syndication, means the totality of creditors subject to the agreement to sign the refinancing agreement when they vote in its favour representing at least 75 per cent of liabilities affected by the syndication agreement, except that the rules governing unionization establish a lower majority in which case it shall apply this last.

They may voluntarily adhere to approved refinancing agreement other creditors that are not financial liabilities or liabilities of public law. These accessions will not be taken into account for the purposes of the computation of the majorities provided for in this provision.

2. for the purposes of this provision refers to value of the collateral that enjoy each creditor resulting from inferred from nine tenths of the right or reasonable good value which is constituted such a guarantee, outstanding debts benefiting from preferential over the same good warranty, unless in any case the value of the guarantee may be less than zero or greater than the value of the credit of the appropriate creditor or the value of the mortgage or pledge maximum liability which would have agreed.

These exclusive purposes, refers to fair value: a) in the case of securities which are listed on an official secondary market or other regulated market or instruments of the money market, the price weighted average which had been negotiated in one or more regulated markets in the last quarter prior to the start date of the negotiations to achieve the refinancing agreement in accordance with the certification issued by the governing society of the official secondary market or the regulated market concerned.

(b) in the case of real estate, resulting from the report issued by a society of appraisal approved and registered in the special register of the Bank of Spain.

(c) in the case of goods other than those specified in previous letters, the resulting report issued by independent expert in accordance with the principles and the valuation rules generally recognized for those goods.

(The reports provided for in the letters b) and (c)) they will not be needed when that value had been determined by independent expert, within six months prior to the date of commencement of negotiations to achieve the refinancing agreement or whether cash, checking accounts, cash or fixed-term deposits.

If relevant new circumstances that could significantly alter the fair value of the goods, it must be provided new report of independent expert.

The appointment of the independent expert in the cases referred to in this section will be held in accordance with article 71 bis.4.

In the event that the guarantee in favour of a same creditor taken on various goods, will add the resulting from applying on each property the rule of paragraph first, unless the joint value of the guarantees can not exceed the value of the credit of the corresponding creditor.

In case of guarantee constituted in undivided in favour of two or more creditors, the value of the guarantee corresponding to each creditor will be the calculated by applying to the total value of the guarantee the proportion that corresponds to each of them, according to the rules and agreements that govern the undivided, without prejudice to the rules as «, if any, may apply to syndicated agreements.»

First additional provision. Measures of sanitation and in pre-bankruptcy situations insolvency proceedings.

For the purposes of the Royal Decree-Law 5/2005 of 11 March, urgent reforms to boost productivity and for the improvement of public procurement, the actions resulting from the implementation of article 5 bis and the fourth additional provision of law 22/2003 of 9 July, bankruptcy, shall be regarded as measures of sanitation. They shall apply to these actions the same effects that set for the opening of competition chapter II of title I of the Royal Decree-Law 5/2005 of 11 March.

For the purposes of the law 41/1999, of 12 November on payment and settlement systems of values, actions arising from the application of article 5 bis and the fourth additional provision of law 22/2003 of 9 July, bankruptcy, will be considered in insolvency proceedings. They shall apply to these actions the effects provided for in chapter IV of the said law 41/1999, of 12 November.

Second additional provision. Establishment of a telematic access portal.

Within the period of nine months, a telematic portal which shall contain a list of the companies in bankruptcy liquidation phase and how much information is necessary to facilitate the disposal of all settlements and farms or production units will be created in the bankruptcy public record.

Third additional provision. Monitoring of practices of refinancing and debt reduction Commission.

1. you create the monitoring practices of refinancing and bankruptcy Commission.

2 Commission shall be composed of the following permanent members: to) two appointed by the Ministry of economy and competitiveness, one of whom will assume the Presidency.

(b) two appointed by the Ministry of Justice, one of whom will assume the functions of the Secretariat.

(c) one appointed by the Ministry of finance and public administration.

(d) one appointed by the Ministry of employment and Social Security.

(e) one appointed by the Ministry of industry, energy and tourism.

(f) one appointed by the Bank of Spain.

(g) a judge appointed by the General Council of the judiciary.

3. the President of the Commission, in view of the matters to be addressed in meetings, will require, on its own initiative or at the request of any member of the Commission, the intervention of representatives of ministerial departments that might be interested, the sectors that will be affected by the measures or other people that, in view of their expertise or representativeness in the workplace deemed coming. In particular, the President asked to business and trade union organizations most representative nationally designated, respectively, two representatives, who will be called when they go to deal with matters affecting the workplace.

4 Commission will be assigned the following functions: to) to track the effectiveness of the measures adopted by this law regarding insolvency and pre-insolvency refinancing of debt and on the evolution of the indebtedness of the private sector and its macroeconomic implications.

(b) assess their implementation and, where appropriate, propose to the Government reforms that is suitable to undertake to facilitate the pre-insolvency or bankruptcy restructuring of debt of economically viable enterprises.

(c) verify compliance with the codes of good practice to be adopted in respect of pre-insolvency refinancing of debt.

5. the Monitoring Committee shall determine its rules of operation and shall meet whenever it is convened by its Chairman, on his own initiative or at the request of four of its members. It is also empowered to establish its own regime of calls.

6. the Commission may request, directly or through any of its members, the information relating to pre-bankruptcy refinancing and restructuring agreements and bankruptcy proceedings it considers necessary for the proper exercise of this function.

7. with annual periodicity, the Commission shall draw up a report on the result of the exercise of their functions should be referred to the Government and the Commission of economy and competitiveness of the Congress of Deputies.

Fourth additional provision. Negotiation in multilateral trading systems of the funds of the securitization of assets aimed at institutional investors.
When securities issued by a securitisation of assets Fund are directed exclusively to institutional investors, the transmission can only be performed between investors belonging to that category, and they may only be negotiated in a multilateral trading system where the underwriting and securities trading is restricted to qualified investors.

First transitional provision. Transitional regime applicable to bankruptcy procedures in processing the entry into force of this Act.

1. the provisions of paragraphs 1 and 3 of paragraph four of the single article, shall apply to the planned negotiations in article 5 bis, which is not completed or which has not elapsed within three months from its communication to the Court.

2. the provisions of the numbers 3, 4, 5, 8, 9, 15, 16, 17, 19 and 20 of paragraph one and the numbers 2 and 5 of paragraph two of the single article shall apply to bankruptcy procedures in processing that has been submitted the final text of the report of the bankruptcy administration.

3. the provisions of paragraph one of the unique item number 7 shall apply to the proceedings in which the term for contestation of the inventory and list of creditors has not started.

4 numbers 13 and 14 paragraph one unique item and number 3 of paragraph three of the sole article shall apply to all bankruptcy proceedings in proceedings in which a proposed agreement had not voted.

5 provisions of the numbers 1, 2 and 4 of paragraph three of the sole article shall apply to the bankruptcy proceedings pending in which the sixth section has not formed.

6 the numbers 1, 3, 4, 6, 8 and 9 of the paragraph two of the single article shall apply to the bankruptcy proceedings pending in which the liquidation phase has not started.

7. as provided for in the number 7 of paragraph two shall apply to the bankruptcy proceedings that are in the pipeline.

8. the provisions of paragraph one of the unique item number 21 will be applicable to all the administrative contracts that do not have become extinct, what ever your date of contract award, regardless of the phase in which the insolvency proceedings are.

Also, number 19 of the paragraph one of the sole article shall apply to the insolvency proceedings referred to in the preceding paragraph in which the liquidation phase had not opened.

When the procedures referred to in this paragraph relating had the legally established deadline to submit proposal for a Convention but the liquidation phase have not yet been opened, or is the computation of the period had started, the judge of the competition dictate resolution granting new deadline for proposals of Convention.

Second transitional provision. Limitation on judicial approval.

To debtors who had carried out refinancing agreements approved legally during the year prior to the entry into force of this law, them will not apply the limitation of one year provided for in paragraph 12 of the additional fourth provision of law 22/2003 of 9 July, insolvency, to request a new judicial approval.

Third transitional provision. Regime of bankruptcy agreements.

1. the bankruptcy agreements approved in implementation of legislation repealing this law must be met entirely.

2. in the event of non-compliance in the two years following the entry into force of this law, the debtor or creditors representing at least 30 percent of the total liabilities existing at the time of the breach, calculated in accordance with the final text of the report of the bankruptcy administration, may request the amendment of the Convention with the implementation of the measures introduced by this law. The request must accompany a proposal of modification, as well as a viability plan.

While an amendment of the Convention, in accordance with this provision, pending any creditor may urge the Declaration of non-compliance, in terms of articles 140 and 142 of the bankruptcy law. Started this modification procedure, likewise, would be suspended declarations of non-compliance with previously chosen.

3. of the application will be transfer, as the case may be, to the debtor and creditors who had not made it so in within ten days they appear if you accept or object to the proposed amendment.

The debtor or creditors proponents, along with your request to amend the agreement or not proponents, within five days following the transfer of the proposed amendment, may submit to the Court written opposition to the valuation contained in the final text of the report of the bankruptcy administration indicating the current amount and other changes occurred with respect to the creditossubsistentes and requesting the suspension of the time limit to express his acceptance or opposition to the proposed amendment. To the notice of opposition be must accompany documents supporting their claim, including, in the case of security rights, laid down in article 94.5 from the bankruptcy law.

The judge agreed the suspension period to accept and will treat the opposition with accordance to the bankruptcy incident. Where several writings of opposition arose, they can earn by the judge of the contest jointly processed.

The verdict handed down by the judge setting the current value of the credit in question won't fit any resource. In the sentence the judge will agree to lift the suspension of the time limit to express his acceptance or opposition to the proposed amendment of the Convention.

To be understood accepted the modification, creditors representing the following passive majorities calculated pursuant to the definitive list of creditors modified, where appropriate, in accordance with the provisions of this section must adhere: a) in the case of ordinary creditors: 1 the 60 per cent for the measures provided for in article 124.1. to).

(2nd the 75 per cent for the measures provided for in article 124.1. b).

((b) in the case of privileged creditors: 1 the 65 per cent of the liabilities of every kind provided for in article 94.2 for modification of the measures provided for in the letter to). 1st above.

(2nd the 80 per cent of the liabilities of every kind provided for in article 94.2, for modification of the measures provided for in the letter a). previous 2nd.

The computation of previous majorities will be calculated in accordance pursuant to paragraph 3 of article 134.

4. the judge will issue a ruling approving or denying the amendment of the Convention within the period of ten days. You can only approve the modification when the proposed measures ensure the viability of the bankrupt.

If the amendment is adopted, its effects will extend to creditors with privileged or ordinary loans who had not spoken in favor of it and subordinated creditors. If it unjustifiably declines, it will declare the default on the agreement with the effects of article 140 of the bankruptcy law.

5. as provided for in this provision shall not apply to public creditors, who will be excluded from the computation and the majorities provided for in this rule.

Fourth transitional provision. Transient in execution procedures.

1. the modifications of law 1/2000, of 7 January, Civil procedure, introduced by the third final provision of this law shall apply to initiates its entry into force implementation procedures that have not completed implementation in possession of the property to the purchaser in accordance with the provisions of article 675 of the code of Civil Procedure Act.

2. in the implementation procedures in course before the entry into force of the Royal Decree-Law 11/2014, of September 5, on urgent measures in bankruptcy matters, which has been given dismissing car referred to in the first subparagraph of paragraph 4 of article 695 of the code of Civil Procedure Act, in the wording given by the above-mentioned Royal Decree-Law , which does not have culminated in putting in possession of the property, executed parts will have a new period preclusive of two months to formulate appeal based on the existence of causes of opposition provided for in paragraph Article 557.1 7th and 4th of the 695.1 article of the law on Civil Procedure section. This period shall be calculated from the day following the entry into force of this law.

3. the advertising of this provision will have the character of communication full and valid for the purposes of notification and calculation of the periods provided for in paragraph 2 of the same, not being necessary in any case to express decision to the effect.

Repealing provision.

Many provisions of equal or lower rank is contrary to the provisions of this law are repealed.

First final provision. Modification of the revised text of the companies act of Capital, approved by Royal Legislative Decree 1/2010 of 2 July.

One. Amending paragraph 2 of article 285 of the companies act of Capital, remaining with the following wording: «2. by derogation from the provisions in the preceding paragraph, unless otherwise provided in the bylaws, the Board of Directors shall be competent to change domicile within the national territory. "
Two. The transitional provision of the consolidated text of the Capital Companies Act, approved by Royal Legislative Decree 1/2010 of 2 July, is worded in the following terms: «Is suspended, until December 31, 2016, the application of the provisions of article 348 bis of this law.»

Second final provision. Modification of law 9/2012, 14 November, from restructuring and resolution of credit institutions.

Add a new letter k) to article 36.4 of the Act 9/2012, of 14 November, restructuring and resolution of credit institutions, with the following wording: «k) credits transferred to the Sociedad de Gestión de from assets of the bank restructuring shall be taken into account, for the purposes of the computation of the majorities stated in the fourth additional provision of the bankruptcy law» «, even when the Sociedad de Gestión de from assets of the bank restructuring had consideration of person especially related to the debtor in accordance with paragraph 2 of article 93 of the Bankruptcy Act.»

Third final provision. Modification of law 1/2000, of 7 January, code of Civil procedure.

Paragraph 4 of article 695 of the law 1/2000, of 7 January, code of Civil procedure, is drawn up in the following terms: «4. against the car, ordering the closure of the execution, the failure of an abusive clause or the rejection of the opposition for the cause foreseen in paragraph 1.4. previous degrees, appeal may be brought.»

Out of these cases, cars that decide the opposition referred to in this article shall not be subject to appeal and its effects shall confine exclusively to the process of implementation that are handed down."

Fourth final provision. Modification of law 1/2013, May 14, measures to strengthen the protection of mortgage borrowers, restructuring debt and social rental.

Amending the first additional provision of Act 1/2013, May 14, of measures to strengthen the protection of mortgage borrowers, restructuring debt and social rental, which is worded as follows: «first additional provision. Social housing fund.

1 instructs the Government that promotes with the financial sector, the establishment of a social fund for homes owned by credit institutions, designed to provide coverage to those who have been evicted from their residence by the non-payment of a mortgage loan when the circumstances provided for in article 1 of this law. This social housing fund will aim to facilitate access to these people to leases with rents reasonable on the basis of revenues received.

2. the scope of coverage of the social housing fund may be extended to persons who are in situations of social vulnerability other than those provided for in article 1 of this law.

3. a five per cent of dwellings that integrate the Fund may be people who remain owners of their residence and gathering the circumstances provided for in the preceding paragraphs, have been evicted for non-payment of non-mortgage loans.»

Fifth final provision. Modification of the law 17/2014, of 30 September, by which adopt urgent measures in the field of refinancing and restructuring of corporate debt.

Amending the second final disposition of law 17/2014, of 30 September, by which adopt urgent measures in the field of refinancing and restructuring of corporate debt, which is worded as follows: «second final provision. Modification of the text revised from corporation tax law, approved by Royal Legislative Decree 4/2004, of 5 March.

With effects for the tax periods which concluded after the entry into force of the Royal Decree-Law 4/2014, 7 March, by which adopt urgent measures in the field of refinancing and restructuring of corporate debt, the following modifications are introduced into the text revised from corporation tax law, approved by Royal Legislative Decree 4/2004 , March 5: one. Added a paragraph at the end of paragraph 1 of article 15, with the following wording: "operations increase the compensation of credits will be assessed tax by the amount of that increase from the commercial point of view, regardless of what the accounting valuation."

Two. The letter b is modified) of paragraph 2 of article 15, which is worded as follows: "b) the provided to entities and the values received in compensation, except in the case provided for in the last paragraph of the previous section."

3. Amending the first paragraph of paragraph 3 of article 15, which is worded as follows: "(3. in the cases referred to in points (a))(, b) (, c) (and d), the transferor entity will integrate in your taxable income the difference between the normal market value of the transferred items and its book value." "However, in the event of increase of capital by offsetting of credits, the transferring entity integrated in your taxable income the difference between the amount of the increase of capital, in the proportion that apply to you, and the tax value of the capitalized credit."

Four. A paragraph 14 is added to article 19, which is drawn up in the following way: "14. Income accounted for by the accounting register of take away and waits of the application of the law 22/2003, of July 9, litigation, will fall in the taxable income of the debtor as to appropriate register after financial expenses derived from the same debt and up to the limit of that income.

However, on the assumption that the amount of income referred to in the preceding paragraph exceed the total amount of financial expenses pending recording, derivatives of the same debt, allegation that tax base will be proportionally to financial expenses registered in each tax period with respect to financial expenses total pending recording the same debt derivatives."»

Sixth final provision. Modification of the law 14/2014, of 24 July, maritime navigation.

One. Intends to add two new paragraphs to paragraph 3 of article 69 of the law 14/2014, of 24 July, maritime navigation, with the following wording: «the registration of the ship under construction may be submitting a copy certified their enrollment or seat, issued by Navy commander of the province in which it is registered or by virtue of any of article 73 papers.

To this effect, the owner shall submit registration request, accompanied by a certificate issued by the manufacturer, evidencing the State of construction of the ship, its keel length and other dimensions of the ship, tonnage and probable displacements, quality of the vessel, construction site and expression of materials that have been used, cost of hull and the same vessel plane.'

Two. Amending article 109 of the law 14/2014, of 24 July, maritime navigation, in the following terms: «article 109. Form of the contract.

The shipbuilding contract must be in writing and for its registration in the register of movable property will soar into public deed or any of the other documents referred to in article 73.»

3. Amending article 118 of the law 14/2014, of 24 July, maritime navigation, in the following terms: «article 118. Form, acquisition of property and third-party effectiveness.

1. the contract of sale and purchase of vessel will consist in writing.

2. the purchaser acquires ownership of the vessel by means of their delivery.

3. so it has effect against third parties, you must register in the register of movable property, formalizing public deed or any of the other documents referred to in article 73.

4. in the cases in which the parties intend to raise the contract into public deed or grant in any of the other documents provided for in article 73, prior to its notarization, the notary or consul you must obtain the register of movable timely information on the status of domain and loads, in the manner and by the means established by law.»

Four. Amending article 128 of the law 14/2014, of 24 July, maritime navigation, in the following terms: «article 128. Incorporation of the mortgage.

So the mortgages is validly constituted may be granted in writing, policy operated by notary public or private document and you must register in the register of movable property.

Seventh final disposition. Statement of general interest of improvement of rural infrastructure and other infrastructure works.

The works of improvements in rural infrastructure as well as the realization of other infrastructure are declared of general interest.

Improvement of rural infrastructure works in: Castilla y León:-improvement of access to the Valley of Caderechas (Burgos).

-Improvement of the road from Brandilanes to move of Alite (Zamora).

-Improvement of the road from Matilla de Arzon to Pobladura del Valle (Zamora).

Catalonia:-improvement of roads in the province of Lleida. Town: Castellserà, Bassella, Sant Ramon, Sant Guim de Freixenet.

Other infrastructure.

Works of natural pathways in: Andalucia:-natural road from Lucainena of the Torres-Aguamarga (Almería).

-The natural way of Guadix-Almendricos (Almería).

Aragon:
-The natural way of Utrillas Teruel, Zaragoza.

Balearic Islands:-preparation and improvement of the Camí de Cavalls. Phase IV (Menorca).

Canary Islands:-road natural perimeter of Lanzarote.

-Natural road perimeter of Fuerteventura.

Castilla - La Mancha:-adequacy of access roads to the Natural way of la Jara (Toledo).

-The natural way of the wetlands of La Mancha (Toledo, Ciudad Real and Cuenca).

Castilla y León:-natural road Ruta de la Conquista (León).

-The natural way of FC Segovia-Medina del Campo. Section Segovia-Olmedo. Phase III (Segovia and Valladolid).

-The natural way of link Romanesque Palencia and the Senda del Duero (section train donkey-Palencia).

Valencian Community:-natural way of the Turia-Cabriel. Section seven water-Cabriel (Valencia) - natural path of former FC between Alcira and Benifairó (Valencia) Extremadura:-improvement of the natural path of the Guadiana (Badajoz).

Region of Murcia:-recovery of the path in the natural path of the Northwest (Murcia).

Navarra:-way nature of the Plazaola-southern slopes of the Pyrenees.

Several autonomous communities:-natural (Álava and Navarre) Vasco-Navarro railway road.

-Natural way of Biscay (Galicia, Asturias, Cantabria, Basque country).

-Road natural path Silver (Castilla y León and Extremadura).

-Natural path of Santander-mediterraneo (Castilla y Leon and Aragon).

-Natural path of the old railway line Puente Genil-Baeza-Utiel (Castilla - La Mancha and Andalusia).

-The natural way of the Cañada Real Soriana Occidental (Castilla y León and Extremadura).

-The natural way of del Júcar (Castilla - La Mancha and Valencia).

-The natural way of Matarraña-Algars (Aragon and Catalonia).

General interest on the other hand, proposes the maintenance works of the natural pathways promoted and implemented by the Ministry.

Disposal the eighth. Habilitation to adopt a consolidated text of the law 22/2003, of July 9, bankruptcy.

The effect of consolidating in a single text the amendments incorporated since its entry into force, the law 22/2003, of July 9, bankruptcy, authorizing the Government to elaborate and approve, on the proposal of the Ministers of Justice and of economy and competitiveness, within a period of twelve months from the entry into force of this law a consolidated text of the cited standard. This authorization includes the Faculty regularizing, clarifying and harmonizing the legal texts that need to be consolidated.

Ninth final disposition. Skill-related title.

1. the modification of the law 22/2003, of July 9, insolvency, contained in the single article of this law is issued under cover of the provisions of article 149.1.6. ª of the Constitution, which attributes to the State the exclusive competence in the field of commercial law and procedural law, without prejudice to necessary specialties resulting in this order from the particularities of the substantive law of the autonomous communities.

2. the provisions additional first to fourth are issued on the basis of article 149.1.6., 11th and 13th, which attribute to the State exclusive competence in commercial legislation, management of credit, banking and insurance and bases and coordination of the general planning of economic activity.

3 other amendments to legal texts contained in the final provisions first to fifth of this law will protect in the competence established in the standard title modified.

Tenth final disposition. Entry into force.

This law shall enter into force the day following its publication in the "Official Gazette".

Therefore, command to all Spaniards, private individuals and authorities, which have and will keep this law.

Madrid, 25 may 2015.

PHILIP R.

The Prime Minister, MARIANO RAJOY BREY