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Debt Restructuring in the UK and Spain: Is the Grass Still Greener on the Other Side?

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Debt Restructuring in the UK and Spain: Is the Grass Still Greener on the Other Side? Debt restructuring in the UK and Spain: Is the grass still greener on the other side? JENTE DENGLER, LL.M* __________________________ * The author would like to thank Anne Mennens (PhD Candidate and Lecturer, Radboud University Nijmegen) and Prof. Dr. Rebecca Parry (Senior Lecturer, Nottingham Law School) for casting a critical eye over the contents of this article and providing valuable input during the writing process thereof. Needless to say, any errors or omissions remain the author’s own. CONTENTS A. INTRODUCTION 5 §1. Background ....................................................................................................................... 5 §2. Research Aims .................................................................................................................. 6 §3. Methodology ..................................................................................................................... 7 §4. Structure ........................................................................................................................... 8 B. ENGLISH SCHEME OF ARRANGEMENT 9 §1. General .............................................................................................................................. 9 §2. The Scheme's Popularity: First Impressions do not last! ........................................... 10 2.1 From ‘Zero’ to ‘Hero’ ........................................................................................................... 10 2.2. The Advantages of the English Scheme ............................................................................... 10 2.2.1 Cramdown ...................................................................................................................... 10 2.2.2 Flexibility ....................................................................................................................... 11 2.2.2.1 "A compromise or arrangement …" ...................................................................... 11 2.2.2.2 "… between a company and its creditors …" ........................................................ 12 2.2.2.3 "… or any class of them" ....................................................................................... 13 2.2.2.4 ‘Out-of-the-money’ creditors ................................................................................ 14 2.2.2.5 Release of Third Party Claims ............................................................................... 14 2.2.3 Majority ......................................................................................................................... 15 2.2.4 Challenge ....................................................................................................................... 16 2.2.5 No Formal ‘Insolvency Procedure’ ............................................................................... 16 2.2.5.1 No stigma .............................................................................................................. 16 2.2.5.2 Early intervention .................................................................................................. 17 2.2.5.3 No Stringent Insolvency Legislation ..................................................................... 17 2.2.6 International Jurisdiction ............................................................................................... 17 §3. Foreign Use of English Schemes ................................................................................... 18 3.1 Introduction .......................................................................................................................... 18 3.2 English Domestic Law ......................................................................................................... 18 3.2.1 "Sufficient Connection" ................................................................................................ 18 3.2.2 Overseas Effectiveness .................................................................................................. 19 3.3 European and international law ........................................................................................... 20 3.3.1 Background .................................................................................................................... 20 3.3.2 Jurisdictional Issues ....................................................................................................... 20 3.3.2.1 EU Insolvency Regulation ..................................................................................... 20 3.3.2.2 EU Judgments Regulation ..................................................................................... 21 3.3.3 Recognition Issues ......................................................................................................... 23 3.3.3.1 EU Insolvency Regulation ..................................................................................... 23 3.3.3.2 EU Judgments Regulation ..................................................................................... 23 3.3.3.3 Rome Convention on Contractual Obligations ...................................................... 25 3.3.3.4 National conflict-of-law rules ................................................................................ 25 2 3.4 Brexit .................................................................................................................................... 26 3.4.1 Impact ............................................................................................................................ 26 3.4.2 Type of Brexit ................................................................................................................ 26 3.4.3 Consequences ................................................................................................................ 27 3.4.3.1 Jurisdiction of the English Courts .......................................................................... 27 3.4.3.2 Effectiveness in the EU .......................................................................................... 27 3.4.4. Conclusion .................................................................................................................... 28 C. CORPORATE RESCUE IN SPAIN 29 §1. The Spanish Insolvency Act (Ley Concursal 22/2003) ................................................ 29 1.1 Background ........................................................................................................................... 29 1.2 Modernisation and Simplification ........................................................................................ 30 1.2.1 New Objective ............................................................................................................... 30 1.2.2 One Single Procedure: ‘Concurso’ ................................................................................ 30 1.2.3 Law 8/2003: Commercial Courts ................................................................................... 32 1.3 A Failed System .................................................................................................................... 33 1.3.1 Inefficiency Statistics ..................................................................................................... 33 1.3.2 Obstacles to Rescue ....................................................................................................... 33 1.3.2.1 Punitive Personal Insolvency .................................................................................. 33 1.3.2.2 Stigma .................................................................................................................... 33 1.3.2.3 Length and Costs .................................................................................................... 34 1.3.2.4 Convenio Restrictions ............................................................................................. 34 1.3.2.5 Lack of Expertise .................................................................................................... 35 §2. Alternative Insolvency Institutions ............................................................................... 36 2.1 Mortgage foreclosures .......................................................................................................... 36 2.2 Out-of-court Debt Restructuring ........................................................................................... 38 2.2.1 Inadequate Legislation ................................................................................................... 38 2.2.2 Forum Shopping for English Schemes .......................................................................... 39 i) La Seda de Barcelona (2010) ....................................................................................... 39 ii) Metrovacesa (2011) ...................................................................................................... 40 iii) Cortefiel (2012) ............................................................................................................ 41 iv) Orizonia (2013) ............................................................................................................. 41 §3. Genesis of an Effective Restructuring Framework ..................................................... 42 3.1 RDL 3/2009: The Crisis calls for Solutions .............................................................................. 42 3.1.1 Background .......................................................................................................................
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