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Registry cancellation of a mortgage of a property adjudicated in insolvency proceedings

The resolution of the General Directorate of Registries and Notaries (Dirección General de Registros y Notariado  – “DGRN”) dated 20th July 2018 clarified the legal requirements for the registry cancellation of a mortgage established on a property before the announcement of insolvency proceedings, wherein said property was adjudicated pursuant to the judicial auction held in accordance with the approved liquidation…

THE ECONOMIC AND STRATEGIC PARTNERSHIP AGREEMENTS BETWEEN THE EUROPEAN UNION AND JAPAN

On 24th August 2018 the Official Journal of the European Union published the decision of the Council of the European Union 2018/1197 on the signing of the Strategic Partnership Agreement between the European Union and Japan. According to Article 1 of the agreement, the objective of the agreement is to promote political and sectoral cooperation, to strengthen bilateral cooperation and…

PERSONAL DATA PROTECTION – PENALTY SYSTEM.

The council of ministers has passed Royal Decree-Law 5/2018 of 27th July regarding urgent measures for adapting Spanish Law to the European Union law regarding data protection. Said Royal Decree-Law entered into force on 31st July 2018. This regulation is aimed at bringing Spanish legislation in line with EU Regulation 2016/679 of the European Parliament and of the Council, of…

REQUIREMENTS FOR “STRONG” COMFORT LETTERS

 I. Introduction Comfort letters are an alternative to endorsements that fulfill a personal guarantee function against a creditor or a future creditor in order for them to grant the sponsored (debtor) a corporate finance. It is an obligation of result, in which the sponsor guarantees the good purpose of the designed financing operation. The Supreme Court distinguishes between “weak” and “strong”…