Carla Villavicencio, Author at Vila Abogados

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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”…

NEW JUDGMENT AGAINST SPAIN BECAUSE OF CUTS TO RENEWABLES IN THE MASDAR AND ANTIN CASES

Just recently two of the twenty-seven international arbitration proceedings have concluded, which were initiated by foreign investors against the Kingdom of Spain via the International Centre for Settlement of Investment Disputes (ICSID),  attached to the World Bank, regarding the cuts applied to the  incentive system for the generation of electric energy via renewable energy in 2013: Masdar v. España Case…

HOW TO DETERMINE THE CORPORATE OBJECT – CAN A BUSINESS ACTIVITY BE CHANGED WITHOUT MODIFYING THE BYLAWS.

  I. Corporate object and CNAE (clasificaicón nacional de actividades económicas – national classification of economic activities) number. When a company is incorporated the specific activities which shall integrate the corporate object must be determined. Often, from the start, clients have a clear idea of the business they will carry out, but in general, it is recommendable to establish a…

ATTENDANCE OF THE ANNUAL MEETING AND VOTATION BY VIDEO CONFERENCE

We very often find that Spanish companies whose shareholders – and even the directors – have other nationalities and/or reside in different places, far from the corporate domicile. It is of special interest to anticipate such cases and to establish in the bylaws the possibility of attending general meetings -and board of directors’ meetings, where applicable- by means of remote…