Área de Articles | Pérez-Llorca, Law Firm

Restated Insolvency Act: Spain

Mónica Moreno — Mon, 13 Apr 2026 09:29:06 +0000

A Note on the amendments to the Spanish insolvency process introduced by Royal Legislative-Decree 1/2020, of 5 May, approving the Restated Insolvency Act (Real Decreto Legislativo 1/2020, de 5 de mayo, por el que se aprueba el texto refundido de la Ley Concursal), which entered into force on 1 September 2020, including the amendments introduced by act 16/2022, of 5 September, updating the restated insolvency act, approved by royal legislative decree 1/2020, of 5 May, for the transposition of the EU Directive (EU) 2019/1023, of 20 June 2019.

You can read the full article here.

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Recovery of Litigation Costs: Overview (Spain)

Pérez-Llorca — Wed, 28 Jun 2023 10:52:33 +0000

It covers how parties can obtain a costs order from the court, interest on a costs award, security for costs, and whether a court can order the payment of costs order in foreign currency or in instalments. It also considers the enforcement of contractual costs provisions and how courts address costs related to an interim application, the costs of appeal, and in the context of a settlement.

This Note also looks at the how effective Spain’s legal costs framework is in managing the costs of litigation, and the recent developments and legislative reforms related to this topic.

Update dated 27/02/2026 of the article originally published on 28/06/2023. Full article published on Thomson Reuters

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Right of withdrawal due to lack of or insufficient dividend distribution and annual account preparation

andrea.araujo — Wed, 25 Feb 2026 16:13:10 +0000

We analyse in this article the legal regime governing the shareholders’ right of withdrawal on the grounds of a lack or insufficiency of dividend distribution, following a recent judgment delivered by the Provincial Court of Barcelona in May of this year, which also addresses other issues of interest, such as the restatement of the annual accounts.

You can read the full article here.

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Three years of restructuring plans: legal trends and real-world applications

andrea.araujo — Thu, 19 Feb 2026 11:58:17 +0000

Three years after the enactment of Law 16/2022, restructuring plans have become the core instrument of Spain’s pre-insolvency framework. This article examines the recent judicial developments regarding creditor class formation, the definition of affected liabilities, and the requirement of business viability, together with the evolving role of restructuring experts. It also addresses divergent judicial approaches to court confirmation and interim financing. The analysis shows an increasing consolidation of protective standards but highlights persistent inconsistencies that call for greater uniformity and a more substantive culture of preventive restructuring in Spain.

You can read the full article here.

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Tokenization of private securities in Latin America: legal architecture for broadening access to private capital market

andrea.araujo — Tue, 10 Feb 2026 16:26:11 +0000

This article examines the legal architecture required to enable the tokenization of private securities in Latin America, with a particular focus on Colombia and comparative references to Mexico, Spain, and Brazil. Tokenization — the process of representing ownership rights over financial instruments through distributed ledger technology (DLT) — offers the potential to modernize private placements by enhancing liquidity, compliance automation, and transparency. The article situates tokenization within the broader evolution of financial infrastructure, drawing from doctrinal sources, international regulatory frameworks (MiCA, DLT Pilot Regime, CVM Resolution 175, Fintech Law), and functional analyses proposed by institutions such as DTCC, ISDA, and the World Economic Forum. It argues that while existing private offering regimes can accommodate tokenized instruments without wholesale legislative reform, legal certainty requires functional regulation that recognizes smart contracts, digital custody, and programmable compliance mechanisms as valid components of securities law. The article concludes that a principles-based, technology-neutral approach—centered on trust, reliability, and clarity—can allow Latin American markets to expand access to capital and attract cross-border investment while maintaining robust investor protection and market integrity.

You can read the full article here.

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The anti-abuse nature of Portuguese aggravated property taxes

Mónica Moreno — Wed, 07 Jan 2026 10:01:36 +0000

This landmark decision establishes important principles for the application of Portuguese aggravated property taxes by characterising the relevant provisions as anti-abuse rules that require actual proof of abuse, rather than allowing their automatic application based solely on the corporate structure. Through this interpretation, the arbitration court has aligned Portuguese tax law with established European jurisprudence on anti-abuse provisions.

You can read the full article here.

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When Insurance Becomes Law: Benefits and Risks

Mónica Moreno — Thu, 20 Nov 2025 08:30:07 +0000

They emphasize that mandatory civil liability insurance for vehicles can deliver significant social benefits: protecting victims, covering medical and legal costs, and ensuring financial solvency. However, they warn that for this regime to work, Mexico must address structural hurdles such as low insurance penetration in some regions, weak enforcement mechanisms, and the need for guarantee funds for uninsured vehicles or insolvent insurers. Their proposal is to foster an ecosystem in which mandatory insurance is affordable, enforceable and truly inclusive.

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EU AI Act: What should the public sector do?

andrea.araujo — Thu, 07 Aug 2025 09:46:28 +0000

The deployment of AI in the public sector promises greater efficiency and reduced bureaucracy, but also raises serious concerns about its potential impact on individual rights and societal structures. Aware of such high stakes, the EU AI Act imposes stringent compliance obligations on public entities, particularly in relation to high-risk AI systems. Compliance demands a systematic inventory of AI systems, clear identification of institutional roles (provider or deployer), risk classification, and the adoption of robust organizational and technical safeguards. Timely implementation is critical to ensuring legal alignment with instruments such as the GDPR, protecting fundamental rights, and reinforcing public trust while modernizing administrative processes.

You can read the full article here.

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TTR Dealmaker Q&A with Pérez-Llorca Partners Iván Delgado and Mauricio Piñeros

andrea.araujo — Wed, 06 Aug 2025 14:08:40 +0000

TTR: The recent integration with Gómez-Pinzón marks an important milestone for Pérez-Llorca. What motivated this decision, and why did you choose Colombia as the first step for your direct expansion into Latin America?

The merger with Gómez-Pinzón arose from an opportunity that emerged naturally. It did not result from an active search, but from the alignment of strategic plans and a shared vision for growth. Colombia is a particularly attractive market, with a dynamic economy and in a key position for investment flows into the region from the United States, Europe, Mexico, Asia and other South American countries.

Gómez-Pinzón is, moreover, the perfect partner with which to take this step: a firm with a long history, an excellent team, and great prestige in its market. Together we share the ambition to build a leading practice in Colombia and provide clients with first class advice. This integration not only strengthens our presence in Latin America, but also boosts our internationalisation strategy in the region with a project that we are very excited about.

TTR: What strategic synergies do you identify between the Spanish and Colombian markets? What types of investors or clients are leading transactions between both jurisdictions?

Spain and Colombia have a very close relationship, with economic and cultural ties that facilitate investment and create many opportunities in both directions. There is a clear synergy in sectors such as energy, infrastructure, finance, technology and cross-border M&A transactions, where demand for solutions that combine local knowledge with international experience continues to grow.

Our commitment to remaining close to our clients in all their investment plans has been the driving force behind our internationalisation strategy. Today, many of these transactions are led by multinationals and international funds. The integration with Gómez-Pinzón enables us to work more closely with them and provide the advice they need in both jurisdictions, with teams operating as one.

TTR: How would you describe the performance of the Colombian mergers and acquisitions market so far in 2025? Which sectors are showing the greatest dynamism or appeal for international investors?

In 2025 we have seen an uptick in M&A transactions in Colombia. The most dynamic sectors have been technology, telecommunications (especially with regard to towers), renewable energy, infrastructure, health, mass consumption and financial services. In these sectors, local companies have attracted significant investor interest.

Colombia remains attractive to international investors because of its strategic position in Latin America. This is coupled with a strong domestic market, increasingly integrated into regional trade, and a resilient business class, capable of generating strategic alliances that drive competitiveness. As a firm, we see clear opportunities to support complex transactions that respond to this active and changing environment.

You can read the full interview here.

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Behind Pérez-Llorca’s strategic leap into Colombia with Gómez-Pinzón merger

andrea.araujo — Mon, 04 Aug 2025 10:30:33 +0000

An evolving economy and the third-largest trading floor in South America proved a compelling draw for Pérez-Llorca, as the Spanish firm sets foot in the Colombian market.

The firm confirmed in May that it had joined forces with local law firm Gómez-Pinzón, marking the start of operations in Bogotá and Medellín through a formal integration.

This development is Pérez-Llorca’s second major expansion in Latin America in just over a year, following its April 2024 merger with Mexico’s González Calvillo.

You can read the full interview here.

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