Last September, a British Court approved the first homologation of a debt restructuring agreement in favour of a Polish Company belonging to a Spanish industrial group (for further information, see Reorg Research). In Spain, the legal homologation process is regulated by the Insolvency Act. The legal homologation means that all new payments agreed by the debtor company with financial institutions are automatically extended to include institutions that were not a party to the agreement.
Chamber Three of the Spanish Audiencia Nacional has rejected US demands to extradite a Spanish citizen and former director of a US investment Bank, on the grounds that the crimes he was charged with were committed in the United Kingdom.
The new Spanish Act 29/2015 of 30 July, on International Cooperation in matters of Civil Law introduces significant changes regarding aspects such as international notification, taking of evidence abroad and the system for recognising and executing foreign rulings, and in particular the elimination of the reciprocity requirement in recognising rulings regulated by the Spanish Civil Procedure Act and the option that allows judges to directly submit international cooperation requests.