Volver a empezar: reflexiones sobre la liberación de deudas

En los últimos tiempos, y particularmente a raíz de Auto del Juzgado de lo mercantil nº 3 de Barcelona, de 26 de octubre de 2010, se ha extendido en la doctrina española la necesidad de adoptar un mecanismo de liberación de deudas que permita a las personas naturales que se encuentren en situación de insolvencia exonerarse de pasivo no cubierto. El análisis gravita, en buena parte de las ocasiones, sobre la necesidad de reparar la desigualdad existente entre las personas naturales y las sociedades de capital, que sí pueden liberarse del pasivo no cubierto en caso de liquidación de su patrimonio insolvente. Y ello aunque sean los acreedores los que deban soportar la pérdida, pues, si la discharge está bien calibrada, no habrá de tener graves consecuencias sobre el mercado del crédito. La dificultad que plantea este análisis es que aborda la cuestión de la liberación de deudas desde una óptica retrospectiva o ex post y desde la perspectiva exclusiva del deudor. En este trabajo, vamos a analizar la liberación de deudas desde una perspectiva prospectiva o ex ante, para poner de manifiesto, por una parte, la eficiencia de la liberación de deudas, que genera para la sociedad unos beneficios superiores a los costes que impone, en particular, sobre los acreedores, y por otra parte, que vista esa relación positiva entre costes y beneficios, las severas condiciones patrimoniales a las que la somete el legislador no están justificadasThere is some consensus amongst the Spanish doctrine and the judiciary about the need to discharge the insolvent debtor from its unpaid debts once all his present assets have been exhausted. For a significant part of the authors, the discharge will help to treat equally individuals and companies in the event of bankruptcy. In fact, it will permit individuals –and not only companies–, to get rid of their debts after liquidation even if it will impose on creditors the negative consequences of the discharge. A proper design will help to reduce the negative consequences of the discharge over the credit market. This approach is however controversial, because it examines the discharge from an ex post point of view and from the exclusive perspective of the debtor. This paper proposes to change the perspective of the analysis and to examine the discharge from an ex ante point of view. The analysis will then show that, on one hand, the discharge is efficient because the benefits it generates for the society, in terms of increasing productive investment, are higher than the costs it imposes, particularly, to the creditors, and, on the other hand, as the relation cost-benefit is positive, the strict conditions imposed by the statute to grant the discharge are not justifie

Set-off and insolvency in the context of intermediated debt securities: The Spanish approach

This is the second in a series of articles considering the legal position regarding insolvency set-off in the context of intermediated debt securities in a number of jurisdictions. The position under English law was set out by Professor Louise Gullifer QC (Hon) in “Insolvency set-off in the context of Intermediated debt securities” published in the May 2019 edition, (2019) 5 JIBFL 287. The article explores whether, under Spanish Law, an investor in intermediated listed debt securities can invoke a right of set-off, arising from a counterclaim he holds against the insolvent issuer. When an investor has securities recorded in his own name in the registry accounts, he will be entitled to ask for payment from the issuer and, therefore, to invoke set-off when the relevant conditions are met. In contrast, when the intermediary has the securities recorded in the registry accounts in his own name, only he will be entitled to obtain payment. Thus, it is necessary under Spanish law to devise a solution to permit the investor to assert set-off against the insolvent issuer through the intermediar

Protocols in the restructuring of groups of companies

The principle “one estate, one insolvency procedure” informs EIR 2015/848 with regard to the insolvency of the members of a group of companies. However, it leads to a fragmented treatment of insolvency within the group. This principle, which respects the separate legal personality of the members of a group, can, however, destroy the synergies that exist between them. This work highlights the value of cooperation as an alternative to the unified treatment of insolvency within a group of companies to provide an efficient solution to insolvency. Moreover, insolvency protocols are shown as a relevant instrument through which cooperation between insolvency practitioners of the different proceedings - or, where appropriate, debtors in possession - is articulated for each particular case, in order to find a solution that maximizes the value existing in the group in the interest of the creditors of different companiesResearch project “Transnational Protocols: A Cooperative Tool for Managing Cross-Border Insolvency – ToP”, funded by the European Commission. JUST-AG-2017/JUST-JCOO-AG 201

Fundamental rights and horizontal direct effect under the charter

The effect of fundamental rights in private relationships is a controversial question not only within Member States, but also with regard to rights enshrined in the Charter of Fundamental Rights of the European Union. Recent ECJ Judgments have been read as adopting a stance in favour of recognizing horizontal direct effect to certain rights. This paper addresses the issue based on the understanding of fundamental rights as principles that impose upon public authorities an optimization command. This comprehension of fundamental rights is crucial to explain the need of a legislative intervention in order to ensure their enforceability in private relationships and, therefore, to conclude that the rights enshrined in the Charter do not have horizontal direct effect. Only exceptionally certain fundamental rights do not require this intervention because they are defined as such in the private sphere, and thus within the scope of private relationships. The same applies for human dignity, which is directly enforceable in private relationships since it is inextricable tied to the essence of human beings. As we will show, this view is consistent with the EU legislative action and ECJ case la

Imagen turística de Marraquech. Análisis de sus campañas publicitarias

Marraquech, ciudad turística por excelencia del Sur de Marruecos, es conocida por su patrimonio cultural y la vibrante plaza de Yamaa el Fna. Lo que muchos visitantes ignoran es la importancia del turismo para un país como Marruecos, que en el año 2013 consiguió superar la cifra de diez millones de visitantes. El presente trabajo de Fin de Grado analiza la imagen turística del país a través de las campañas publicitarias de los últimos años y el lugar que ocupa Marraquech dentro de ellas. Previamente se presenta un contexto histórico y económico y se analiza, de manera breve, la relación actual entre turismo y marketing.Grado en Turism

El papel de las Tecnologías de la Información y de la Comunicación entre el profesorado

Este trabajo recoge una síntesis de los resultados más destacables del estudio en el que se ha pretendido analizar el papel de las tecnologías de la información y de la comunicación por parte del profesorado en un centro de Formación Profesional. La recogida de datos se ha realizado a través de un cuestionario llevado a cabo en el centro Donapea durante la realización del prácticum II al profesorado del departamento de administración y finanzas. El uso extensivo y cada vez más integrado de las TIC en nuestra sociedad actual hace que deba plantearse su introducción y utilización en el espacio educativo. A través de este trabajo se pretende poder concluir el por qué a pesar de considerarse necesario un replanteamiento de los métodos didácticos utilizados por el profesorado en el proceso de enseñanza-aprendizaje en las aulas, parece que siguen sin utilizarse las nuevas tecnologías como complemento a las metodologías tradicionalesMáster Universitario en Profesorado de Educación Secundaria por la Universidad Pública de NavarraBigarren Hezkuntzako Irakasletzako Unibertsitate Masterra Nafarroako Unibertsitate Publikoa