Publication: Subordinación contractual relativa y marcos de reestructuración preventiva
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2022-01-19
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Universidad Complutense de Madrid
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Abstract
Esta tesis doctoral analiza la subordinación contractual y su régimen legal en el contexto del proceso de transposición de la Directiva de Reestructuración Temprana. Esta tesis constata que, a pesar de la relevancia que tiene la subordinación contractual en muchas estructuras de capital, la falta de reconocimiento legal de la subordinación contractual relativa en nuestra Ley Concursal resulta en graves deficiencias que afectan negativamente al mercado de crédito y a sus actores. Esta circunstancia es especialmente negativa si consideramos que la subordinación contractual opera como un mecanismo de protección de los derechos de crédito de los financiadores que va más allá de la regla de responsabilidad patrimonial universal del deudor (artículo 1911 del Código Civil) y del régimen de garantías previsto en el ordenamiento jurídico español. En virtud de la subordinación contractual, los acreedores definen tanto su posición en la estructura de capital del deudor común como el valor ex ante de sus créditos: los acreedores a través de la subordinación contractual determinan la prelación (ranking) y rentabilidad de sus créditos. Es decir, en principio, cuanto mayor es el valor ex ante del crédito, menor riesgo y, por lo tanto, menor rentabilidad y, viceversa, cuanto menor es el valor, mayor es el riesgo y la rentabilidad...
This doctoral thesis focuses on contractual subordination and its legal regime in the context of the implementation process of the Preventive Restructuring Directive. This thesis starts by addressing the fact that despite the relevance that contractual subordination has in many capital structures of Spanish companies, its lack of legal recognition by the Spanish Insolvency Act results in serious deficiencies that negatively affect the credit market and its participants. This circumstance is particularly negative if we consider that contractual subordination operates as a mechanism for the protection of credit rights of lenders that goes beyond the rule of universal patrimonial responsibility of the debtor (article 1911 of the Spanish Civil Code) and the in rem security regime set forth in the Spanish legal system. Pursuant to the contractual subordination, creditors define their position in the capital structure of the common debtor and the ex ante value of their credits: the creditors through the contractual subordination determine the ranking and the return of their credits. In other words, in principle, the higher the ex ante value of the credit, the less risk and, therefore, the lower return and, vice versa, the lower the value, the higher the risk and the return...
This doctoral thesis focuses on contractual subordination and its legal regime in the context of the implementation process of the Preventive Restructuring Directive. This thesis starts by addressing the fact that despite the relevance that contractual subordination has in many capital structures of Spanish companies, its lack of legal recognition by the Spanish Insolvency Act results in serious deficiencies that negatively affect the credit market and its participants. This circumstance is particularly negative if we consider that contractual subordination operates as a mechanism for the protection of credit rights of lenders that goes beyond the rule of universal patrimonial responsibility of the debtor (article 1911 of the Spanish Civil Code) and the in rem security regime set forth in the Spanish legal system. Pursuant to the contractual subordination, creditors define their position in the capital structure of the common debtor and the ex ante value of their credits: the creditors through the contractual subordination determine the ranking and the return of their credits. In other words, in principle, the higher the ex ante value of the credit, the less risk and, therefore, the lower return and, vice versa, the lower the value, the higher the risk and the return...
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Tesis inédita de la Universidad Complutense de Madrid, Facultad de Derecho, Departamento de Derecho Mercantil, Financiero y Tributario, leída el 05-11-2021