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Ranking of a secured guarantor upon payment of claim of unsecured creditor
5 de marzo, 2012
On the ruling of Commercial Court No. 1 of Oviedo, dated 25 May 2011 (Article 87.6 of the Spanish Insolvency Act)
The case: In this case a creditor holds an unsecured and unsubordinated claim against an insolvent debtor. A guarantor had provided a guarantee to the creditor and taken security on assets of the debtor to secure repayment of the debt in the event of enforcement of the guarantee. The court ruling decided on the ranking of the claim of the guarantor upon payment of the amounts owed by the debtor to the original creditor. The law applicable: Article 87.6 of the Spanish Insolvency Law: Article 87. Special Cases of Acknowledgement [of claims against the estate of the insolvent debtor]
The case: In this case a creditor holds an unsecured and unsubordinated claim against an insolvent debtor. A guarantor had provided a guarantee to the creditor and taken security on assets of the debtor to secure repayment of the debt in the event of enforcement of the guarantee. The court ruling decided on the ranking of the claim of the guarantor upon payment of the amounts owed by the debtor to the original creditor. The law applicable: Article 87.6 of the Spanish Insolvency Law: Article 87. Special Cases of Acknowledgement [of claims against the estate of the insolvent debtor]
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