“Value of real security” and “disproportionate sacrifice” in refinancing agreements under RD Act 4/2014

Scope
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2. In principle, this regulation of the «value of real security» does not have effects outside the homologation (court approval) procedure under the 4th additional provision or, indirectly, the provisions of art. 71 bis (2)(c) of the Spanish Insolvency Act (IA). It shall not apply in the ordinary proof of claims on insolvency or, more importantly, in the determination of the security enforcement or sale price for the purpose of arts. 149 and 155 IA when the disposal of the secured asset is performed without auction or as part and parcel of a bulk transfer…