PKF Attest

Legal

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The Expert Guide to become a FIFA Agent IS a didactic and understandable book, aimed at sports agents and anyone who wants to be trained and learn about the particularities of the new regulations for players' agents.

This is a disruptive, innovative project that aims to strengthen ties between young lawyers dedicated to Sports Law, as lawyers under thirty-five years of age from different countries will participate.

Jon Murguiondo Oriñuela, tax advisor of our firm, with more than 10 years of experience in the legal and tax sector and currently specialized in sports law and asset management of professional athletes, will participate in this new guide for FIFA agents with a chapter dedicated to asset management.

Jon, with extensive experience and participation in both national and international transfers, among his main tasks is to be in charge of the day-to-day management of the assets of the athletes, professionals and / or agents, performing an in-depth analysis such as business proposals or investments of any kind, always focused on the viability of the current and future economic-financial situation of the elite athlete.

If you want advice on sports law, please visit our website.

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We have strengthened our corporate restructuring and insolvency area with the incorporation of Itsaso Santos as a partner.

A lawyer and insolvency administrator, Santos is also an associate professor at the University of Deusto. In this department, in which more than 30 professionals from different specialties participate, she will work providing support to companies in crisis in terms of refinancing and tax and labor advice.

With this multidisciplinary team, PKF Attest "is prepared to face with the best guarantees all the situations foreseen in the new revised text of the bankruptcy law, such as restructurings or sales of production units, both in the pre- and in the insolvency phase", the firm explains.

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The General Data Protection Regulation (GDPR) came into force on May 25, 2018. Although it was not the first regulation in Spain around data protection, as there were two previous ones, the LORTAD of 1992 and the LOPD in 1999, this new regulation meant a change in the compliance model.

The GDPR brought with it a new way of conceiving the protection of personal data. It was a regulation that changed forever the conception of data protection and of a fundamental right such as privacy
. It also made Europe a world pioneer in this legislative field. Until then, companies had limited themselves to complying with a series of specific legislations that regulated the treatment of this type of data within their business activity.

However, the GDPR required companies to go beyond mere compliance by developing a genuine data protection risk management strategy.

Four years later, it is a good time to take stock and analyze how Spanish companies have adapted to this new legal framework.

For this we have two experts in the area of privacy and data protection from PKF Attest, Javier Lizarralde and Mariano Arostegui:

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The Create and Grow Act is one of the main reforms of the Recovery, Transformation and Resilience Plan and aims to boost the creation of businesses and facilitate their growth and expansion.

Creating a company will be easier and faster.
A Limited Liability Company can be incorporated with a share capital of 1 euro (previously 3,000 euros) and can be incorporated telematically, reducing time and costs.

Favor business growth.
The regulatory framework is improved by simplifying existing legislation and streamlining procedures.

Fight against late payment.
The main action is to promote the use of electronic invoices, making it mandatory to issue and send them.

Financial support for business growth.
Measures to improve alternative financing instruments to banking such as crowfunding, participatory financing, collective investment or venture capital.

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Entry into force: in general, on September 26, 2022, with the exception of the third book of the TRLConc ( new special insolvency procedure for micro-companies), and the 11th DA , referring to deferrals and installments of tax debts by the AEAT, which will enter into force on January 1, 2023.

The reform affects many aspects of the first book, completely changes the pre-bankruptcy system in a new second book, and creates a new third book dedicated to the insolvency proceedings of micro-companies.

It seeks to streamline insolvency proceedings in Spain, and to comply with the transposition of the European Directive on restructuring frameworks.

1. Introduction

Last August 25, the Congress of Deputies approved the reform of Royal Legislative Decree 1/2000, which approved the revised text of the Insolvency Law (hereinafter, LCon). The reform was approved by Law 16/2022, of September 5 and was published in the BOE the day after its approval.

The purpose of the reform is the transposition of Directive (EU) 2019/1023, on preventive restructuring frameworks, debt waivers and disqualifications, and on measures to increase the efficiency of restructuring, insolvency and debt waiver proceedings.

In addition, in order to encourage earlier restructuring and contribute to the decongestion of the courts, the reform introduces the so-called restructuring plans.

At the same time, the reform introduces multiple procedural modifications aimed at streamlining the insolvency proceedings, facilitating the approval of an agreement when the company is viable and a quick liquidation when it is not.

Finally, a more efficient second chance procedure has been set up, extending the list of debts that can be exonerated and introducing the possibility of exoneration without prior liquidation of the debtor's assets and with a payment plan.

2. Modifications to Book I of the TRLC on insolvency proceedings.

Anticipation of the end of the common phase. A decree will be issued putting an end to the common phase of the insolvency proceeding, with the simultaneous opening of the liquidation phase within 15 days from the presentation of the report of the insolvency administration.

The deadline for the presentation of the proposed composition is also reduced, which may be presented together with the request for the declaration of bankruptcy or at any time thereafter, provided that fifteen days have not elapsed since the presentation of the bankruptcy administration's report.

Requirements for the registration of the Insolvency Administrator. The requirement of qualification and passing the exam is maintained, but lawyers, economists, business graduates and auditors who can prove previous experience as insolvency administrators are excluded from taking the test.

Substitution of the express termination of insolvency proceedings for the declaration of insolvency proceedings without assets.

The imposition of the cost of the VUP through a Specialized Entity at the expense of the Bankruptcy Administration is eliminated.

Introduction of the possibility of submitting the VUP offer with the application for the declaration of bankruptcy and the appointment of an expert to obtain the offer for the VUP.

Expansion of the scope of application of bankruptcy rescission.

The credits contracted by the debtor during the period of compliance with the agreement will be classified as bankruptcy credits, and not against the estate.

Claims related to the bankruptcy administration's remuneration during the liquidation phase are considered essential for the liquidation.

Abolition of the advance arrangement and the creditors' meeting, replacing it with a written system of adhesions in order to simplify the procedures.

The opening of the sixth qualification section will take place whether the insolvency proceeding goes into liquidation or into composition.

The opinion by the Public Prosecutor's Office is eliminated and is limited to the possible criminal action.

The duration of the insolvency proceeding from the opening of the first section until the closing of the fifth section may not exceed twelve months, although the judge may extend it if necessary due to its complexity or justified circumstances that may arise.

3. Modifications to Book II of the TRLC on corporate restructuring plans.

Public credit. The need to be up to date with tax and Social Security obligations in order for the restructuring plan to affect public credit and for the credits to be less than two years old from the date of their accrual until the date of presentation to the court of the notice of commencement of negotiations.

Foreclosure of public creditors. Non-suspension of executions requested by public creditors due to the communication of restructuring plans. Once three months have elapsed since the communication, the agreed suspension becomes null and void.

Payment schedule for public law receivables affected by the restructuring plan. In general, 12 months from the date of the order approving the plan; in the case of deferment or instalments, 6 months. Payment shall in no case exceed 18 months from the date of communication of the opening of negotiations.

The debtor's failure to comply with the obligation to be up to date with its tax and Social Security obligations constitutes grounds for challenging the order approving the restructuring plans.

Public-law creditors affected by the restructuring plan may request the termination of the plan with respect to public-law claims in the event of default.

4. Modifications to Book III of the TRLC on the special procedure for micro-companies.

Necessary intervention of professionals in this special procedure.

Reduction of the target scope of application to be applied to debtors with an annual turnover of €700,000 or liabilities of €350,000.