Extension of exceptional financial and corporate measures

Key aspects

Following the European Commission’s extension of the State aid Temporary Framework, the Spanish government has adopted Royal Decree-Law 27/2021, under which it extends several measures due to expire at the end of the year to support the recovery of businesses.

> It extends until June 30, 2022, the guarantee facilities managed by ICO (the Spanish State Finance Agency) and the company recapitalization funds managed by SEPI (the State-Owned Industrial Holding Company) and COFIDES (the Spanish Development Finance Institution).

> It postpones for another year (until the end of 2022) the application of grounds for dissolution due to qualifying losses.

> It postpones until June 30, 2022, the insolvent debtor’s obligation to file for insolvency.

> It extends until December 31, 2022, the obligation to seek prior authorization of certain foreign direct investments made by non-EU/non-EFTA residents.