Corporate Groups and Creditors Protection: An Approach from a Spanish Company Law Perspective

Unfortunately, unlike other European countries, Spanish corporate law does not observe a specific regime for corporate groups, containing only protection mechanisms of corporate creditors with regard to a reality that disappears when their indebted company is incorporated into a group. In this case, the conceived legal regime for that – formerly – independent company does not cover all the potential dangers that for its patrimony and its creditors the new economic reality of the group represents. Consequently, the study of the problem has to be constructed interpreting those creditor's protective norms anticipated by our current corporate law for independent companies from the specific enterprise reality that the corporate group represents.