The Council of Ministers approved the Preliminary Draft Law on structural modifications of commercial companies (the “ Preliminary Draft ”) that transposes Directive 2019/2121 of the European Parliament and of the Council, of November 27, 2019, by the amending Directive (EU) 2017/1132 with regard to cross-border transformations, mergers and divisions of companies (the “ Directive ”) . The Draft Bill will repeal Law 3/2009, of April 3, on structural modifications of commercial companies.
The purpose of the Draft Draft is to establish a harmonized legal framework with EU partners to improve transparency in structural modification operations, consolidate the rights of partners, creditors and workers of the companies involved, and requires publicizing this type of procedures. as well as protect and provide security to creditors and workers before the procedure begins.
