Credits against the mass

When speaking of credits against the estate and bankruptcy credits we are referring to bankruptcy law in Spain. But what do these terms mean?

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Credits against the mass

Credits against the estate are regulated in article 84.2 of the Bankruptcy Law. There is a specific list of all the credits that are considered “against the mass”. In any case, it can be said that all credits whose expenses are created after the car for which the Bankruptcy is declared are credits against the estate.

Specifically, the legislation indicates that these are credits against the estate:

  1. Those credits for salaries of the last 30 days of effective work prior to the declaration of insolvency. Its amount must not exceed twice the minimum interprofessional salary.
  2. Those related to legal costs and expenses required for the application and declaration of insolvency, the application of precautionary measures, assistance and representation of the bankrupt
  3. Those of legal costs and expenses caused by the representation and assistance of the debtor, the bankruptcy administration or legitimate creditors in the lawsuits that, in the interests of the estate, continue in accordance with the provisions of this law.
  4. The food of the debtor or people with whom he has a duty to provide them. Credits on the mass will also be considered those accrued after the declaration of the bankruptcy. Especially when they originate in a judicial resolution issued previously.
  5. Those produced by exercising the debtor's professional or business activity after the declaration of insolvency, including labor credits, severance payments, among others.
  6. Those that are the result of benefits paid by the bankrupt in contracts or of restitution and compensation obligations in the event of voluntary termination or breach of the bankrupt.
  7. Those that, in the event of bankruptcy rescission, correspond to the return of compensation received
  8. Those that are the product of obligations obtained in the course of the procedure by the bankruptcy administration
  9. Those that are the result of obligations arising from the law or of non-contractual obligations of the bankrupt after the declaration of the bankruptcy and until it concludes
  10. 50% of those loans that mean new treasury income and that have been received thanks to a refinancing agreement
  11. Any other credit to which the law in question expressly grants said consideration

And what are bankruptcy credits?

Unlike credits against the estate, bankruptcy credits are those that make up a passive estate. These were qualified and identified in the application for the Creditors' Competition and were later classified by the Bankruptcy Administration. According to article 89 of the Bankruptcy Law, the: "credits included in the list of creditors will be classified, for the purposes of the bankruptcy, as privileged, ordinary and subordinate. In the same way, it says afterwards that "privileged credits will be classified, in turn, into credits with special privilege, if they affect certain assets or rights, and credits with general privilege, if they affect the totality of the debtor's assets."

Roger molins Jerome P Allison ( LinkedIn )
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