El Dépor: one of the first media examples of counterclaims
Based on the case of Deportivo de La Coruña, Juan Antonio Borrás, Restructuring partner at RocaJunyent, reflects on how the new insolvency law gives a second chance to companies in insolvency proceedings, allowing modifications to be made to the agreement agreed with the debtors.
Recently, it has been published in different media that Real Club Deportivo de La Coruña is no longer in insolvency proceedings due to the approval of the agreement signed with its creditors, but it has not been exactly like that. The route used by the club has consisted in the modification of the creditors' agreement that it had already approved in 2014.
In fact, the club filed for insolvency at the beginning of 2013, and an agreement with its creditors was approved in February 2014. In that agreement, it was agreed to pay the debt to creditors within 17 years (waiting period) and with a 33% debt write-off.
When the club realised that it would not be able to comply with the agreement approved at the time, in 2023 it proceeded to process the modification of the agreement before the same Commercial Court that had approved the first one at the time. This modification of the insolvency agreement is colloquially known in the sector as the counterclaim, and is one of the novelties of the new insolvency regulations.
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