M&A
Availability of financial statements of Spanish companies
Spanish companies are obliged to publish and file much of their financial statements every year. This information is public to anyone who asks for it and reveals everything that Spanish…
Jurisprudence on Exclusivity Pacts, non-concurrence and permanence in Spain. Limits and requirements
Exclusivity, non-concurrence and permanence pacts have limits and requirements. The Supreme Court has issued jurisprudence on Exclusivity Pacts, clearly defining both the nature and limits of this institution.
What is a Comfort Letter?
When answering the question "what is a comfort letter?", other questions arise, such as " are we really only making a declaration of intentions or is a real obligation being…
Binding or non-binding nature of Letters of Intent
Businessmen, lawyers, advisers ... how many times have you asked this question: What is actually stated in Letters of Intent?
Non-Disclosure Agreements (NDA)
Non-disclosure agreements are legal contracts between at least two parties who decide to share confidential material, knowledge, or information but wish to keep this information private from third parties.
What is a Ratchet? Example of a Ratchet and the difference with the Bonus
Last updated: 28 July 2026. Quick answer. A ratchet is an extraordinary incentive that a financial investor grants to the management team of an investee company, payable when the investor…
The taxation of “carried interest”: a global controversy
How is carried interest taxed in the UK?;How is "carried interest" taxed in Spain? The taxation of "carried interest" is subject to controversy. And it is in all those countries…
Private Equity and Financial Assistance: a dangerous pairing.
Until well into 2010 there was virtually no Venture Capital without financial assistance. In fact, financial assistance was an intrinsic part of the business model. So much so that the…
The Impairment Test: What is it? How to do it? Why?
Conventional Wisdom says large corporations accounting are built from the bottom to the top. All starts with P&L ... and the accounting "flows". But how is it possible? Cash is…
What does (materiality) mean in terms of (financial statements)?
It is really surprising how in a matter whose nature is inherently quantitative and whose rigor is based on accuracy, an indefinite concept such as “materiality” has as much prominence.…
