Este trabajo examina la creación del Fondo de apoyo a las empresas estratégicas, a través del Real Decreto Ley 25/2020, de 3 de julio. Dicho Fondo público actúa como proveedor de liquidez de último recurso y tiene como objetivo facilitar el acceso a la financiación a aquellas empresas que, siendo solventes, se encuentran fuertemente apalancadas y no puedan obtenerla en el mercado -o podrían obtenerla a un coste prohibitivo. Para cumplir con dicho objetivo, el Fondo puede recurrir a instrumentos de capital, híbridos o crediticios.
This paper examines the establishing of a Fund for Strategic Companies, by Royal Decree-Law 25/2020, of July 3. This public Fund acts as a liquidity provider of last resort and aims to facilitate access to financing for undertakings that, being solvent, are however strongly leveraged and cannot obtain it in the market -or could obtain it, but at a prohibitive cost. To meet this objective, the Fund may use equity, hybrid or credit instruments. The legislator has recognized the condition of "public income"to claims arising from these financing operations in favour of the Fund. The paper analyzes the scope and consequences of this decision, in particular, regarding the possibility that these claims can be considered preferential (art. 77.1 LGT), as well as the justification for granting a priory to them.
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