Overview

The various players in the M&A market (which includes financial investors, lawyers and advisors) and most of the companies which entered into contracts in times of splendour have, since the downturn of the economy, been seeking for an exit from the contract or a release of their obligations under such agreements based on what is known as the “material adverse change” clause or the “rebus sic stantibus” principle, as it is traditionally known in continental Europe.

Garrigues provides a general approach to such principle, to some of its highlights in comparative law, and, more specifically, to the way it is applied in practice by the Spanish courts.

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