The recent Supreme Court judgment of 15 January 2021 examines interesting questions related to the shareholder’s right of separation, in particular determining when the status of shareholder is lost after having exercised the right of separation, at the moment at which the shareholder is paid the value of his participation. However, the dissenting vote of Judge Juan María Diez Fraile stands out, who, after an extensive analysis of the normative situation and divergent case law, defends the position that this moment is produced by the communication of the shareholder to the company. The practical consequences of situating this moment in one or other position are important. In the case in dispute, the SC considers that the shareholder’s claim is classified as a subordinated claim, despite the existence of a judgment that declared the right of separation and ordered the company to pay this claim in 2014.
https://www.poderjudicial.es/search/AN/openDocument/405427a29c7f91d2/20210125