Article 830, paragraph 4, of the Code of Civil Procedure makes the suspension of the effectiveness of an arbitral award conditional upon the existence of serious grounds, to be assessed through the dual test of fumus boni iuris and periculum in mora.
The risk of opening insolvency proceedings against the party bound by the arbitral award does not constitute periculum in mora for the purposes of suspending the enforceability of the award, given that the judicial liquidation judge is required to ascertain independently and incidentally the existence of the debt underlying the application for opening the proceedings, regardless of the enforceability of the instrument on which the debt is based.