The following information is available in the online First Year booklet for Corp Law:
(a) A candidate must have successfully completed 60 ECTS in First Year to proceed to
the Second Year of the Programme. The Pass standard is 40% in each subject. However
compensation may be allowed in subjects to a total of 20 ECTS at 35% provided the
candidate has excess marks above the pass standard in the other subjects equivalent to
double the deficiency.
(b) Where a candidate has failed in the examination as a whole, but has obtained 40% in
one or more modules, these pass marks may be carried forward to subsequent examinations
within the two-year time limit.
So, in your case (no pun intended), you have already successfully completed 40 ECTS, with Spanish and Accountancy both being worth 10 ECTS.
According to (a) above, if you were to score at least 35% in both exams, you could potentially pass by compensation. However, as you'll also see in (a), it depends on your other marks in other modules. As it states, you need 'double the deficiency', which basically means that, if you got 35 in both, you'd need 20 marks in other exams (say you had got 50 in Contract and 50 in Law of Torts - in that way, you'd have 10 over 40 in both, and thus 'double the deficiency'). If your marks in the other modules which you passed are only in the low 40s, then you might struggle to meet this requirement. (Although if you got something like over 60 in one of your modules, then you'd be fine). Sorry if that's confusing, but it's difficult to explain!
One other complicating factor is the fact that you're doing a language. There may be restrictions on continuing with the language if you don't meet what is usually called the 'language requirement'. Essentially this means that if you're struggling to reach a pass level in a language, then it would be difficult to make a case for you continuing on to get a degree with that language as part of it (or even have the option of going on Erasmus). I'd clarify this with your language coordinator, if possible.
One final thing you mention is about carrying subjects into Second Year. I get the impression that you can't carry subjects, according to the outline. (When they mention in point (b) about carrying forward marks, they're referring to students who have to repeat the year, but are exempt from repeating modules which they have already passed). Accountancy appears to be a core, so in the worst case scenario, you'd have to keep that on. It appears that, should you not be successful with Spanish and you had to repeat the year, you could take Management Information Systems instead. This is, of course, provided modules don't change. I'm basing this on the 2009-10 outline.
Best of luck with the exams!