Duties and Liabilities of Directors in Insolvency Proceedings in Spain

During times of crisis, where there is no chance of refinancing a company’s debt, the board of directors must initiate insolvency proceedings. We are going to focus on the duties of directors of an insolvent company. Directors of a company have a duty to act with honesty, diligence and prudence, the so-called duty of care. Directors will be held […]

Modification of the bankruptcy proceedings in Spain

The Council of Ministers has passed the draft of a new law modifying the current law on insolvency proceedings in Spain. The law has already been modified by Royal Decree 3/2009 dated March 27th, 2009which implemented some urgent measures regarding the tax and financial aspects of insolvency proceedings. The amendments have attempted to speed up such proceedings and […]