We examine the legal framework governing the appointment of auditors in Spanish capital companies, highlight the situations in which an audit is mandatory, and explain the main advantages of a voluntary audit of accounts.
The assignment of credits is a valid and widely used legal mechanism in Spain through which a creditor (assignor) transfers to a third party (assignee) a credit right it holds against a specific debtor (assigned debtor).
In 2023 and 2024, the Spanish Supreme Court relaxed the rules on the deductibility of directors’ compensation, prioritizing the justification and business connection of expenses over formal requirements.
Following the pandemic, companies in Spain have adopted telematic and hybrid meetings, supported by legislative changes that allow shareholders and directors to participate remotely. To implement these meetings, companies must amend their bylaws and ensure participants’ identity, legitimacy and effective communication.
The judicial approval of a restructuring plan represents a vital mechanism for the debtor, protecting essential business aspects necessary to ensure survival.
The economic unit encompasses the active and passive elements constituting a ‘company’ or ‘autonomous productive unit’ within the company. The transfer of an authentic economic unit is an essential requirement for partial spin-offs in Spain.
The bankruptcy moratorium in Spain, in force since 14 March 2020 and already extended several times, ends on 30 June 2022.
After the insolvency proceedings begin, creditors have a one-month limit to communicate their claims against the insolvent debtor.
Regarding the termination of contracts with reciprocal obligations in the context of bankruptcy declaration, the Spanish regulations distinguish between contracts pending fulfilment by one of the parties or by both parties.
The deadline for the communication of credit by the foreign creditor is one month after the publication of the declaration of bankruptcy in the Spanish Official Gazette (BOE). Although it is not mandatory, the foreign creditor should make such communication for its qualification and subsequent payment.
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