A debtor’s default or delay is established if the debtor cannot satisfy his obligation to pay after receiving an overdue notice. At the time of contraction, companies in Spain can take preventive steps to deter defaults from the outset and to improve their legal position in a legal dispute.
The promissory note is a document of promise to pay a determined amount of money on a given day which is very common in Spain. It is a written document issued by the debtor — an individual, a company, the State — and it may be payable to the bearer or endorsable, that is to say, it may be transferred to a third party.
Due to historical ties, EU membership, and legislative harmonization trends, French and Spanish laws share commonalities. However, investors face challenges as legal proceedings and terminology differ. In debt collection, French investors need to understand procedures in Spain and potential distinctions from the French system.
In Spain, a natural person debtor requests a bankruptcy mediator from their local notary, while entrepreneurs or legal entities approach the Commercial Registrar at the registered office. The request for an extrajudicial payment agreement includes financial details, creditor lists, current contracts, and anticipated monthly expenses.
The Entrepreneur Support Act (Law 14/2013), effective from September 27, has brought about reforms. Notably, it has increased flexibility in the quorum of financial creditors for court approval of refinancing agreements. Moreover, regulations now govern extrajudicial payment agreements as tools for negotiating with creditors outside the judicial process.
Article 8 of Law 3/2004, of December 29, establishes measures against default in payments in commercial operations. Similarly, Article 6.1 of the Directive 2011/7/UE of February 16, 2011 states, When …
The current Spanish Code of Civil Procedure 1/2000 of date 7 January (CCP), articles 812 and subsequent, concerns debt collection proceedings in Spain. It describes the accelerated procedure through which …
While there have been reported instances of using the EOPP, the full potential and utility of these new procedures are yet to be realized. They seem to be infrequently employed and not widely known. Only time will reveal whether they will evolve into a cornerstone of the European Union’s civil debt recovery.
The monetary process is a straightforward procedure introduced since May 4th, which streamlines claims under €250,000, specifically for monetary debts documented in writing. Notably, legal representation is not mandatory for this process.
In dealing with clients who haven’t paid, companies often initiate conflict resolution by sending a formal requirement, ideally using the Burofax service provided by the Spanish post. Spanish judges, like those in many jurisdictions, appreciate efforts to resolve disputes out of court.
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