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.
Under different debt collection acts, both creditor and debtor have explicitly defined rights. Although there are world-wide acknowledged regulations, these acts differ between countries. In Spain commercial debt solicitors can perform both out-of-court and judicial proceedings for business-to-business recoveries, corporate debts and commercial debt collections.
The main objective of the monitorio proceeding is the quick resolution of recovery claims. It has proven to be very useful for both entrepreuneurs and smes in the collection of commercial debts in Spain.
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.
French and Spanish law have much in common for historical reasons: their common features, their forming part of the European Union, and the latter trends to harmonize the Member States’ legislation. However, there exists an issue for investors: not only may French and Spanish proceedings differ on certain details, but also the legal vocabulary used […]
Proceedings for its development The debtor must request (from the notary public of his home address) the appointment of a bankruptcy mediator if the debtor is a natural person. However, if the debtor is an entrepreneur or a legal person capable of registration at the Commercial Registry, then the debtor must request the appointment of […]
The 14/2013 Law of September 27 to Support Entrepreneurs and Internationalization (the Entrepreneur Support Act) has initiated several different reforms. In the bankruptcy field, the quorum of financial creditors needed to obtain court approval of refinancing agreements is more flexible. On the other hand, regulations govern extrajudicial payments agreements as mechanisms of extrajudicial negotiation with […]
Article 8 of the 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 debtor enters in default, the creditor will have the right to apply to the debtor a fixed quantity of 40€ — added in […]
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 the payment of a due and payable specified sum is claimed. The proceedings must be supported by the correct documents, such as invoices, delivery notes […]
Article 81 of the Treaty on the Functioning of the European Union establishes a legal basis for the development of judicial cooperation in cross border civil matters within the European Union. A first step in this process can be seen in the introduction of two specific procedures, the European Order for Payment Procedure and the […]
On May 4 last, Law 13/2009 of 3 November on the Reform of Procedural Law came into force. Included amongst the many new provisions of this law are changes to the civil monetary process, which has been considerably expanded in its scope as a result of this reform and it now provides for debt claims […]