The Official Spanish State Bulletin (BOE) published the Royal Decree 892/2013, which regulates the Public Registry for Bankruptcy. This new Decree will allow banks, consumers, partners, and creditors to have …
The benefits of belonging to a group of companies are well known. The integration of companies within a group not only improves each of the companies’ competitive positions within their …
The express insolvency mechanism benefits debtors by cutting costs, eases the workload for mercantile courts, and prevents false satisfaction expectations for creditors. This is likely to result in a continued high number of insolvencies as debtors increasingly use this shortcut to obtain the entity’s death certificate.
To understand the so-called pre-bankruptcy process, consider the provisions of Article 5.1 of the Spanish Insolvency Law (IL). Under this Article, The debtor must request the declaration of insolvency within two …
The answer is yes. According to Article 5 of the Insolvency Act 22/2002 of 9 July, the debtor must request the declaration of insolvency within two months of the date …
Small and medium-sized enterprises (SMEs) are well known for playing a major role in all economies, being the key generators of employment and income. As a result, SMEs are crucial …
The Law introduces positive changes to financing agreements and restructuring but fails to address critical issues. Inadequate resources for the Justice system and the absence of solutions for individual debt problems persist. Additionally, the underutilization of the restructuring procedure contributes to low satisfaction among ordinary creditors.
In Spain, creditors’ compulsory liquidation proceedings differ from creditors’ voluntary liquidation, as they are initiated by a legitimate creditor following Article 3.1 of the Law 22/2003 (the Insolvency Act).
This article contains a summary of the principal measures introduced by the Procedural Streamlining Measures Bill in Spain, which is intended to improve, streamline and speed up current procedures in the spanish Civil and Contentious Administrative Systems in Spain.
The current Spanish Insolvency Law raises directors’ liability levels. Hence, directors must not only manage the company but also address legal aspects to prevent liability in insolvency proceedings.
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