On May 4, 2010, the Procedural Law in Spain underwent a reform with Law 13/2009, significantly expanding the application of the law. The small claims procedure, known as “proceso monitorio,” saw a substantial extension in its scope. Under the reformed legislation, debts of up to €250,000 can now be recovered, a significant increase from the previous limit of €30,000.
The LLC corporate form is highly recommended for small to medium-sized businesses due to its relaxed reporting requirements, relatively low initial capital (around 3,006 Euros), and limited liability for members. According to legal experts, approximately 90% of new companies in Spain are LLCs, with the remaining 10% being various forms of partnerships.
The inheritance and gift taxes in Spain taxes the increase on wealth of a property, right or asset, the first one by reason of death of the transferor, the second one while still alive. Both must be paid by the beneficiaries, the amount will be vary depending on which autonomous community the asset is.
The Spanish Code of Labour Law (Estatuto de los Trabajadores) sets out a particular type of redundancy known as redundancy based on objective reasons. There are several reasons for which …
Spain’s Insolvency Law safeguards creditors in instances of director misconduct or negligence during company insolvency, ensuring confidence in the legal framework’s protection for creditors.
On July 2nd, the Council of Ministers approved the Redrafted Text for the Law of Capital Companies (Royal Legislative Decree 1/2010). Effective from September 1, 2010, it unifies regulations for various company types, addressing organizational issues and imperfections.
Establishing a business in Spain demands understanding not only the local legal system and traditions but also compliance with European directives and international conventions. This intricate legal landscape necessitates a comprehensive assessment of how both Spanish and international laws impact the initiation of a new business venture by an optimistic foreign entrepreneur.
The Law establishing measures to fight against late payments in commercial transactions (3/2004 Law of December 29th) represents the culmination of a legislative process developed to adapt the Spanish legislation to …
This article delves into crucial aspects of insolvency and debt collection proceedings in Spain. It highlights the practical challenges faced by economic actors, emphasizing the decision-making process between liquidation and reaching agreements with creditors, which can be influenced by the type of creditor involved. The article also briefly touches on the limited effectiveness of insolvency proceedings in family debt cases.
In Spain, the Insolvency Law 22/2003 underwent recent reform with Royal Decree Law 3/2009 (March 27), responding to the global economic crisis. Originally enacted during economic prosperity, the law’s deficiencies over six years prompted modifications in the reform.
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