In Spain, the Insolvency Law provides for the processing of express insolvency proceedings for those companies with no assets nor properties (or that are of a residual nature), with the corresponding savings in time and costs that ordinary insolvency proceedings would normally entail.
In times of crisis, companies may find themselves in a legal cause for dissolution. In this article, we analyse when they should initiate a bankruptcy proceeding and when they should opt for the dissolution and liquidation of the company.
At the end of the fiscal year, the administrators of the company are responsible for preparing the annual accounts, convene an ordinary general meeting to approve them and deposit the accounts at the Commercial Registry.
In order to boost the real estate market in Spain, the figure of the SOCIMI (real estate investment company) emerged in 2009. These are listed companies that principally carry out the acquisition, promotion, and restoration of leasehold urban assets.
The trade de-escalation plan in Spain focuses on the post-COVID recovery phase, aiming to stabilize businesses and foster economic growth.
During the insolvency proceeding, the so-called ‘Sixth Section’, if opened, will determine whether or not the bankruptcy is negligent, as well as the liability of the company directors. We analyse if it is possible to attribute this liability to the parent company.
On 24th May 2019 was published the draft law amending the Corporate Enterprises Act and other financial rules in Spain. Its objective is to adapt them to the European legislation (Directive (EU) 2017/828) in terms of promoting the long-term involvement of shareholders in listed companies.
Force Majeure ERTE are regulated in arts. 47.3 and 51.7 ET, art. 31 and ff of Royal Decree 1483/2012 and arts. 22 and 24 to 28 of Royal Decree Law 8/020. ERTE for objective causes linked to COVID-19 are regulated in art. 47 ET, arts. 16 and ff of Royal Decree 1483/2012 and arts.23 and 25 to 28 of Royal Decree-Law 8/2020.
With widespread application in M&A transactions, MAC clauses are a very useful instrument since, as a rule, they allow the buyer to withdraw from a transaction in case of significant adverse changes that discourage the economic aim of the contract.
Information note on Royal Decree-Law 18/2020 (RDL 18/2020) of 12 May, on social measures in defence of employment, which introduces modifications to employment regulation records.
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