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How to apply for bankruptcy in Spain: Basic aspects and Deadlines
/in Insolvency and Restructuring /by José María MesaThe Bankruptcy Law in Spain regulates the basic aspects and the deadlines within which companies should apply for bankruptcy when their situation does not allow them to fulfil their payment obligations on a regular basis.
Liability for transfer of undertaking in insolvency proceedings
/in Insolvency and Restructuring /by Rosario RodríguezWe analyze the numerous judgements of the High Court regarding the existence or not of transfer of undertaking when a company acquires a productive unit of another company in the liquidation phase of the insolvency proceedings.
Express Insolvency Proceedings: an alternative for companies without assets
/in Insolvency and Restructuring /by José María MesaIn 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.
Insolvency Proceeding versus Company Liquidation
/in Insolvency and Restructuring /by Rosario RodríguezIn 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.
Changes in the Deadlines for the Preparation and Approval of Annual Accounts
/in Company Law, COVID-19 /by Company LawAt 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.
Legal Framekwork of the SOCIMI in Spain
/in Real Estate /by Nicolás MelchiorIn 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.
Negligent Bankruptcy in Spain and the Liability of the Parent Company
/in Insolvency and Restructuring /by Rosario RodríguezDuring 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.
Changes for shareholders after the amendment of the Corporate Enterprises Act
/in Company Law /by Company LawOn 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.
Look-through chart regarding temporary layoff procedures in Spain or ERTE
/in Labour and Employment Law /by Labour LawForce 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.
MAC or Material Adverse Change Clauses
/in Business Law /by José María MesaWith 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.