Nullity of the contract of purchase of Bankia shares
In 2011, the entity Bankia made a public offering of shares (IPO), where the detail brochure, the only informative channel for small investors, distorted the veracity of the entity’s accounts. Five years later, the Supreme Court ratified the nullity of the purchase of shares.
Companies subject to compulsory retirement clauses by a collective agreement
Retirement in Spain is not compulsory except in the cases outlined in Law 3/2012, of 6 July, on urgent methods to reform the labour market.
Legal framework for restructuring and insolvency proceedings in Spain
The legal framework for restructuring and insolvency proceedings governs the reorganization of debt. An insolvency proceeding is an in-court-restructuring procedure that consists of obtaining an insolvency order from a judge. An out-of-court restructuring is where a debtor negotiates directly with its creditors.
Financing Support to Entrepreneurs in Spain
Some of the financing measures the Entrepreneurs Law introduces to support investments in Spain include the refinancing agreement, the procedure for appointment of an independent expert, the public deed mortgages and bonds of internationalization and the minimum share capital of mutual guarantee companies (MGC).
Out-of-Court Settlement & Modification to the Bankruptcy Act
An out-of-court settlement is a legal arrangement between parties outside of court and without a trial. Some of its benefits are the reduction in expenses and stress, its greater privacy, its predictability, finality and flexibility. In Spain, the modification to the Bankruptcy Act has introduced out-of-court settlement as an alternative to contestations and formal refinancing agreements.
Initiation of an Entrepreneurial Activity in Spain
By means of Law 14/2013 (“Entrepreneurs Law”), Spain has undertaken different reforms to create growth and employment and promote the initiation of entrepreneurial activities. Some of these measures include the constitution of a company by public deed, the incorporation of a limited liability company using the DUE and the CIRCE systems without using their model bylaws and the discharge and onset of the activity of individual entrepreneurs and commercial corporations.
Patents and the protection of inventions in Spain
As an intangible asset of a company, a patent is an economic tool. It provides its owner with a competitive advantage by granting a monopoly that enables the owner to prohibit any use of the invention without the owner’s consent.
Out-of-Court Restructuring in Spain
In 2014, the Spanish government implemented the out-of-court restructuring procedure through the Royal Decree Law. Its objective is to help debtors avoid bankruptcy by negotiating with their creditors. Given the time and effort it takes, an out-of-court restructuring can be very favourable to both parties.
Hiring false interns in Spain
The Spanish labour inspectorate is reviewing the situation of interns working in Spanish companies. In the cases where the labour inspectorate detects an employment relationship, the companies will be economically punished and obligated to hire the interns as permanent employees.
Commercial measures to support entrepreneurs in Spain
The commercial measures to support entrepreneurs in Spain include simplifications for electronically legalizing corporate books, issuing electronic powers of attorney, organizing records and the requirements for economic and financial information.
