Features of the Enforcement of Bank Guarantees in Spain

Eurofenix Spring Edition, Enforcement of bank guarantees. April 2010 What happens if the beneficiary of a bank guarantee or other surety decides to enforce it against a payment default by a debtor who has been declared insolvent? This is a crucial question not only for the beneficiary of the guarantee but also the granter thereof […]

Procedures to retrieve a heritage in Spain

In the event you know or believe a deceased party has assets in Spain, you may follow the procedures outlined below to discover the extent of these assets and to successfully retrieve them. You can easily find person’s assets, if they are registered, before the Registry of Movable Assets. The first step to be taken […]

The extinction of the Management Contract in Spain

The employment contract for executive managers is regulated in Spain by the provisions established in Royal Regulation 1382/85 of 1st August, regulating the special employment relationship of executive managers. Considered as executive managers are those, who are qualified by the following characteristics: The exercise of powers which are inherent to the legal entitlement of the […]

Manager’s Liability within the Framework of Bankruptcy Proceedings in Spain

The still recent Spanish Bankruptcy Law more fully examines the legal system regarding company managers’ liability.This new liability system serves to supplement the system already provided for in the Public Limited Company and Limited Liability Company Laws, as well as the Criminal Code, within the framework of corporate crime. In effect, one of the areas […]

Impact of company abandonment in Spain on the system of managerial liability

PDF Eurofenix Autumn 2010 – Company Abandonment in Spain The Spanish legal system provides certain protections for creditors of companies that have in fact ended their commercial trading. These companies have been abandoned by their partners and managers, rendering them inactive, yet they have not dissolved and liquidated pursuant to the established processes established by […]

Changes to the small claims procedure in Spain

On the 4th of May 2010, the reform of the Procedural Law under Law 13/2009 actively came into being. While there are many new areas to be discussed under this law we wish first and foremost to address the issue of the proceso monitorio or small claims procedure. At the root of this reform one has […]

The Spanish LLC: advantages, disadvantages, and differences with a regular corporation

In addition to being one of the most common business organizations, the LLC corporate form is highly suggested for starting a small- to medium-sized business because of its more relaxed reporting or publication requirements, its relatively minimal initial capital requirement (about 3,006 Euros), and its limited liability for its members.  According to Mr. Lincke, a […]

Taxes-fondo-oscuro

Taxes on inheritance and gifts in Spain

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.

Despido improcedente en españa

Redundancies in Spain in times of crisis: economic and productive reasons

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 a company could carry out this type of redundancy. We are going to focus on the most common reasons, which usually take place during times […]

Spanish Insolvency Law: the responsibility of directors in a situation of insolvency

The Insolvency Law of Spain protects creditors in case of misconduct or negligence by directors (administradores) of a company in insolvency; such a disposition is specifically useful as it is of utmost importance for there to be confidence in the protection that the economic legal framework offers to creditors. When there is a company in […]