The Spanish law firm, Arcos & Lamers Asociados, has the pleasure to line out some details with regards to the Spanish Bankruptcy proceedings.
The declaration of Spanish Bankruptcy is governed by the Spanish Law – Bankruptcy Act 22/2003 passed on 9th July 2003. When a debtor is unable to fulfil his financial obligations and has become insolvent, he may apply for a declaration of bankruptcy, justifying his indebtedness and state of insolvency. The bankruptcy petition may also be presented by any of the debtors’ creditors.
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