Spanish lawyers specialized in Bankruptcy Proceedings in Spain

bankruptcy proceedingsArcos & Lamers Asociados, your Spanish Solicitor in Spain!. Lawyers and Accountants in Marbella who provide legal and tax services throughout all Spain!

In the event that your company in Spain experiences an adverse economic cycle, our company provides you with comprehensive advice about the analysis of the debt situation of your company and prepares and files the bankruptcy proceedings. The efficient lawyers and solicitors of our firm professionally assist you throughout the proceedings and offer you the essential legal advice you need to deal with the issues that may arise with such proceedings.

We have expert advisers in bankruptcy law to carry out the legal measures towards a structured solution of the situation as well as to make an analysis of the possibilities of your company’s continuity.

Lawyer in Marbella, Málaga, Spain explaining on Spanish Bankruptcy proceedings.

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.

Spanish Bankruptcy proceedings may either be voluntary or involuntary. Voluntary bankruptcy is the filing for bankruptcy by the debtor himself. Voluntary bankruptcy differs from involuntary bankruptcy filed by creditors.

The extract of the bankruptcy declaration is published without delay and without any charges in the Spanish official gazette.

In the case of Spanish voluntary bankruptcy, the debtor shall maintain his powers of disposition and administration on his assets, however this is subject to the approval or authorisation of the trustee.

Involuntary bankruptcy deprives the debtor of his power of disposition and administration on his assets, which are put entirely in the hands of the trustee.

The debtor will be obliged to cooperate with the trustee, to provide them with all necessary information and cooperate in the conservation and administration of the estate, putting all the records and documents concerning the professional or corporate activity at the trustee’s disposal.

Should the debtor have any goods or rights registered at Public Registers, then the declaration of bankruptcy will be registered at the corresponding Register, indicating the date of declaration, the intervention and, in some cases, the suspension of the powers of disposition and administration as well as the appointment of the trustee.

Different Part of the Spanish Bankruptcy Act

Pursuant to article 183 of the Spanish Bankruptcy Act, the bankruptcy proceedings are divided into the following sections:

The first section deals with the declaration of bankruptcy, provisional measures, final resolution of the common phase, conclusion and, in some cases, the reopening of the bankruptcy proceedings.

The second section deals with the Directors of the bankruptcy procedures, appointment and status of the Directors, determination of his powers and its exercise, rendering of accounts and, in its case, the liabilities of these Directors.

The third section is about the determination of the bankrupt’s assets, the authorizations for the conveyance of goods and rights comprising the bankrupt’s assets, the completion, decision and execution of the rights for refund and reduction and the debts of the bankrupt’s estate.

The fourth section sets out the determination of the debts, the notification, verification, ranking and classification of the creditor’s debts and payment to creditors.

The fifth section includes issues concerning composition and liquidation, including early composition and early liquidation.

Finally, the sixth section deals with the specification of the bankruptcy and its effects.

The declaration of Spanish bankruptcy does not interrupt the debtor’s professional or corporate activity, without prejudice to the effects on the powers on the bankrupt’s estate. The Supervisory Judge has ample powers to decide to close down offices, establishments; or including, in the case of a corporate activity, the total or partial assignment or suspension from this activity, prior to hearing the debtor and the workers’ representatives.

Please do not hesitate to contact the Spanish litigation lawyers of Arcos & Lamers Asociadosat any time! Telf:+3495277510.