Bankruptcy Guide - RiesgoyMorosidad

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RiesgoyMorosidad.Com »Bankruptcy
Management Risk and Delinquency in the Spanish Company
15 Items Sort Oldest First Updated: Mon, Mar 23 2009 1:01 PM
Madrid Conference of Bankruptcy
By Sallust on Suspension of Payments
There is much ignorance in the business world about bankruptcy and how it can af
fect every business. Thus, a series of basic questions that every entrepreneur s
hould know the current situation: What to do when a customer in question begins
to have a questionable credit. Measures to be taken to minimize the impact of a
possible default. What happens when a customer is declared enconcurso of credito
rs. Managing default and options for ensuring future payments. What preventive m
easures can be applied in the company to minimize the impact of the crisis in so
ciety. Financial and legal measures. What not to do with the risk of default, to
avoid aggravating the condition of the company or incur personal liability of m
anagers. Benefit from the advantages of bankruptcy and what is the right time. M
easures to be taken in advance. The approach of the bankruptcy process: continui
ty or liquidation. How should be processed to achieve the objective successfully
?
Lawyers jure as well as a regular contributor to this blog, is one of the most e
xperienced law firms bankruptcy law in Spain. Jure has organized the next day Fe
bruary 26 conference free information aimed at answering the questions outlined
above. The conference, an informative, with the participation of lawyers, judges
, entrepreneurs in competition and insolvency administrator. Attendance is free.
Those interested in attending can request an invitation directly from your webs
ite Jure. Tags: Bankruptcy, Conference, Bankruptcy Law, Jure, Suspension of Paym
ents Related Entries Only a handful of companies in competition sobevivirá the c
risis (0) unpaid bills and bankruptcy procedures support the crisis (0)
1 of 19
03/24/2009 22:34
Creditors competitions are at maximum levels (0) Comments Posted on: Thu, Februa
ry 12, 2009 10:41 a.m. Translate Email This Clip / Blog This
The Spanish business endangered
By Juan Pablo on SMEs
Today has published on INE data concerning competitions for creditors in the las
t quarter of 2008 and full year, and data can not be more clear and conclusive.
The Spanish business is experiencing one of its biggest setbacks in history with
more than 2,500 companies bankrupt (exactly 2528), which is almost triple the f
igure a year ago, when only 880 companies were presented the insolvency proceedi
ngs. And if we focus on individuals with business figures are worse, because in
2008 four times the 2007 level and six times those of 2006. If we look at sector
s hardest hit have been the construction, industry, real estate and business ser
vices, with almost 70% of the total. Being just over 60% for small companies wit
h a turnover of less than two million euros. If everything that can go wrong is
worse, and worst thing is that everything goes wrong. Tags: Bankruptcy, Financia
l Crisis, SME Related entries What the ICO can help me? (0) Report Axesor: The h
ousing crisis spreading to other sections (1) It is becoming increasingly diffic
ult to access funding (0) Comments Posted on: Thu, Feb 5 2009 5:31 PM Translate
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100 Questions About the Insolvency Act
By Sallust on PWC
2 of 19
03/24/2009 22:34
Bankruptcy unit of PricewaterhouseCoopers has released an electronic document ai
ms to answer basic questions on 100 Bankruptcy Law and Bankruptcy under current
Spanish legislation. The document is written very succinctly and simply. Some of
the issues involved are the following: Should I continue paying the interest ge
nerated on the credits? Only those generated by real-estate loans, and only to t
he extent of the security right. Once declared the contest interesestanto suspen
d the accrual of legal and conventional. What treatment have yet to be fulfilled
contracts? The declaration of bankruptcy, not by itself affect the validity of
contracts.If a party has fulfilled all its obligations and the other is to be d
ischarged, credit or debt is included in the active or passive mass. However, in
the interest of the competition will be resolved. What is the impact on employe
es a bankrupt? The declaration of bankruptcy does not affect the normal operatio
n of the company. If you are owed wages and allowances shall be holders of claim
s that may be classified differently depending on the amount and cause of his ge
neration. You can download the document from this link Tags: Bankruptcy, Bankrup
tcy Law, PWC Related Entries Only a handful of companies in competition sobevivi
rá the crisis (0) measures of breathlessness for SMEs (1) unpaid bills and bankr
uptcy proceedings support the crisis (0) Comments Posted on: Thu, Jan 8 2009 4:1
7 PM Translate Email This Clip / Blog This
The Government amends the responsibility of managers to the housing crisis
By Sallust on Liability Managers
3 of 19
03/24/2009 22:34
By Fernando González González (co-founder of Lawyers jure.) Commercial law provi
des that before a company descapitalice-before net worth is less than 50% of soc
ial capital, adopted a series of agreements aimed at avoiding that creditors can
not collect its receivables. These agreements are basically two: capital or lar
ge quantities providing new partners or, failing that, will dissolve and liquida
te the company. The rationale for this measure is based on the protection of cor
porate assets from creditors. The failure of administrators to not take any of t
hese measures entailed the responsibility for them. Well, things were going well
until last Saturday, December 13, by way of urgency, the Government adopted a d
ecree-law which, among other measures has been to modify the statutory scheme. T
he reason for this change is that many companies (the clearest example is Habita
t) have seen the deterioration in value its real estate assets has made Equity i
s less than 50% of the capital. Facing this situation, these companies have no o
ther solution (a view that partners were unwilling to contribute more capital) t
o be dissolved. The government wanted to avoid a flood of companies in liquidati
on for what he has articulated a reform means that, for two years does not count
, for the sole purpose of whether or not to dissolve and liquidate a company, th
e deterioration in the value of plant and equipment, Real Estate Investment and
Stocks (recall that for a real estate stocks are both the soil and work in progr
ess or completed housing). Now, as for accounting purposes such damage if they a
re calculated, the conclusion from now on will be that we will find despatrimoni
alizadas accounting firms continue to operate in the market as the cause of sett
lement is gone. Who will be the losers of this legislative amendment of urgency?
No doubt creditors in such situations it may not be aimed against the social ma
nagers (as now happened). However, the legal action taken today does not repeal
the existing system, only its effect suspended for a period of two financial yea
rs. This means that if for example the deterioration of property values will be
maintained for 2 years and therefore the change in cycle has not reached prior t
o that date, companies, then yes, must agree on the settlement now suspended. Ta
gs: bankruptcy, administrative responsibility Bankruptcy Related Entries: Liabil
ity of Administrators (0) Only a handful of companies in competition sobevivirá
the crisis (0)
4 of 19
03/24/2009 22:34
Measures of choking for SMEs (1) Comments Posted on: Tue, Dec 23 2008 10:18 a.m.
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Creditors competitions are at maximum levels
By Juan Pablo on suspension of payments in the third quarter of 2008 there have
been almost the same creditor contests in all of 2007. With this chilling statem
ent is clear the plight they are going through our companies. In the third quart
er of this year there have been 764 competitive procedures and in the first thre
e quarters of last year there were 680. Throughout 2007 there were 976 competiti
ons, and so far this year (in the first three quarters) and carry the 1820. That
is, at this rate,will end 2008 with 2,500 companies that have filed bankruptcy
.
And this figure must be added to data published yesterday by the National Statis
tics Institute (INE) on dissolved companies, which were in October 1251. And the
re is revealing in that people are basically fixed, and which constitute 41.5% f
ewer companies today than earlier this year. That is, firms not only destroyed,
but will not be created. And if businesses are destroyed and not created, where
will you find work the millions of unemployed? Tags: Bankruptcy, Economic Crisis
, Solutions, Suspension of Payments Related Entries The unpaid bills and bankrup
tcy procedures support the crisis (0)
5 of 19
03/24/2009 22:34
Only a handful of companies in competition sobevivirá the crisis (0) measures of
breathlessness for SMEs (1) Comments Posted on: Tue, Dec 16 2008 4:50 PM Transl
ate Email This Clip / Blog This
Measures for SMEs drowning
By Juan Pablo on Unpaid we are all excited about the decision taken by the Supre
me Court next week on a couple of aspects of the Insolvency Act which submitted
the Tax and Social Security, which will prosper once again a clear and serious p
rejudice against small businesses that want to collect the receivables obligors
of those making an arrangement with creditors, who may be relegated to the last
position in case of liquidation of the creditor company. As stipulated in the Ac
t as it stands, only 50% of claims against the bankrupt having to the Tax and So
cial Security (not secured by mortgage or voluntary or statutory, or movable pro
perty or a pledge without movement on the property mortgaged or pledged, nor are
amounts for tax withholding and Social Security owed by the bankrupt pursuant t
o a legal obligation) are generally considered privileged credits, ie credits wh
ich are charged second after the credits with special privilege. However, both t
he tax and social security have gone to the Supreme Court to ask that 50% is cal
culated on all outstanding credits without distinguishing their type or classifi
cation, that is, they want to charge more and earlier. The First Chamber of the
Supreme Court decide next week whether the 50% should be calculated as it is wor
ded in the Act or whether it should be calculated on all credits that have the T
ax and Social Security. And if that was not enough, the tax and social security
claims are also calling for urgency surcharge tax debt or unpaid social security
contributions move from being classified as subordinate (practically the last t
o collect) a the same category as the tax or fee which must be unmet. If the Sup
reme Court rules in favor of the Tax and Social Security (hopefully not) will ta
ke precedence to bill and charge a higher amount than now, that is, small (and e
ven medium) creditors will be less likely to charge outstanding debts. Furthermo
re, the decision would set case, which all courts of Spain would have to follow
the doctrine pronounced by the Supreme Court. As I said, they want to charge mor
e and earlier, so that the other creditors who really do need to collect these o
utstanding debts (in many cases) will dwindle to survive their ability to collec
t. Is this is what he calls the government "support measures for small and mediu
m-sized businesses? Next week I will tell you to see what happened. Tags: Bankru
ptcy, Bankruptcy, Economic Crisis, Unpaid Tickets related Only a handful of comp
anies in competition sobevivirá the crisis (0) shrank by 2.2% unpaid billing of
Spanish companies in 2007 (1) The effects default and bankruptcy procedures supp
ort the crisis (0) Comments
6 of 19
03/24/2009 22:34
Posted on: Thu, Dec 11 2008 5:52 PM
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Axesor Report: The housing crisis spreading to other sections
By Quique on Suspension of Payments 56% of Spanish companies declared acreedores
en contest 2008 are a direct result of the crisis in the construction sector. Th
is is one of the main conclusions of the report by Axesor on the evolution of pr
ocesses in Spain during the last three years. But the strongest housing crisis b
egan to damage other sectors of the economy.
In his report,Axesor differentiates the three main types of activity related to
the construction sector (NACE 45): 1. Infrastructure construction, including ci
vil engineering works and public facilities. The percentage of bankrupt companie
s in this segment for the global construction sector is 24%. Activities such as
construction of roads, highways, airfields and sports facilities, water works, m
ajor earthworks or construction of networks double the number of contests agains
t 2007. Although not depend so much on the economy as other sectors, their expos
ure to late payment by the government (especially local government) has helped t
o aggravate the delicate financial situation of many companies, which, finally,
has led to the bankruptcy. 2. The building, the residential (households) or non-
residential (offices, factories, etc..) Adds the percentage of the highest bankr
uptcy, with 73% of the total. Companies related to building construction, electr
ical, plumbing, Plastering, carpentry, metal work, painting or installation of a
ir conditioning are experiencing an increased number of bankruptcies between 200
6 and 2008. In 2008, the number of competitive companies has nearly tripled. 3.
The rehabilitation and maintenance, with a rate of 3% is the segment least affec
ted by the crisis in the construction sector. Working on request, such activitie
s are not affected by the current imbalance between supply and demand. Therefore
, creditors contests for 2008 show a figure lower than for 2007. During the prev
ious housing crisis experienced in Spain), this segment became a refuge for
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03/24/2009 22:34
expected to be construction companies, especially SMEs, to reorient their activi
ties in this sector. The reason for the low or almost no detriment is because ma
ny consumers who delay or cancel its intention to change or buy new homes, adopt
the alternative of reforming its present home.
Domino effect on other sectors
8 of 19
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Beside the direct effect on the real estate sector, which is who sells the house
s to households and businesses, the demand on construction resources also involv
es many other sectors. Previous work materials extraction, adaptation and prepar
ation of materials, manufacture of metal structures or furniture are some exampl
es of the flow of activity generated by mining and industrial construction. Many
distributors also generate wealth and employment mediating the exchange of good
s related to construction (roofing, tiles, furniture, housewares, hardware, secu
rity alarms, paint, varnish) so that when demand slows Housing demand also affec
ted the construction sector to those others that are used. Therefore, the drag e
ffect of the construction sector is significant and, unlike previous years, the
group dependent on the construction activities highlighted on all other sectors
of the economy by the number of bankruptcy filed in 2007 and especially in 2008.
Tags: Axesor, Bankruptcy, Arrears, SMEs, Suspension of Payments Related entries
from bankruptcy proceedings, Bankruptcy and Suspension of Payments (0) Only a h
andful of companies in competition sobevivirá the crisis (0) New Business Report
for Streamlining the Construction Sector (0) Comments Posted on: Thu, Dec 4 200
8 5:50 PM Translate Email This Clip / Blog This
Bankruptcy: Liability of Directors
By Sallust on Suspension of Payments
The Social Responsibility of Administrators in companies in bankruptcy is very i
mportant in certain cases. Neira Carlos Pavon, de jure lawyers, makes it clear w
hat these cases and the extent of the liability: With the entry into force of th
e Insolvency Act (22/2003 of 9 July), there appeared a new accountability system
administrators of corporations in bankruptcy proceedings, to be added to previo
usly existing, which we call bankruptcy responsibility of managers. This regime
arises when the
9 of 19
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bankruptcy of a corporation qualifies guilty, that is,when the insolvency of th
e company has been fraud or gross negligence of legal representatives of the Com
pany in the competition. If the insolvency of an operating business is due to ac
cidental causes of the market, managers will not suffer negative consequences if
he has acted diligently, seeking the initiation of bankruptcy proceedings withi
n legally stipulated. On the contrary, the competition is guilty that the manage
ment of corporate insolvency has been made pursuant to law, which requires sanct
ions on the directors of the company in competition. The Bankruptcy Act sets out
the specific assumptions that in any case, deserve the blame for the qualifying
competition, and that, unless proven otherwise, deserve the same fate. Some of
the cases involve themselves guilty of grade contest are: 1. 2. 3. 4. Material b
reach in the keeping of accounting. Any wrongdoing relevant to understanding the
financial situation or the debtor. Been lifted for all or part of their propert
y to the detriment of its creditors. Where before the date of the declaration of
bankruptcy the debtor has made any legal act aimed to simulate a fictitious ass
ets.
These assumptions and the like, contained in art. 164 of the LC, will determine
the guilt of the contest qualification without attending any other evidence. How
ever, there are other legal presumptions that determine the rating guilty of the
competition, unless there is proof to the contrary it destroys the presumption,
which are: 1. Those who have violated the duty to request in the statement of t
he contest period. 2. Those who have breached the duty to cooperate with the jud
ge of the competition and bankruptcy administration, they had not been provided
the information necessary or desirable in the interest of the contest or had not
attended, in person or by proxy at the meeting of creditors. 3. If the debtor i
s legally obligated to the keeping of accounts, would not have made the annual a
ccounts were not audited and should do so, or, if approved, there were not depos
ited in the commercial register in one of the last three previous to be declared
bankrupt. If the competition is characterized guilty and contest the company we
lcomes the liquidation, bankruptcy may shift the responsibility for the social d
ebt administrators or liquidators, and who have had this condition within two ye
ars preceding the date of declaration of bankruptcy, forcing them to pay credito
rs in bankruptcy, in whole or in part, the amount of their claims are not paid i
n the liquidation of the company. Consequently, if a company hosts a meeting of
creditors, either voluntarily or at the request of creditors, and that competiti
on is characterized guilty, who has acted as an administrator or liquidator (not
yet recorded as such in the Register) may respond personally, with all its pres
ent and future assets, the debts of the bankrupt, for the amount not paid credit
ors in liquidation. However, the imposition of such liability may be varied in r
esponse to the specific facts to substantiate the rating guilty of the competiti
on, it is not the same as the tender procedure has been applied out of time, lea
ding to double accounting firm, or directly not accounted for certain transactio
ns. This responsibility bankruptcy are tied to the disqualification of those adm
inistrators or liquidators to manage foreign assets for a period of two to fifte
en years, depending on the seriousness of the facts, to be entered in the commer
cial register, for the purpose of giving publicity timely to a significant event
in our system of corporate management. Carlos Pavon Neira, an expert in commerc
ial law and bankruptcy.
Tags: Contest Guilty, bankruptcy, administrative, Suspension of Payments
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panies in competition sobevivirá the crisis (0) unpaid bills and bankruptcy proc
edures support the crisis (0) Comments Posted on: Thu, November 6, 2008 7 : 7:00
p.m. Translate Email This Clip / Blog This
Only a handful of companies in competition to the crisis sobevivirá
By Juan Pablo on Suspension of Payments
Today I would like to echo a report in the newspaper Expansion, by which 90% of
companies who come to the insolvency proceedings end up disappearing. And appare
ntly that number could reach 95%.And is that the 36 existing commercial courts
currently have to deal with twice as many competitions as last year. For 2008 is
expected to exceed the 2,000 contests, and by 2009, according to what sources c
ould exceed 4000 contests. And is that these 36 are still being tried all the ot
her lawsuits that they compete, making it materially impossible to pay adequate
attention to all bankruptcy proceedings. And more so considering that the courts
are one-person business. Surely every one will be praying that no company of th
e big "- type Martinsa-Fadesa, go to Bankruptcy.
Tags: bankruptcy, bankruptcy, suspension of payments inflows related breathlessn
ess measures for SMEs (1) unpaid bills and bankruptcy procedures support the cri
sis (0) competitions creditors are at maximum levels (0) Comments Posted on: Mon
, Nov 3 2008 4:00 PM Translate Email This Clip / Blog This
Bankruptcy (III): How you can file a creditor?
As we have seen in previous articles, a creditor may also file a declaration of
bankruptcy. In this case, we would be talking about competition.
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In the declaration of insolvency necessary, the creditor must indicate the origi
n, nature, amount, dates of purchase, expiration dates and current status of the
loan, which will have to submit a document proving that there really is that cr
edit be recovered. Obviously, you also have to present any evidence to support t
he application for bankruptcy, from invoices, receipts, bank statements, etc.. s
ince the word creditor alone is not sufficient proof. For the creditor can file
bankruptcy, it is imperative that implementation has been shipped or pressure ag
ainst the debtor without the free goods but enough to prove payment of the debt,
or should be one of the following facts:
1. 2. 3. 4.
The general cessation of the current payment obligations of the debtor. The exis
tence of liens for outstanding performances in general affect the debtor's asset
s. The lift or hurried or ruinous liquidation of assets by the debtor. The wides
pread disregard of obligations of any of the following classes: the payment of t
ax obligations due during the three months preceding the application for bankrup
tcy, the payment of social security contributions and other fundraising concepts
together for the same period ; the payment of salaries and allowances and other
benefits arising from working relations for the last three months.
A substantial difference between a voluntary and necessary, is that if the debto
r himself who asked the contest, you can keep the administration, management and
disposition of its assets (with the supervision of the receivers), while if the
creditor who presented the contest, the debtor will lose their management capac
ity, management and disposition of its assets, which will become power of the re
ceivers. In addition, it is also important to note that this creditor to submit
the contest will be a privilege for recovery against the other creditors. This p
rivilege is to be charged 25% of its outstanding credit prior to the final.
Tags: composition, competition needed debtor Suspension of Payments Related entr
ies guide to understanding the Bankruptcy (21) Only a handful of companies in co
mpetition sobevivirá the crisis (0) unpaid bills and bankruptcy procedures suppo
rt the crisis (0) Comments Posted on: Wed, Oct 22 2008 4:25 PM Translate Email T
his Clip / Blog This
Bankruptcy (II): Application by debtor
We saw in a previous article that they can claim bankruptcy the debtor or one of
its creditors. If the contest is presented by the debtor, then we are talking a
bout a voluntary basis, that is, for example, which made Martinsa-Fadesa few mon
ths ago. It is the company or debtor who admits it can not meet its debts and ha
s the competition in the Commercial Court has been applied.
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The debtor must request to be declared bankrupt within two months following the
date on which he had known or because his state of insolvency.And it is underst
ood that the debtor's insolvency know when you stop paying its obligations on a
regular basis, where there are liens that affect your assets, when performing a
lift or hasty or ruinous liquidation of their property when no longer required t
o pay tax obligations during the 3 months preceding the application for bankrupt
cy, if you miss payments on Social Security, and other concepts of joint collect
ion for 3 months or when it pays the salaries and allowances and other benefits
arising from employment relationships for the last three months. To apply for vo
luntary bankruptcy the debtor must submit a written request for tender, which wi
ll express its current insolvency or imminent insolvency. That is, if the debtor
believes that next month will not have money to pay its debts, you can apply im
mediately on a voluntary basis, and not have to wait to be totally insolvent. Al
ong with the written request must submit the following documents:
1. Special power to request the contest. 2. Memory expression of economic and le
gal history of the debtor, the activity or activities which have been engaged fo
r three
recent years and establishments, offices and farms he holds, the causes of the s
tate in which it has and the assessment and proposals on the feasibility of asse
ts. If the debtor was married person in the report indicate the identity of the
spouse, stating the economic regime of marriage. And if the debtor was a legal e
ntity, indicate in the report the identity of the partners or associates that is
satisfied, administrators or liquidators and, where appropriate, the auditor, a
nd if it is part of a group business, listing the entities comprising it, and if
you have securities admitted to trading on official secondary market. And final
ly, if it were an inheritance is indicated in the data memory of the deceased. 3
. An inventory of assets and rights, with an expression of their nature, they ar
e in place, identification data registry where appropriate, purchase value, valu
ation adjustments as appropriate and estimated actual value. Charges are indicat
ed, obstacles and burdens that affect these assets and rights, with an expressio
n of their nature and identification data. 4. Value of creditors, in alphabetica
l order, stating the identity of each, as well as the amount and the maturity of
the respective loans and guarantees or rights created. If a creditor had demand
ed payment in court, shall identify the corresponding procedure and indicate the
status of the proceedings. And besides, if the debtor was legally obliged to ke
ep accounts, you must also submit:
1. Annual and, where appropriate, management reports or audit reports for the pa
st three years. 2. Report significant changes operated in equity after the last
annual accounts and deposited and made
operations that by their nature, purpose or value in excess of the money or the
debtor's ordinary traffic.
3. Interim financial statements prepared after the last annual accounts filed in
the case of the debtor
were required to notify or refer them to supervisory authorities.
4. In the event that the debtor is part of a group of companies, as the controll
ing company or acquired company, accompany
also the annual accounts and consolidated annual report for the last three finan
cial years and the audit report issued in connection with these accounts, as wel
l as an expressive memory transactions with other group companies during the sam
e period.
Tags: bankruptcy, bankruptcy record resolutions, Application Borrower Suspension
of Payments
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Related entries Resolutions The Bankruptcy Record (RRC) (0) Only a handful of co
mpanies in competition sobevivirá the crisis (0) unpaid bills and bankruptcy pro
cedures support the crisis (0) Comments Posted on: Thu, October 16, 2008 Transla
te 1:36 PM Email This Clip / Blog This
Bankruptcy (I): Who can submit?
Within the creditors' meeting is important to know who may seek the assistance,
when you can ask for and how to apply. This article will begin by whom, and try
later when and how. Is entitled to initiate insolvency proceedings the debtor or
any of its creditors. Naturally,there are several exceptions or clarifications
to that statement. First, if the debtor is a legal person, shall have jurisdict
ion to decide on the application the board of liquidation of the company. Second
, the creditor is not entitled, within the 6 months preceding the filing of bank
ruptcy, had acquired the credit for acts inter vivos (ie, other than by inherita
nce or legacy following the death of the original creditor) singular title and,
after maturity. So yes it may make the contest the heirs of a deceased creditor.
Third, the competition may also have a business partners, members or members wh
o are responsible for the debts they have contracted the company. Fourth, a cred
itor may request a judicial finding joint assistance of several of its debtors a
ssets where there is confusion between them, or when companies are part of the s
ame group, with substantial identity and unity of its members in making decision
s. Finally, the contest may be submitted if the public prosecutor for a judicial
investigation for crimes against property and against the socio-economic order
are revealed evidence of insolvency of a criminal suspect and the existence of a
plurality of creditors. Therefore, if you have a company and to the neck, you c
an ask yourself the contest. And so may submit (though you do not want) to your
creditors. And so can you do with your debtors, if it's you I should cash.
Tags: bankruptcy, suspension of payments inflows related Only a handful of compa
nies in competition sobevivirá the crisis (0)
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The unpaid bills and bankruptcy procedures guarantee the crisis (0) competitions
creditors are at maximum levels (0) Comments Posted on: Mon, Oct 13 2008 4:34 P
M Translate Email This Clip / Blog This
The Register of Resolution Bankruptcy (RRC)
By Juan Antonio on Suspension of Payments
The Register of Resolution Bankruptcy (RRC) is a record that provides legal info
rmation through the Internet, bankruptcy situations, as stipulated in Art. 198 o
f the Law 22/2003 of July 9, Bankruptcy, and development regulations (Royal Decr
ee 685/2005 of 10 June).
The RRC ensures public service "public" news "or merely informative of the most
important judicial decisions and relating to all types and legal status of bankr
upts (main function). It is also a public information platform bankruptcy statis
tics and contains a special section in which bankruptcy edicts are published for
information of all concerned. This service is managed by the Association of Reg
istrars of Property, Commercial and Movable Goods of Spain under the jurisdictio
n of the Ministry of Justice. The RRC is divided into three sections: Section On
e: Collect information on judicial decisions relating to all types of competitio
ns, for example,
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admissibility of application for declaration of state of suspension of payments
order for a declaration of suspension of payments or insolvency final order appr
oving the agreement with its creditors suspense etc. Section Two: Collect inform
ation from people affected by the judgments of the competition qualifying as the
culprit. This information is by name and TIN. Section Three: Collect informatio
n on the appointment and dismissal for any reason (voluntary and involuntary sep
aration or even ban agreed by the disqualification of the judge or designated by
...) from the receivers and the auxiliary delegates in alphabetical order of na
mes or denominations. This information is public and free and can access the Int
ernet portal of the RRC without having to justify or demonstrate legitimate inte
rest, as is assumed in applicant information. Therefore, you can search the RRC'
s website, for example, Martins-Fadesa and see the declaration of bankruptcy vol
unteer who presented a few weeks ago in the Commercial Registry of A Coruña. So,
being a record of free access (no need to register or give any personal informa
tion unless you want to receive information by email) to see if a company has fi
led a bankruptcy just you put the name of the company or administrator and ready
. It's that easy!
Tags: Bankruptcy,registration of judgments in bankruptcy, suspension of payment
s inflows related bankruptcy (II): Application by debtor (0) Only a handful of c
ompanies in competition sobevivirá the crisis (0) unpaid bills and bankruptcy pr
ocedures support the crisis (0) Comments Posted on: Fri, Aug 29 2008 5:16 PM Tra
nslate Email This Clip / Blog This
Bankrupt companies soar
By Juan Antonio on Suspension of Payments
Now that we know well that a meeting of creditors (see Article Guide to Understa
nding the bankruptcy), I just wanted to put a bit in context of the current real
ity of these situations, because obviously, in times contests crisis creditors s
oar. If you look at the statistics of the INE, in the second quarter of this yea
r 542 companies have benefited from bankruptcy proceedings, representing a 51% i
ncrease over the previous quarter and an annual increase of 155%. 24.5% of busin
ess competition is principally engaged in manufacturing, construction 22.9% and
19.2% of real estate and business services. And as we know at this stage, SMEs d
o not receive as much support as large companies or banks make it easy, nor are
so well prepared (usually by lack of resources, not
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talent) and hence more than 80% of bankrupt companies are SMEs. I just hope that
most (or all) simply immersed in a situation of temporary difficulty and soon t
o revive their businesses. Courage to all!
Tags: bankruptcy, suspension of payments inflows related Only a handful of compa
nies in competition sobevivirá the crisis (0) unpaid bills and bankruptcy proced
ures support the crisis (0) competitions creditors are at maximum levels (0) Com
ments Posted on: Sun, Aug 24 2008 9:10 a.m. Translate Email This Clip / Blog Thi
s
A guide to understanding the Bankruptcy
By Administrator on Suspension of Payments The bad news featuring some companies
(Martins-Fadesa in particular) leads to technical and legal terms so far unknow
n, become familiar to the public. The following text is intended as a guide for
laymen: What is bankruptcy? It is the figure to the benefiting companies when th
ey are or are about to be insolvent, ie unable to pay their debts. The competiti
on allows them to freeze the payment of claims. An external team assesses whethe
r the financial bottleneck is temporary or not. Does the demise of the company?
No. In fact, bankruptcy is designed to allow for continuity through the orderly
sale of assets, for example. Who pays the workers? The company, as the competiti
on normally implies that continues to operate, but do not pay their debts. If fu
nds are not, the staff charged Wage Guarantee Fund up to that obtained by multip
lying twice the daily minimum wage, without overtime pay, the number of days out
standing, with a maximum of 120 days. What effect does for banks? The regulation
s of the Bank of Spain requires them to immediately provide supplies for at leas
t 25% of credit granted to a company that declares the contest. That money is de
ducted directly from benefits. For the moment, will charge fees according to the
credits expire, although they hope to collect much in the future as the develop
er sells assets. What is the advantage of a voluntary? Unlike the so-called comp
etition forced the volunteer (declared at the request of the owners), allows man
agers to continue holding the reins of the company, although its decisions can b
e vetoed by the judge or by the receivers.
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Who appoints the receivers? What makes a judge and are usually three people (can
be a very exceptional cases): a lawyer with at least five years of practice, an
auditor, economist or commercial entitled (in all cases have to be registered)
also has five years of practice, and a creditor. What functions do these adminis
trators? They are responsible for identifying the assets of the company, keep it
as far as possible (that any asset sales, once fixed the agreement or the liqui
dation of the company, not harm their business) and check that there have been n
o operations fraud in previous years. What time limits manejanen these processes
? Once accepted by the judge's request of creditors,the receivers have two mont
hs to assess the situation of the company, although the deadline may be extended
another month depending on the complexity of the process. This is what that is
expected to happen to Martinsa, so you may have to wait until the end of the yea
r to see if the company goes into liquidation or an agreement to refloat it fixe
d. In the first case, the deadline is a month in the second, a year. Is removed,
much is, on average? Typically, says Juan Ignacio Fernández Aguado, a partner a
t law firm Albiñana & Suárez de Lezo, is that you remove (the debt is not paid)
is less than 50% of the amount due. Who comes first if you are owed? The so-call
ed privileged creditors: the workers of the enterprise, government and debtors w
ith collateral, ie, pledges and mortgages. Logically, this group is most banks.
Recently receivables are everyone else: the banks that have no guarantee of paym
ent, providers, suppliers and buyers ... the houses. Do you return the money to
people who bought a house Martinsa? The buyer has equal rights before the declar
ation of the competition. If there is a failure of the company (which do not bui
ld the house, for example) is entitled to a refund of the signal. It means that
if Martinsa just wound up, buyers who have shown signs of recovering if the work
s had not yet been initiated. If the house is finished, will be provided. And if
you become half, it is possible to stay without it and without compensation unt
il a court dictates. Legal sources consider this possibility remote because it w
ould be normal Martinsa deliver the homes that already have compromised. Source
Tags: Contest Guilty, bankruptcy, competition necessary Martinsa-Fadesa, Suspens
ion of Payments Bankruptcy Related Entries: Liability of Administrators (0) Bank
ruptcy (III): How you can file a creditor? (0) Only a handful of companies in co
mpetition sobevivirá the crisis (0) Comments Posted on: Mon, Aug 18 2008 7:51 a.
m. Translate Email This Clip / Blog This
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