The promissory note is an instrument used oftentimes in international operations for asset acquisitions, by virtue of which one part (issuer) undertakes to finance the other (beneficiary) a certain amount of money. Although the common thing is that the promissory note makes the funds available in favour of the beneficiary upon prior fulfilment of certain […]
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The European Court of Human Rights (also known as the Strasbourg Court) is the Court intended to prosecute, the possible violations of rights avowed in the European Convention for the Protection of Human Rights and Fundamental Freedoms, by the member States of the Convention. The guaranteed rights are listed in the stated Convention ant the […]
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How and who can appoint an administrator? As a general rule and with a few exceptions, the competence for appointing and administrator lies with the General Meeting of Shareholders. Furthermore, this is an exclusive competence, so it cannot be delegated neither to the shareholders individually, nor to the administrative body. The appointment will need the […]
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Article 163 of the Bankruptcy Law states that the bankruptcy must be declared either fortuitous or guilty. Although the Law does not define fortuitous bankruptcy, Article 164 exhaustively regulates the so-called guilty bankruptcy, considering that its declaration applies if, within the two years prior to the date of declaration of the bankruptcy, there was fraud […]
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When a company is involved in insolvency proceedings, the first task is to classify the creditors’ claims, because it is essential to determine who will recover its claims from the bankrupt company first. Firstly, a distinction is made between the bankruptcy claims (“créditos concursales”) and claims against the estate (“créditos contra la masa”). Bankruptcy claims […]
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Less than a year ago, Article 62nd of the Consolidated Text of the Spanish Companies Law (“SCL”) was amended, introducing a new section, the current section 2, which has been integrated into the article on the basis of section 1 of Article 2 of Act 11/2018 of December the 28th, which amends the Commercial Code, […]
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