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Guidelines and tips to follow in an insolvency proceeding |
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This article explains some of the most relevant aspects of insolvency and debt collection proceedings. From a practical point of view, these concepts must be valued considering the possibility that an economic actor may have to participate in an insolvency proceeding when such economic actor is demanded to participate by a creditor, or when an economic actor voluntarily participates in such a proceeding as a debtor.
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Main types of corporations in Spain |
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Reform 3/2009 to the Spanish Insolvency Law |
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The principal Spanish rules relating to insolvencies are found in the relatively recent Insolvency Law 22/2003 of the 9th of July, approved in a moment of economic prosperity.
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Reyal Urbis continues under negotiation to refinance its debt |
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Reyal Urbis continues under negotiation with several financial institutions to adapt its business plan to market circumstances and to obtain debt refinancing of about 4,800 million which it currently holds and to avoid the risk of insolvency proceedings.
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Bankruptcies increased 525% in two years in Malaga |
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The bankruptcy proceedings have mushroomed dramatically in the province during the last two years. Of the 20 insolvencies seen in 2007, Malaga has grown to 125 in 2009. The figure represents an increase of 525% in just two years, according to the scale of the data prepared by the firm PriceWaterhouseCoopers (PwC).
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