Bankruptcy Proceedings
What are Bankruptcy Proceedings?
BANKRUPTCY PROCEEDINGS ARE LEGAL PROCEEDINGS OF PROPERTY LAW TO ORDER PAYMENTS WHEN A PERSON OR BUSINESS BECOMES INSOLVENT
The Spanish Bankruptcy Law aims to guarantee the viability of the company and the payment of its debts under the supervision of a Commercial Court who will appoint an Official Receiver (trustee) to regulate it when the company cannot pay its debts, whether temporarily or permanently, and presents a winding up petition.
Within the bankruptcy proceedings, it is essential to determine the fair value of the assets to be sold or rented or, if the company is to be wound up, to estimate the net asset value.
Who needs it?
COMPANIES SUBJECT TO PRELIMINARY BANKRUPTCY OR BANKRUPTCY PROCEEDINGS AND ARRANGEMENTS WITH CREDITORS AS WELL AS CREDITORS OF WHICHEVER KIND
This service is aimed at owners, managers and shareholders of companies undergoing an bankruptcy proceeding, as well as official receivers or trustees and creditors overall who need advice on the proceedings and the appraisal of all kinds of assets, in compliance with the Bankruptcy Law for imminent bankruptcy.
What makes Gloval different?
WE ARE EXPERTS IN THE APPRAISAL OF ALL KINDS OF ASSETS
GLOVAL, valuation company that has been authorised by the Bank of Spain since 1984, is qualified to determine the fair value of assets in bankruptcy proceedings in accordance with the last amendment of the Spanish Bankruptcy Law (Royal Legislative Decree 11/2014 on urgent measures for bankruptcy matters).
GLOVAL, valuation company that has been authorised by the Bank of Spain since 1984, is qualified to determine the fair value of assets in bankruptcy proceedings in accordance with the last amendment of the Spanish Bankruptcy Law (Royal Legislative Decree 11/2014 on urgent measures for bankruptcy matters).
How do we do it?
OUR APPRAISALS ADJUST TO ALL THE NATIONAL AND INTERNATIONAL APPRAISAL RULES
GLOVAL adapts to each company’s situation and the relevant stage of the bankruptcy proceedings, whether it is in the general stage, making arrangements with creditors or, if appropriate, winding up, calculating the fair value or net asset value as may be required under the generally accepted appraisal rules and principles.
1. Prior analysis
We will first analyse the company’s specific situation.
2. Order and management
Once we have sent the quote and the order has been confirmed, we start to deal with the inventory and appraisals.
3. Information and appraisal
We will need to collect information on and off the field for the appraisal of each asset.
4. Delivery
Final delivery in the format agreed with the client.
Frequently Asked Questions
A natural or legal person appointed as trustee by a commercial court that must already be registered (in compliance with the regulatory requirements) in the fourth section of the Public Bankruptcy Registry to study and deal with the situation of a company subject to bankruptcy proceedings.
The main role of an official receiver is to take part or even replace the debtor in the acts and actions carried out by the company exercising its property rights and to write the bankruptcy report with the asset inventory and list of creditors and include proposals to settle the debts and/or save the company if possible.
This is the value estimated in the report issued by an authorised valuation company that is registered in the Special Register of the Bank of Spain.
Write to us if you have any questions or doubts. We will help you!
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