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.
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.
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