When debtors have vanished without a trace, it is imperative to adhere to legal protocols to ascertain their whereabouts. Within this article, we present a comprehensive guide to lawfully discovering the location of a debtor.
Creditors with at least 5% of liabilities can request a judge to appoint an insolvency administrator for a report in case of insolvency without assets. Note that the requesting creditors will cover the administrator’s fees.
Act 16/2022 on the reform of the Insolvency Law took effect on 26 September 2022, triggering significant changes to streamline insolvency proceedings in Spain. The elimination of pre-existing liquidation plans is one of the modifications.
The entry into force of the Law transposing Directive (EU) 2019/1023 introduces reforms in the insolvency field to provide agile and effective instruments to improve insolvency procedures and facilitate the maintenance of viable companies in Spain. Restructuring plans are one of the central elements.
The Government of Spain has extended the bankruptcy moratorium for the third time until 30th June 2022. Insolvency debtors will not have a legal obligation to file for bankruptcy until the middle of next year.
Although Royal Decree-Law 5/2021 exempts directors from the duty to file for insolvency proceedings, it does not exempt them from the responsibility to avoid the winding-up of the company.
Pre-bankruptcy mechanisms and labour, corporate or procedural measures can prevent and restrain the high number of insolvency filings expected following the insolvency moratorium in Spain.
Official data reveal a sharp increase in insolvency filings in 2021. Estimates suggest that after the extended moratorium on insolvency proceedings until 31 December, the number of insolvency proceedings will rise significantly.
Royal Decree Law 34/2020, published on 18 November 2020, establishes an extension of the insolvency moratorium (previously established until 31 December 2020) until 14 March 2021.
This informative note deals with the procedural and organizational measures to deal with COVID-19 in the field of the Administration of Justice in Spain, as included in Law 3/2020, of 18 September. We analyze its chapters and summarize their most relevant points.
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