The Commercial Code in Spain establishes the regulation for the different phases of a contract’s life, from pre-contractual phase to the contract’s extinction and incompletion, The new regulation aims a more efficient market.
The due diligence refers to an investigation procedure prior to acquiring or investing in a project. The aim of the due diligence is to give the investor or buyer a full knowledge of all the costs, benefits and risks involved in the transaction, so that he can take a reflexive decision.
The Entrepeneurs Act aims to find a different solution for debt collection procedures by facilitating a second opportunity to self-employed workers affected by the debt collection procedure.
The creation or development of a project or activity in Spain will need to comply with the regulations within the Spanish new Commercial Code. The general provisions will depend on the type of company: partnership or venture capital company.
The main objective of the monitorio proceeding is the quick resolution of recovery claims. It has proven to be very useful for both entrepreuneurs and smes in the collection of commercial debts in Spain.
If a company in Spain, not obligated by an agreement or contract with the workers, considers the coffee break as working time, it cannot demand the workers to make up that time. That is an acquired right of the workers and any change would suppose a substantial modification on the conditions of the work contract.
Like any other form of trade, E- Commerce in Spain must have complaint forms available to their users. These forms, which contain personal data of users, must comply with the so-called LOPD (Ley Orgánica de la Protección de los Datos Personales), the general Law on Data Protection. In case of non- compliance, the business could be confronted with severe sanctions.
The Preliminary Law on Fiscal Reform in Spain is creating a much more effective business competition aimed at both self-employed workers and businesses. The Reform proposes changes to tax on companies (TC), tax on the income of individuals (TII), tax agency, and VAT regarding e-commerce.
The Royal Decree-Act 4/2014 is focusing on the refinancing agreements which may include waivers and capitalisation of debt and deferral payments. These agreements will essentially make the heavy burden of debt much more manageable for businesses.
Three partial reforms of the Spanish Insolvency Law have already been approved by means of Royal Decree-Laws dated on March 2014, September 2014 and February 2015. The three main purposes sought are: enhancement of prepetition restructuring deals; extension of pre-insolvency refinancing agreements to composition agreements and offer a second chance for individual creditors.
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