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Insolvency law and company restructuring
The current legislation provides tools to deal with and even to solve the insolvency situation; Insolvency Law is configured as a solution to this problem.The Bankruptcy and Insolvency team has great experience in advising companies, both national and international, of the main sectors of the economy in crisis or insolvency, with the primary objective of overcoming their economic difficulties. The team is made up of lawyers and economists, and several of them have been appointed as insolvency administrators, from different areas of practice, mainly financial, corporate, labor and litigation, allowing a better understanding of the situation of clients and providing a solution their difficulties.
The members of the team have extensive experience and have advised both, companies in financial crisis situations and creditors, in numerous and diverse bankruptcy and pre-bankruptcy proceedings; such as the negotiation of restructuring agreements and creditors’ agreements, credit claims, insolvency incidents on credit ratings, termination actions, liquidation processes and early liquidations.
When does a business crisis occur?
In a corporation, the reduction of capital shall be mandatory when losses have reduced its net assets below two-thirds of the capital figure and have passed a fiscal year without having recovered the net equity.
In cases of insolvency, that is to say, when the debtor can not regularly fulfill its obligations due, or can not meet regularly its obligations.
The debtor must request the declaration of competition within two months after the date on which he knew or due to know his insolvency.
Unless there is evidence to the contrary, the debtor shall be presumed to have known of its insolvency when any of the events which may serve as a basis for a request for a contract required under Article 2 (4) and, in the case of any of the provided for in paragraph 4, has elapsed.
In any event, insolvency shall be provided when:
1. The general discontinuance in the current payment of the obligations of the debtor.
2. The existence of embargoes for pending executions that generally affect the debtor’s assets.
3. The hasty or ruinous uprising or liquidation of its assets by the debtor.
4. The general non-compliance of obligations of any of the following classes: those of payment of tax obligations due during the three months prior to the request for competition; the payment of social security contributions, and other concepts of joint collection during the same period; the payment of salaries and indemnities and other remuneration derived from the employment relationships corresponding to the last three monthly payments.
- Debt Refinancing (pre-sale):
- Extrajudicial settlement of payment:
Competition of creditors
Exoneration of the unsatisfied liability.
Iureko, Lawyers & Economists is a professional firm specially dedicated to legal advice, as well as business management and administration, with partners specialized in each of these areas.