As it is in any country, when a company in Spain becomes insolvent, it can declare bankruptcy. Besides, creditors also can raise the question of financial insolvency. In any case, the procedure will result in introduction of compulsory management of the property of a legal entity by an appointed executive who will conduct an inventory of the property, list creditors and evaluate the submitted property division proposals.
panish laws offer humane mechanisms for solving company’s economic problems including a deed of arrangement. Spain Legal's lawyers will help you select the most optimal way, as well as go through all the stages of dissolution within the minimal time and efforts.
Payment of Ownership Transfer Tax (Impuesto de Transmisiones Patrimoniales, ITP/AJD.
Agreement to dissolve the company.
Appointment and registration of an executive.
Registration of winding-up and deregistration in Mercantile Register.
Termination of employment contracts, dismissal of employees.
Deregistration in tax authorities, social insurance authorities, registers of entrepreneurs.
Liquidation of property, debt repayment.
Letter of termination.
Protection of a debtor’s interests (reducing the amount of debt, collecting evidence of debts payment, etc.).
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