Corporate





Latest amendment to the Fresh Start Act (art. 178 bis Bankruptcy Act)

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The directors’ liabilities in relation to the insolvency of the company.

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New ruling speeding the time of incorporating a company. Royal Decree nº 421/2015.

On the 13th of June 2015 the Spanish Official Gazette (BOE) published the Royal Decree 421/2015 passed by the Gobernment of Spain by which limited liability companies will be able to be incorportated on line in very short period of time (12 hours for the incorporation deed and 6 days for the company registration in the Company House). This will be possible thanks to the so called Single Electronic Document (DUE),) containing all the necessary information for completing the process of incorporating a company in once single proceedings. The CIRCE system will allow doing all this paperwork via Internet.

For this purpose, a guideline standard articles of association will be offered with easy instructions to adapt it to the particulars of the business.

This Royal Decree also creates the Notarial Electronic Diary showing the available dates of the Notary for signing incorporation deeds. It will allow closing a meeting date with the Notary which will be binding for him

It will become in force on the 13 September 2015.

Cristina Vivar.

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The Second Oportunity Act: another electioneering law frustrating the expectations.

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“Floor clauses” stipulating mortgage interest rate minimums and the possibilty to get the refund of the interest paid in excess

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