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LIABILITY OF INSOLVENCY ADMINISTRATORS

Royal Decree 1333/2012 of 21st September, published in the Spanish Official State Gazette (Boletín Oficial del Estado – BOE) on 6th October 2012 regulates the obligation established by the Insolvency Act for insolvency administrators to have liability insurance or an equivalent guarantee. Insolvency administrators who are Public Administrations or Public-Law Entities are exempt from this obligation if the individual chosen…

PERSONAL RESPONSIBILITY FOR THE ISSUER OF A BILL OF EXCHANGE, CHEQUE OR PROMISSOR NOTE WHEN LEGAL REPRESENTATION IS NOT EXPRESSED

The High Court Judgement dated 7th May 2012 confirms the High Court Judgement of 9th June 2010. According to said judgements, when a promissory note is issued without the text indicating the office, position or representation of the signatory of a document inserted before the signature (antefirma), the signatory undertakes a personal obligation unless the appropriate power of attorney or…

PERSONAL RESPONSIBILITY FOR THE ISSUER OF A BILL OF EXCHANGE, CHEQUE OR PROMISSORY NOTE WHEN LEGAL REPRESENTATION IS NOT EXPRESSED

The Spanish Government shall assign 6,3% less to the payment of unemployment benefit in 2013 compared with 2012 figures, according to the draft bill for the Spanish National Budget for 2013 (Presupuestos Generales del Estado – PGE).As a consequence of said reduction, the new unemployed shall see their unemployment benefit payment reduced after six months from 60% to 50% of…

SHAREHOLDER EXCLUSION AND THE FREE RIGHT OF CONVEYANCE OF SHARES IN A JOINT STOCK COMPANY. HIGH COURT SENTENCE DATED 10TH JANUARY 2011

I.- INTRODUCTION. On 10th January 2011 Section 1 of the Civil Chamber of the High Court passed judgement 889/2010in favour of the Companies Registry of Santander, which had disqualified one of the articles of the by-laws of a Joint Stock Company. Said article established in favour of the shareholder and the recurrent Joint Stock Company a redemption right on the shares held…