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THE DRAFT BILL OF THE NEW LAW ON FOUNDATIONS

I.- INTRODUCTION On 29th August 2014 the Council of Ministers passed the Draft Bill of the Law on Foundations, which shall substitute the current in force Law on Foundations of 26th December 2002. The aim of this new text is to guarantee a better exercise of the right of foundation and the fulfilment of the obligations derived therefrom. II.- CONTENTS…

MODIFICATIONS TO THE ACT ON INSOLVENCY

The second modification to the Insolvency Act this year was passed on 6th September, following the modifications passed previously on 7th March 2014. MAIN DEVELOPMENTS: a)    Credits with special privileges: This category of credits shall only apply to amounts which do not exceed the value of the respective guarantee; the value of the guarantee shall be calculated using a new evaluation criteria,…