The director of a limited liability company proposed at its General Shareholder’s Meeting that the profits gained should be allocated entirely to voluntary reserves. The proposal was approved with only one vote against from a partner (shareholder) who proposed that the distribution of the totality of the profits, plus half of the voluntary reserves be put to a vote. The…
On 28th April 2018 the European Commission published a set of measures for tackling online disinformation. The recent Facebook / Cambridge Analytics revelation has demonstrated just how personal data can be exploited in electoral scenarios and are a fitting reminder that more is needed to secure strong democratic processes. The Commission has taken a step forward in the fight against…
Article 265.2 of the Spanish Capital Companies Act (Ley de Sociedades de Capital – “LSC”) establishes that, in companies with no obligation to submit their annual accounts to verification by an auditor, the shareholders who represent at least five per cent of the share capital may request the registrar of the Commercial Registry to appoint an accounts auditor to carry…
According to article 166 of the Capital Companies Act (Ley de Sociedades de Capital – “LSC”), the faculty for calling the general meeting is legally, and exclusively reserved for the company administrators, except for those companies in the liquidation phase of insolvency proceedings. In this article, we shall deal with the following issue: A joint-stock company published the announcement of…
In Spain, the first step when incorporating a company is the application for a certificate which accredits that there is no other company with the same name as that intended for the new company. The Spanish Capital Companies Act and the Commercial Registry regulations prohibit the use of a business name which is identical to one already registered. In the…