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Registry cancellation of a mortgage of a property adjudicated in insolvency proceedings

Registries and Notaries (Dirección General de Registros y Notariado  – “DGRN”) dated 20th July 2018 clarified the legal requirements for the registry cancellation of a mortgage established on a property before the announcement of insolvency proceedings, wherein said property was adjudicated pursuant to the judicial auction held in accordance with the approved liquidation plan. The application for the cancellation of…

ANCILLARY OBLIGATIONS AND FAMILY PROTOCOL

Article 86.1 of the Spanish Capital companies Act (Ley de Sociedades de Capital – “LSC”) establishes that Spanish companies may establish accessory obligations other than contributions. In the case object of the recent resolution issued by the General Directorate of Registries and Notaries (Dirección General de Registros y Notariado  – “DGRN”) dated 26th June 2018, the partners of a limited…

RIGHT OF SEPARATION AND THE GENERAL MEETING

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…

MEASURES FOR DEALING WITH ONLINE DISINFORMATION

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…

The right of a minority shareholder to request the appointment of an auditor

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…