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INSOLVENCY PROCEEDINGS- ANNUAL ACCOUNTS

Introduction The important question of fulfilling accounting obligations set forth in the Capital Companies Act (CCA) is also reflected in the Stated Purpose of the Insolvency Act (IA), which indicates the relevance of this matter for companies under insolvency proceedings. The general premise of the obligation to keep company accounts when a company is declared to be under insolvency proceedings…

MEASURES IN CORPORATE GOVERNANCE

INTRODUCTION The Council of Ministers of Spain has agreed to create a commission of experts in the field of corporate governance by means of the bill ECC/895/2013, of 21st May. Said commission shall be composed of members from the public and private sector, and they have granted themselves a term of four months in order to deliberate over different issues regarding…

THE CHARACTERISTICS OF EMPLOYEE-OWNED COMPANIES

I.- INTRODUCTION Employee-owned companies are companies in which the majority of its share capital belongs to employee shareholders of the company. This type of company is regulated in the Employee-owned companies Act 4/1997, and in Royal Decree 2114/1998, regarding the registration of joint stock employee-owned companies.   II.- MAIN CHARACTERISTICS – Company types. Employee-owned companies may be incorporated (or converted)…

PROTECTION OF BUSINESS OWNERS IN RESPECT OF THE NEW LAW REGARDING ENTREPRENEURS

INTRODUCTION The new law regarding entrepreneurs, which is being considered by the government, is taking form and shall provide protection and facilities, which the government intends to grant to those entrepreneurs who wish to launch their own business. The basis of this law consists of adapting corporate and fiscal laws to the reality and the current needs of entrepreneurs. PRINCIPAL…

REVERSE MORTGAGE OR LIFETIME MORTGAGES

INTRODUCTION. The reverse mortgage is conceived as a financial resource, so that people of a certain age or level of dependence, may make the value of their property liquid, without having to part with it. Thus, with this type of mortgage, the receiver of the payment (periodical or lump sum) is the client who contracts the reverse mortgage, while the…