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THE APPOINTMENT OF A VOLUNTARY AUDITOR ENFORCES THE SUBMISSION OF AUDITED ANNUAL ACCOUNTS

The turnover, number of employees and assets are factors which may determine whether companies shall be under the obligation to appoint an accounts auditor in order to verify their annual accounts or not. To this end, the auditor shall be appointed by the shareholders meeting and said appointment shall be registered with the corresponding Companies Registry. Those companies without the…

INSOLVENCY PROCEEDINGS. VALIDITY OF THE PAYMENT CLAUSE

It is common for a creditors’ agreement to contain a clause stating the creditor’s obligation to inform the insolvent company of the details of the current account into which the payment instalments shall be made as set forth in the agreement itself. It is also quite common to find cases where such a clause may contemplate that if these details…

RESIDENCE PERMIT FOR INTRA-CORPORATE TRANSFER

The intra-corporate transfer permit is a residence permit for employees transferred from one company to another belonging to the same corporate group. Said authorisation was introduced by the Act 14/2013, dated 27 September, to support entrepreneurs and their internationalisation (“Entrepreneurs Act”) which entered into force on 29 September 2013. In spite of the already existing transnational residence permit also applicable…

HOW TO DRAFT A VALID ARBITRATION CLAUSE?

According to the definition of arbitration given by the WIPO, “Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.” Why is an arbitration clause…