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A SHARE CAPITAL INCREASE THROUGH A NON-CASH CONTRIBUTION SHOULD BE CLEARLY DEFINED

Through a resolution dated 3rd January  2017, the Directorate General for Registers and Notaries (DGRN) has made a statement on the condition of non-cash assets as a contribution to the share capital increase of a limited liability company. The limited liability company agreed to the capital increase through a contribution of assets which was part of a business unit, without…

THE APPOINTMENT OF A VOLUNTARY AUDITOR ENFORCES THE SUBMISSION OF AUDITED ANNUAL ACCOUNTS (II)

The recent decision of the Directorate General of Registries and Notaries (Dirección General de los Registros y del Notariado – DGRN,hereinafter “DGRN”) of 21st December 2016 manifested that it is not possible to deposit annual accounts without an auditor’s report, when the company has voluntarily appointed an auditor and the auditor is registered at the Commercial Registry, although the company shareholders…

TERMINATING A RENT- CONTROLLED CONTRACT IN INSOLVENCY PROCEEDINGS

In accordance with article 61.2 of the Insolvency Act, in the interest of the insolvency proceedings, the Insolvency Court may terminate contracts where there is a pending fulfilment of reciprocal obligations on the part of the insolvent company, on the understanding that the satisfaction of credit, as well as the continuity of business activity are in the interest of the…