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EXLUSION OF A PARTNER OF A LIMITED LIABILITY COMPANY – INTERPRETATION REGARDING THE DEADLINE FOR TAKING LEGAL ACTION TO OBTAIN A COURT DECISION

In a recent judgement dated 29th June 2016, the High Court confirmed its position regarding the interpretation of the deadline for taking legal action to obtain a court decision required to give effect to the resolution of the general meeting concerning the exclusion of a partner from a limited liability company. The resolution for the exclusion of a partner of…

TERMS OF PAYMENT BETWEEN COMPANIES: THIRTY DAYS WHERE THERE IS NO AGREEMENT, MAXIMUM SIXTY DAYS BY AGREEMENT BETWEEN THE PARTIES

In a recent judgement, the High Court (Civil Chambers 1st Section) dated 23rd November 2016 has declared an agreement reach by the parties to a contract, which establishes a term of payment of invoices that exceeds sixty (60) calendar days, to be null and void. The facts In this case, a subcontractor claimed the payment of unpaid invoices for work…

BYLAWS AND JOINT ADMINISTRATORS IN SPANISH PRIVATE LIMITED COMPANIES

Commercial companies need the intervention of specific individuals, who, as management bodies forming part of the company structure, express the will of the legal entity itself before third parties. Thus, art. 233.2 d) of the Spanish Capital Companies Act (“LSC”) establishes that, in the case of limited liability companies with more than two joint administrators, the representation will be jointly…

CASH CONTRIBUTIONS TO SPANISH COMPANIES MAY NOW BE PAID INTO A FOREIGN BANK ACCOUNT

One of the requirements for bringing a deed of incorporation of a Spanish company or the execution of an increase of share capital of an existing company into public before a notary is the full disbursement of the nominal value of the share capital (participations) for limited liability companies, and at least a quarter of the nominal value of the…