{"id":11052,"date":"2021-10-15T13:39:48","date_gmt":"2021-10-15T13:39:48","guid":{"rendered":"https:\/\/vila.es\/?p=11052"},"modified":"2023-07-06T15:12:40","modified_gmt":"2023-07-06T15:12:40","slug":"statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds","status":"publish","type":"post","link":"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/","title":{"rendered":"STATUTORY ENHANCED MAJORITY AND OBLIGATORY WINDING UP ON LEGAL GROUNDS"},"content":{"rendered":"<p style=\"text-align: justify;\">The <span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.boe.es\/diario_boe\/txt.php?id=BOE-A-2021-13541\">resolution<\/a><\/span> of the General Directorate of Legal Security and Public Trust \u2013 GDLSPT (Direcci\u00f3n General de Seguridad Jur\u00eddica y Fe P\u00fablica-DGSJFP)\u00a0of 28<sup>th<\/sup> July 2021 regarding the refusal of the Registrar I of the Commercial Registry of Valencia to register a public deed of resolutions adopted in the general meeting of a limited liability company was published in the Official Gazette on 6<sup>th<\/sup> August 2021.<\/p>\n<p style=\"text-align: justify;\">In this case, the general partners meeting adopted the decision to wind-up the company. Said agreement was made with a favourable vote of <strong>66,60%<\/strong>. Article 13 of the company bylaws has the following wording:<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\">\u201c<em>Unless the Law or the bylaws provide otherwise, the corporate agreements shall be adopted by a majority of validly issued votes, provided that they represent at least a third of the votes corresponding to the membership interests\u2026\u201d<\/em><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\">&#8220;<em>By way of exception to the provisions of the preceding paragraph, <strong>73%<\/strong> of the votes in favour must be counted for the adoption of the resolutions contained in the following list:&#8221;<\/em><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><em>&#8220;- The transformation, merger or extinction, winding up and liquidation&#8230;&#8221;<\/em><\/p>\n<p style=\"text-align: justify;\">The registrar suspended the registration because the quorum set forth in article 13 of the bylaws for winding up a company was not met.<\/p>\n<p style=\"text-align: justify;\">An appeal was filed against this decision, alleging that because the company was suffering losses which reduced the net worth to an amount below half of the company capital, the company incurred in legal grounds for mandatory winding up and therefore the aforementioned resolution was adopted.<\/p>\n<p style=\"text-align: justify;\">The Directorate General affirmed that the nature of the bylaws and their imperativeness have been highlighted by the jurisprudence of the Supreme Court on several occasions, but that on the other hand, in this particular case, it explained that the agreement in question is based upon legal grounds for winding up, namely the existence of losses, which is provided for in articles 362 and 363.1.e of the <a href=\"https:\/\/www.boe.es\/buscar\/act.php?id=BOE-A-2010-10544\">Spanish Companies Act (Ley de Sociedades de Capital &#8211; LSC)<\/a>, and that in accordance with article 364 of the same law it is only necessary for such agreement to be made with an ordinary majority as set forth in article 198 thereof. In this case, the agreement for winding up adopted by the general meeting is a mandatory act and a declaration of the existence of such losses and, hence, the existence of the legal grounds for obligatory winding up.<\/p>\n<p style=\"text-align: justify;\">Furthermore, the Directorate General adds that \u201cthis regulation is of an imperative nature, therefore, a reinforced majority cannot be established in the statutes\u201d. In the resolution dated 4<sup>th<\/sup> May 2005 from the very same Directorate General, it was deemed that a purely voluntary and discretionary winding-up agreement adopted by the general meeting may be conditioned by the company bylaws to a specific enhanced majority, \u201cbut not those agreements which simply establish or corroborate the existence of legal grounds for winding up\u201d. \u201cIt is in this perspective that the article of the bylaws cited by the registrar in their decision must be interpreted in a way that it does not distinguish between one case or another, since it refers to <u>all winding-up agreements<\/u> and, furthermore, leaves aside those cases for which the Law provides otherwise\u201d.<\/p>\n<p style=\"text-align: justify;\">It concluded that \u201csaid bylaw regulation may only be applied with regard to the &lt;simple agreement of the general meeting&gt; referred to in article 368, which does not apply to the case at hand\u201d.<\/p>\n<p style=\"text-align: justify;\">Finally, the Directorate General upheld the appeal and revoked the appealed decision.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\">Vil\u00e1 Abogados<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">For more information, please contact:<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"mailto:va@vila.es\">va@vila.es<\/a><\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">15<sup>th<\/sup> October 2021<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The resolution of the General Directorate of Legal Security and Public Trust \u2013 GDLSPT (Direcci\u00f3n General de Seguridad Jur\u00eddica y Fe P\u00fablica-DGSJFP)\u00a0of 28th July 2021 regarding the refusal of the Registrar I of the Commercial Registry of Valencia to register a public deed of resolutions adopted in the general meeting of a limited liability company  [&#8230;]<\/p>\n","protected":false},"author":4,"featured_media":4734,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73],"tags":[],"class_list":["post-11052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Obligatory winding up on legal grounds - Vil\u00e1 Abogados<\/title>\n<meta name=\"description\" content=\"Validity of the resolution adopted by the general meeting for winding up determining the existence of legal grounds for mandatory winding up.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Obligatory winding up on legal grounds - Vil\u00e1 Abogados\" \/>\n<meta property=\"og:description\" content=\"Validity of the resolution adopted by the general meeting for winding up determining the existence of legal grounds for mandatory winding up.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/\" \/>\n<meta property=\"og:site_name\" content=\"Vil\u00e1 Abogados\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-15T13:39:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-06T15:12:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/vila.es\/wp-content\/uploads\/2020\/07\/societario.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"669\" \/>\n\t<meta property=\"og:image:height\" content=\"272\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vil\u00e1 Abogados\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Vil\u00e1 Abogados\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/\"},\"author\":{\"name\":\"Vil\u00e1 Abogados\",\"@id\":\"https:\/\/vila.es\/en\/#\/schema\/person\/1338568a83d16fbfd6073c8cc4834904\"},\"headline\":\"STATUTORY ENHANCED MAJORITY AND OBLIGATORY WINDING UP ON LEGAL GROUNDS\",\"datePublished\":\"2021-10-15T13:39:48+00:00\",\"dateModified\":\"2023-07-06T15:12:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/\"},\"wordCount\":593,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/vila.es\/wp-content\/uploads\/2020\/07\/societario.jpg\",\"articleSection\":[\"Corporate\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/\",\"url\":\"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/\",\"name\":\"Obligatory winding up on legal grounds - Vil\u00e1 Abogados\",\"isPartOf\":{\"@id\":\"https:\/\/vila.es\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/vila.es\/wp-content\/uploads\/2020\/07\/societario.jpg\",\"datePublished\":\"2021-10-15T13:39:48+00:00\",\"dateModified\":\"2023-07-06T15:12:40+00:00\",\"author\":{\"@id\":\"https:\/\/vila.es\/en\/#\/schema\/person\/1338568a83d16fbfd6073c8cc4834904\"},\"description\":\"Validity of the resolution adopted by the general meeting for winding up determining the existence of legal grounds for mandatory winding up.\",\"breadcrumb\":{\"@id\":\"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/#primaryimage\",\"url\":\"https:\/\/vila.es\/wp-content\/uploads\/2020\/07\/societario.jpg\",\"contentUrl\":\"https:\/\/vila.es\/wp-content\/uploads\/2020\/07\/societario.jpg\",\"width\":669,\"height\":272},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Portada\",\"item\":\"https:\/\/vila.es\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"STATUTORY ENHANCED MAJORITY AND OBLIGATORY WINDING UP ON LEGAL GROUNDS\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/vila.es\/en\/#website\",\"url\":\"https:\/\/vila.es\/en\/\",\"name\":\"Vil\u00e1 Abogados\",\"description\":\"Damos soporte jur\u00eddico a proyectos e iniciativas de negocio de empresas y de emprendedores extranjeros y nacionales\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/vila.es\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/vila.es\/en\/#\/schema\/person\/1338568a83d16fbfd6073c8cc4834904\",\"name\":\"Vil\u00e1 Abogados\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/vila.es\/en\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/80372a28ffd84e8b62261dc710c686e32c574bf8a1c71bfd6ebfba0f351a081b?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/80372a28ffd84e8b62261dc710c686e32c574bf8a1c71bfd6ebfba0f351a081b?s=96&d=mm&r=g\",\"caption\":\"Vil\u00e1 Abogados\"},\"url\":\"https:\/\/vila.es\/en\/author\/vilaes\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Obligatory winding up on legal grounds - Vil\u00e1 Abogados","description":"Validity of the resolution adopted by the general meeting for winding up determining the existence of legal grounds for mandatory winding up.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/","og_locale":"en_US","og_type":"article","og_title":"Obligatory winding up on legal grounds - Vil\u00e1 Abogados","og_description":"Validity of the resolution adopted by the general meeting for winding up determining the existence of legal grounds for mandatory winding up.","og_url":"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/","og_site_name":"Vil\u00e1 Abogados","article_published_time":"2021-10-15T13:39:48+00:00","article_modified_time":"2023-07-06T15:12:40+00:00","og_image":[{"width":669,"height":272,"url":"https:\/\/vila.es\/wp-content\/uploads\/2020\/07\/societario.jpg","type":"image\/jpeg"}],"author":"Vil\u00e1 Abogados","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Vil\u00e1 Abogados","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/#article","isPartOf":{"@id":"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/"},"author":{"name":"Vil\u00e1 Abogados","@id":"https:\/\/vila.es\/en\/#\/schema\/person\/1338568a83d16fbfd6073c8cc4834904"},"headline":"STATUTORY ENHANCED MAJORITY AND OBLIGATORY WINDING UP ON LEGAL GROUNDS","datePublished":"2021-10-15T13:39:48+00:00","dateModified":"2023-07-06T15:12:40+00:00","mainEntityOfPage":{"@id":"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/"},"wordCount":593,"commentCount":0,"image":{"@id":"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/#primaryimage"},"thumbnailUrl":"https:\/\/vila.es\/wp-content\/uploads\/2020\/07\/societario.jpg","articleSection":["Corporate"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/","url":"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/","name":"Obligatory winding up on legal grounds - Vil\u00e1 Abogados","isPartOf":{"@id":"https:\/\/vila.es\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/#primaryimage"},"image":{"@id":"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/#primaryimage"},"thumbnailUrl":"https:\/\/vila.es\/wp-content\/uploads\/2020\/07\/societario.jpg","datePublished":"2021-10-15T13:39:48+00:00","dateModified":"2023-07-06T15:12:40+00:00","author":{"@id":"https:\/\/vila.es\/en\/#\/schema\/person\/1338568a83d16fbfd6073c8cc4834904"},"description":"Validity of the resolution adopted by the general meeting for winding up determining the existence of legal grounds for mandatory winding up.","breadcrumb":{"@id":"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/#primaryimage","url":"https:\/\/vila.es\/wp-content\/uploads\/2020\/07\/societario.jpg","contentUrl":"https:\/\/vila.es\/wp-content\/uploads\/2020\/07\/societario.jpg","width":669,"height":272},{"@type":"BreadcrumbList","@id":"https:\/\/vila.es\/en\/corporate\/statutory-enhanced-majority-and-obligatory-winding-up-on-legal-grounds\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Portada","item":"https:\/\/vila.es\/en\/"},{"@type":"ListItem","position":2,"name":"STATUTORY ENHANCED MAJORITY AND OBLIGATORY WINDING UP ON LEGAL GROUNDS"}]},{"@type":"WebSite","@id":"https:\/\/vila.es\/en\/#website","url":"https:\/\/vila.es\/en\/","name":"Vil\u00e1 Abogados","description":"Damos soporte jur\u00eddico a proyectos e iniciativas de negocio de empresas y de emprendedores extranjeros y nacionales","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/vila.es\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/vila.es\/en\/#\/schema\/person\/1338568a83d16fbfd6073c8cc4834904","name":"Vil\u00e1 Abogados","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/vila.es\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/80372a28ffd84e8b62261dc710c686e32c574bf8a1c71bfd6ebfba0f351a081b?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/80372a28ffd84e8b62261dc710c686e32c574bf8a1c71bfd6ebfba0f351a081b?s=96&d=mm&r=g","caption":"Vil\u00e1 Abogados"},"url":"https:\/\/vila.es\/en\/author\/vilaes\/"}]}},"_links":{"self":[{"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/posts\/11052","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/comments?post=11052"}],"version-history":[{"count":2,"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/posts\/11052\/revisions"}],"predecessor-version":[{"id":12566,"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/posts\/11052\/revisions\/12566"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/media\/4734"}],"wp:attachment":[{"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/media?parent=11052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/categories?post=11052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/tags?post=11052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}