Bankruptcy proceedings in Spain: All you need to know?
Our law firm in Marbella can answer all your questions about Spanish bankruptcy proceedings. First, it is important to note that Spanish law tries as much as possible to help individuals and companies that are going through complicated situations meet their payment obligations.
If it is foreseen that the Spanish bankruptcy procedure will take a long time, that is to say, that there is no short-term solution, a so-called creditors’ meeting will be requested. This enables a judge to intervene and assign an administrator to be in charge of mediating between a business and its creditors in order to find a solution to end the situation of the outstanding debts.
What is the aim of bankruptcy proceedings in Spain?
The creditors’ meeting is the tool to help, or at least to try to help, a company stay in business. A company with outstanding debts will search for ways to pay their creditors and it will try to stay viable.
