{"id":2542,"date":"2020-03-16T12:12:35","date_gmt":"2020-03-16T12:12:35","guid":{"rendered":"http:\/\/www.gmtaxconsultancy.com\/?p=2542"},"modified":"2024-03-13T09:19:19","modified_gmt":"2024-03-13T09:19:19","slug":"insolvency-law-for-foreign-investors","status":"publish","type":"post","link":"https:\/\/gmtaxconsultancy.com\/en\/law\/insolvency-law-for-foreign-investors\/","title":{"rendered":"Insolvency Law For Foreign Investors"},"content":{"rendered":"

Insolvency<\/b> refers to the state of a company or a private individual in which it is no longer able to settle outstanding payments<\/b> because its expenses can no longer be covered by its income<\/strong>.<\/p>\n

This can be caused by, for example, bad investments, incorrectly assessed business risk or errors in the price calculation. But also a general change in the sales market or economic crises<\/strong> can drive companies into insolvency.<\/p>\n

A foreign service recipient may, under certain circumstances, be confronted with the fact that the Spanish service provider chosen by him becomes insolvent.<\/p>\n

This can, for example, be of importance for still existing repayment claims or open claims for rectification, warranty, or possibly also for outstanding maintenance work.<\/p>\n

Against this background, a brief overview of the Spanish insolvency proceedings is important.<\/p>\n

In addition to the ordinary insolvency proceedings<\/b> (concurso) explained below, there is also the possibility of concluding a refinancing agreement <\/b>(acuerdos de refinanciaci\u00f3n) or an extrajudicial payment agreement<\/b> (acuerdo extrajudicial de pago) for the reorganization of insolvent companies in Spain.<\/p>\n

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