The Portuguese Stability and Development Plan (PEC) puts on the agenda the privatisation of state owned companies. The targets include companies within various sectors, such as energy, paper, transport, postal services, and companies likely to be privatised in the near future, include TAP, ANA and REN.
Last summer, the European Commission revived proposals for a single European system of contract law, in a Green Paper that invited responses before the end of February 2011. Although business might be alarmed at having to
In an attempt to help reduce companies´ cash flow concerns, the Spanish Government has introduced new legislation reducing the standard payment terms in contractual relations to a maximum of 60 days.Despite the relative simplicity of
December 2010 saw the reform of the Spanish Penal Code introducing criminal liability for companies for the first time – this is a significant change in the basic principles of Spanish criminal law. Such changes may require
Recent months have seen the Portuguese and Spanish governments enter into increasingly desperate efforts to safeguard investor confidence and the security of their sovereign debt, but such issues are only a larger scale reflection of
Company directors may find themselves not only personally liable for creditors’ losses in the event that they continue to operate a company while insolvent but also criminally liable
Fundamental to the success of insolvency proceedings and to give a company the best chance of continued operation is the quality of the professional advisers involved, says Juan Ferré, Director of the Madrid office of
A combination of an increased demand for refinancing and the impact of multiple business failures is prompting insolvency issues across new areas of the economy
Spain’s Insolvency Law was completely overhauled in 2003 producing a much more modern and efficient bankruptcy regime, where the input of the Commercial Courts is essential to the approval of any new creditor agreements.
As a result of legislative changes a company may now find itself criminally liable for certain offences, a significant change in the basic principles of Spanish criminal law
