insolvecy - Payward Auction

PAYWARDAUCTION

Where are us - LUXEMBOURG

Where are us - SPAIN

International law firm and specialized entity

Payward Auction
International Law Firm and Specialized Entity

142 Bd de la Pétrusse, 2330 Gare Luxembourg

Payward Auction
International Law Firm and Specialized Entity

142 Bd de la Pétrusse, 2330 Gare Luxembourg

Payward Auction
International Law Firm and Specialized Entity

Calle de Génova, 21, 28004 Madrid

Payward Auction
International Law Firm and Specialized Entity

Calle de Génova, 21, 28004 Madrid

WhatsApp: +12292007370

info@paywardauction.com

INSOLVENCY

WhatsApp: +33745583037

WhatsApp: +34631716668

Restructuring & Insolvency lawyers in Spain

PAYWARDS offers not only significant and consolidated experience and expertise in insolvency proceedings, but also professional advisory services to both individuals and companies that find themselves in situations of liquidations and corporate restructuring.

Types of insolvency proceedings in Spain

There are two types of insolvency proceedings in Spain: necessary insolvency filing (“concurso necesario”) and voluntary insolvency filing (“concurso voluntario”).

Necessary insolvency filing

This type of insolvency proceedings can be initiated through a request of a creditor, company’s shareholders or the persons who are personally liable for the debt, based on the following reasons:

If attachments of the debtor’s assets granted in enforcement proceedings have proven to be ineffective
Existence of generalised attachments on the debtor’s assets
If the debtor does not pay their creditors regularly
If the debtor does not comply with tax payment obligations
If the debtor is liquidating fraudulently or hiding his assets

If the debtor’s insolvency is sufficiently proven, we can request the competent judicial authority to declare his state of insolvency and order the initiation of an insolvency proceedings and the liquidation of his assets.

It is important to note that if the debtor does not voluntarily apply for insolvency proceedings in the term established by law (within two months from the declaration of insolvency), it will be considered as a fault and liability of the company’s directors who in these specific cases could be ordered to pay the insolvency claims.

Voluntary insolvency filing

In the concurso voluntario, the debtor can declare insolvency before the Spanish competent Court in order to avoid any executive action and proceed to the liquidation of assets. Furthermore, this type of insolvency proceeding can be used by the debtor to restructure his debt in order to maintain their business or economic activity.

Insolvency liability of company’s directors

If the insolvency of a company has been caused by negligence or a breach of duty of its directors they may be obliged to pay the insolvency claims. In addition, the seizure and enforcement of their personal assets will be possible.

We have an extensive professional experience in conducting in-depth analysis to check if insolvency liability of the company’s directors exist (mismanagement, wrongful trading, fraudulent trading, misfeasance).

If the directors are liable of the company’s insolvency, we take the necessary legal action to obtain a declaration of liability from the judicial authority and to ensure that they are condemned to pay the insolvency claims.

Other Services

LITIGATION & DISPUTE RESOLUTION

Our passionate team has an extensive experience in providing legal assistance in Asset Recovery, Fraud, Insolvency, Civil & Commercial cross-border disputes, Debt Collection, and Enforcement matters. By means of a complete and exhaustive case analysis, we define the legal strategy to be followed to achieve the best possible result for our clients.

ASSET RESEARCH AND INVESTIGATION IN SPAIN

PAYWARD has extensive experience in the practice of Asset Research, Investigation & Recovery in Spain. Our skills in locating and tracing assets in the pre-litigation phase allow us to determine beforehand the feasibility of initiating legal proceedings and to define the best litigation strategy to be followed,

DEBT COLLECTION IN SPAIN

There are two mechanisms for claiming a debt in Spain: out-of-court and in-court. The vast majority of creditors contact the debtor before initiating any type of legal proceedings. In order to try to reach an agreement and settle the debt.

ENFORCEMENT

PAYWARDS is also a leading firm in the enforcement of foreign judgments in Spain and provisional measures granted by foreign courts, such as worldwide freezing orders. When enforcement is needed, our team can offer you a highly specialized legal assistance. We represent our clients focusing on obtaining the recovery of their debts.

INSOLVENCY

CROSS-BORDER DISPUTES

At PAYWARDS we have consolidated experience in complex cross-border litigation connected with Spain. By having a wide network of collaborators in different countries and being part of professional associations with international presence, we can provide legal assistance to our client in practically all jurisdictions, offering them a complete legal advice.