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El blog de Maria

Your daily Spanish Law reporter. Have it with a cafe con leche. www.costaluzlawyers.es

Legal tip 1159. New Spain Commercial Code coming
01 June 2014 @ 12:19

Main substantial aspects regulated by the Law draft recently approved by the Council of Ministries are, among others:

 -Minimum amount for a SA will be risen from 60,000 Euros to 120,000 €

- 3000  € as the minimum for an SL. Creating a new SL for entrepreneurs whose minimum is of less than 3000€

Electronic, tourism and financial and commercial contracts,

- Everyday transactions such as taking money out of an ATM or purchasing in automatic machines.

- Regulates credit cards

Transfer of the business as a whole in bankruptcy proceedings.

- New techniques for Telematics and simplified setup of companies

- Extinction of a liquidated company in cases of lack of assets

 - Regulation for partnerships and shareholders forums.

- Industrial property

- Different types of contracts such as supply, mediation, labor, provision of business services, operations on intangible goods, provision of electronic services, banking and financing contracts.

- Emphasizes the principle of equal treatment of shareholders under identical conditions, the differential treatment of listed companies, support to the principle of balanced presence of women and men on the boards, or the system to apply for economic interest groups and JV (Joint Ventures).

- Annual accounts, the amendment of the statutes or separation and exclusion of members, dissolution, liquidation and extinction of corporations, listed companies and joint ventures.

-With respect to the prescription and limitation of commercial obligations, it is reduced to a 4-year limitation period and prescription period can be interrupted just once by way of our of court request, in order to stop the maintenance of credits indefinitely.

-The Code addresses all market participants, mainly entrepreneurs, but also incorporates farmers, artistic professions or companies incorporated outside of Spain but with activities in the country.

As explained by the Deputy Prime Minister Soraya Saenz de Santamaria, the text aims to help boost economic activity “by providing a fuller trading market unit.”

 Justice Minister Alberto Ruiz Gallardón, has said that the Commercial Code make life easier for citizens , increase legal certainty and open new opportunities to make Spain  a more attractive country

Costa Luz Left

Flowers of lavender in Mohedas de la Jara (Toledo), South western Madrid, Spain, at facebook.com



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