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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 198. Insolvency proceedings final steps III. Classification of the proceedings
17 December 2009 @ 12:06

 

Determination of responsibility
 
The classification of the insolvency proceedings happen in these two situations:
 
1. - The approval of an agreement that, due to the amount of the arrangements or the length of the compositions is especially burdensome.

2. - The commencement of liquidation.

In these cases, the proceedings will be graded as:

-Fortuitous.
-Guilty.

The classification as guilty is reserved for those cases when the generation or aggravation of the insolvency status has been due to the tortious intent or gross negligence of the debtor, or their legal representatives, administrators or liquidators.


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