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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 200. Insolvency proceedings final steps IV: the end of proceedings
21 December 2009 @ 08:22

 The end of the proccedings can have different causes:

 
- The opening of it was illegal  (repeal of the order of declaration of  insolvency)
 
- The procedure reached its end (fulfillment of the agreement, full satisfaction of all creditors). 

- Frustration of the object (lack of assets and rights with which to pay the creditors). 

- Withdrawal or waiver of all known creditors.This cause, by  its nature, can only operate once the common phase of the procedure  is over and it requires the  approval of the judge, after a report of the insolvency administration. 

The administrator will have to show accounts. The approval or disapproval of the accounts does not affect the appropriateness of the action for damages against the administrators . His disapproval will produce for the administrator a  temporary ban  to be appointed in other  insolvency proceedings.

Death of the insolvent wil not be cause for termination of the proceedings. 
 
 Belen de Roca por molinafoto.
 Belén in Roca, Meliana, Valencia by V. Molina at Flickr.com 
 


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