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14 Dec 2009 00:00 by MAGICMEG Star rating in Scotland. 546 posts Send private message

Hi Maria ,would you have time to comment on the concurso process and in particular the later stages where the company in administration seeks to reach an agreement with the creditors .Some kind of time line or order of proceedings and legal implications for off plan  purchasers would be great  .A huge thank you in advance  . I know it is a lot to ask but many companies are coming to this stage and it would be good to have some advise on what it all means for the many purchasers on the forum  who find themselves involved in  this situation   . Thanks MM



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  Nothing surprises me anymore  

     but I am willing to accept that sometimes (although not very often ) I can be  wrong !




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15 Dec 2009 08:47 by mariadecastro Star rating in Algeciras (Cadiz). 8888 posts Send private message

Legal Questions? Speak to Maria Direct

I will prepare a post for the blog. Hope to have it finished before the end of the current week.

Thanks,

Maria



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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15 Dec 2009 09:38 by MAGICMEG Star rating in Scotland. 546 posts Send private message

Thank you Maria as always you are willing to help .I look forward to the  blog and am sure it will help many on the forum .Thanks MM



_______________________

  Nothing surprises me anymore  

     but I am willing to accept that sometimes (although not very often ) I can be  wrong !




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15 Dec 2009 09:50 by mariadecastro Star rating in Algeciras (Cadiz). 8888 posts Send private message

Legal Questions? Speak to Maria Direct

 MAGICMEG:

I am starting today with number 1 on the agreement, I expect  to wrote 3 or 4 more posts to explain the whole last par of the Insolvency proceedings. I do hope it helps!

Today´s one is on the agreement.

 

Decisions phase

 
 Solutions of the Insolvency proceedings under the Act are:


• Agreement.
• Liquidation.

 
They are alternative but it is possible to star an agreement and to end up in liquidation.

 
The agreement


This is the outcome whish is preferred by the Act. There are two types of agreement:


1. Anticipated agreement proposal - which can be offered with the initial Lawsuit, when it s the insolvent company who initiates the proceedings.

 
2.  Agreement proposal - where the procedure has not been initiated by the insolvent company, following the common phase, this company can propose an agreement to prevent the liquidation.

 
The Act regulates a whole procedure for the processing of the agreement to determine whether the liquidation of the company can be avoided by agreement. Many agreements represent significant remissions and long waits.

If there are more than one agreement, the creditors’ meeting is held for them to approve or reject the proposals.

 

Once the meeting has approved an agreement, a judicial approval of it is needed, even at this stage, the agreement can be opposed

Ultimately, the judge's subjective belief about the commercial viability of the agreement should determine that this is approved.

 
With the approval of the agreement, and even though the law considers it within the same stage of the proceedings, in practice, a new phase is opened: compliance of the agreement.  Generally, the insolvent company itself will execute the agreement and will be reporting the execution to the Judge.

 

(Tomorrow: Liquidation)



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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16 Dec 2009 19:01 by MAGICMEG Star rating in Scotland. 546 posts Send private message

Thank you Maria greatly appreciated MM



_______________________

  Nothing surprises me anymore  

     but I am willing to accept that sometimes (although not very often ) I can be  wrong !




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17 Dec 2009 09:26 by mariadecastro Star rating in Algeciras (Cadiz). 8888 posts Send private message

Legal Questions? Speak to Maria Direct

There are now two diffrent posts on : " Agreement" and "Liquidation"

Third hopefully coming out today!

Maria

 



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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