On December 3rd 2010 the Royal Legislative Decree 13/2010 was approved in Spain. Among other measures, it introduced certain guidelines to speed up the process of establishing a company, reducing the disclosure requirements and lower costs by changing some articles of the recent Corporation Law.
The 1st of January 2011 the International Chamber of Commerce (ICC) will release a new version of INCOTERMS under the title, “Incoterms 2010 ICC rules for the use of domestic and international trade terms“. Such version, through a clear and easy understanding wording, encourages the application of the International Commercial Terms (INCOTERMS) not only for international trade but also for domestic.
On 23rd December 2010 an important reform of the criminal code in Spain shall come into force. Such reform sets forth the possibility that in Spain companies may be criminally liable for certain crimes committed by their employees.
Foreign nationals who are not registered for tax in Spain but own property in the country must submit a tax declaration for their income tax to the state tax office every year.
The council of ministers approved on the 2nd of July a the Redrafted Text regarding the Law of Capital Companies through the Royal Legislative Decree 1/2010, in which one legal document unifies the respective norms regarding public limited companies, limited-liability companies, public companies and partnership limited by shares, in other words all capital companies existent in our system.
Attending the unsuccessful results through the Spanish Law 3/2004, of December 29th, where measures were established against late payments in commercial transactions, new changes have been introduced in order to establish a Maximum Period for payment in these commercial transactions between companies or even with the Public Administration.
In the event you know or believe a deceased party has assets in Spain, you may follow the procedures outlined below to discover the extent of these assets and to successfully retrieve them.
What happens if the beneficiary of a bank guarantee or other surety decides to enforce it against a payment default by a debtor who has been declared insolvent? This is a crucial question not only for the beneficiary of the guarantee but also the granter thereof – in many cases a financial institution.
Did you know that managers of private and public limited companies are jointly and severally liable to the companies’ debts against creditors because of dissolution when such dissolution is not brought within two months?
This article will provide a practical analysis regarding the possibilities to claim defects in goods acquired through international sales contracts.