Spain: Companies in 24 hours and for 100.-€

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.

Incoterms 2010 ICC rules for the use of domestic and international trade terms

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.

The new spanish Capital Company Law

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.

Terms of payment in Spain

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.

Enforcement of bank guarantees

Eurofenix publication Enforcement of bank guarantees – April-2010

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.

Company default recovery

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?