In case there is no chance of refinancing the debt of a corporation during times of crisis, the board of directors must initiate a bankruptcy proceeding.
We are going to focus on the duties of the directors of a corporation in a situation of bankruptcy. Directors of a corporation have a duty
The Congress has passed the draft of a new law regarding the modifications of the current bankruptcy proceedings law in Spain. The current law has been already modified by the Royal Decree 3/2009 dated March 27th, 2009 which established some urgent measures regarding tax and financial aspects of the bankruptcy proceedings.
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