Due to the economic situation as dire in which particularly is Spain, I should explain what the hell is this about the quizzes, a tool that, unfortunately, many entrepreneurs are forced to either -and bad-to appeal because of their financial situation.
Contrary to widespread belief, competitions companies are not television programs where they meet a few entrepreneurs to demonstrate their knowledge in exchange for win trips, cars and apartments.
The competition consists of a declaration by a Commercial Court that the company is in a state of insolvency and therefore can not regularly meet their obligations due imminently. That is, you can not pay what you owe, whether farm, its workers, social security or its suppliers. Overall indebtedness. This procedure may be initiated by either a creditor or by the employer. No better person to know the real situation of your company and what is coming.
How it works
Regardless of who initiates the procedure for declaration of bankruptcy and its various forms, after its submission, the judge quickly decide whether it is appropriate or not, that is, if there really is impossible to "meet regularly with their current liabilities." In this ruling, it comes to assessing how you have to manage the company, who will manage, appointment of experts outside the company managers and may continue to exercise control with the employer.
What advantages does the employer?
For many, the main one is the stay of any proceedings for nonpayment to creditors, thus and in this way, anyone who had a favorable payment against bankrupt company has to put up and "get in line" to collect. This group of creditors is called "claims against the masses." This expression of "tailing" is literal. The law establishes an order for recovery of debts in terms of who you are or the type of debt you have with the company bankrupt. Specifically, the law calls the "type of debt" kind of debt, debt and each class provides different protection, called "credit type" (with special privilege, ordinary, ect.) So depending on the loan payment to you or later. But ... What if after having taken the other and when it's up to you, there is nothing to charge or to seize? Well, you're left with empty hands and the bankrupt company get rid of paying.
bankrupt company .... "Synonymous with disappearance?
Nothing is further from reality. Imagine any builder / developer / realtor who comes to mind us and know that you are bankrupt, thanks to the media. In most of these cases, not all, as many do that are completely broken, the problem is unable to meet payments due to lack of liquidity. So what we are doing is compete on a voluntary basis to paralyze all payments more imminent. Thus, these companies will pay their debts through the seizure of homes they have in stock. Once settled these debts, with the wind in favor and no debt, well can reactivate economic activity. Do
big losers?
How could it be otherwise, the employees of the insolvent company to which they are guaranteed only collect the first, a trivial amount, especially the last thirty days if in an amount not exceeding twice the minimum wage by general rule, depending on other factors, than the amount obtained by multiplying three times the salary interprofessional minimum the number of days of unpaid wages. Come on, will be stated where the company has spent 10 years working and you see that funny.
bankruptcy law is 22/2003. I give you the link if you want to know more about the types of credit, the bankrupt employer's powers and stuff.
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