Legal Actions Dictionary

17 

Loading....

Loading....

Loading....

Loading....

Loading....

Full text

(1)

(2)

LEGAL ACTIONS DICTIONARY

Contenido

CREDITOR: ... 5

PREFERENTIAL CREDITOR: ... 5

AFFECTED: ... 5

ORDINARY TRIAL PRIOR HEARING: ... 5

VERBAL TRIAL SUMMONS: ... 5

SUMMONS FINAL JUDGEMENT IN ENFORCEMENT PROCEEDINGS: ... 5

COGNIZANCE: ... 5

CREDITORS MEETING (PREVIOUS INSOLVENCY PROCEEDING SITUATION): ... 5

INSOLVENCY PROCEEDING / REQUEST: ... 5

INSOLVENCY PROCEEDING / LIQUIDATION REQUEST: ... 5

INSOLVENCY PROCEEDING / ACCEPTED REQUEST: ... 5

INSOLVENCY PROCEEDING / AGREEMENT PROPOSAL IN ADVANCE: ... 5

INSOLVENCY PROCEEDING / REQUEST NON ACCEPTED: ... 6

INSOLVENCY PROCEEDING / SUMMONING OF THE DEBTOR: ... 6

INSOLVENCY PROCEEDING / REQUEST OPPOSITION: ... 6

INSOLVENCY PROCEEDING / DECLARATION: ... 6

INSOLVENCY PROCEEDING / NON ADMISSION OF THE AGREEMENT PROPOSAL IN

ADVANCE:... 6

INSOLVENCY PROCEEDING / ADMISSION OF THE AGREEMENT PROPOSAL IN

ADVANCE:... 6

INSOLVENCY PROCEEDING / AGREEMENT PROPOSAL IN ADVANCE WITH NO EFFECT:6

INSOLVENCY PROCEEDING / CREDITORS ADHESIONS: ... 6

BANKRUPTCY / CREDITORS NON ADHESION: ... 6

INSOLVENCY PROCEEDING / APPOINTMENT OF BANKRUPTCY RECEIVERS: ... 6

BANKRUPTCY/BANKRUPTCY ADMINISTRATION REPORT: ... 7

INSOLVENCY PROCEEDING / AGREEMENT PROPOSAL: ... 7

INSOLVENCY PROCEEDING / ADMISSION OF THE AGREEMENT PROPOSAL IN

ADVANCE:... 7

INSOLVENCY PROCEEDING / FIRST CREDITORS MEETING: ... 7

INSOLVENCY PROCEEDING / SUBSEQUENT CREDITORS MEETINGS: ... 7

INSOLVENCY PROCEEDING / AGREEMENT ACCEPTED BY THE CREDITORS: ... 7

INSOLVENCY PROCEEDING / OPPOSITION TO THE AGREEMENT: ... 7

INSOLVENCY PROCEEDING / JUDICIAL APPROVAL OF THE AGREEMENT: ... 7

INSOLVENCY PROCEEDING / REJECT EX OFFICIO OF THE AGREEMENT: ... 7

INSOLVENCY PROCEEDING / FULFILMENT OF THE AGREEMENT ... 7

INSOLVENCY PROCEEDING / NON-FULFILMENT OF THE AGREEMENT ... 8

CONCLUSION OF THE INSOLVENCY PROCEEDING: ... 8

CONCLUSION OF THE INSOLVENCY PROCEEDING FOR NON-EXISTENCE OF ASSETS: ... 8

IRRECOVERABLE DEBT: ... 8

EVICTION ... 8

DEBT TO PUBLIC AUTHORITIES: ... 8

(3)

ENFORCEMENT: ... 8

ENFORCEMENT: ... 8

SEIZURE: ... 8

PREVENTIVE SEIZURE: ... 9

SUMMONING: ... 9

ORDINARY TRIAL SUMMONING: ... 9

IN INSOLVENCY PROCEEDING: ... 9

IN A SITUATION OF BANKRUPTCY ... 9

IN A SITUATION OF SUSPENSION OF PAYMENTS: ... 9

ROGATORY LETTER: ... 9

MORTGAGE SALE: ... 9

DEFINITIVE INSOLVENCY: ... 9

PROVISIONAL INSOLVENCY IN LABOUR COURT: ... 9

BANKRUPTCY URGER: ... 10

INSOLVENCY PROCEEDING LIQUIDATION:... 10

LARGE QUANTITY: ... 10

SMALL QUANTITY: ... 10

JUDGMENT NOTIFICATION: ... 10

DEFENDANT OPPOSITION: ... 10

OPPOSITION TO ENFORCEMENT ... 10

SUMMARY TRIAL INITIAL PETITION:... 10

RECORD OF THE CLAIM: ... 10

BANKRUPTCY PROCEEDINGS: ... 10

IN SUSPENSION OF PAYMENTS: ... 11

BANKRUPTCY / 2 AND SUBSEQUENT CREDITORS' MEETINGS CALLED: ... 11

BANKRUPTCY / CREDITORS AGREEMENTS: ... 11

BANKRUPTCY / LIQUIDATION AGREEMENT APPROVED: ... 11

BANKRUPTCY / AGREEMENT APPROVED: ... 11

BANKRUPTCY / CREDITORS' MEETING CALLING: ... 11

BANKRUPTCY / DISCHARGE: ... 11

BANKRUPTCY / LIFTING THE BANKRUPTCY FILE: ... 11

BANKRUPTCY / REQUEST REFUSED: ... 11

BANKRUPTCY / APPOINTMENT OF BANKRUPTCY COMMISSIONER:... 11

BANKRUPTCY / APPOINTMENT OF TRUSTEES: ... 12

BANKRUPTCY / APPOINTMENT OF RECEIVER: ... 12

BANKRUPTCY / NEW PERIOD FOR SUBMISSION OF AGREEMENT: ... 12

BANKRUPTCY / OPPOSITION TO AGREEMENT: ... 12

BANKRUPTCY / PROPOSAL OF AGREEMENT: ... 12

BANKRUPTCY / NULL AND VOID: ... 12

BANKRUPTCY / APPLICATION ... 12

BANKRUPTCY / AUCTION: ... 12

QUITA Y ESPERA - ARRANGEMENT WITH CREDITORS (PREVIOUS INSOLVENCY

PROCEEDING SITUATION): ... 12

CLAIM FOR A SUM IN LABOUR COURT: ... 12

CLAIM FOR A SUM: ... 12

REQUIREMENT FOR PAYMENT: ... 13

INDETERMINATE PAYMENT REQUIREMENT ... 13

DEMAND FOR PAYMENT IN OUT OF COURT ENFORCEMENT: ... 13

FINAL JUDGMENT IN ENFORCEMENT PROCEEDINGS: ... 13

ORDINARY TRIAL JUDGMENT: ... 13

(4)

AUCTION WITHIN AN INSOLVENCY PROCEEDING: ... 13

AUCTION OF ASSETS: ... 13

MORTGAGE AUCTION: ... 13

SUSPENSION OF PAYMENTS / 2 AND OTHER CREDITORS' MEETINGS CALLED: ... 13

SUSPENSION OF PAYMENTS / CREDITORS AGREEMENTS: ... 14

SUSPENSION OF PAYMENTS / AGREEMENT APPROVED: ... 14

SUSPENSION OF PAYMENTS / LIQUIDATION AGREEMENT APPROVED: ... 14

SUSPENSION OF PAYMENTS / 1st CREDITORS MEETING CALLING: ... 14

SUSPENSION OF PAYMENTS / FULFILMENT OF THE AGREEMENT:... 14

SUSPENSION OF PAYMENTS / DISCHARGE: ... 14

SUSPENSION OF PAYMENTS / LIFT FILE: ... 14

SUSPENSION OF PAYMENTS / REQUEST REFUSED: ... 14

SUSPENSION OF PAYMENTS / APPOINTMENT OF INSPECTORS: ... 14

SUSPENSION OF PAYMENTS/SETTLEMENT DELAY: ... 14

SUSPENSION OF PAYMENTS / OPPOSITION TO AGREEMENT: ... 14

SUSPENSION OF PAYMENTS / SETTLEMENT PROPOSAL: ... 14

SUSPENSION OF PAYMENTS / NULL AND VOID: ... 15

SUSPENSION OF PAYMENTS APPLICATION: ... 15

SUSPENSION OF PAYMENTS / AUCTION: ... 15

SALE ... 15

LEGAL ACTION NOT EXCEEDING 480,81 EUROS ... 15

VERBAL TRIAL HEARING ... 15

DEBT RESTRUCTURING PROCEDURE REQUEST ... 15

UNDER A DEBT RESTRUCTURING PROCEDURE ... 15

WITHDRAWAL FROM A DEBT RESTRUCTURING PROCEDURE ... 15

DEBT RESTRUCTURING PROCEDURE / REFINANCING PLAN APPROVED ... 15

DEBT RESTRUCTURING PROCEDURE / REFINANCING PLAN NOT APPROVED ... 16

DEBT RESTRUCTURING PROCEDURE / REFINANCING PLAN VALIDATION REQUEST .. 16

DEBT RESTRUCTURING PROCEDURE / REFINANCING PLAN FILED IN THE

MERCANTILE REGISTER ... 16

DEBT RESTRUCTURING PROCEDURE / REFINANCING PLAN VALIDATION: ... 16

DEBT RESTRUCTURING PROCEDURE / REFINANCING AGREEMENT

APPEALED: ... 16

DEBT RESTRUCTURING PROCEDURE / NON-FULFILMENT OF THE REFINANCING

PLAN: ... 16

(5)

CREDITOR:

Credit holder. This information appears only during a Suspension of payments or a bankruptcy.

PREFERENTIAL CREDITOR:

Credit Holder that goes to a Creditors Meeting of a suspension of

payments or a bankruptcy in a supremacy position due to its type of credit. AFFECTED:

Company or individual businessman affected by a suspension of payments or a bankruptcy for being included in the list of creditors.

ORDINARY TRIAL PRIOR HEARING:

Of a preparatory and instrumental character. Its functions are the conciliation, reorganization and definition of the purpose of the process. VERBAL TRIAL SUMMONS:

Once the claim has been accepted, it is notified to the defendant, summoning the judge both parties to the hearing.

SUMMONS FINAL JUDGEMENT IN ENFORCEMENT PROCEEDINGS: Phase of the enforcement proceedings in which the judge summons the parties in order to deliver judgment.

COGNIZANCE:

Ordinary declaratory proceeding used when the amount object of the proceeding is between 480,81 and 4.808,10 euros.

CREDITORS MEETING (PREVIOUS INSOLVENCY PROCEEDING SITUATION):

Insolvency proceeding equivalent to the bankruptcy. It can be

requested by individuals as well as by entities with no business aims (as, for example the foundations, clubs...)

INSOLVENCY PROCEEDING / REQUEST:

Act by which one or several creditors or the debtor itself, request to the judge the Statement of Insolvency Proceeding. Depending on who requests the statement it can be Voluntary (debtor) or Necessary (creditor).

INSOLVENCY PROCEEDING / LIQUIDATION REQUEST:

Can only be requested in the case of a Voluntary Request and would be enclosed with the proposal of the Liquidation Plan.

INSOLVENCY PROCEEDING / ACCEPTED REQUEST:

The Judge would give leave the request. In case of a Voluntary request it would declare the statement of Insolvency Proceeding. If the request was presented by a creditor the judge will make an order giving it leave and ordering the citation of the debtor for its possible opposition to the request.

INSOLVENCY PROCEEDING / AGREEMENT PROPOSAL IN ADVANCE:

From the request of the voluntary insolvency proceeding, or from the declaration of the necessary insolvency proceeding, the debtor that wouldn’t have requested the liquidation could present to the judge an

(6)

agreement proposal in advance that will be enclosed to a payment plan.

INSOLVENCY PROCEEDING / REQUEST NON ACCEPTED:

Once studied all the documents presented, the judge could decide not to admit the request of insolvency proceeding.

INSOLVENCY PROCEEDING / SUMMONING OF THE DEBTOR:

When a request presented by a creditor is given leave, the judge would order a citation of the debtor for its possible opposition to the request.

INSOLVENCY PROCEEDING / REQUEST OPPOSITION:

The debtor could formulate opposition to the insolvency proceeding request presented by one or several creditors.

INSOLVENCY PROCEEDING / DECLARATION:

It is produced by a current or imminent insolvency of the debtor. Any debtor can be declared in insolvency proceeding, whether they are an individual or a legal person. After the voluntary request, justifying the indebtedness or insolvency, or in the one requested by a creditor, after the general dismiss of the debtor’s obligations payments, the judge will declare an insolvency proceeding.

INSOLVENCY PROCEEDING / NON ADMISSION OF THE AGREEMENT PROPOSAL IN ADVANCE:

The judge could not admit the Agreement Proposal in Advance, when the adhesions of the creditors won’t surpass one fifth of the liabilities.

INSOLVENCY PROCEEDING / ADMISSION OF THE AGREEMENT PROPOSAL IN ADVANCE:

The judge would admit the agreement proposal in advance, when the adhesions of the creditors surpass one fifth of the liabilities.

INSOLVENCY PROCEEDING / AGREEMENT PROPOSAL IN ADVANCE WITH NO EFFECT:

Once the agreement proposal in advance is given leave, the judge could declare it without effect when the involved in the insolvency proceeding incur in a prohibition, or when the evaluation of the administration of the insolvency proceeding were not favourable.

INSOLVENCY PROCEEDING / CREDITORS ADHESIONS:

The creditors could adhere to the agreement proposal in advance from the given leave to the expiration of the creditors list and inventory objection delay.

BANKRUPTCY / CREDITORS NON ADHESION:

If the necessary number of adhesions to the agreement proposal in advance is not reached, the judge will make an order opening the agreement or liquidation phase.

INSOLVENCY PROCEEDING / APPOINTMENT OF BANKRUPTCY RECEIVERS:

Once declared the insolvency proceeding, the judge will order the appointment of the administrators of the insolvency proceeding that will be a lawyer, an auditor and a creditor.

(7)

In the case of an abbreviated proceeding, it will be designed just one member, which could be a lawyer, an auditor, an economist or a titled in mercantile issues.

BANKRUPTCY/BANKRUPTCY ADMINISTRATION REPORT:

The report will be presented in two months (the delay can be extended another extra month) from the acceptance date of two of the three administrators.

It will contain all those documents reflecting the net worth situation of the debtor, creditors list, annual financial report and state of the accounts.

INSOLVENCY PROCEEDING / AGREEMENT PROPOSAL:

The agreement proposal, that could contain different alternatives, will be written and signed by the debtor or, if it’s the case by all the

creditors that have proposed it. It should be presented together with a payment plan detailed with the resources foreseen for its fulfilment.

INSOLVENCY PROCEEDING / ADMISSION OF THE AGREEMENT PROPOSAL IN ADVANCE:

In case it fulfils the time, shape and content conditions the judge would give leave in five days from the presentation date.

INSOLVENCY PROCEEDING / FIRST CREDITORS MEETING: The first creditors meeting would be summoned for the creditors to adhere to the Agreement proposal (in advance or not).

INSOLVENCY PROCEEDING / SUBSEQUENT CREDITORS MEETINGS:

In case there’s an infringement in the first creditors meeting the judge could reject the agreement and summon a new meeting.

INSOLVENCY PROCEEDING / AGREEMENT ACCEPTED BY THE CREDITORS:

For the acceptance of the creditors it would be necessary, at least half of the ordinary liabilities of the insolvency proceeding.

INSOLVENCY PROCEEDING / OPPOSITION TO THE AGREEMENT: The opposition would be handled by the channels of the insolvency proceeding and would be solved by a sentence that would approve or reject the agreement.

INSOLVENCY PROCEEDING / JUDICIAL APPROVAL OF THE AGREEMENT:

The judge would judicially accept the agreement if there is no

opposition in a delay of ten days by the creditors or administrators of the insolvency proceeding.

INSOLVENCY PROCEEDING / REJECT EX OFFICIO OF THE AGREEMENT:

The judge could reject ex officio the agreement in case of considering there’s an infringement of the norms established by the laws.

(8)

When the debtor estimates that the object of the agreement has been fulfilled it will present to the judge the appropriate report. If the judge considers it fulfilled it would declare the fulfilment by an order.

INSOLVENCY PROCEEDING / NON-FULFILMENT OF THE AGREEMENT

When a creditor estimates the non-fulfilment of the agreement could request to the judge the declaration of non-fulfilment. That declaration would annul the agreement.

CONCLUSION OF THE INSOLVENCY PROCEEDING:

The conclusion and shelving of the insolvency proceeding will take place for payment of the credits, abandon of the creditors, fulfilment of the agreement and by annulment of the order of declaration of the insolvency proceeding.

CONCLUSION OF THE INSOLVENCY PROCEEDING FOR NON-EXISTENCE OF ASSETS:

The conclusion and shelving of the Insolvency Proceeding will take place when the non existent of assets or rights to face the credits of the involved in the insolvency proceeding is probed.

IRRECOVERABLE DEBT:

Classification of a credit (debt) made by an official collector of the Administrations once expired the compel payment phase, if the

debtor’s whereabouts are unknown or he has been declared insolvent. Also called "unsuccessful", it means the non-existence of seizable assets.

EVICTION

Special and abbreviated procedure whose object is to expel the tenant or leaseholder of a property or a urban real estate; returning it back to its proprietor.

DEBT TO PUBLIC AUTHORITIES:

Notification of debts held with official organizations as for example: Social Security, Inland Revenue, Town Halls etc.) before entering in the compel payment phase.

DISSOLUTION:

Process aimed at the extinction of the company’s contracts, which starts from one of the causes of dissolution collected in the law or in the company’s articles of association, it continues with the liquidation of the company's net worth and ends with their distribution.

ENFORCEMENT:

Contains all the orders and regulatory parts that are pronounced from the judgement to make its content be fulfilled.

ENFORCEMENT:

When debts to official bodies have not been met voluntarily, they are claimed by compel payment or enforcement, the amount of the debt is increased by a compel payment surcharge.

(9)

Retention or capture of assets made by order of a court or a competent authority, for the purpose of their subsequent sale in order to apply the sum raised to payment of the debts.

PREVENTIVE SEIZURE:

Type of seizure requested with the lodging of the claim, for the purpose of ensuring the enforcement of a judgment by which a certain sum of money is ordered to be paid.

SUMMONING:

Concession of a delay of time to the parties for the appearance in the court.

ORDINARY TRIAL SUMMONING:

Concession of a delay of time to the parties for the appearance in the court.

IN INSOLVENCY PROCEEDING:

Juridical situation that takes place once the insolvency proceeding enters in the declaration phase.

In this epigraph you could find any information that is related with these proceedings but can not be included in any of the other epigraphs of the insolvency proceeding.

IN A SITUATION OF BANKRUPTCY

Legal situation aimed at the liquidation of the assets of a bankrupt party and distribution of the result among the creditors, provoked by a

situation of definitive insolvency since the assets are less than the liabilities, although it can also happen if the insolvency is provisional. This heading can cover any information which, related with these proceedings, cannot be included in any of the other headings of the bankruptcy.

IN A SITUATION OF SUSPENSION OF PAYMENTS:

File applied for by a businessman when he foresees that he will not be able to meet his debts due to a temporary lack of liquidity, in order to come to an agreement with his creditors and, therefore, avoid

bankruptcy.

This heading can cover any information which, related with these proceedings, cannot be included in any of the other headings of the suspension of payments.

ROGATORY LETTER:

Letter sent by one court to another requiring information from the latter on matters connected with the legal proceedings in progress.

MORTGAGE SALE:

This is the case of enforcement proceedings arising from failure to pay a mortgage loan. It is regulated by Article 131 of the Mortgage Law.

DEFINITIVE INSOLVENCY:

Condition of the debtor that lacks of sufficient resources to meet his debts, as his liabilities are greater than his assets.

PROVISIONAL INSOLVENCY IN LABOUR COURT:

When the defendant in a labour court evidences that he is unable to meet the payments arising from a judgment, the judge will declare him

(10)

insolvent. Once declared insolvent for one file, he can resort to this declaration of insolvency for future enforcements.

BANKRUPTCY URGER:

Creditor that presents the necessary bankruptcy of a sole proprietorship or a company.

INSOLVENCY PROCEEDING LIQUIDATION:

The bankruptcy administration will submit a plan to the judge for the realization of the assets and rights making up the total assets. The judge will approve this plan by an order.

LARGE QUANTITY:

The ordinary declaratory trial applicable when the sum in litigation is over 961,619.37 euro.

We find it in the summons phase: Large quantity / summons or in the sentence: Large quantity

SMALL QUANTITY:

The ordinary declaratory trial applicable when the sum in litigation is over 4,808.10 euro and less than 961,619.37 euro, or when it cannot be estimated, and for all other claims for which there is not a specific process.

We find it in the summons phase: Small quantity / summons or in the sentence: Small quantity.

JUDGMENT NOTIFICATION:

Phase in which the judicial resolution is notified in those social, ordinary, verbal trials, defaulted draft judgement and summary trials.

DEFENDANT OPPOSITION:

The defendant can oppose the petition for payment made by the claimant, before the enforcement takes place.

OPPOSITION TO ENFORCEMENT

The defendant under enforcement, within ten days following notice of the order of enforcement, can oppose it in writing, in the form of a claim, arguing payment or compliance with what was ordered in the judgment, for which documentary evidence must be supplied.

SUMMARY TRIAL INITIAL PETITION:

Letter claiming a financial debt for a maximum amount of up to 250,000 euros.

RECORD OF THE CLAIM:

Claim pursued by the claimant against the defendant and on which the legal body must decide, giving the basis for everything requested. For the Verbal Trial the maximum amount that can be claimed would not exceed 6.000 euros, for that reason, the minimum amount for the processing of an ordinary trial is also enlarged to 6,000 euros.

BANKRUPTCY PROCEEDINGS:

General term which we apply when the sources used by Informa, S.A. do not supply the stage of proceedings with the necessary precision.

(11)

IN SUSPENSION OF PAYMENTS:

General term which we apply when the sources used by Informa, S.A. do not supply the stage of proceedings with the necessary precision.

BANKRUPTCY / 2 AND SUBSEQUENT CREDITORS' MEETINGS CALLED:

Subsequent meetings of creditors in the bankruptcy.

BANKRUPTCY / CREDITORS AGREEMENTS:

Agreements taken in the creditors’ meeting, such as the appointment of trustees.

BANKRUPTCY / LIQUIDATION AGREEMENT APPROVED: The Creditors’ meeting of the bankruptcy can arrive at either an agreement between them and the businessman or else the sale of the assets by the trustees, with the authorisation of the bankruptcy

commissioner and the judge to proceed to sell the bankruptcy assets, by public auction or with the intervention of a business agent.

The trustees proceed to the examination, recognition and gradation of the debts for their payment, and to account for their management before the judge.

BANKRUPTCY / AGREEMENT APPROVED:

If the agreement is not for liquidation of the company, but for the continuation of its activity, with an agreement for payment to the creditors.

BANKRUPTCY / CREDITORS' MEETING CALLING:

The General Meeting of Creditors is called by the judge in the order declaring the bankruptcy. In this Meeting the creditors are made aware of the balance sheet and financial report attached by the bankrupt party; the receiver submits both the accounts and the income and expenses incurred up to this time. In this same Meeting the trustees are appointed.

BANKRUPTCY / DISCHARGE:

If the opposition presented by the bankrupt party is upheld, the

bankruptcy file previously given by the judge is dismissed, revoking the declaration of bankruptcy with this order and rehabilitating the bankrupt party.

BANKRUPTCY / LIFTING THE BANKRUPTCY FILE:

If it is proved that all the obligations recognised in the bankruptcy proceedings have been met, that is to say that the agreement has been fully complied with, the bankrupt party is rehabilitated and the file is lifted.

BANKRUPTCY / REQUEST REFUSED:

The judge, having seen the documents supplied, may decide not to admit to process the application for bankruptcy.

BANKRUPTCY / APPOINTMENT OF BANKRUPTCY COMMISSIONER: In the same order declaring the state of bankruptcy the judge will appoint a commissioner and call the General Creditors’ Meeting.

(12)

From this moment the company is considered to be in a legal state of bankruptcy.

BANKRUPTCY / APPOINTMENT OF TRUSTEES:

The first Creditors’ Meeting appoints the three trustees who will represent the creditors during the bankruptcy process.

BANKRUPTCY / APPOINTMENT OF RECEIVER:

In the order itself declaring the state of bankruptcy the judge appoints the commissioner and the receiver, the latter being the person who carries out the tasks corresponding to the trustees until they are appointed.

BANKRUPTCY / NEW PERIOD FOR SUBMISSION OF AGREEMENT: When the agreement submitted by the bankrupt party does not meet the conditions necessary for its approval, a new period is given for its presentation.

BANKRUPTCY / OPPOSITION TO AGREEMENT:

The creditors’ meeting having approved the agreement, there is a legal term of eight days from publication of that approval allowed for formal opposition to the agreement for: defects of form, fraudulent

inexactness, etc.

BANKRUPTCY / PROPOSAL OF AGREEMENT:

After the hearing for examination and recognition of debts and the classification of debts having been completed, the bankrupt party can submit a proposal of agreement.

BANKRUPTCY / NULL AND VOID:

The judge declares the bankruptcy without effect, once the file is completed, either for approval of the agreement, or for dismissal of the file.

BANKRUPTCY / APPLICATION

Act by which one or several creditors, or the debtor itself, apply to the judge for a declaration of the legal state of bankruptcy. Depending on who makes the application, the bankruptcy can be imposed (creditors) or voluntary (debtor).

BANKRUPTCY / AUCTION:

Auction of the assets of a company which is in bankruptcy, held in order to pay the creditors with the cash obtained.

QUITA Y ESPERA - ARRANGEMENT WITH CREDITORS (PREVIOUS INSOLVENCY PROCEEDING SITUATION):

Insolvency proceeding equivalent to the suspension of payments. It can be requested by individuals as well as by entities with no business aims (as, for example the foundations, clubs...)

CLAIM FOR A SUM IN LABOUR COURT:

Claims for a certain amount of money made by employees in labour proceedings.

(13)

We use this heading when the sources used by Informa, S.A. do not give with the necessary precision the type of proceedings applicable to this claim.

REQUIREMENT FOR PAYMENT:

The judge requires payment by the defendant. The requirement has the form of a court order and is enforceable. The judge uses it, having admitted the claimant’s petition, to communicate it to the defendant. In a claim concerned with unpaid bills of exchange, cheques, etc., a preventive seizure will also be ordered.

INDETERMINATE PAYMENT REQUIREMENT

The judge requires payment by the defendant. The requirement has the form of a court order and is enforceable. If in the publication in question no reference is made to the type of trial (ordinary, unpaid cheques, etc.), it is classified as an "Indeterminate" type of claim (this being understood as "unknown").

DEMAND FOR PAYMENT IN OUT OF COURT ENFORCEMENT: This is a Requirement for Payment but relating to the enforcement of an Out-of-Court entitlement.

FINAL JUDGMENT IN ENFORCEMENT PROCEEDINGS:

Judgment given in enforcement proceedings by which the enforcement is ordered to go forward, expressing the sum which has to be paid to the creditor.

This judgment opens the enforcement route, in order to proceed to the sale of the assets previously attached and payment to the creditor from the proceeds of the auction.

ORDINARY TRIAL JUDGMENT:

Having taken the evidence admitted, the judge opens the phase of oral submissions so that the parties can state their conclusions. The judge will give judgment 20 days after the trial.

VERBAL TRIAL JUDGMENT: As for the ordinary trial.

AUCTION WITHIN AN INSOLVENCY PROCEEDING:

The disposal of the debtor’s assets is by auction, and if there is no buyer, the judge will agree that a direct disposal can proceed.

AUCTION OF ASSETS:

Public sale of movable and fixed assets to the highest bidder.

Although this can go to a third auction, Informa only deals with the first.

MORTGAGE AUCTION:

Auction arising from mortgage proceedings under Article 131 of the Mortgage Act.

SUSPENSION OF PAYMENTS / 2 AND OTHER CREDITORS' MEETINGS CALLED:

If the creditors do not reach an agreement in the first Meeting, the judge will set a date for the holding of another one. If agreement is not reached in either of these meetings, the process will be declared legally concluded.

(14)

SUSPENSION OF PAYMENTS / CREDITORS AGREEMENTS: Agreements taken in the meetings of creditors of the suspension. SUSPENSION OF PAYMENTS / AGREEMENT APPROVED:

Court resolution ratifying the agreement reached by the debtor and the creditors in the General Meeting of the suspension of payments.

SUSPENSION OF PAYMENTS / LIQUIDATION AGREEMENT APPROVED:

Approval of the Agreement in which the form of payment to the creditors will be by liquidation of the assets of the company.

SUSPENSION OF PAYMENTS / 1st CREDITORS MEETING CALLING: On seeing the report by the inspectors, the judge gives an order declaring the legal state of suspension of payments, in which he also calls the General Meeting of Creditors.

SUSPENSION OF PAYMENTS / FULFILMENT OF THE AGREEMENT: Once having finished making the payments listed in the agreement approved by the creditors and when all the conditions of the agreement established have been complied with, the judge will publish compliance with the agreement.

SUSPENSION OF PAYMENTS / DISCHARGE:

If at the first or following Creditors’ Meetings the debtor is not present (it should be remembered that the proceedings were started at his

instance), or 3/5 of the creditors, the judge will shelve the file.

SUSPENSION OF PAYMENTS / LIFT FILE:

At the end of the period allowed for the creditors to oppose the

agreement, if there is no opposition or the judge dismisses it, an order is given ratifying the agreement, and the file is adjourned.

SUSPENSION OF PAYMENTS / REQUEST REFUSED:

It can happen that the judge does not admit the application, through lack of some established requirement.

SUSPENSION OF PAYMENTS / APPOINTMENT OF INSPECTORS: If the judge admits the application, he will appoint three people (one creditor and two qualified accountants) to supervise the company’s transactions and report on its financial situation.

SUSPENSION OF PAYMENTS/SETTLEMENT DELAY:

If the agreement submitted contains faults in basis or defects of form, the judge may grant a new period for its presentation.

SUSPENSION OF PAYMENTS / OPPOSITION TO AGREEMENT: The agreement having been approved, the law establishes a legal period of eight days for any creditor to formally oppose the agreement for: defects of form, fraudulent inaccuracy, etc.

SUSPENSION OF PAYMENTS / SETTLEMENT PROPOSAL:

In the Meeting the debtor presents a proposed agreement to simplify the adopting of an agreement between it and its creditors to solve its

(15)

payment problems. The debtor can propose both a period of grace and a partial reduction of the debt.

SUSPENSION OF PAYMENTS / NULL AND VOID:

Having approved the agreement of suspension of payments, the judge declares the suspension without effect.

SUSPENSION OF PAYMENTS APPLICATION:

Only the debtor, the businessman, can apply for temporary deferral of its payments, when it is foreseen that he will be unable to make payment through being in a state of temporary insolvency.

SUSPENSION OF PAYMENTS / AUCTION:

Auction of the assets of a company which is in suspension of

payments, held for the purpose of paying the creditors with the cash obtained.

SALE

The goods seized in a trial can be auctioned or sold, for purposes of payment to the claimant.

LEGAL ACTION NOT EXCEEDING 480,81 EUROS

Ordinary declaratory trial in which the sum claimed does not exceed 480.81 euro.

VERBAL TRIAL HEARING

It is a pre-sentence phase in which the parties make their allegations and the facts are determined. If the claimant does not attend, the proceedings are understood as having been withdrawn; if the

defendant does not attend, it will be declared in contempt of court. After the hearing, the judge will give judgment in 10 days.

DEBT RESTRUCTURING PROCEDURE REQUEST

The debtor could communicate the competent judge of the insolvency proceeding declaration that it has begun the negotiations to reach a refinancing agreement or to obtain adhesions to an advance proposal of agreement. This communication may be carried out in any moment before the expiry of the two months period subsequent to the date in which the insolvency status got known. If the communication is done within the period, it would no be requirable the obligation to request the voluntary insolvency proceeding declaration.

UNDER A DEBT RESTRUCTURING PROCEDURE

Once the judge admits the request to refinance its debts it should need to reach a payment agreement with its creditors in the thee months that follow the communication made by the court.

WITHDRAWAL FROM A DEBT RESTRUCTURING PROCEDURE During the three month delay in which the debtor has to obtain the

refinancing, this last one may give up from that request if the situation that provoked it disappears.

DEBT RESTRUCTURING PROCEDURE / REFINANCING PLAN APPROVED

(16)

The refinancing plan would be taken as approved if it has the approval of the creditors that represent at least 3/5 of the liabilities.

DEBT RESTRUCTURING PROCEDURE / REFINANCING PLAN NOT APPROVED

If the refinancing plan, once ended the legal delay, is not accepted by at least 3/5 of the liabilities it should request an insolvency proceeding declaration within the following working month unless it were not in an insolvency status.

DEBT RESTRUCTURING PROCEDURE / REFINANCING PLAN VALIDATION REQUEST

The debtor may ask the validation of the refinancing plan before the judge that should know the insolvency proceeding when it had been approved by 75% of financial entities liabilities.

DEBT RESTRUCTURING PROCEDURE / REFINANCING PLAN FILED IN THE MERCANTILE REGISTER

The agreement subscribed by the creditors whose credits represent at least 3/5 of the liabilities in the refinancing agreement adoption date would be filed in the Mercantile Register of the company.

DEBT RESTRUCTURING PROCEDURE / REFINANCING PLAN VALIDATION:

The judge would award the validation when the agreement met the afore mentioned requirements and it does not means a

disproportionate sacrifice for the creditor financial entities that

subscribed it. For its judicial validation the effects of the agreed wait for the financial entities that had subscribed it enlarge to the other non participant creditor financial entities.

DEBT RESTRUCTURING PROCEDURE / REFINANCING

AGREEMENT APPEALED

:

The affected creditors that had not adhered to the refinancing agreement may appeal. The contest may only be based in the non concurrence of the required percentage and the valuation of the disproportion of the required sacrifice

DEBT RESTRUCTURING PROCEDURE / NON-FULFILMENT OF THE REFINANCING PLAN:

If the debtor may not fulfil with the refinancing agreement, any creditor may request its fulfilment declaration. Once declared its non-fulfilment the creditors may request a necessary insolvency proceeding or begin singular executions

The information in this document is confidential; the user commits to prevent its disclosure to any third party out of INFORMA, S.A., it is as well forbidden any copy, or printing of the content of this document without the prior written consent of the Quality Department

of INFORMA, SA

(17)

Información de Empresas

w w w. i n f o r m a . e s

Customer Service

 clientes@informa.es

Figure

Updating...

References

Updating...

Related subjects :