Insolvency Claims and Bankruptcy

Transfer of responsibility can be made from the company

We have been very successful with Insolvency claims and a transfer of responsibility from the company to the Administrator (or Directors).

Claims where company is insolvent

These cases are satisfying for the clients and us. Many of you have been through a long Court case and had a positive Resolution. Then you have been disappointed to discover that the company is insolvent.

It is important for clients to know that if they have a credit against a company that is insolvent, that this can be transferred on. The law in Spain allows you to transfer the responsibility for the credit. Or for the money owing, to the Administrator (or in some cases the Directors). Thus giving you another opportunity to recover money.

How to transfer responsibility – insolvency?

When is this permitted? This method in insolvency claims is permitted in special circumstances and with SL companies. An example being when the company has not submitted its taxes each year (tax evasion). Or, for example, it has not complied with other legal obligations. In this case, you can transfer the responsibility to the Administrator or Directors. This is as they were the ones who should have ensured that matters were dealt with correctly. The company can only have limited liability when things are done properly.

Administrator or Director Personally Liable

If not then the Administrator or Directors will be held personally liable as viewed as responsible for the breach of duty. Not all lawyers are experienced or competent in commercial matters. We have a great deal of both experience and success in these cases.

You may have won a case against a company and not received what is owed to you. Please consider if the Administrator or Directors may have assets. The person you are transferring responsibility to must be solvent in order to pay you, if we are successful. We cannot get money from someone with no assets. However, all being well, we can work as a team to ensure justice is ultimately done.

Time limitation insolvency in Spain

You should bear in mind that there is a four year time limitation from when the company became insolvent.

Contact us if you wish us to consider this or a similar case.

Our Insolvency Claims and Bankruptcy services