BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS IN SPAIN] 105
b) As a liquidation proceeding, which will be opened at the request of the debtor, when the continuation plan is not approved, homologated or not complied with and, very importantly, if the debtor is not up to date with its tax or Social Security obligations accrued after the opening of the insolvency proceeding. Also in the liquidation proceedings, certain measures may be requested, the most important of which is the
suspension of the execution of secured claims on the assets or rights necessary to continue the activity for a maximum period of three months. The liquidation will be carried out through the electronic platform system and cannot last more than three months, extendable for an additional month.
ILN Restructuring & Insolvency Group – Bankruptcy, Insolvency & Rehabilitation Series
Made with FlippingBook Online newsletter maker