For the first time in several years, the number of companies dissolved in 2014 was reduced, as in 2013, 2012 and 2011, they increased by 9.4%, 14.6% and 6.9% respectively. Most of these companies were dissolved voluntarily.
Ways to extinguish a company
We will have to distinguish between the voluntary dissolution of a company and those arising from the insolvency of the company, which may lead to bankruptcy proceedings . Bankruptcy proceedings are the legal proceedings that arise when a natural or legal person becomes insolvent and cannot meet all of the payments owed . Bankruptcy proceedings cover situations of bankruptcy and suspension of payments.
The Spanish legal regulation on insolvency small business email list proceedings is found in Law 22/2003 of July 9, Bankruptcy , amended by Royal Decree Law 3/2009, of March 27, on urgent measures in tax, financial and bankruptcy matters in view of the evolution of the economic situation, and Law 38/2011, of October 10.
Procedures to be carried out for the voluntary liquidation of companies
If the company has no debts that lead to bankruptcy and it is desired to liquidate it, the following procedures must be followed:
Agreement of the partners on how the payments of the outstanding debts are to be attended to , since if there are outstanding debts the company cannot be dissolved. To do this, it is necessary that the decision to liquidate the company is approved at the shareholders' meeting , dismissing the directors and appointing a liquidator, who is usually the director himself. The liquidator, based on the updated balance sheet of the company, will offset the debts with the assets of the company and the resulting surplus (if any) will be distributed proportionally among the partners. The purpose of the liquidation is that the balance sheet resulting from this procedure is equal to zero . Dissolution can then be carried out.
The appointment of the liquidators and the dissolution will be registered in the Commercial Register, and published in the Official Gazette of the register for publication. Third parties who consider themselves to be affected will thus be able to exercise their right to object.
The Tax on Legal Documents will be settled .
