T.C. | In Spain, 2,086 companies declared insolvency between January and April this year, an increase of 71% compared to 1,217 a year earlier, according to data published in the Official State Gazette and analysed by Iberinform. The strongest growth was in April, when 552 insolvencies were declared, compared to 41 in April last year, when the legal moratorium and confinement began, exempting administrators from filing for insolvency proceedings.
The law stipulates that insolvency proceedings must be filed when it is foreseen that payments cannot be met within three months. A failure to comply with this rule can lead to the subsequent insolvency proceedings being declared responsible, which entails the financial liability of the administ…
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