The sale of a business unit must help preserve jobs, be agile, and find a buyer quickly. Otherwise, everything could end dramatically. This is what commercial court judges, especially in Barcelona, are tending to do.
The insolvency process is changing for the better in this country. Previously, liquidations were disastrous; almost everything was sold as scrap or at bargain prices, jobs were destroyed, and the proceedings dragged on for decades.
You have to keep in mind that more than 90% of insolvency proceedings end in liquidation, and due to the judicial backlog, these processes drag on and the assets end up being devalued.
The English "pre-pack" insolvency model has arrived in Spain to stay and, in fact, to develop further. This is what the Commercial Court judges in Barcelona are implementing, together with professionals specializing in insolvency law and the Catalan Government's Department of Business.
In fact, if your company is in difficulty, or you anticipate that it may end up in bankruptcy or liquidation, the Generalitat's tool can help you find a buyer or even find investment or financing.
Specifically, the web link to access the service enabled for the Generalitat is the following:
https://canalempresa.gencat.cat/ca/01_que_voleu_fer/04_canvis_i_tancament/03_venda_unitats_productives/index.html?p
These interactive forms allow companies to inform the public administration about their assets, existing debts, share capital structure, turnover, and other relevant data. This enables interested parties and investors to purchase the business unit, gaining insight into the company's inner workings beyond the accounting records, and having a public administration as an intermediary to ensure the transparency of the transaction.
This has been done for years in the United Kingdom, and is known as "pre-pack administration", which allows a working company to be sold quickly to an interested entrepreneur in the same sector or to an investor.
Therefore, if you anticipate your company's insolvency, don't hesitate to use this tool to facilitate your pre-bankruptcy preparation. Likewise, don't hesitate to hire a specialist who can advise you, as insolvency law is very complex and requires surgical precision.
As a business owner, you must be aware that the moment you detect insolvency, the law requires you to take action. One option is to file for pre-bankruptcy proceedings, but if the insolvency is insurmountable, you will be obligated to file for voluntary bankruptcy. Failure to file for bankruptcy in a timely manner can have serious consequences for your own assets.
Similarly, you should be aware that if you anticipate your company is becoming insolvent, the law does not allow you to hastily sell off assets. Therefore, the best option is to file for bankruptcy protection, requesting the judge to appoint a bankruptcy administrator and activate the pre-bankruptcy package. This way, you can preserve jobs, perhaps even your own, and keep the company afloat.
You can contact this professional office for any questions or clarifications you may have.
Warm regards,
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A Àmbit Assessor, SL has 40 years dedicated to the tax, comptable and labor consultancy of the Pime.
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