Measures relating to bankruptcy proceedings and shareholders’ meetings during the Covid-19 crisis are approved. RDL 34/2020 was published in the BOE on November 19.
This Royal Decree-Law extends some of the measures adopted by Law 3/2020 of 18 September, which it is considered necessary to maintain.
The bankruptcy and corporate measures, referring to legal entities of private law, are summarized below.
Measures for bankruptcy proceedings and shareholders’ meetings
We distinguish between measures adopted in the field of bankruptcy and those applicable to the operation of the administrative and governing bodies. And to the convening of general meetings and assemblies of legal entities under private law
It extends until the 14th of March 2021, inclusive, the suspension of the obligation of the company, in case of insolvency, to request the declaration of bankruptcy. In addition, until such date the judges will not admit applications for necessary insolvency proceedings (requested by a creditor). Giving preference during that period to the request made by the insolvent company itself, even if it is later. Neither will the debtor who had informed the court of the initiation of negotiations with creditors (“pre-contest”) have the duty to request the declaration of the insolvency proceeding.
Extraordinary measures applicable to private law legal entities applicable during 2021
Even without being provided for in the statutes of a company.
- For corporations. The administrative body may provide, in the call of the shareholders’ meeting, for attendance by telematic means and remote voting. As well as the celebration of the meeting in any place of the national territory.
- For limited liability companies. The administrative body may foresee, in the call of the shareholders meeting, the celebration by videoconference or by multiple telephone conference. In this case, after the meeting, the minutes will be sent to the e-mail addresses of the partners. The same applies to associations, civil societies, cooperative societies and foundations.