What happens if spain goes bankrupt

The claims of the workers of the company wages for the 30 days before the opening of the collective procedures; wages for work after the start of the collective procedures; economic compensation related to termination of the employment contract etc.

Anyone providing services for an employer and receiving wage for this, including part-time and fixed-term workers, irrespective of the duration of employment is eligible. The guarantee covers wages, bonuses and fringe benefits as well as financial employee participation that arises up to one year before the insolvency.

In terms of wages pending to be paid, the fund pays an amount which is the outcome of multiplying the double of the daily National Minimum Wage by the number of days of wages pending do be paid. In terms of severance pay, there is a maximum payment of 12 months per year worked. Fogasa covers only severance pay acknowledged by a court sentence or resolution of the Labour Authority when dismissal is applied if the company is considered insolvent or goes bankrupt.

The guarantee is administered by the Guarantee Institution Fogasa of the labour ministry and financed by employer contributions. When Philip III became King of Spain and Portugal in , Spanish commentators were complaining that instead of being used to stimulate industry and business, the treasure from the Americas had created an attitude that held productive work in contempt, while foreigners - Genoese, Dutch, Germans - ran Spain's trade and finance to their own profit.

The commentators wanted to see royal expenditure drastically reduced, the tax system reformed to bear more heavily on the rich, the growth of the Church checked and the improvement of industry and transport.

There was little hope of these measures being taken by Philip III. Professor Earl J. Home evictions averaged a day in Spain last year. Licenciatura en Comercio y Negocios Internacionales. Disfruta de nuestras lecciones personalizadas, breves y divertidas. Disfrute de nuestras lecciones personalizadas, breves y divertidas. Nuevo curso 'online'. Crucigramas minis. Crucigramas Tarkus. Sudokus mini. Sopas de letras. Ver Directorio de Centros. Contrata ya esta oferta pensada para ti.

On the basis of this exercise, this paper contributes to the literature by introducing new variables that help explain the relative use of bankruptcy law.

Likewise, it proposes a structural reform of the Spanish Bankruptcy Act to make bankruptcy procedures more attractive to both debtors and creditors. Finally, it suggests the reform of several non-bankruptcy laws to promote the optimal design of the asset and capital structure of Spanish firms.

Thus, by allowing firms to choose those asset and capital structures that maximize their value, it will be possible to improve the competitiveness and growth of the Spanish economy. View the discussion thread. Skip to main content. You are here Blog Home. More from this author. Capitalism, Heal Thyself Alan Palmiter A paradigm shift is underway: The corporation—much reviled as a cost-externalizing, short-termist, inward-focused, politically manipulative machine—is undergoing a fundamental change.