Commercial law

Bank Guarantees in Purchases. Claims Against the Administrators of the Developers.

Bank Guarantees in Purchases. Claims Against the Administrators of the Developers.

Spanish lawyers of CBL Carlos Baño Leon are starting to file the first claims against the administrators of building developers’ companies because of breach of the duty of guaranteeing the payments delivered in advance in the purchase of houses in Spain. We have already informed several times that these claims are being recognized provided that some requirement are met. Many…

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Shares Purchase. Bankia. Cancellation of the Shares Purchase.

Shares Purchase. Bankia. Cancellation of the Shares Purchase.

The civil division of the Supreme Court of Spain, convening in a plenary session, solved two appeals of BANKIA against the cancellation of the purchase of its shares during the public offering of shares in 2011. The courtroom dismissed all grounds of the appeals, rejected that the pending criminal proceeding before the Audiencia Nacional (national high court) can paralyze the…

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Responsibility Director Subcompany of Company Group Privileges for Company Group

Responsibility Director Subcompany of Company Group Privileges for Company Group

The First Social Chamber of the Supreme Court passed sentence on the 11/12/2015 and condemned a director of a subcompany after achieving privileges for the whole company group although they were harmful for the subcompany. The fact that this decision has been instructed by the company direction does not change anything. “The obligation of fidelity needs to be guided by…

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