NEW
Font size
Worksheetsmercantile law 2, chapter 5, 19-25
Total questions: 80
Worksheet time: 40mins
The Competition Act for the fight against practices restrictive of competition and the control of economic concentration, points out the following types of substantial acts for its policy:
The system applicable to conduct restrictive of competition, or for.
bidden practices. all
Principles of concentration control or merger control.
The system for monitoring and proposal in matters of public aid, or
state aid.
all the above
The «forbidden agreements» laid down in Competition Law allude:
Only to formal agreements that produce the effect of prevention,
restriction or distortion of competition in all or part of the nation.
al market.
Only to collective agreements that produce the effect of prevention,
restriction or distortion of competition in all or part of the nation-
al market.
Only in special to concerted or consciously parallel practices that
produce the effect of prevention, restriction or distortion of competition in all or part of the national market.
To agreements, collective decisions or recommendations, or concert-
ed or consciously parallel practices that produce the effect of pre-
vention, restriction or distortion of competition in all or part of the
national market.
Forbidden agreements that are not sancionable are only:
Believed to have favourable effects for the consumer and product
improvements in terms of production, distribution, or marketing; Of
promoting technological progress.
Seen as having no positive effects to counteract the harmful effects
produced from the perspective of competition.
Testing the prohibition though a self-evaluation system
none of the above
The law prohibits «abuse of a dominant position» and the competition
authority shall assess whether the undertaking concerned is dominant or not
defining the relevant market:
Defining the relevant market means determining the scope of the
competition rules in respect of restrictive practices and abuses of a
dominant position, which are capable of constraining the behaviour
of the firms in question, and assessing the degree of real competition
on the determinate market.
Assessing the relevant product market composed of all products/
o services which the consumer considers to be a substitute for each
other due to their characteristics, their prices and their intended use.
Assessing the relevant geographic market related to an area in which
the conditions of competition for a given product are homogenous.
all the above
Examples of behaviour that may amount to an abuse of dominant position include:
Requiring that buyers purchase all units of a particular product only
from the dominant company (exclusive purchasing).
Setting prices at a loss-making level (predation).
Refusing to supply input indispensable for competition in an ancillary market or charging excessive prices.
All the above
The authority in charge of both competition and regulatory matters is:
The CNMC
The EIOPA
The ESMA
The EBA
When is an unfair practice deemed to arise?
Unfair competition law describes a general principle of conduct
Objectively contrary to good faith that is deemed to be unfair.
Unfair competition lav enumérales alisten several conducts What
i particular, exemplify acts that are deemed unfair commercials
practices, and those aimed at companied and professionals will il
analysed under standards that differ from those intended for consumers
Regarding the relationship between entrepreneur and professionals
to the consumer, any action must be declared as unfair practice if it
meets two conditions: it has to be contrary to «professional diligence», and acts are capable of distorting the economic behaviour of the consumer
All the above
Acts of competitive disloyalty are:
Acts of unfair competition prohibited by Competition Law, as they affect the public interest through the distortion of free competition
by unfair acts.
Conduct objectively contrary to good faith.
The consumer's decision to select an offer, sign a contract for or
retain a product or service, pay a price or exercise his contractual
rights.
Practice which could significantly distort the economic behaviour of
the average consumer.
Which action that can be brought to forestall the practice that may be
taken against acts of unfair competition before it occurs?
Cessation or injunction.
Action to rectify misleading, incorrect or false information
Action to compensate damages.
Action against unjust enrichment.
Industry codes of conduct:
If broken, could be considered as «unfair competition».
If broken, have no consequences in terms of «unfair competition.
Impose subscription by businesses.
Are mandatory due to the rules that help enhance consumer and
user protection.
Private autonomy entails:
Freedom to conclude -or not- a contract.
Freedom in the determination of the contract's content.
Formal freedom, which means that, unless otherwise provided by a
specific regulation, there is no need to comply with any formal requirement so as to conclude a contract.
All the above
Which of the following statements is false?:
Act 34/2002 declared the validity and efficiency of the consent given
through electronic means.
Telegraphic communication shall always be admitted as proof.
Comercial contracts shall be valid and binding and actionable in court provided their existence is proved by any of the means established in Civil Law.
Any means to record words, sounds and images shall also be admited, as shall any instruments that allow words, data and mathematical operations carried out for accounting purposes or any other purposes, which are relevant to the proceedings, to be saved, known or reproduced.
or reproduced.
Which of the following statements is true?
As regards the precise moment when a contract between absent par-
ties could be deemed to be concluded, there were several differences
between Art. 1.262 CC and 54 C.Com, some of them historical.
Act 34/2002 unified the content of Art. 1.262 CC and S4 C.Com
with certain exceptions.
Art. 1.262 CC and 54 C.Com have not accepted the receipt theory.
All the above
Compensation clauses:
Can be included in civil and comercial clauses but, should the
contract be comercial, with certain specialities.
Are forbidden under the provisions of the C.Com.
Are forbidden under the provisions of the CC.
All the above
As regards interpretation of comercial contracts:
The rules established in Arts. 1.281 to 1.289 CC must be applied.
The rules established in Arts. 1.281 to 1.289 CC must be applied.
However, said rules should be complemented by Arts. 57, 58 and 59
The courts of justice are free to interpret them without taking into
account the provisions contained in the CC and the C.Com.
None of the above
Grace periods:
May be granted by the courts of justice under any circumstances.
May be granted by the courts in civil contracts.
May be granted by the courts in commercial contracts.
Can never be granted by the courts.
Obligations without a preset term:
Are not legal under Spanish law.
Shall always, according to Art. 62 C.Com, be callable 10 days after
being contracted.
Shall, according to Art. 62 C.Com, be callable 10 days after contracted if they only bring about ordinary action and, on the same day, if involving execution.
None of the above
Arrears in comercial contracts:
Are subject to Art. 1.100 CC.
Are subject to certain specialities contained in Art. 63 C.Com
Concerning contracts that stipulate a date for fulfilment of commercial obligations that is agreed by the parties or provided for under the law, these are deemed to be in arrears on the day following said date.
b) and c) are correct
The Principles on European Contract Law:
Attempt to elucidate basic rules of contract law and more generally
the law of obligations.
Are based on the concept of a uniform European contract law system.
Are a set of model rules drawn up by leading contract law academics in Europe.
All the above
Which of the following statements is true?:
The SPA is the most important comercial agreement.
The SPA is the most legally regulated contract.
The SPA is the prototype of bilateral contracts.
All the above
Which of the following statements is true?:
The SPA regulations are contained in the C.Com and the CC. but
we also have to take into account the regulations for users and con-
sumers.
The SPA regulations are contained exclusively in the C.Com.
The SPA regulations are contained exclusively in the CC.
The SPA regulations are contained in the C.Com and the CC.
Which of the following requirements need to be met so as to consider
«commercial»› a SPA under Spanish law:
The presence of an entrepreneur.
The presence of a consumer.
The presence of both a consumer and an entrepreneur.
Movable thing, the speculative intention of the buyer, and the prof-it-making purpose in the resale of goods.
As regards the delivery obligation, the transfer of the property requires:
A title, usually a contract.
The mode (traditio).
a) and b) are correct.
None of the above
Manifest defects:
Are not regulated by the C.Com.
-Are defects that, existing before delivery, cannot be appreciated with
the naked eye by the buyer.
Are external defects, apreciable for the buyer, or that must be appreciable for the buyer if the buyer is an expert who, because of his
profession, should easily recognise them.
All the above
As regards the warranty regime for defects or flaws of the goods:
It is an imperative regime that cannot be changed.
It is a default regime that can be modified by means of contractual
arrangements between both parties.
Any modification has to be approved by a court resolution
None of the above
As regards the buyer's obligations:
They are basically two: the payment of the consideration and the reselling of the goods.
They are basically two: the payment of the consideration and taking
out insurance for the transportation of goods
They are basically two: the payment of the consideration and the receipt of goods.
None of the above
In matters concerning the risk transfer in a SPA:
The problem lies in who has to bear the risk between the perfection
and the consummation of the contract in fortuitous causes.
The legal regime laid down in the C.Com is not mandatory and can
be modified by agreement between the parties
If the item sold is a determined object, the risk shall be borne by the seller until the object is made available to the buyer. From this moment the risk is transferred to the buyer.
All the above
In the absence of delivery in the fixed term of time, which are the options
of the buyer?:
The termination of the contract, and refusing to receive the merchandise if the seller offers it after the deadline.
The fulfilment of the contract, requiring the seller to deliver the
merchandise even if delayed.
a) and b) are correct.
None of the above
In the event of breach of the payment obligation:
If the payment obligation is in cash, the seller cannot refuse to deliver the goods.
If the payment obligation is in cash, the seller can refuse to deliver
the goods.
If the payment obligation is in cash, the seller can refuse to deliver
the goods, terminate the contract or require its fulfilment.
None of the above
The agency agreement differs from the mercantile commission agreement in the fact that:
The former gives rise to a long-lasting relationship between the contracting parties and the latter entails a mandate by which a person
agrees to perform a trade or transaction on behalf of another person.
The latter gives rise to a long-lasting relationship between the contracting parties and the former entails a mandate by which a person
agrees to perform a trade or transaction on behalf of another person.
The latter implies that the distributor contracts with third parties on
his own account, and assumes in all cases the risk inherent to the
resale of the products acquired.
None of the above
The persons linked by a labour relationship:
Shall be deemed sales agents.
Shall be deemed sales agents, but only under certain circumstances
determined by Act 12/1992.
Shall not be deemed sales agents.
Shall not be deemed sales agents, except in the case of authorisation
by the principal.
In what concerns exclusivity, from the agent's point of view:
Unless otherwise agreed, the agent may perform his professional
activity on the account of various entrepreneurs.
The agent will require the consent of the entrepreneur with whom he has entered into an agency agreement in order to be able to perform tor his own account or for another entrepreneur's account a professional activity related to goods or assets of equal or similar nature and which compete with those he would have agreed to promote.
Answers a) and b) are correct.
The agent must perform his profesional activity on the account of a single entrepeneur
If the remuneration of the agent is not expressly agreed in the agency
agreement;
It will be determined by the competent court.
It will be determined by the principal.
It will be determined by the agent.
It will be determined pursuant to the usage in trade of the place
where the agent performs his activity.
During the term of the agency agreement, the agent is entitled to a commission in the following cases:
When the trade act or transaction has been concluded as a result of the agent's profesional intervention.
When the trade act or transaction has been concluded with a person
previously procured by him and/or with whom he has concluded a
similar act or transaction.
In the event of an agent having exclusivity in respect of a determined
territory or group of persons, when any trade act or transaction is
Ru concluded with a person pertaining to said territory or group.
All the above
The agent is not entitled to compensation for clientele or damages:
When the principal terminates the agreement due to the agent's failure to fulfil his legally or contractually agreed obligations.
When the agent terminates the agreement, unless the termination is based on circumstances attributable to the principal or when it is
based on age, disability of illness of the agent and the agent cannot be reasonably required to continue performing his activity.
Answers a) and b) are correct.
When the contract was entered into for an unlimited period of time.
The non-competition obligation after termination of the agency agreement:
May not exceed the term of two years from the expiry of the agency agreement.
May not exceed the term of a year from the expiry of the agency
agreement.
May not exceed the term of three years from the expiry of the agency agreement.
May not exceed the term of five years from the expiry of the agency agreement.
Which of the following statements is true, in relation to the commission agreement:
If the commission agent enters into an agreement in the name of the
principal, he must not declare this.
If the commission agent enters into an agreement in the name of
the principal, he must declare this.
If the commission agent enters into an agreement in the name of the principal, the contract and actions arising from it shall take effect
between the principal and the person or persons entering into the
contract with the agent.
Answers b) and c) are correct.
The parties to a distributorship agreement for an indefinite period may
terminate it at any time, with or without cause, provided, however, that a prior
written notice of termination is given:
Within two months when the terminating party is the supplier.
Within three months when the terminating party is the supplier.
Within six months when the terminating party is the supplier.
Within five months when the terminating party is the supplier.
Under Act. 7/1996 regulating franchises:
At least twenty days prior to the conclusion of any franchise agreement, the franchisor must have provided the franchisee with the information, in writing, needed to make a free and informed decision
about joining the franchise network.
At least ten days prior to the conclusion of any franchise agreement, the franchisor must have provided the franchisee with the information, in writing, needed to make a free and informed decision about
joining the franchise network.
At least fifteen days prior to the conclusion of any franchise agreement, the franchisor must have provided the franchisee with the in formation, in writing, needed to make a free and informed decision
about joining the franchise network.
At least thirty days prior to the conclusion of any franchise agreement, the franchisor must have provided the franchisee with the information, in writing, needed to make a free and informed deci-
sion about joining the franchise network.
The General Directorate for Insurance and Pension Funds requires prior notification of the following information for certain transactions concerning
insurance companies:
Any taking, increasing or reducing of shares involving a change of control of 5% or more of the company's share capital or voting rights.
Any transaction that results in the stake of a partner in a company
exceeding 20%, 30% or 50% of the share capital or voting rights.
Any person or entity acquiring a dominant position within an insurance company.
All the above
The insurance policy subscribed by a non-approved entity acting as an
insurer:
Is void.
Is valid under certain circumstances determined by the General
Directorate for Insurance and Pension Funds.
Is void. However, if the risk has already occurred, the entity will have
to cover damages according to the terms of the policy subscribed,
and other damages arising from the infringement.
None of the above.
The policy fixes the duration of the contract that, except for the cases
of life insurance:
Cannot exceed five years.
Cannot exceed ten years.
Cannot exceed seven years.
Cannot exceed fifteen years.
For damages insurance, if the amount insured exceeds the value of the
interest insured:
Any party can seek a reduction of the amount and premium.
Only the insured party can seek a reduction of the amount and
premium.
Only the insured party and the policyholder can seek a reduction of
the amount and premium.
Only the policyholder can seek a reduction of the amount and premium.
If a loss occurs and the increased risk was not communicated:
The insurer is always released from its duties to pay if the policyholder or the insured.
The insurer is only released from its duties to pay if the policyholder or the insured acted in bad faith
The insurer's duties are proportionally reduced to the difference
between the agreed premium and the one that would have been ap-
plied if the risk had been duly assessed.
Answers b) and c) are correct.
As regards personal insurance, the policyholder, or the insured:
Is obliged to inform of any variation in the insured's health circumstances.
Is not obliged to inform of any variation in the insured's health
circumstances, since in no case would it be considered as an in-
creased risk.
Is obliged to inform of any variation in the insured's health circum-
stances, but only under certain circumstances determined by the
General Directorate for Insurance and Pension Funds.
Is not obliged to inform of any variation in the insured's health circumstances, except under certain circumstances determined by the General Directorate for Insurance and Pension Funds
If the policyholder does not pay the first or single premium agreed in
the insurance policy:
The insurer can terminate the contract or request payment.
The insurer can only terminate the contract.
The coverage is suspended within one month from its due date.
Answers b) and c) are correct.
The policyholder must inform the insurer of the loss:
Within seven days of being aware of the loss.
Within ten days of being aware of the loss.
Within seven days of being aware of the loss (or later if aggred by
the parties).
Within ten days of being aware of the loss (or later if agreed by the
parties).
When two or more insurance contracts underwritten by the same policyholder with different insurers cover the same risk and the same period:
The policyholder or the insured party must notify these circumstances to the insurers.
The policyholder or the insured party must notify these circumstances to just one of the insurers.
The policyholder or the insured party must not notify these circumstances to the insurers.
The policyholder must notify these circumstances to the insured
party.
Under Spanish Law:
Insured persons and liability insurers are deemed to be jointly and
severally liable to the prejudiced party.
Any prejudiced party may bring proceedings against the insured and
his liability insurer or even against the insurer alone.
Prejudiced third parties do not have a right to direct action against
the insurer.
Answers a) and b) are correct.
How can we define the INCOTERMS rules:
A series of three-letter trade terms, published by the International
Chamber of Commerce and related to common contractual sales practices, which are intended primarily. to clearly communicate the tasks,
costs, and risks associated with the transportation and delivery of goods.
A series of three-letter trade terms, published by the European Commission and related to common contractual sales practices, which
are intended primarily to clearly communicate the tasks, costs, and
risks associated with the transportation and delivery of goods.
A series of four-letter trade terms, published by the International Chamber of Commerce and related to common contractual sales practices,
which are intended primarily to clearly communicate the tasks, costs,
and risks associated with the transportation and delivery of goods.
A series of four-letter trade terms, published by the European Commission and related to common contractual sales practices, which
are intended primarily to clearly communicate the tasks, costs, and
risks associated with the transportation and delivery of goods.
Concerning inland transport of merchandise:
The parties cannot repeal the legal provisions defined in Act 15/2009,
even if there is an agreement between them.
The parties can repeal the legal provisions defined in Act 15/2009 if
there is an agreement between them.
The shipper can repeal the legal provisions defined in Act 15/2009
under certain circumstances determined in the abovementioned Act.
None of the above.
The consignor is defined as:
The natural person or legal entity who, either personally or through
another person acting on his behalf, enters into a contract for freight
carriage of goods.
The natural person or legal entity to whom the goods are shipped.
The natural person or legal entity who, either personally or
another person acting on his behalf or its behalf, enters into a contract of freight transport with the carrier.
The third party who acts on behalf of the shipper, delivering the
merchandise to the carrier at the established place for the receipt of
the goods by the carrier.
The absence or irregularity of any of the requirements determined in
Art. 10 Act 15/2009 concerning the bill of lading:
Does not result in the automatic inexistence or nullity of the agreement
Results in the automatic inexistence of the agreement.
Results in the automatic nullity of the agreement.
Shall lead to the termination of the transportation agreement.
The freight loading of merchandise in the vehicles shall be borne:
By the carrier, unless otherwise agreed before the effective submission of the vehicle by the carrier.
By the shipper, unless otherwise agreed at any time.
By the consignor, unless otherwise agreed at any time.
By the shipper, unless otherwise agreed before the effective submission of the vehicle by the carrier.
The carrier's liability may arise:
When there is a breach in the transport obligation, when the merchandise is not transported or partially transported.
When there is a delay in the delivery, not complying with the agreed term.
When there is a breach in the custody obligation, involving a total or partial loss of the goods or damages suffered by the goods.
All of the above.
Concerning the cuantification of compensation for loss or damage of
the merchandise:
There is a limit, and it may not exceed a third of the «Spanish Public Multiple Effect Income Indication» (IPREM) for each kilogram
of lost or damaged merchandise.
The said quantification is agreed by the parties.
There are no limits in order to quantify damages.
Answers b) and c) are correct.
If the agency of package travel, prior to the travel departure, is forced
to modify in a significant way any of the essential elements of the contract, the consumer:
Is entitled to either terminate the contract, without any kind of penalty, or to expressly accept the proposed amendments.
Is entitled to either terminate the contract, with a penalty, or to
expressly accept the proposed amendments.
Is only entitled to terminate the contract.
Will have to expressly accept the proposed amendments but with a
decrease in price.
If the number of persons registered for a determined travel package is
lower than that required, and there is cancellation of travel.
There would be a right to compensation for the consumer.
There would be no right to compensation for the consumer.
There would be a right to compensation for the consumer, but only
under certain circumstances established in the Protection of Consumers and Users Act.
The parties will quantify the corresponding damages by means of a
contractual agreement.
If the cancellation of package travel is at the initiative of the consumer:
The consumer is entitled to cancel the contracted services and to the
reimbursement of the price, by notifying it to the agency.
The consumer will have to pay compensation, if the cancellation
takes place within less than ten days prior to the departure date.
The consumer will have to pay compensation, if the cancellation
takes place within less than five days prior to the departure date.
If the cancellation takes place within less than five days prior to the
departure date, the consumer will have to pay compensation.
The financial system plays a key role in the economy:
By stimulating economic growth.
By influencing economic performance of the actors and affecting
economic welfare.
By enabling entities with funds allocate them to those who have
potentially more productive ways to invest said tunds.
All the above
Financial markets provide the following three major economic functions:
Price discovery, liquidity and reduction of transaction costs.
Price discovery, liquidity and reduction of inflation rates.
Price discovery, liquidity and increase of transaction costs.
None of the above
In any transaction related to a financial instrument:
The issuer is the party that owns the financial instrument, and there-
fore the right to receive the payments.
The issuer is the party that has agreed to make future cash payments.
The issuer is the entity who needs funds.
Answers b) and c) are correct.
Financial market regulation:
Is only based on European Directives.
Is aimed at ensuring the fair treatment of participants and the disclosure of accurate information for investment decision-making.
Answers a) and b) are correct.
Sets the country's monetary and exchange rate policy.
Financial credit establishments are not allowed to:
Grant loans, credits and facilities, including consumer credit, mortgages and comercial transaction financing.
Issue and manage credit cards.
Receive repayable funds from the public in the form of deposits,
loans and temporary assignments of financial assets or other comparable instruments.
Grant bonds.
The purpose of the CNMV is:
To ensure the transparency of the Spanish Securities market and the
correct formation of prices in them, as well as protecting investors.
Promoting the proper working of payment systems in the euro area.
Issuing legal tender banknotes.
All the above.
MARF is defined as:
An initiative aimed at channelling financial resources to a large
number of solvent companies that can obtain financing using this
market on the issuance of fixed-income securities.
A market for small to medium sized companies looking to expand, with
a special set of regulations designed specifically for them, including costs and processes tailored to their particular characteristics.
An electronic trading platform for Spanish public debt, reverse repos
and specific securities registered on AIAF.
The only international market for Latin American securities.
The contract for opening credit is defined as:
The bank charge made for payment of a note prior to maturity, expressed as a percentage of the note's face value.
A contract by which the creditor, in exchange for the receipt of a
commission, undertakes to grant credit for the customer, according
to the agreed limits of term and amount, by making deliveries of
hard cash or by performing provisions that enable him to get hard cash.
Money placed into a banking institution for safekeeping.
A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount.
Which of the following are amongst the different reasons that are alleged
when deciding to go public:
To obtain funding by raising capital from the public.
To allow the existing shareholders to divest or cash in their investments.
To disseminate ownership of shares so as to give liquidity to shareholders and place the company on the stock exchange.
All the above.
Which of the following events is related to the mandatory takeover bid:
Attainment of 30% or more of the voting rights, in the context of
an acquisition of shares and/or voting rights.
Having attained, directly or indirectly, a percentage of voting rights lower than 30%, provided that he/she appoints, within two years after the date of the above acquisition, a number of directors who, when added as the case may be to those already appointed, represent
more than half of the members of the board of directors.
Answers a) and b) are correct.
Attainment of 50% of voting rights through a concerted action with third parties, without an acquisition.
Under Spanish Law, an insolvency proceeding may be opened:
For individual for legal entities, with or without business activity.
After a petition made by the debtor.
After a petition made by a creditor.
The three answers are correct.
During the common phase, contracts with obligations pending for both
parties:
Are still valid, unless its rescission is thought to be necessary by the
insolvency practitioner.
Are terminated, in the interest of the creditors.
Are terminated, but only if the contract includes a clause of termination in case of insolvency.
Are still valid, unless the contract includes a clause of termination in case of insolvency.
The legal provisions for debtors facing financial difficulties under Spanish Law:
Includes a mandatory filing when a debtor foresees that he will become insolvent in the near future.
Includes a court procedure available only for debtors that have previously gone through a voluntary out of court procedure.
Includes both out of court procedures to ase voluntary agreements
between debtors and creditors and a court procedure for insolvent
debtors.
None of the above.
Once the insolvency procedure is opened and the debtor is a company:
The administrative body of the Company is replaced by an insolvency practitioner.
The shareholders' general meeting is replaced by an insolvency practitioner.
Both the administrative body and the general meeting are replaced
by an insolvency practitioner.
Both the administrative body and the general meeting are main-
tained, notwithstanding the effects on their operation arising from
the intervention or suspension.
Under Spanish Law, what acts may be deemed detrimental for the interest of the creditors and therefore able to be revoked in case of insolvency?:
Those performed by the debtor within the two years prior to the
opening of the insolvency procedure.
Those performed by the debtor within the two years prior to the
opening of the insolvency procedure, but the rules includes several
presumptions of validity.
Those performed by the creditors within the two years prior to the
the insolvency procedure, in particular in cases where
the act is presumed to be fraudulent.
None of the above.
Under which categories are claims classified in a Spanish insolvency
procedure?:
Claims against the estate, secured, preferred and subordinated claims.
Claims against the estate, preferential, ordinary and subordinated
claims.
Preferential, ordinary and subordinated claims.
Secured, unsecured, ordinary and subordinated claims.
What is the most salient feature of a composition agreement in insolvency?:
That creditors cannot propose the agreement, being a prerogative of
the debtor.
That the agreement is only valid after a court decision.
That the content of the agreement is binding even for dissenting
creditors, if approved by a majority.
That the insolvency procedure is finished after the agreement is
approved by a majority of creditors.
Liquidation requires the disposal of the assets, which of the following
statements 1s true under Spanish Law?:
The liquidation must follow a mandatory liquidation plan to be
prepared by an insolvency practicioner.
The disposal of the assets must necessarily be performed by auction.
The disposal of the assets require Court's approval when it affects
the preservation of the business.
The disposal must be preferably made of production units to avoid
peacemeal liquidation.
Is it posible that directors of a Company must pay, at least partially,
the debts of the insolvent company?:
No, only shareholders may be liable against the unpaid creditors and only in cases of criminal insolvencies.
Yes, in tortious insolvencies that ended in liquidation.
Yes, in tortious insolvency that ended in liquidation, but only if the
director have kept double accounts.
No, in any case.
Which of the following statements referred to the conclusion of the
insolvency procedure is true?:
The procedure concludes after a composition agreement is approved
by the necessary majority of the creditors.
The procedure concludes when it is verified that there are enough
assets to settle the claims against the estate.
The procedure concludes after a petition by the debtor, whenever the
Court deems feasible that debts will be paid.
When it is verified that payment has been made to all claims, or there
is no longer a situation of insolvency.
