Extension of temporary economic measures against the crisis

Automatic summary, not yet reviewed

1. The exceptional regime that prevents the mandatory capital reduction and dissolution of public limited companies and limited liability companies due to certain losses is renewed for two fiscal years, suspending the counting of losses from impairment of tangible fixed assets, investment property and inventories.
2. The deadline to conclude by agreement the proceedings arising from claims for additional works not planned in State toll motorway concessions is extended until December 31, 2010.
3. A subsidy for airlines is kept in place until December 31, 2010 for each additional passenger carried at the airports of the Canary Islands compared with the same period of 2009. It must be requested in January 2011 and is paid by AENA, either offsetting debts or in cash before July 31, 2011.
4. Municipalities may request an extension of up to twelve months to certify investments and complete works under the State Local Investment Fund, when delays not attributable to the contracting administration justify it.
5. A cap of €300,000 is set on the fees of court procedural representatives (procuradores) in the same matter, unless the judge authorizes more. In insolvency proceedings, the calculation base is 60% of liabilities (70% if there are more than 300 creditors), and the rules apply to proceedings already underway.

Who it affects

• Public limited companies and limited liability companies with losses: They can avoid mandatory capital reduction or dissolution for two fiscal years.
• State toll motorway concession holders: They get more time, until December 31, 2010, to close claims for additional works.
• Airlines operating in the Canary Islands: They receive a subsidy for each additional passenger carried until December 31, 2010.
• Municipalities: They can request up to twelve more months to complete State Local Investment Fund works.
• Court procedural representatives (procuradores): Their fees are capped at €300,000, with special rules in insolvency proceedings.

Words worth knowing

Ejercicio social

A company's fiscal year, which does not always match the calendar year.

Reducción obligatoria de capital

Mandatory reduction of a company's equity when losses exceed certain legal limits.

Disolución de sociedades

Legal closure of a company, leading to liquidation of its assets and debts.

Procurador de los Tribunales

Professional who represents parties in court and handles procedural tasks.

Proceso concursal

Court proceeding to manage the insolvency of a company or person unable to pay their debts.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries