Vera – Cartagena toll road goes bankrupt and will be nationalised

The company behind the Vera – Cartagena toll road will be wound up and the road be nationalised, the state government has announced today. OK, the company itself went bankrupt a few years ago, but today any hope of rescue has been abandoned and the company will be closed down. In all, eight bankrupt toll roads across the country will be nationalised. In all, these roads owe the banks more than €3.4 billion. The state Continue reading Vera – Cartagena toll road goes bankrupt and will be nationalised

Garrucha declares bankruptcy

Garrucha has declared bankruptcy after their budget comptroller realised the town only has enough cash in the bank to pay salaries until the end of this month. Sergio Prados, the comptroller, signed an order on the 3rd of June ordering the suspension of payments, the first step towards technical bankruptcy, according to local e-paper la gazeta de Almería. This means that no suppliers will get paid until further notice, and only essential bills (salaries, bank Continue reading Garrucha declares bankruptcy

Queen of Spain’s family face debtors prison as they go bankruptcy over a 22,600€ debt

The father, aunt and grandmother of Queen Letizia of Spain are looking at jail time after being accused of hiding assets during a bankruptcy proceeding. Jesús Ortiz Álvarez, Henar Ortiz Álvarez & María del Carmen Álvarez del Valle all owned a cooperative called ‘Henarmonía, S.C.’. This company was driven into bankruptcy in 2009 after one Sandra María, owed 22.600,73€, took legal proceedings to recover her money. Anyway, the three declared bankruptcy to avoid paying the Continue reading Queen of Spain’s family face debtors prison as they go bankruptcy over a 22,600€ debt

65,000 companies could close by mid year, warns Bank of Spain

The Banco de España has warned that 15,000 large companies, and a further 50,000 small companies, look likely to run out of cash by the middle of the year, forcing them to declare bankruptcy, after looking at the amounts of cash on loan from the banks for this year. The simple problem is that Spanish banks aren’t prepared to keep loaning out the money that the Spanish economy needs to keep ticking over. No extension Continue reading 65,000 companies could close by mid year, warns Bank of Spain

Andalusian anti-eviction law suspended by Constitutional Court

The CC has suspended the daft anti-eviction law of Andalucia. See, the Junta de Andalucia came up with a mad idea to boost popularity by pretending to help the unemployed who were about to have their homes repossessed.  (See Junta will repossess people’s homes to save them from the banks). The idea, forced through by the communist wing of the IU, coalition partners in the Andalucian government with the PSOE, is that if you have Continue reading Andalusian anti-eviction law suspended by Constitutional Court

Junta will expropriate people’s homes to save them from the banks

The Junta de Andalucia has signed today into law a rather surprising new law – it has promised that it will expropriate, using “emergency powers”, the home of any family which is about to be repossessed by the banks. The idea, forced through by the communist wing of the IU, coalition partners in the Andalucian government with the PSOE, is that if you have lost your job and are about to lose the family home Continue reading Junta will expropriate people’s homes to save them from the banks

An end to bank repossessions?

Spain is at a tipping point. No, not the Catalan elections, nor the abortive general strike (supposed to be soon but everyone is ignoring it). I’m talking about the desahucios, the forced evictions of ex-home owners by the banks. Currently, if you miss just two mortgage repayments, the banks will start repossession actions. Within just a couple of months, the baliffs turn up and turf you out. The internet is full of stories of people Continue reading An end to bank repossessions?

Spain will pay for your first bankruptcy

Soraya Sáenz de Santamaría, our delightful VicePresident, has announced that a new Law for small businesses will include a state fund to pay off your first bankruptcy. The plan, if I understand it correctly, is to take away some of the risk of setting up your first business. In certain cases, if it all goes belly up, the state will step in and wipe your slate clean, allowing you to continue with your life with Continue reading Spain will pay for your first bankruptcy