RESTRUCTURING AND BANKRUPTCY SERVICES IN PALMA DE MALLORCA
Frequently Asked Questions
Bufete Quadrant experts will decisively close your company, set up a rescue operation, or assist with the takeover. We can assist you with all issues related to bankruptcy and restructuring.
No, there aren’t any legal provisions.
In the event that the insured doesn’t pay the first premium, this may cause the insurer to demand payment or terminate the contract. Suppose they don’t pay up the accompanying premiums. In that case, the coverage is suspended following a month and will have the contract’s effects suspended if the insurer proves the non-payment.
There is no immediate connection or relationship between the insured and reinsurers.
The insurer is exclusively dependable to the insured. The reinsurance contract must be in agreement with both parties.
According to the “Consorcio de Compensación de Seguros” (CCS), which accepts liquidation of the insurer and opens a process of “acquisition of credits from creditors by the insurance contract.” With assets from the CCS, the credit is allotted to the insolvent insurer. Reinsurers: the insured has a unique need over the credit balance regarding the insurer’s account with the reinsured liquidation.
They would agree as another ordinary creditor in the liquidation process. The reinsurers would have to enter the liquidation process with their credit with the ordinary rating related to it, with no unique priority.
The chances of a company going bankrupt or facing insolvency in Spain are low.
Yes, this is under the Spanish government guidelines and supervision of Insurance Companies.
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