RE
Insolvency and Restructuring
Telecommunications, Media and Technology
ONTIER SPAIN

Liquidation and Company Administrators´liability Exemption



Problem

The business was dedicated to the mounting and assembly of computers, a sector where rapid technological innovations give rise to the obsoleteness of products and therefore the loss in their value is very rapid. In 2007, the sales during the month of December that normally comprise 40% of the annual total, hardly reached the sales of any other month. The lack of liquidity worsened their activity, increasing their incapacity to meet their current payments.



Solution

Submission of application for a meeting of creditors, with the objective of halting the legal actions already commenced and to reach an agreement that would allow the continuation of company activity. The Company's liquidation was obtained with the meeting describing it as fortuitous. 



Benefit

The company administrators remained exempt from any liability, including financial liability and from other orders such as the incapacity to administer goods to third parties.

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