Criminal offences against property and against social-economic order
Spanish Criminal Code | We specialize in Punishable Insolvency
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...This criminal offence and the specific offences related to it, committed by the debtor or an individual acting on his behalf, may be persecuted without the need to wait for the conclusion of the insolvency proceedings and notwithstanding the continuation thereof... We are Punishable Insolvency Lawyers in Spain
Spanish Criminal Law on Punishable Insolvency
Organic Act 10/1995, dated 23rd November, on the Criminal Code | The Best Punishable Insolvency Lawyers in Spain
1. Whoever, in a situation of actual or imminent insolvency, engages in any of the following conducts, shall be punished with a prison sentence of one to four years and a fine of eight to twenty four months:
1. Hides, damages or destroys assets or items that are included, or have been included, in the bankrupt estate at the time of opening.
2. Carries out acts of disposal by handing over or transferring money or other assets, or through the assumption of debts, that are not proportionate to the financial position of the debtor, or to his income, and that cannot be justified from an economic or business perspective.
3. Carries out sales transactions or provides services for a price lower than the cost of purchase or production, and that cannot be justified from an economic perspective based on the circumstances of the case.
4. Simulates credits from third parties or acknowledges fictitious credits.
5. Participates in speculative ventures, which cannot be justified from an economic perspective and which, based on the circumstances of the case and in view of the economic activity undertaken, contradict the duty of diligence in the management of economic affairs.
6. Breaches his legal duty to maintain accounting records, and engages in double bookkeeping, or commits irregularities in his accounting that are significant to understanding his financial position and assets. The destruction or modification of accounting books shall also be punished, when this significantly hinders or prevents understanding his financial position and assets.
7. Hides, damages or destroys any documentation that the business is obliged to maintain before the term established for this legal duty has elapsed, when this significantly hinders or prevents examination or assessment of the actual economic situation of the debtor.
8. Draws up the annual accounts or the accounting books in a manner opposed to the applicable regulations on commercial accounting, when this significantly hinders or prevents examination or assessment of the actual economic situation of the debtor, or breaches his duty to prepare the balance sheet or inventory within the established term.
9. Engages in, or fails to engage in, any other conduct that constitutes a serious infringement of the duty of diligence in the management of economic affairs and which results in a decrease in the assets of the debtor or which conceals the actual economic situation of the debtor or his business activity.
2. The same penalty shall be imposed on those who cause their situation of insolvency, through any of the conducts outlined in the preceding Section.
3. If the deeds are committed due to negligence, a prison sentence of six months to two years or a fine of twelve to twenty-four months shall be imposed.
4. This criminal offence shall only be persecuted when the debtor no longer regularly complies with applicable obligations or has been declared bankrupt.
5. This criminal offence and the specific offences related to it, committed by the debtor or an individual acting on his behalf, may be persecuted without the need to wait for the conclusion of the insolvency proceedings and notwithstanding the continuation thereof. The amount of the civil liability deriving from these criminal offences shall be incorporated, where appropriate, into the debtor’s estate.
6. On no account shall the classification of the insolvency in the proceedings be binding on criminal jurisdiction.
We specialize in criminal offences against property and against social-economic order | Punishable Insolvency Lawyers in Spain
Article 259 bis
The deeds outlined in the preceding Article shall be punished with a prison sentence of two to six years and a fine of eight to twenty-four months if any of the following circumstances concurs:
1. If they lead to or may lead to losses involving for large number of people or may put them in a serious economic situation.
2. If they result in economic losses exceeding 600,000 euros for the creditors.
3. If at least half of the amount of the bankruptcy credits are held by the Tax Authority, whether on a State, autonomous, local or provincial level and the Social Security.
1. Whoever, in a situation of actual or imminent insolvency, favours any of the creditors by carrying out a deed of disposal of assets or of generation of obligations to pay for an unenforceable credit or to provide a guarantee that they are not entitled to, if the transaction cannot be justified from an economic or business perspective, shall be punished with a prison sentence of six months to three years or a fine of eight to twenty-four months.
2. The debtor who, once the application for insolvency has been admitted to proceedings, without being authorised to do so either by the court or the receivers, and outside the cases allowed by the law, carries out any deed of disposal of assets or of generation of obligations, aimed at paying one or several creditors, either privileged or otherwise, to the detriment of the rest, shall be punished with a prison sentence of one to four years and a fine of twelve to twenty-four months.
Whoever were to knowingly present false data concerning his accounting status during insolvency proceedings, in order to unduly obtain a declaration thereof, shall be punished with a sentence of imprisonment from one to two years and a fine from six to twelve months.
Article 261 bis
If, pursuant to the terms established in Article 31 bis, a legal person is responsible for the criminal offences included in this Chapter, it shall have the following penalties imposed thereon:
a) Fine from two to five years, if the criminal offence committed by a natural person has a punishment of imprisonment foreseen exceeding five years;
b) Fine from one to three years, if the criminal offence committed by a natural person has a punishment of imprisonment foreseen exceeding two years not included in the preceding Section;
c) Fine of six months to two years, in the rest of the cases.
Pursuant to the rules established in Article 66 bis, the Judges and Courts of Law may also impose the penalties established in Sub-Paragraphs b) to g) of Section 7 of Article 33.