COVID-19: How the lifting of the state of emergency will affect rules governing commercial companies
Spain Corporate Law Commentary
The various pieces of legislation published during the state of emergency, together with the statements by registrars and by the CNMV, have created a new exceptional regime governing numerous aspects of commercial companies. With the end of the state of emergency it becomes necessary to analyze the impact that the lifting of the declaration will have on the validity period of the various rules that have been approved.
We have set out below everything that companies should know about how the end of the state of emergency will affect the exceptional legislation passed in relation to calling and holding shareholders’ meetings, holding meetings of governing bodies and adopting resolutions thereat, preparing, verifying and approving financial statements and reports, submitting the proposed allocation of profit/loss, dividends distributions, closure of the companies’ registry sheets; legalizing corporate books, as well as grounds for winding up and directors’ liability, shareholders’ rights of withdrawal, registry periods and rules on foreign investments.
Click here to consult the exceptional legal regime applying to commercial companies as a result of COVID-19.