Quote:
Originally Posted by Dotty
The voluntary administration is the 1st stage of bankrupcy (inform if I am incorrect) .So if GS Spain are having difficulties then GS Brasil should be too or is the resort going ahead providing they get a licensing?
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From my previous post
"The have filed for what in spanish is known as “el concurso voluntario de acreedores” or “suspension pagos”. This can be seen as the first stages of Bankruptcy in Spain and is the same as CVA in the UK (or corporate voluntary administration). This means that the adminstrators take over the fiscal management of the companies debt (which is reported to be 97m€) and work with creditors until there is a resolution to the companies problems. This is different to bankrutpcy, as the company still has sufficient assets to offset this debt. This can proceed to Bankruptcy or Insolvency if no improvement is seen after a period of time (usually 6 months)