The creditors to Racing de Santander have one month to communicate their credits

The creditors to Racing de Santander have one month to communicate their credits

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The creditors of Racing de Santander have a period of one month to inform the insolvency administration about the existence of their credits.

The creditors of Racing de Santander have a period of one month to inform the insolvency administration about the existence of their credits.

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This is indicated by a communication from the Judicial Secretary of the Mercantile Court No. 1 of Santander, published on Tuesday by the Official Gazette.

In the communication, which includes Europa Press, it is recalled that by a car of last July 8, has been declared in competition to the Royal Rácing Club of Santander, Sports Limited Company, retaining the faculties of administration and disposition of its assets, but submitted to the intervention of the Bankruptcy Administration.

In the third part of this communication, it is stated that the bankruptcy creditors must inform the insolvency administration of the existence of their credits in the form and with the data expressed in the Bankruptcy Law.

The deadline for this communication is one month from the last publication of the announcements ordered to be published in the Official State Gazette and as complementary publicity on the TSJC website.

Finally, it is reminded that the creditors and interested parties that wish to appear in the proceeding must do so through a Procurator and assisted by a lawyer.

The Commercial Court number 1 of Santander declared on July 8 in bankruptcy proceedings to the Real Racing Club of Santander, after the entity presented all the necessary documentation to benefit from this legal concept.

In the car, Alejandro Alvargonzález Tremols, the economist Santiago Ruiz Asenjo, and the creditor of the State Agency of the Tax Administration, were appointed as insolvency administrators, “taking into account the undoubted relevance of his credit”.

Likewise, the owner of the Court decided to intervene – not suspend – the faculties of administration and disposition of the Club, which will be supervised by the insolvency administration and, ultimately, by the Court.

In the resolution, the judge indicated that “the applicant has concluded the last few years with negative equity,” which “allows us to conclude that she is in a current insolvency situation, given that she is unable to fulfill her obligations under the circumstances described above. required and to go to economic-financial sources under normal market conditions in order to meet them. “

Passive greater than 37

Millions of euros

At the time of issuing the car, the owner of the Court has had to examine all documentation submitted by the Club. As established by the Bankruptcy Law, together with the bankruptcy application, the debtor must present an explanatory report on the Club’s economic and legal history, the reasons why it is insolvent and the possibilities of viability and continuity of the bank. its activity avoiding the disappearance.

In addition, an inventory of goods, with their acquisition value and an estimate of the current real value; and the list of creditors that the Club has, together with the amount and maturity of the respective credits. Likewise, it has had to provide the mandatory accounting documentation.

As a result of this examination, the order stated that “the list of creditors reflects that the applicant has a significant liability that exceeds 37,000,000 euros, which is distributed in its substantial part between the AEAT and the players that make up the first team squad or linked with image rights of these “.

“The rest of the credits that make up the list of creditors correspond in an important proportion to debts already due or immediately or near expiration, and these credits must be united to assess the effective patrimonial situation of the applicant, which necessarily will be to cause immediately as a consequence of the continuity of their activity, especially, their permanence in the first division football competition of the Professional Football League, “the car states.

On the other hand, as it is extracted from the list of creditors provided, its assets, which are valued in terms of the market by the applicant at 44,000,000 euros, are for the most part integrated by rights linked to the federative rights of players who they are part of the staff of the first division team, which were pledged in favor of the AEAT on the date immediately prior to the request, “right arising from the free transfer of land and rights linked to the brand itself that constitutes an essential intangible asset for the continuation of his sporting activity, “the car says.

An exit in situations of insolvency

The bankruptcy is a judicial procedure included in the Bankruptcy Law that offers an exit to those who are in a situation of insolvency and can not afford the payments to their creditors.

To avoid the multiplicity of judicial processes that these could initiate to claim the debts, a contest begins that groups all of them and avoids that some can collect and others not. The purpose of the bankruptcy procedure is that the company can reach an agreement with its creditors, so that it faces the payments in terms that can be fulfilled and thus avoid the liquidation of the entity.