Granadinos Going Broke | Costa Tropical Gazette News

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Granada has two Commercial Law Courts, both of which are struggling to handle bankruptcy cases in the province, which have grown in number considerably

If you take the whole of Andalucía with its 15 Commercial Courts then there have been 2,507 cases, which is an 199% increase – there had been 838 cases the previous year.

If a company/business owner find himself or herself unable to cover their debts, they can declare themselves bankrupt, if they meet certain criteria, thanks to the Second Chance Law (The Second Chance Law).

Although there are many and varied reasons for having to declare bankruptcy, there is one reoccurring one: taking on too many loans or a too bigger one that ends in insolvency.

Just in the first quarter of this year, one of the Commercial Courts in Granada has handled 176 bankruptcy proceedings, 167 from individuals seeking a way out and only the other nine were businesses.

(News: City & Metropolitan Area, Granada, Andalucia)

Tags:andalucia bankruptcy city & metropolitan area commercial law courts granada news

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