According to Article 254 of the Commercial Code the Agent shall not be held responsible provided it follows the instructions approved by the Majority of Lenders.Article 255 of the Commercial Code
This Article is about the freedom of decision of the “Agent”. The “Agent” must inform the “Principal” about anything different from what the “Principal” expresslyorder him.
However, in case the “Agent” is authorized to act on his discretion, or it will not be possible to consult the “Principal”, the “Agent” must act with prudency and according to the use ofcommerce.
In addition, in case of an accident it will be risk or harmful to execute the instructions of the “Principal”, the “Agent” can stop the commission. The “Agent” may inform the “Principal”as soon as possible the reason why he behaves as this.
Article 317 of the Spanish Commercial Code
This Article is about the process to charge interest on interest. This Article means that if theinterest was due for payment but it was not paid this interest does not accrue interests. However, It is possible that the parties agree to capitalize the interest as an increasing of capital and thiswill accrue new interests.
Article 91.6 of the Ley Concursal (Spanish Insolvency Law)
This Article is about holders of credit with general privileges. It establishes as a credit with generalprivilege those that the creditor that requests the insolvency declaration owns and that are not subordinated credits. However, only 25% of the amount of this credit will be a general privilege credit.Article 92.5 of the Spanish Insolvency Law
This Article is about subordinated credits. Under the Spanish Insolvency Law a credit of a special related person will be subordinated credit. It is necessarythat the debtor is a natural person (physical person). It is also necessary that he and the creditor are specially related.
Article 517 et seq. of the Civil Procedure Law
2.1 Executive titles: