The Spanish Council of Ministers of 16 March 2012 approved the dissolution and liquidation of the Public Society of Renting along with the closing down of a further 24 state-owned companies, said approval having been published on the Spanish Official Gazette (BOE) no. 72, of 24 March 2012.
For such purpose the law firm Villalba Coloma Ankersmit has been appointed as liquidator, undertaking the difficult task of managing the termination of the lease agreements in force, as well as the liquidation of assets and liabilities of the company. Furthermore, the law firm will have to solve all issues related to the SPA’S employees.
Villalba Coloma Ankersmit has already appointed a team of lawyers and auditors, headed by Mr. José Antonio Magdalena, to meet all such legal, labour, procedural, accounting or management requirements as shall be necessary within the next few months.
The SPA, as trading company, is not a Public Administration, and therefore is almost entirely governed by Private Law. However, as a state-owned company, some regulations pertaining to Public Law are applied to the SPA, as it is the case of its incorporation, dissolution, merger, transformation, spin-off, the acquisition or the disposal of shares and the determination of its corporate purpose, which require the participation of the Administration on which the SPA depends, pursuant to article 169 and subsequent of Act 33/2003, on Assets of Public Administrations.
Since its incorporation, the SPA has managed about 20,000 lease agreements.