One very controversial judgement was the subject of a hot public debate and almost an international scandal at the beginning of 2012 in Latvia.

If Spain were a patient, the mood in the hospital ward would be tense. Every attempt by local specialists advised by renowned European consultants to treat the sickness brings no more than temporary relief. Even more worrying, the relapses after each dose are happening sooner and sooner.

Spain is moving closer to the financial tipping-point that could force it to ask for a bailout as the country's borrowing costs neared unsustainable levels Wednesday. The country's economic fortunes have gone from boom to bust over the past decade. Here are the main developments: BIRTH OF THE EURO -Spain is one of the 12 countries that launched single European currency in 2002. The euro is now shared by 17 countries.

28/5/2012: It's the story of the euro crisis: for every problem solved, two new ones emerge. So it is with the recapitalization of Bankia. Madrid's decision Friday to provide €19 billion ($23.78 billion) of new capital to Spain's largest domestic lender is a major step forward in confronting the country's four-year property bust. But it has left the government nursing a number of fresh headaches that it looks increasingly unable to treat on its own, The Wall Street Journal Heard on the Street blog reported. The first concerns the read-across to other Spanish banks.

Spain unveiled its most severe budget cuts in decades on Friday as it finds itself once again cast as a central battleground in the fight to contain the euro-zone crisis, The Wall Street Journal reported. The new conservative government of Prime Minister Mariano Rajoy presented more than €27 billion ($36 billion) in budget cuts—with a 9.6% reduction from 2011 central-government spending—through income-tax increases, spending cuts by ministries and incentives for tax avoiders and repatriating income. "We are in a desperate situation when it comes to the fiscal outlook," said Deputy P

Appointment For all insolvency processes (whether voluntary or compulsory), the specialised judge appoints an Insolvency Administration made up of three people: namely, a lawyer (with at least five years’ experience), an accountant or economist with the same minimum experience and one of the ordinary or generally privileged creditors (or representatives). There are two different types of appointments within the new Spanish insolvency legislation but the same types of IP are appointed, although they could have different functions in the compulsory process and voluntary process.

On December 17 2010 the Cabinet approved the draft bill reforming the Insolvency Act, which will now take several months to pass through Parliament. The reforms will encourage banks to refinance debts and provide liquidity for businesses in difficulty so that they can avoid bankruptcy, thus reducing the workload of the commercial courts.

The Spanish legal system provides certain protections for creditors of companies that have in fact ended their commercial trading. These companies have been abandoned by their partners and managers, rendering them inactive, yet they have not dissolved and liquidated pursuant to the established processes established by law for that effect. In most cases, they are insolvent companies unwilling to deal with their corporate debts and obligations.