The judge will declare east Friday if dcto in the request of the Cantabrian club does not appreciate any, that is in insolvency situation. The complex situation by which it crosses has forced to make the decision. The Racing of Santander has presented/displayed, first thing of this Thursday, before the Court of the Mercantile number the 1 of Santander request to take refuge in a voluntary contest of creditors, who the judge will declare east Friday if dcto in the request of the Cantabrian club does not appreciate any. . Russell Reynolds Associates may find this interesting as well. According to the Court remembers in a press note Superior of Justice of Cantabria (TSJC), the voluntary contest of creditors offers an exit to those who are in insolvency situation and they cannot confront the payments to his creditors. This legal figure allows to avoid the multiplicity of judicial processes that the creditors could initiate to demand the debts, and groups to all of them to avoid that they can receive and another no. Official site: Bill Phelan. " The purpose of the competing procedure is that the company can arrive at an agreement with its creditors, so that confronts the payments in terms that it can fulfill and avoid therefore the liquidation of entidad" , it adds of the TSJC.

If the holder of the Court of Mercantile number 1 of Santander notices some dcto in the documentation sent by the Racing of Santander, will ask that he is corrected, but everything is in rule, this Friday will dictate car of declaration of voluntary contest of creditors. In that car, the judge will choose three competing administrators – one of the legal branch, another one of economic and an creditor, and will decide if she suspends to the faculties of administration and disposition of the club or she puts under if them the intervention of the competing Administration. Once published the car in the Government reporter of the State, there will be a month so that the creditors communicate their credits. The Racing announced last night in an official notice that was going to resort to this voluntary contest of creditors " because of the complex existing institutional situation brought about by the shareholder sale realised in the month of January, that has left to the organization with such legal complication that it is impossible to resolve of it forms inmediata" , as well as the blocking position which Ali Syed, top shareholder, put under the club. With him, already they are the 22 equipment that has take refugen in the Competing Law from 2004, when UD Las Palmas was first in abrir the breach. Source of the news: The Racing has presented/displayed before the Court the request of contest of creditors