Judge Begins Liquidation Proceedings For Landscape

17 February 2015 – ABC

Commercial Court number 10 in Madrid has ordered the liquidation of Landscape Gestión de Activos, the real estate company created as a result of the merger between Astroc, Rayet Promoción and the former Landscape at the beginning of 2008.

During the liquidation phase, the directors of the company are suspended from exercising their powers of management and decision over the assets for all purposes, as published today in the Official Bulletin of the Commercial Registry (El Boletín Oficial del Registro Mercantil or Borme).

Landscape also announced the resignation of its Board of Directors, including members that joined from Quabit Inmobiliaria.

Recently, the judge appointed the law firm Watson, Farley & Williams Spain as the bankruptcy administrator of the company and ruled that the debtor would retain the powers of management and decision over the assets, but that it would be subject to the procedures set out by the bankruptcy administrator.

The edict published by the BOE also highlighted that the company had requested the liquidation of its own assets.

Original story: ABC

Translation: Carmel Drake