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in 2010 to improve the Spanish corporate defaults.

The Director General of the Franchise ICURIS, D. Juan Manuel Casella a summary of legislative developments affecting the management of default. This company with national and international presence advises companies of all sizes and sectors in the professional management of collections.

In the year 2010 have approved a series of legislative measures to streamline and reduce the average collection period in Spain which is the highest Europe, after Greece and Portugal. The measures affect mainly three aspects that directly affect our credit policy and collection management

1 .- VAT REFUND

shorten the time limits for bringing legal proceedings for all companies with turnover below 6,010,121.04 per year. He spends a period of one year to six months from the issue, not due, the unpaid bills. In addition to the filing of lawsuits is enabled the possibility of requiring a notary. Debts to public institutions are also included these effects. 2 .-

REFORM ACT OF DEFAULT:

The July 7 came into force the reform of the Delinquency Act, among other things, regulates the maturity of commercial bills may not exceed the following limits:

• trade relations between companies or self:

85 days in 2011

75 days in 2012

60 days in 2013 and thereafter

(30 days from delivery of fresh or perishable goods)

• trade relations between companies and public entities:

120 days in 2011

90 days in 2012

60 days in 2013 and beyond

(certificates of work 55, 50 and 40 days respectively from their issue)

These terms affecting contractual relationships with the public and all entities. Any clause contrary to this rule in the agreement, it shall not start from now.

3 .- JUDICIAL REFORM IN THE OFFICE:

The compendium of agreed measures and reforming the judicial offices, in order to streamline procedures and improve the effectiveness of the executions took effect, fundamentally, on May 4 and is expected to eventually be noticing more effective and efficient use of judicial resources is transferred to an improved collection results by bringing court proceedings.