Insolvency, Employee Entitlements and Employee Buyouts. Learning from the Spanish Experience. UK Research Project Sponsor : Co-operative Action. Aim: To study the Spanish approach of rescuing a company in crises to save jobs by forming a Sociedades Laborales (SAL) Objectives:
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Learning from the Spanish Experience
To study the Spanish approach of rescuing a company in crises to save jobs by forming a Sociedades Laborales (SAL)
To amend the UK Company Act to reflect the Spanish laws
In conjunction with EFES lobby the EU to make this a standard process across Europe
- 20,000 companies
Two different corporate formulas:
Creation of Jobs
Employment increase in Spain – 2.1 %
Employment increase in SAL - 6.6%
Increase in Companies
Companies paying social security – 3.6%
Sociedades Laborales - 5.4%
SALs 2.5% of total new jobs in Spain
Stage 2 – Introduce additional resources and partners to the project to broaden the study so as to research and appraise the SAL Business model.
The objective is to present a comprehensive report on the effectiveness of the Sociedades Laborales experience for the EU Commission.
Stage 3 - Apply the SAL business model across Europe.