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Stibley_Kleeblunch t1_j6l7xbw wrote

Reply to comment by TywinDeVillena in J&J’s Talc Bankruptcy Case Thrown Out by Appeals Court by L_Cranston_Shadow

Well, it's one step closer to not being legal now, it seems...

Loopholes don't get closed until they're discovered.

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TywinDeVillena t1_j6lylbm wrote

Here in Spain that action would be a crime called alzamiento de bienes (literally "uplift of goods") which is more or less conceptually equivalent to asset stripping.

Alzamiento de bienes is defined as the intentional hiding of property or assets, or intentional mismanagement, in order to obstruct creditors from being paid.

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Stibley_Kleeblunch t1_j6m0gpd wrote

It's good to see that some of us have our heads screwed on straight, at least.

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TywinDeVillena t1_j6m67yr wrote

I was sure the *alzamiento de bienes* was illegal since time immemorial, and just checked the Siete Partidas, a massive legal code from the 13th century, where such a thing can be found in Partida V, title XV, law VII:

How if a debtor alienates his goods in damage of those to whom he owed something, may that alienation be revoked.

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