Spain employers' head declared bankrupt: report

29th November 2010, Comments 0 comments

The head of Spain's employers' association, the CEOE, has been declared personally bankrupt and all his assets placed under administration, Spanish media said Monday.

Gerardo Diaz Ferran was declared insolvent at the request of his creditors, the newspaper El Pais said on its website.

A judge in Madrid also decided that his assets will now be handled by "a judicial administrator," El Pais said, citing the ruling.

Last June, Diaz Ferran's former company, Viajes Marsans, one of Spain's biggest and oldest tour operators, was declared insolvent.

Diaz Ferran said last month that he would stand down as head of the CEOE at the end of the year in order to take care of "personal matters."

© 2010 AFP

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