Losses due to debtors'insolvencies

Impairment losses on loans derived from possible debtors'insolvencies will be deductible when, at the time of accrual of the tax, when any of the circumstances provided for in Article 13 of the Companies Act occur, this is:

1. The term of 6 months has elapsed since the maturity of the obligation.

2. That the debtor is declared to be in bankruptcy proceedings.

3. That the debtor is being tried for asset stripping.

4. That the obligations have been claimed by the courts or are in litigation or arbitration proceedings, the solution of which depends on their collection.