The company that organizes the Miss Spain beauty contest is the latest victim of Spain's crippling economic crisis.

Spain's official state gazette said Wednesday that Certamen Miss España S.L. had declared insolvency and would have a month to present its debts. The company could not be immediately contacted for comment.

The organizer of the Miss Spain beauty pageant has been experiencing financial difficulties for some time and lost the right to participate in the last Miss Universe pageant.

The case is being handled by a bankruptcy court in Madrid, where the bankruptcy petition was filed on Feb. 7.

The bankruptcy judge overseeing the case ordered the debtor's assets seized and appointed a receiver.

The country is struggling to emerge from its second recession in three years following the collapse of the construction sector. The unemployment rate is 26 percent.

The announcement about Miss Spain came a day after a major real estate developer, Reyal Urbis, also filed for protection from creditors, the biggest since top developer Martinsa-Fadesa filed for protection in 2008.

Based on reporting by The Associated Press and EFE.

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