The New Liquidities in Insolvency Proceedings in Spain
Half of the newly invested funds in refinancing lack insolvency privilege, requiring timely payment. This percentage temporarily rises to 100% for enhanced protection.
insolvency lawyers spain
Long-Awaited Amendment to Insolvency Legislation in Spain: Is it Sufficient?
The Law introduces positive changes to financing agreements and restructuring but fails to address critical issues. Inadequate resources for the Justice system and the absence of solutions for individual debt problems persist. Additionally, the underutilization of the restructuring procedure contributes to low satisfaction among ordinary creditors.
Reform 3/2009 to the Spanish Insolvency Law
In Spain, the Insolvency Law 22/2003 underwent recent reform with Royal Decree Law 3/2009 (March 27), responding to the global economic crisis. Originally enacted during economic prosperity, the law’s deficiencies over six years prompted modifications in the reform.
