The Spanish Restructuring Handbook

This Handbook describes the restructuring regime of Royal Legislative-Decree 1/2020 of 5 May (the “Insolvency Law”) as developed by practice and interpreted by Spanish courts as of June 2026. The Insolvency Law sought to improve the previous insolvency framework and to transpose Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 (the “Restructuring Directive”). Its main goal was to modernise Spain’s pre-insolvency restructuring and debt discharge procedures.

The deep crisis in which Spain was immersed after the Great Recession provided a valuable xperience that was not ignored by the law maker. As a result, Spain now has one of the most progressive restructuring frameworks in Europe.

This Handbook focuses on the practical realities of advising a wide variety of clients (e.g. from lenders to borrowers, its shareholders and others stakeholders).

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