The Spanish Restructuring Handbook

This Handbook describes the restructuring regime of Royal Legislative Decree 1/2020 of 5 May as interpreted and developed by the 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 severe crisis that gripped Spain during the Great Recession provided valuable experience, which informed the lawmaker’s approach; Spain’s restructuring framework is now among Europe’s most progressive.

This Handbook focuses on the practical realities of advising a wide variety of clients (ranging from lenders to borrowers, their shareholders and other stakeholders).

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