Spanish restructuring plans in a nutshell
29 August 2022
Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt, and amending Directive (EU) 2017/1132 (“EU Restructuring Directive”) entered into force on 16 July 2019. The EU Restructuring Directive has been transposed into Spanish law through the bill to reform the Insolvency Law, which was approved on 25 August 2022 by the Spanish Parliament and will come into force 20 days after its publication in the Official State Gazette (BOE).
Following the principles of the EU Restructuring Directive, the new Spanish restructuring framework increases flexibility and provides alternative methods to successfully restructure viable businesses, and navigate and overcome insolvency crises.
This bullet-point summary provides an overview of key aspects of the new Spanish preventive restructuring framework based on the approved legislation amending the Spanish Insolvency Law.