Spanish Insolvency Act Continuation Of The Trends Set By The 2009 Reform
Mondaq Business Briefing › Spain Law Articles in English (2011)
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Spanish Insolvency Act Continuation Of The Trends Set By The 2009 Reform
In line with the trend of the first reform to the Spanish Insolvency Act of 2003 carried out on March 2009 (the 2009 Reform), new amendments to the Spanish Insolvency Act (the SIA) were approved on 4 October 2011 (the Amendment). This Amendment will enter into force on 1 January 2012.
Still unsatisfied with the results of the 2009 Reform, players in the Spanish restructuring market have insisted on requesting the introduction of new features and changes to the current insolvency legislation. The new Amendments address solving a debtor's distressed situation before insolvency, promoting the restructuring of companies in distress and minimizing the situations in which such companies result in liquidation. And, with time, those demands have been accepted by Spanish lawmakers who n...See the full content of this document
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