Law 22/2003, regarding insolvency, has been a hallmark piece of legislation in terms of legal doctrine, precedence and legislation, both with regards to its application and its various modifications, which have adapted to Spanish economic realities. It aimed to systematise and modernise the existing insolvency laws, but the economic context has changed drastically.
Act 9/2015, of 25 May, regarding urgent measures on insolvency, entered into force in Spain on 27 May, 2015, thus concluding the process of giving Royal Decree Law 11/2014, of 5 September, the status of an Act. That Royal Decree Law, approved in September 2014, made considerable changes to the former Spanish Insolvency Act 22/2003, of 9 July (the "Insolvency Act").
The Royal Decree Law on Second Opportunity Mechanism, Financial Load Reduction and Other Social Measures – which modifies the Spanish Insolvency Act (Law 22/2003 Concursal) was published on 28 February.
In March 2014, a new royal decree-law came into force in Spain introducing urgent measures concerning the refinancing and restructuring of corporate debt. The main aim of the reform is to establish a legal framework to enable operationally viable companies to restructure outside formal insolvency proceedings.