ASPAC celebrates the latest amendments to the insolvency law

The reform of the insolvency law took another step forward after being approved by the plenary of congress.

After passing through the justice committee and facing more than 600 amendments, the bankruptcy law text will now enter the senate. “The text brought to the plenary presents very significant advances for the insolvency sector compared to the initial text,” says Diego Comendador, president of the professional association of insolvency administrators (ASPAC).

ASPAC has been calling for years for the creation of an insolvency administration statute to regulate the profession and encourage the specialisation. Regarding the access to the profession, article 61 is modified, so that professionals who can accredit the required experience are exempt from taking the test.

The approved law also takes up ASPAC’s demands regarding the new figure created by the law, the restructuring expert. Thus, article 674 has been modified, including among the conditions for being appointed as a restructuring expert the requirement of having experience in restructuring or accrediting compliance with the requirements to be an insolvency administrator.

Irina Wakstein