ASPAC the Insolvecy Act Statute is still missing

The reform of the Insolvency Act will come into force next Monday after having been approved by Congress in August. The Professional Association of Insolvency Administrators (ASPAC) expresses its satisfaction – through a press note – with the latest modifications included after having been very active in its proposals to improve the Law. However, Diego Comendador, president of the Association, insists that “we must continue working because, although the Law presents significant advances for the insolvency sector, multiple key regulatory developments are still necessary, such as a platform, forms and a Statute regulating the Insolvency Administration, among others”.

Insolvency administrators have been calling for this Statute for years, but the situation has dragged on while the constant reforms of the Insolvency Act have been taking place. The Association points out that “the creation of this Statute would bring great improvements for all insolvency proceedings, as it would allow for the professionalisation of the Insolvency Administration and for the experts in the sector to have a framework and criteria to be governed by, generating a more solid system”. Comendador insists that “we have been at the side of the institutions throughout the processing of the Law and now we will put all our efforts into continuing to improve insolvency”.

Improvements in the special procedure and access to Segunda Oportunidad

Following the approval of the Law, the Association stresses that one of the greatest achievements of the text is the reduction of the scope of the special procedure to the parameters proposed by ASPAC. This is a very important point considering that, with the previous proposal, this procedure would apply to a percentage of almost 90% of the companies that file for insolvency proceedings, when the intention, as its name indicates, is for it to be a procedure to be applied in special cases.

On the other hand, the improvement of the conditions of the Segunda Oportunidad will be fundamental. Comendador points out that they demanded that the statistical data on public credit be put in value and, finally, these figures are those that have served to configure the amounts of the exemption of this type of credit. This has been one of the most controversial points throughout the processing of the Project and the Association is satisfied to have achieved “fairer conditions that really allow access to the second chance, given that the non-exemption of public credit was a barrier to saving viable companies”.

ASPAC the Insolvecy Act Statute is still missing

Ilaria

iberianlawyer.com

Iberian Lawyer, is a monthly digital magazine, published by LC Publishing, available in Spanish and English. It represents the main source of information in the legal business sector in Spain and Portugal. The digital magazine – and its portal – address to the protagonists of law firms and in-house lawyers. The magazine is available for free on the website and on Google Play and App Store.

In every issue of the magazine, you will find rankings of lawyers, special report on trends, interviews, information about deals and their advisors.

For further information, please visit the Group’s website www.lcpublishinggroup.com

Iberian Lawyer
Registered office: C/ Manuel Silvela, 8 - Oficinas 1 Dcha 28010 Madrid España

Copyright 2022 © All rights Reserved. Design by Origami Creative Studio

SHARE

Share on linkedin
Share on twitter
Share on facebook
Share on whatsapp
Share on email
Share on telegram