Abencys, a law firm specialising in restructuring and insolvency, has advised on the bankruptcy of Cricursa, which has finally been acquired by the company TVitec. The firm was declared bankrupt in December 2021 for having a debt of €60 million and from then until now has managed to maintain its activity not only thanks to […]
The European Council agreed its position on the proposal for a European directive on preventive restructuring frameworks, “second chance” and measures to increase the efficiency of restructuring, insolvency and discharge procedures (amending Directive 2012/30/EU, which aims: (i) to provide early-stage access to viable enterprises facing financial difficulties to preventive restructuring frameworks; (ii) to provide a […]
A new ruling has introduced a few changes to the Special Revitalisation Process (Processo Especial de Revitalização – PER), approved by the Decree-Law nº 79/2017, on the 30th of June.
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, […]
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.
The Law Amending the Spanish Insolvency Law was approved on 22 September 2011. As explained in its Preamble, the Amendment has a limited scope. It is not designed to overhaul the Insolvency Law, but rather to update it, correcting defects and filling in some gaps.
On 31 March 2009 a new Royal Decree Law was published (RDL 3/2009 of 27 March 2009) covering urgent tax, finance and insolvency measures intended to adapt Spain´s existing insolvency law (Ley 22/2003 de 9 de julio, Concursal – LC) to the current financial situation.
