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.
