Today, 6 September, Spain's Official State Gazette (BOE) has published Act 16/2022, of 5 September, which amends the recast Insolvency Act that transposed Directive (EU) 2019/1023 of the European Parliament and of the Council, dated 20 June 2019. According to the Nineteenth Final Provision of the Act, it will enter into force 20 days after its publication (with the exception of its Book III, which will enter into force on 1 January 2023).
By introducing structural changes to the Spanish insolvency system, this Act aims to make insolvency proceedings more flexible, effective and efficient; favoring pre-insolvency mechanisms, introducing changes that facilitate the restructuring of viable companies, or, when that is not possible, by facilitating quick and orderly corporate liquidations.
You will find a summary of the main changes this law has brought about here.
Click here to access the full BOE publication regarding this law amending the recast Insolvency Act passed by Royal Legislative Decree 1/2020 on 5 May to transpose Directive (EU) 2019/1023 of the European Parliament and of the Council, dated 20 June 2019.
Copyright © 2023 Baker & McKenzie. All rights reserved. Ownership: This documentation and content (Content) is a proprietary resource owned exclusively by Baker McKenzie (meaning Baker & McKenzie International and its member firms). The Content is protected under international copyright conventions. Use of this Content does not of itself create a contractual relationship, nor any attorney/client relationship, between Baker McKenzie and any person. Non-reliance and exclusion: All Content is for informational purposes only and may not reflect the most current legal and regulatory developments. All summaries of the laws, regulations and practice are subject to change. The Content is not offered as legal or professional advice for any specific matter. It is not intended to be a substitute for reference to (and compliance with) the detailed provisions of applicable laws, rules, regulations or forms. Legal advice should always be sought before taking any action or refraining from taking any action based on any Content. Baker McKenzie and the editors and the contributing authors do not guarantee the accuracy of the Content and expressly disclaim any and all liability to any person in respect of the consequences of anything done or permitted to be done or omitted to be done wholly or partly in reliance upon the whole or any part of the Content. The Content may contain links to external websites and external websites may link to the Content. Baker McKenzie is not responsible for the content or operation of any such external sites and disclaims all liability, howsoever occurring, in respect of the content or operation of any such external websites. Attorney Advertising: This Content may qualify as “Attorney Advertising” requiring notice in some jurisdictions. To the extent that this Content may qualify as Attorney Advertising, PRIOR RESULTS DO NOT GUARANTEE A SIMILAR OUTCOME. Reproduction: Reproduction of reasonable portions of the Content is permitted provided that (i) such reproductions are made available free of charge and for non-commercial purposes, (ii) such reproductions are properly attributed to Baker McKenzie, (iii) the portion of the Content being reproduced is not altered or made available in a manner that modifies the Content or presents the Content being reproduced in a false light and (iv) notice is made to the disclaimers included on the Content. The permission to re-copy does not allow for incorporation of any substantial portion of the Content in any work or publication, whether in hard copy, electronic or any other form or for commercial purposes.
Are you sure want to delete comment ?
Scan this QR Code to share this content