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Workgroup

Draft Bill for the Reform of the Consolidated Text of the Bankruptcy Law

Why?

The repeated legislative reforms that have been the subject of the bankruptcy procedure in recent years culminate, in the end, with the challenge faced by the legislator of adapting the Spanish legal regime to the guidelines established by the Directive (EU) 2019/1023 of the European Parliament and of the Council, of June 20, 2019, on preventive restructuring frameworks, debt relief and disqualifications, and on measures to increase the efficiency of restructuring, insolvency and exoneration procedures of debts.

A first approach to the text of the Draft Law to reform the consolidated text of the Bankruptcy Law, approved by Royal Legislative Decree 1/2020, of May 5 (hereinafter, ALRTRLC), reveals the complexity of the task that corresponds to the legislator, not only because of the number of precepts subject to modification, but, very particularly, because of the paradigm shift that the Draft Bill introduces in the Spanish bankruptcy system.

The present Workgroup aims to achieve the following objectives:

 

  1. Highlight the newest aspects introduced by the ALRTRLC in each of the bankruptcy processing areas.
  2. Detect main dysfunctions in which the ALRTRLC could incur, proposing alternative solutions according to the system of the legal text.
  3. Assess whether the ALRTRLC complies properly with the principles contained in the Directive (EU) 2019/1023 of the European Parliament and of the Council, of June 20, 2019
  4. Form improvement proposals of the ALRTRLC in those aspects in which regulation could be insufficient.

 

The effective performance of such work requires, on the one hand, that it be nourished by contributions from the different professionals involved in the bankruptcy procedure; and, that it is based on an exhaustive analysis structured by thematic blocks, in which the additional intervention of a professional specialized in the matter may occasionally be accommodated.

Publications

Document of conclusions and proposals

June, 2022

CONTENTS:

  • GROUP 1: RESTRUCTURING PLANS AND CORPORATE GOVERNANCE
  • GROUP 2: EXPERT IN RESTRUCTURING
  • GROUP 3: SALE OF PRODUCTION UNIT AND CORPORATE PREPACK
  • GROUP 4: EXEMPTION OF UNSATISFIED LIABILITIES
  • GROUP 5: THE PROCEDURE FOR MICROENTERPRISES
  • GROUP 6: REAL GUARANTEES IN THE REFORM OF THE CONSOLIDATED TEXT OF THE BANKRUPTCY LAW

Have participated in this working group: 

This document is signed in a personal capacity and does not represent the official position of the institutions to which the members of the group belong. The answers reflect not only the personal experience of the members of the group, but also the fact that they have consulted with colleagues, institutions, other professionals, etc., and the considerations they have been receiving are included in this document.

  • Juan Manuel deCastro Legal Forum Lawyer. Magistrate on leave.
  • Miguel Coca Prat, Auditor Economist, Bankruptcy Administrator. Auditor of Accounts. Economist. Registered in the ROAC and REA since 2002. Insolvency administrator.
  • Barbara Cordoba, Magistrate of the Mercantile Court No. 13 of Madrid.
  • Nuria Fachal, Magistrate of the Commercial Court No. 1 of A Coruña.
  • Ramon Fernandez-Aceytuno, Managing Partner of the Litigation, Insolvency and Arbitration Area of ​​Ramón y Cajal Abogados
  • Ignacio Fernandez Larrea, Partner of DLM Insolvia.
  • Olga Forner, Responsible for the Bankruptcy Law area of ​​the Marimón Abogados group.
  • Jose Ramon Garcia Vicente, Lawyer Technical Cabinet of the Supreme Court, Civil Chamber
  • Carmen Gonzlez Suarez Magistrate of the Mercantile Court No. 14 of Madrid
  • Aurelio Gurrea Chalet, President of the Ibero-American Institute of Bankruptcy Law and member of its Academic Council. President of Dictum Lawyers. Academic Advisor of Fide.
  • Mar Hernandez, Magistrate of the Provincial Court of Cantabria
  • Christina Jimenez, President of Fide. Judge on leave
  • Florence Molina, Magistrate of the Mercantile Court No. 5 Barcelona.
  • Yolanda Rios, Magistrate of the Commercial Court No. 1 of Barcelona. GT Academic Director.
  • Manuela Serrano, Partner at PricewaterhouseCoopers Tax & Legal SL.
  • Adrian Thery, Garrigues partner. Director of the Garrigues Restructuring and Insolvency Department in Madrid.
  • Phaedra Valencia, Partner of Cuatrecasas.
  • Inigo Villoria, Partner at Clifford Chance, Litigation and Arbitration Department. Head of the Bankruptcy Area.
  • Alexandra Borrallo Veiga, Clifford Chance's attorney.

Group Director

Yolanda Rios

Magistrate of the Commercial Court No. 1 of Barcelona
Academic coordination: Carmen Hermida and Ana R. de Santiago

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