![The Draft Bill of Amendment of the Insolvency Act for the transposition of Directive 2019/1023](https://www.cuatrecasas.com/images/cache/publication_detail/resources/key-developments-and-impact-on-spanish-restructurings-65b2212898616734484702.jpg)
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SubscribeThe Draft Bill of Amendment of the Spanish Recast Insolvency Act seeks to overcome some of the limitations of Spain’s pre-insolvency and insolvency system. The changes expected to have the greatest impact on restructurings are:
- the creation of a new pre-insolvency stage referred to as ‘likelihood of insolvency’;
- the substitution of ‘refinancing agreements’ by ‘restructuring plans’;
- the possibility of not only affecting financial claims, and extending the effects of restructuring plans to dissenting classes of creditors and shareholders; and
- the modification of the homologation challenge regime.
See complete article at: Insolvency and Restructuring International, Vol. 16, No. I, April 2022.
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