General Information on Debtor’s Insolvency Under the Spanish Insolvency Act (“Ley 22/2003, de 9 de julio, Concursal”)

2. The SIA has been amended several times over the last four years in order to adapt this new model of Insolvency Proceedings to the ongoing financial and general crisis. In particular, both Royal Decree-Law 3/2009, dated 27 March 2009, on urgent measures in tax, financial and insolvency matters and the SIA Amendment Act 38/ 2011, which entered into force on 1 January 2012, have meant substantial changes to the original model.
3. The purpose of this Note is to briefly summarize the main aspects of Insolvency Proceedings under Spanish legislation, focusing exclusively on corporate insolvency. This Note does not enter into technical and complex issues, nor does it deal with exceptional cases.