Guide to Spanish Pre-Insolvency Restructurings

The current Spanish pre-insolvency restructuring regime is regulated by Royal Legislative Decree 1/2020, of 5 of May, as modified by Law 16/2022, of September 5, for the incorporation into Spanish Law of Directive (EU) 2019/1023 of the European Parliament and of the Council, of June 20, 2019, on preventive restructuring frameworks (as currently drafted, the “Insolvency Act”).
This guide is based on our experience as legal advisors in many of the most relevant restructurings which have taken place in Spain since the latest insolvency reform implementing the European Directive on preventive restructuring frameworks entered into effect on September 2022.