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THE GOVERNMENT WILL REFORM THE BANKRUPTCY LAW (LEY CONCURSAL) TO SIMPLIFY PROCEDURES AND REDUCE COSTS

Diario La Ley, Nº 7079, Section Hoy es Noticia, 18 Dec. 2008, Year XXIX
LA LEY 34517/2008
Spanish Commercial Courts (Juzgados de lo Mercantil) have come under an unprecedented blitz of concursos (new insolvency proceedings) in the last year, including some important firms in the construction sector such as Martinsa-Fadesa, Grupo Tremón and Aisa.

The Government is studying the possibility of reforming the Insolvency Act (Ley Concursal) which covers the business insolvency procedures, with the aim of simplifying these procedures, reducing their costs and speeding up processes in the current economic juncture.

The Ley Concursal, which came into force in July 2003, replaced the old legislation based on bankruptcies and temporary receiverships (suspension of payments) and has been hard put to deal with the glut of large-company concursos caused by the current economic crisis.

Sources from the Economy Ministry explained to Europa Press that the government is currently rethinking a law that it considers to be very new, but which is nonetheless being widely applied despite the particular aspects of the current economic juncture.

For this reason the government will move this proposal at the interparty Structural Reforms Bureau, to be convened next January, with the aim of reforming the Act as soon as possible and solving any snags that may crop up, as announced today by the Economic Vicepresident, Pedro Solbes.

Spanish Commercial Courts (Juzgados de lo Mercantil) have come under an unprecedented blitz of concursos (new insolvency proceedings) in the last year, including some important firms in the construction sector such as Martinsa-Fadesa, Grupo Tremón and Aisa.

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