Editorial | Restructuring Directive  

Editorial | CEE

Los efectos de la pandemia se están materializando en un incremento significativo de la deuda de consumidores y empresas. En este contexto, nuestra previsión es que, en los próximos años, las transacciones sobre deuda y activos tóxicos alcanzarán niveles muy elevados. Desde Garrigues, analizamos en este documento la situación y tendencias del mercado de deuda en Latinoamérica, España y Portugal, donde se percibe una clara tendencia a la sofisticación de este tipo de operaciones.

Pandemia COVID-19

In the wave of the COVID-19 pandemic, there has been a significant increase in debt held by both consumers and companies. Over the coming years, we expect to see a large number of debt and distressed asset deals. In this viewpoint, Garrigues provides in this documentan analysis of the debt market situation and trends in Latin America, Spain and Portugal, where there is a clear move toward greater sophistication in these deals.

COVID-19 pandemic

Reasoning behind the changes

In the two years that the "new" bankruptcy regime – the Bankruptcy Act of September 2015 (Stečajni zakon; the "BA") – has been in place, the number of pre-bankruptcy procedures initiated in Croatia has plummeted to only 273, with 58 restructuring plans being accepted. By comparison, under the previous pre-bankruptcy regime from 2012 to 2015, 8,262 pre-bankruptcy procedures were initiated, with 2,224 restructuring plans being reached.

The recently adopted Croatian Bankruptcy Act ("SZ")[1] sets out a new integrated pre-bankruptcy and bankruptcy regime. SZ has entirely replaced the previous bankruptcy act that was in force for 18 years, as well as provisions regulating pre-bankruptcy settlement proceedings prescribed under the Act on Financial Operations and Pre-bankruptcy Settlement