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The 2014/2015 gradual reform of Spanish Insolvency Act: how it affects the business of investors in distressed debt

1. The reform and its drivers

We are witnessing an unprecedented review of Spanish Law 22/2003 on Insolvency Proceedings (Spanish Insolvency Act or “IA”).  With the recent approval of three Royal Decree-Laws (“RDLs”), namely RDL 4/2014, of 7 March, RDL 11/2014, of 5 September and RDL 1/2015, of 27 February), the Spanish legislator seeks to achieve three main goals:

Spain, Insolvency & Restructuring, Dentons, Refinancing