In late August 2022, the Spanish Parliament passed the transposition into Spanish law of the Directive (EU) 2019/1023 of the European Parliament and of the Council, of June 20th 2019, on Preventive Restructuring Frameworks. The draft of this new Act was subject to multiple amendments and created great local expectations (also considerable controversy). The text finally enacted in Law 16/2022 introduces major reforms in the insolvency field which we hereby depict.

Introduction of the so-called “Restructuring Plans”

The Spanish Parliament's extraordinary plenary session of August 25, 2022, has passed a law amending the recast Insolvency Act, which amendment will enter into force 20 days after it is published in Spain's Official State Gazette, the "BOE".

This new law, after suffering numerous amendments as a bill, establishes major changes in the area of insolvency, and it incorporates into the Spanish legal system the guidelines established by Directive (EU) 2019/1023 of the European Parliament and of the Council, dated June 20, 2019, on preventive restructuring frameworks.

• The hospitality industry has been fighting back against the Government's lockdown measures due to the lack of financial support, but there is absolutely no doubt that the worst is yet to come as having weathered lockdown 2.0, Government policy now looks set to deny many operators the ability to trade properly in the run up to Christmas, with hard hit businesses set to miss out on circa £7.8bn of trade.
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