Spain—On 5 September 2014, Spain enacted urgent measures ("RDl 11/2014") to facilitate restructurings and avoid the liquidation of companies which, under the previous regime, might have been forced into liquidation. RDl 11/2014 modifies several provisions of the Spanish Insolvency Act. The reform seeks to improve the legal framework that governs voluntary arrangements between creditors and sales of distressed businesses outside of insolvency, by removing certain obstacles that previously impeded successful reorganisations. Furthermore, RDl 11/2014 establishes rules to deal with the ongoing insolvency proceedings of certain concession holders in relation to Spain's toll highways with the aim of preventing such concession holders from being placed into liquidation. A detailed discussion of RDl 11/2014 is available here.
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