Regulatory Alerts2015-02-28
Royal Decree-Law 1/2015 of 27 February on the Second Chance Mechanism, Reduction of Financial Burden and Other Social Order Measures
The Spanish State issued Royal Decree-Law 1/2015 to establish a second chance mechanism allowing good-faith natural persons to be discharged of debts after liquidating their assets or adhering to a payment plan. The decree also modifies insolvency laws to facilitate extrajudicial payment agreements and extends protections for vulnerable mortgage debtors by expanding the scope of the Good Practices Code and suspending evictions until 2017. Additionally, it introduces social measures including tax adjustments, new incentives for stable employment creation, and modifications to unemployment subsidies for agricultural workers and self-employed individuals.
Share