Regulatory Alerts2020-05-07
Royal Legislative Decree 1/2020 of 5 May approving the consolidated text of the Bankruptcy Law
The Spanish Ministry of the Presidency issued Royal Legislative Decree 1/2020 to approve the consolidated text of the Bankruptcy Law, harmonizing and clarifying the numerous amendments made to the original 2003 legislation. This decree establishes the comprehensive legal framework for insolvency proceedings, covering the declaration of bankruptcy, the roles of judicial and administrative organs, the classification of claims, and the procedures for agreements or liquidation. It also codifies pre-insolvency mechanisms, such as refinancing agreements and out-of-court payment agreements, while integrating international private law rules for cross-border insolvency cases.
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