The government hastened to approve the bankruptcy law before June 30 and thus avoids a flurry of competitions

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Even if the moratorium collapses, competition will rise more slowly because it is summer and because of the new law.

Pilar Lopp, Minister of Justice, and Nadia Calvik
Pilar Lopp, Minister of Justice, and Nadia Calvio, Minister of Economic Affairs and First Vice President

government Has put pressure on the accelerator to squeeze out parliamentary paperwork and get New bankruptcy law is approved before the next 30 JuneThus achieving a dual objective: not to extend the insolvency moratorium again and at the same time, to avoid the flood of insolvency proceedings.

As EL Mundo learned from parliamentary sources, the socialist group in Congress has set a sessin tuesday in which one will be made Presentation On how the bankruptcy law reform bill gets left out after including the amendments second session Wednesday afternoon.

next week – Simultaneously with the election in Andaluca on Sunday 19 the vote of law in the justice commission and will celebrate the week of June 20 to 26 Final debate in plenary sessionso if everything goes according to plan i will make time to do it Passed the law before 30 June.

source of ministry of economic affairs confirm by means that the government’s purpose is The insolvency coincides with the end of the moratorium -Which exempted companies from the obligation to submit a tender- With the coming into force of the new law, which leaves open the possibility of a new extension if the parliamentary process is not completed.

,purpose is to match The extension ends with the approval of the new bankruptcy law finalizing its processing in Congress”, they settle, and recall that “the whole month of june has passed“. Given the few days’ sessions in Congress ahead of the summer vacations, the executive has focused on all processes to ensure that time is given.

Parliamentary process of this law started March 1 This year, when the Technical Secretary General of the Ministry of Justice, Jacobo Fernandez, began to highlight the main novelty and content of bankruptcy law. parliamentary groups total 607 AmendmentAs this newspaper has already told.

When the bankruptcy moratorium ends, The liability to declare bankruptcy has been restored of creditors to all those companies in the event of bankruptcyTherefore, many experts anticipated a flurry of competitions to follow. However, others state that The new law and time will prevent such escalation, So the executive wanted to merge the two things.

On the one hand, the purpose of the new standard is precisely promote agreements between debtors and creditors before the bankruptcy declarationWhich ultimately means that fewer insolvency proceedings can be expected as compared to previous regulations.

In addition, there is a two months tenure Since the administrator of a company becomes aware of the state of bankruptcy in which it can apply for bankruptcy, if the rule goes into effect in July, it is conceivable that the first movements will not be seen until until he goes bankrupt. septemberAugust has been a month of very little administrative activity since. All of the experts consulted through this medium cite “back to school” as the key to watching how productive clothing develops and believe that growth will be gradual in any case.

by signature RZS Lawyers He believes that “we will see an increase in voluntary insolvency requests in the coming months” that have deferred this decision and also recalls that creditors facing defaults may once again Can make necessary insolvency requests on the initiative.

“All companies and businessmen will have no choice but to file for bankruptcy during the next few months to try to avoid the responsibility of their administrators,” they agree with the office. Absences Restructurasin,

New law seeks to reduce competitions

The new standard has four main axes. revolves around the first of them restructuring plan, which will replace refinance agreements and make it easier for viable debtor companies to avoid bankruptcy or come out of it with hardly any judicial intervention necessary. This in turn seeks to avoid collapse in the courts.

The second block contains new rules relating to applications for insolvency, such as the one that governs the possibility of deposits. Offer to buy one or more production units To pay off the debt of the company. This is something that was being accepted in the courts in practice, but it was not regulated by law and would prevent many companies from ending up in bankruptcy if they first manage to sell their stake and pay off their debt. In addition, the time limits for processing applications for declaration of voluntary insolvency and declaration of necessary insolvency have been reduced.

The third axis of the law introduces a New special bankruptcy process for micro-SMEs, which seeks to be “short, simple, fast and flexible” and would theoretically be done electronically. “The main objective is to reduce procedural costs through a structural procedural simplification with respect to the general arrangement, which has been focused on. Eliminate Paperwork That Isn’t NecessaryLimit the mandatory involvement of professionals and institutions to the minimum required and make communication clear within the process Official forms accessible and free of charge electronically“, explained the Ministry of Justice.

However, some administrators have questioned whether the ministry has deployed Investments required for this digital system to work, If this becomes operational, the ministry expects the number of competitions for micro-SMEs to be reduced to a maximum.

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