Alicante economists trust new bankruptcy law will make it easier for more companies to survive

In this sense, the new law will be one of the main analysis and discussion topics of the state. 6th Mediterranean Professional CongressIt will take place on September 15 and 16 at the Villaitana Hotel in Benidorm. A meeting organized by the Associations of Economists in Alicante, Murcia, Valencia and Castellón.

As Robles recalls, the new law transposes European directive 2019/1023 into Spanish law, which aims to introduce further reforms in the field of bankruptcy. more agile and efficient tools Improving bankruptcy procedures and facilitating the maintenance of viable companies, but in financial difficulties that could threaten solvency and lead to bankruptcy. These measures also aim to unclog the courts.”

Expert, one of the newest elements of the law, restructuring plans “To facilitate viable debt companies to have an effective tool to avoid or exit bankruptcy”.

micro enterprise

The law also includes a new procedure. Micro businesses with less than 10 employees and autonomous. “The cost is expected to be very low to increase the possibility of providing continuity to viable firms. This new procedure will take effect on January 1, 2023, and a transition period has been established until the technological platform that needs to be managed is working,” says the economist.

On the other hand, the law changes the second chance procedure, tightening the regime, which, despite its obvious improvements, has also created an “interesting doctrinal debate,” according to Maribel Robles.

The board of directors commits professionalization of assistant judges In the processing of bankruptcy, which led the government to propose a new model of bankruptcy management with closer ties to creditors, as well as in the introduction of a new assistant in bankruptcy matters, the restructuring specialist is appointed outside the court walls to intervene in pre-bankruptcy intervention.

Other issues and institutions are also undergoing significant changes, such as those that affect the processing of collective tenders, the elimination of liquidation plans, the introduction of so-called Prepacks to facilitate the sale of production units, or the new configuration of the division. competition evaluation

this commercial courts they will henceforth have exclusive jurisdiction over bankruptcy matters. In these cases, the intervention of the judge will be limited to the key moments of the process and the deadlines will be a maximum of 12 months from the opening of the first stage and the closing of the fifth stage.

In conclusion, Robles argues, “the a priori purpose of the text is that the above assumes a large improvement over the average duration of the current process of 4 to 5 years and a period of 2 years. He will wait months to resolve appeals before the County Courts. Take care to see how these developments develop in practice. We will show you,” he said.

The 6th Occupational Congress of the Mediterranean will focus on thoroughly examining and analyzing the purpose of the new Bankruptcy Law, which none of the previous ones has succeeded in fulfilling. So, the suspension of legacy payments, bankruptcy today really serves to overcome these short-term bankruptcies for companies that have punctual problems but are viable in the long run. The purpose of the reform is to alleviate the filings of bankruptcy cases by giving restructuring plans a primary role. To achieve this, the recently approved text introduces some new tools and replaces others. It is also believed that the avalanche of corporate bankruptcies from 2020 will come into effect as expected, and they have agreed to the bankruptcy suspension that ended in June. All this will be discussed and studied in detail during the development of the meeting.