The modifications to the Insolvency Act were motivated by the fact that the Act was passed in radically different economic circumstances and practical application had shown that various regulations therein are now sorely inadequate. The amendments to same attempt to avoid insolvency proceedings by opening the way to the refinancing of companies currently undergoing financial difficulties with the consensus and approval of their creditors. They likewise are streamlining the procedures, reducing the procedural costs and strengthening the legal standing of the employees in the insolvent companies.
For further information, please contact Christian Krause Moral: ckrause@mmmm.es