Royal Decree 463/2020, of March, which declared the state of alarm, only suspended the procedural terms (second additional provision) and the terms of prescription (statutes of limitations) and expiry (fourth additional provision).
Royal Decree-Law 8/2020, of 17 March, completes the previous decree-law with regard to terms.
Duty to request insolvency (Art 43.1.) While the state of alarm is in effect, the debtor with insolvent status shall not be obliged to request a declaration of insolvency. Not until two months have passed since the end of the state of alarm will judges admit requests for necessary insolvency that would have been presented during the state of alarm or which are presented during said two months. If a request for voluntary insolvency is submitted, it shall be admitted with preference, even if it is presented at a later date.
Request for pre-insolvency (Art. 43.2.) While the state of alarm is in effect and although the term referred to in section five of Article 5 bis of the Insolvency Law 22/2003 of 9 July has elapsed, the debtor shall not be obliged to request a declaration of insolvency if it has communicated to the competent court: i) the initiation of negotiations with the creditors to reach a re-financing agreement; ii) an out-of-court payment agreement; or iii) the votes obtained in advance in favour of a creditor arrangement.
Head of Insolvency