In line with the recent amendments to the Spanish Insolvency Act, which aims to ensure the continuity of viable businesses from an operational point of view, but not from a financial perspective, the Law 9/2015 validated the text of RDL 11/2015, but it, also, further clarified some queries raised, introduced technical improvements and modified some provisions to increase effectiveness in encouraging the achievement of refinancing agreements and the extension of their effects to dissident creditors and, likewise, favouring the sale of profitable productive units. Additionally, in case of failure of such measures, RDL 1/2015 (currently being processed as Bill) introduces, with varying degrees of wisdom regarding their requirements, the mechanism of second chance as an exception to the general principle of unlimited liability of the debtor.... [Leer más...]