In line with the trend of the first reform to the Spanish Insolvency Act of 2003 carried out on March 2009 (the 2009 Reform), new amendments to the Spanish Insolvency Act (the SIA) were approved on 4 October 2011 (the Amendment). This Amendment will enter into force on 1 January 2012.

This alternative is becoming more and more common for EU companies that want to expand their markets to Spain.

We are witnessing an unprecedented review of Spanish Law 22/2003 on Insolvency Proceedings (Spanish Insolvency Act or "IA").

The global threat posed by the COVID-19 pandemic has led to an unprecedented situation, which raises many legal challenges at both the international and national level.

When the new Insolvency Law came into force on September 1 2004, the framework for resolving business crises in Spain changed significantly – although the most frequently affected stakeholders (debtors, creditors, employees, judges and advisers) may not be fully aware of the magnitude of the change.

The draft Regulation on Insolvency Administration introduces sweeping changes to Spain's insolvency system, fundamentally restructuring professional access requirements, appointment procedures, and compensation frameworks.