Article by Mr Rafael Molina, Head of the London office.
On September 7, 2001, the Spanish Council of Ministries ("Consejo de Ministros") reviewed a report issued by the Ministry of Justice on a draft insolvency law ("Anteproyecto de Ley Concursal") and agreed to forward such draft to the Council of State ("Consejo de Estado") and the General Council of the Judiciary ("Consejo General del Poder Judicial") in order to be reviewed.
The draft insolvency law (hereinafter, the "Draft Insolvency Law") is at a very early stage in the legislative process. Once the Council of State and the General Council of the Judiciary issue their reports, the Draft Insolvency Law will need to be approved by the Spanish Council of Ministries and forwarded to the Spanish Parliament for its review, discussion, amendment and approval. Therefore, provided that the Spanish Council of Ministries forwards the Draft Insolvency Law to Parliament, it is quite likely that its current content will be altered or
