The Role of Mediation in Refinancing Groups of Companies: The Case of Spain
Article from: TDM 4 (2017), in Comparative and International Perspectives on Mediation in Insolvency Matters
The Spanish legal framework to solve the financial distress of businesses was confined to formal insolvency proceedings until recently. However, since 2009, a number of amendments to the Spanish Insolvency Act (SIA) have created a menu of options to tackle the insolvency problem through non-formal or semi-formal solutions. Among these solutions, only collective ordinary refinancing agreements (Article 71 bis.1 SIA) are specifically foreseen as a valid joint option for several companies that belong to the same group. On the other hand, only another solution relies on mediation: ...