Abstract

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: ...