Summary

Insolvency mediation was established in Spain in 2013, in the framework of an alternative procedure to the insolvency proceedings which has been called "Out of court payment agreement" (OCPA) by the Spanish Insolvency Act. All insolvent debtors (current insolvency or forthcoming insolvency), whether natural or legal persons, whether employers or consumers, may use this procedure. The OCPA was modified in 2015 to improve its limited practical application. The purpose of the reform is to approach the agreement reached by the debtor with his/her creditors (content and effects), ...