Both Spain and Italy have introduced recent changes to their insolvency laws.
The changes are covered in our global guide and cover:
- The obligation for a debtor to file for bankruptcy within two months of becoming insolvent is suspended until December 31 2021.
- Updates to the Modification of the Creditor’s agreement measures.
- Postponement of the duty to request the opening of the liquidation phase of the insolvency proceedings has been extended until December 31 2021.
- Updates to the refinancing agreement measures.
- The period of the expanded Employment Adjustment Subsidy will be extended.
- Updates to the measure for financing and payments made by persons especially related to the debtor.
- The deadlines of arrangements with creditors and restructuring agreements due in the period between February 23 2020 and December 31 2021, are extended by six months.
- The new Insolvency Code has been postponed to September 1 2021.