The Recast Insolvency Law: beyond a mere consolidation
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The Spanish Government passed last week the Recast Insolvency Law. During the last financial crisis, the Spanish Insolvency Law was subject to a very significant number of amendments.
With the Recast, the Spanish Government has gone beyond a mere systematization and clarification of the Law, and has included new topics which were not regulated before, and some case law from the Supreme Court construing the Law. As a result, the Recast has over 500 additional articles (being 752 in total).
In this document we have tried to summarise the main differences to facilitate the knowledge of the current situation in Spain on the insolvency arena. The Recast will enter into force on 1 September 2020.