Insolvencia Empresarial Navarro Llima Abogados Zaragoza Mecanismos legales

Mechanisms to avoid corporate insolvency

Early action to prevent corporate insolvency can be crucial for the sustainable viability of a company. With the enactment of the Insolvency Act of 2023, the Restructuring and Insolvency Directive was transposed , with the aim of mitigating the degradation of the productive fabric and promoting economic growth.

In this new article, Navarro Llima Abogados presents the insolvency mechanisms that promote corporate restructuring. These are designed to ensure that companies facing financial difficulties have access to an effective preventive restructuring procedure, allowing them to continue their operations. In addition, the aim is for entrepreneurs to obtain a discharge of their debts, thus providing a second chance, and for the self-employed and micro-enterprises to speed up their insolvency proceedings.

Insolvencia Empresarial Navarro Llima Abogados Zaragoza Mecanismos legales

Restructuring plans

These are pre-bankruptcy instruments, which were created with the aim of replacing approved refinancing agreements and out-of-court payment agreements. It is a process that can be initiated when there is a probability of insolvency, defined as “a situation in which the debtor foresees that he/she will not be able to meet the obligations that fall due in the next two years”.

They will allow us to modify the conditions or structure of the company’s balance sheet (assets, liabilities or equity), with the aim of getting the company out of the insolvency situation. And they will affect all types of creditors and credits, and all affected creditors will also have the right to participate in the approval of the plan and in its vote.

Examples include: Adoption of reductions, capitalisation of debt, dation in payment, modification or extinguishment of guarantees….

Insolvencia Empresarial Navarro Llima Abogados Zaragoza Mecanismos legales

Second chance

It is a mechanism that allows individuals and self-employed persons (natural persons) who are in a situation of insolvency to be able to renegotiate their debts or even cancel them in full or in part.

To be eligible, a series of requirements specified in the Second Chance Law must be met, and thus the debtor can exclude the principle of patrimonial responsibility of article 1991 of the Civil Code: “The debtor is liable for the fulfilment of obligations with all his assets, present and future”.

Insolvencia Empresarial Navarro Llima Abogados Zaragoza Mecanismos legales

Special insolvency proceedings for micro-enterprises

In order for microenterprises to have a greater chance of continuity, a simplified insolvency procedure is available that is much faster, digitalised and at a lower cost.

Individuals or legal entities that carry out a business or professional activity and which, in the year prior to its commencement, had a workforce equivalent to less than ten full-time employees and had an annual turnover of less than 750,000 euros or liabilities of less than 350,000 euros, may avail themselves of this special insolvency regime.

As you can see, there are many mechanisms that can save our company’s insolvency, you will only need Navarro Llima Abogados to accompany you throughout the procedure to ensure a correct legal application.

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