{"id":11051,"date":"2026-09-18T11:00:28","date_gmt":"2026-09-18T09:00:28","guid":{"rendered":"https:\/\/www.navarrollimaabogados.com\/news\/restructuring-plans-in-spain-what-they-are-and-the-first-step-for-your-subsidiary\/"},"modified":"2026-09-18T11:00:28","modified_gmt":"2026-09-18T09:00:28","slug":"restructuring-plans-in-spain-what-they-are-and-the-first-step-for-your-subsidiary","status":"publish","type":"post","link":"https:\/\/www.navarrollimaabogados.com\/en\/news\/restructuring-plans-in-spain-what-they-are-and-the-first-step-for-your-subsidiary\/","title":{"rendered":"Restructuring Plans in Spain: What They Are and the First Step for Your Subsidiary"},"content":{"rendered":"

For many foreign groups whose Spanish subsidiary is in difficulty, it may seem that formal insolvency proceedings in Spain will inevitably become the prevailing option. Yet a mechanism that, while still relatively new under Spanish law, can prove more than useful is frequently overlooked, particularly for those subsidiaries which, although their operations are running perfectly well, find themselves facing imminent insolvency as a result of unforeseen events or temporary downturns in new business.<\/p>\n

At Navarro Llima Abogados<\/strong><\/a>, we have extensive experience in the field of Spanish insolvency law, and we should therefore like to offer today some clarification on the usefulness of this mechanism as a tool capable of preventing a company from ending up in insolvency proceedings and ultimately being wound up.<\/p>\n

What is a restructuring plan?<\/h2>\n

A restructuring plan<\/strong> should be seen as an instrument which the Spanish Insolvency Act itself places at the disposal of companies undergoing financial difficulties, enabling them to reorganise, or “restructure”, their situation without having to petition for insolvency proceedings.<\/p>\n

In principle, article 614 of the TRLC<\/a><\/strong> (the recast text of the Spanish Insolvency Act) defines it in fairly broad terms, covering any plan whose purpose is to modify the composition, the terms or the structure of the debtor’s assets and liabilities, or of its own funds, including transfers of assets, of productive units or of the business as a whole as a going concern. What truly distinguishes a restructuring plan from a mere negotiation with creditors, however, is the possibility that it may be binding on creditors who have not signed it<\/strong>.<\/p>\n

Furthermore, throughout the process the Spanish subsidiary retains the management of the company and the power to dispose of its assets; in other words, management is not suspended and handed over to an insolvency administrator appointed by the court.<\/p>\n

When can a corporate restructuring process be commenced in Spain?<\/h2>\n

Article 584 of the TRLC<\/strong> provides that the notice of the commencement of negotiations, or the court confirmation of a restructuring plan, will be available where the debtor is in a state of likelihood of insolvency, imminent insolvency or current insolvency.<\/p>\n

All three situations allow the debtor to resort to a restructuring plan, but it should be noted that each corresponds to a different moment and, above all, to a different degree of room for manoeuvre:<\/p>\n

    \n
  • Likelihood of insolvency<\/strong>: where it is objectively foreseeable that, unless a plan is reached, the obligations falling due over the next two years will not be capable of being met on a regular basis.<\/li>\n
  • Imminent insolvency<\/strong>: where it is foreseen that the obligations falling due over the next 3 months will not be capable of being met regularly and punctually.<\/li>\n
  • Current insolvency<\/strong>: where enforceable obligations can no longer be met on a regular basis.<\/li>\n<\/ul>\n

    It is therefore not necessary for the subsidiary to have started defaulting on payments in order to resort to a restructuring. Indeed, this tool is foreseeably more useful, and will have a more positive impact on the company, if it is used with sufficient time to spare, for instance where there is merely a likelihood of insolvency.<\/p>\n

    \"Navarro<\/p>\n

    The effects of the notice<\/h2>\n

    In order to begin the process, the first step will be to file a notice of the commencement of negotiations<\/strong> with the competent Spanish commercial court. This notice, where properly filed, may in itself already secure significant benefits:<\/p>\n

      \n
    • It suspends the obligation to petition for insolvency proceedings<\/strong> and prevents the admission for processing of any insolvency petitions filed by creditors.<\/li>\n
    • It stays enforcement actions<\/strong> over the assets necessary for the continuity of the company’s business activity, provided, of course, that their importance is properly set out.<\/li>\n<\/ul>\n

      These are the two principal consequences, although the notice may also have effects on contractual relationships; for example, contracts with reciprocal obligations still outstanding remain in force and may not be terminated on this ground. All of this without the company having yet lost its management powers which, understandably, is what tends to concern the parent company and the directors of the Spanish subsidiary most.<\/p>\n

      Classes of claims and majorities<\/h2>\n

      Once negotiated, the plan is not put to a vote creditor by creditor, but by classes. This is the main innovation of the Spanish system. Creditors do not vote individually; they vote grouped into classes.<\/p>\n

      Under article 623 of the TRLC<\/strong>, those classes must reflect the existence of a common interest determined by objective criteria, and such a common interest is deemed to exist between claims of the same insolvency ranking, although claims of the same ranking may be separated into different classes where there are grounds justifying it, such as their financial nature.<\/p>\n

      Three rules to bear in mind:<\/h5>\n
        \n
      • Claims secured by rights in rem<\/strong> form a single class, unless the heterogeneous nature of the charged assets justifies separating them into several.<\/li>\n
      • Public-law claims<\/strong>, including those of the Spanish tax authorities and social security, always constitute a separate class within those of the same ranking.<\/li>\n
      • Where the creditors are SMEs<\/strong> and the plan entails for them a sacrifice of more than fifty per cent of their claim, they must form a separate class.<\/li>\n<\/ul>\n

        Approval within each class requires the favourable vote of more than two thirds<\/strong> of the amount of its liabilities, a percentage which rises to three quarters<\/strong> in classes made up of claims secured by rights in rem.<\/p>\n

        If the plan is approved by all the classes, the path to court confirmation is clear. But even where a class votes against it, the plan may still be confirmed: either because it has been approved by a simple majority of the classes, at least one of them being a class of claims that would rank as privileged in insolvency proceedings, or because it has been approved by at least one class which may reasonably be presumed to have received some payment on a valuation of the debtor as a going concern. This is what is known as the cross-class cram-down<\/strong>, and it is probably the most powerful tool in the whole system.<\/p>\n

        What has been set out here amounts to no more than the essential points of a considerably more complex mechanism, and so both the formation of classes and majorities and the court confirmation of the plan and its effects will be dealt with in greater detail in the forthcoming articles in this series on corporate restructuring in Spain.<\/p>\n

        Our experience<\/h2>\n

        At Navarro Llima Abogados<\/strong> we have extensive experience in advising companies, both from the debtor’s position and from the creditor’s, and in acting for international groups with subsidiaries in Spain. If your Spanish subsidiary is going through difficulties, or you simply anticipate that they may arise, we can analyse the situation as soon as possible, since, as we have explained, the sooner the process is begun, the greater the prospects of making the most of what this tool has to offer.<\/p>\n

        We remain at your disposal for any enquiry at info@navarrollimaabogados.com.<\/p>\n","protected":false},"excerpt":{"rendered":"

        For many foreign groups whose Spanish subsidiary is in difficulty, it may seem that formal insolvency proceedings in Spain will inevitably become the prevailing option. Yet a mechanism that, while still relatively new under Spanish law, can prove more than useful is frequently overlooked, particularly…<\/p>\n","protected":false},"author":2,"featured_media":11050,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[477],"tags":[],"class_list":["post-11051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nRestructuring Plans in Spain: What They Are and the First Step for Your Subsidiary - Navarro Llima Abogados<\/title>\n<meta name=\"description\" content=\"Is your Spanish subsidiary in difficulty? Restructuring plans allow it to reorganise its debt and avoid insolvency. 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