The Congress has passed the draft of a new law regarding the modifications of the current bankruptcy proceedings law in Spain. The current law has been already modified by the Royal Decree 3/2009 dated March 27th, 2009 which established some urgent measures regarding tax and financial aspects of the bankruptcy proceedings.
The principal Spanish rules relating to insolvencies are found in the relatively recent Insolvency Law 22/2003 of the 9th of July, approved in a moment of economic prosperity. This law has been the object of a recent reform, by way of the Royal Decree Law 3/2009 of the 27th of March, driven in part by the current global economic crisis. This law has been affected by the current global economic crisis like the Spanish economy has been affected.
