The new Bankruptcy Law will go ahead yes or yes before next June 30.

It is the commitment that the Government acquired with Europe to receive part of the Next Generation

funds

requested from the European Commission.

However, the transposition of the European Directive -which dates from 2019- will not be exempt from political confrontation.

Up to 607 amendments

have been presented by the different parliamentary groups to a project that still marks distances with our European neighbors and despite the fact that the Minister of Justice, Pilar Llop, has insisted on several occasions that it is a "consensus project".

The

relevance that public credit still maintains

within the bankruptcy phase is one of the most controversial aspects in the eyes of experts.

In most European countries this item is not privileged, however, the European Union chooses to offer 'lax' legislation on this matter and gives member states the ability to abide by their laws.

In Spain, everything indicates that the prevalence of it will continue in force, a situation that, according to the sector, "will reduce the second chance."

The bankruptcy administrators warn that not lowering the current priority of public credit in our system contravenes one of the fundamental principles on which the Directive pivots:

facilitating the exoneration of debts to safeguard those companies that are viable

.

"Practically all groups agree that public credit should not have so much privilege because it can make it difficult to get a second chance and one of the objectives of this law was to improve access to it. It has privileges that make restructuring plans almost unfeasible" , emphasizes

Diego Comendador

, president of the Professional Association of Bankruptcy Administrators (Aspac).

In the eyes of Comendador, it is not the only problem that derives from the writing of this document.

The Aspac leader assures that "the

new special procedure designed for micro-enterprises

" places creditors in a "defenseless" situation, since it is the debtor who obtains all the powers to settle their debts.

He maintains that "an administrator must exist" to control this process since a debtor in an insolvent situation "is not going to find himself in the best emotional conditions to liquidate his estate", which "can give rise to unorthodox practices and mistakes ".

"We defend that it has to be controlled by a bankruptcy administrator so that the creditors are guaranteed that this liquidation is done in an orderly manner",

The president of Aspac recalls that the law that was approved in 2003 was approved "unanimously" and encourages the parliamentary groups to "achieve a broad consensus" within the chamber.

He recalls that "it is a transversal law that affects everyone" and that it regulates an activity that annually contributes to the national GDP "between 0.5% and 1%".

"What is desirable is that there be a unanimous consensus. I cannot tell you what it is going to be, it depends on the flexibility of the Government. Many of the amendments of the different groups coincide, they are unanimous. It depends on the flexibility of the Government to introduce the changes," he remarks.

No avalanche of contests

The moratorium that the Executive implemented after the pandemic broke out and that is coming to an end this June

does not seem like it is going to collapse the Spanish courts

, as sources close to the drafting of the bankruptcy text maintain to EL MUNDO.

They emphasize that the economy "is not going through such a bad situation" as to generate the aforementioned situation.

"There are no statistics that indicate this situation can occur," they assert.

For his part, Diego Comendador assures that they are "expectant" although he also maintains that this barrage will not occur.

"There will be a vast majority of companies that have fallen by the wayside," he says.

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