ASPAC insolvency law status still missing

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The insolvency law reform will go into effect next Monday after being approved by Congress in August. The Professional Association of Insolvency Administrators (ASPAC) expresses its satisfaction – through a press note – with the latest changes made after having been very active in its proposals for improving the Law. However, Diego Comendador, President of the Association, insists that “we must continue to work because, although the law presents significant advances for the insolvency sector, several key regulatory developments are still necessary, such as ‘a platform, forms and statute regulating insolvency’. administration, among others.

Insolvency administrators have been calling for this law for years, but the situation has continued as the constant reforms of insolvency law have taken place. The Association points out that “the creation of this statute would bring great improvements for all insolvency proceedings, as it would allow the professionalization of the administration of insolvency and for experts in the sector to have a framework and criteria to govern, generating a more solid system.” Comendador insists that “we have been alongside the institutions throughout the process of the law and now we will put all our efforts to continue improving insolvency”.

Improvements to the special procedure and access to Second opportunity

Following the approval of the law, the Association emphasizes that one of the greatest achievements of the text is the reduction of the scope of the special procedure to the parameters proposed by ASPAC. This is a very important point if we consider that with the previous proposal, this procedure would apply to a percentage of almost 90% of companies that request insolvency proceedings, whereas the intention, like its name suggests, is that it is a procedure to be applied in particular cases.

On the other hand, improving the conditions of the Segunda Oportunidad will be fundamental. Comendador points out that they demanded that the statistical data on public credit be highlighted and, finally, these figures are the ones that served to configure the amounts of the exemption of this type of credit. This has been one of the most controversial points throughout the treatment of the project and the Association is satisfied to have reached “more equitable conditions which really allow access to the second chance, given that the non- exemption from public credit was an obstacle to viable savings”. companies”.

ASPAC insolvency law status still missing

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