BANKRUPTCY LAW FROM A MULTIDISCIPLINARY POINT OF VIEW
GROUP DESCRIPTION AND OBJECTIVES
An arrangement with creditors is a particularly complex procedure. Law 22/2003, of 9 July, on Insolvency, responds to cases wherein a group of creditors concur on the assets of a common insolvent debtor. This law was a profound change in treating insolvency in Spain. Suspension of payments and bankruptcy disappear, and an arrangement with creditors is established as a means for resolving situations of insolvency. The repercussions of this regulation on different fields of law are extraordinary. Keep in mind that the declaration of bankruptcy must extend over the insolvent debtor, whether or not they are an employer. In addition, while the fundamental implications occur in the area of business law, they do not cease here. Furthermore, the responses must be produced within the context of an especially complex specific procedure. The same bankruptcy proceedings, by themselves, also create some reasonable problems and uncertainty in need of solutions. The necessary contribution to the group of specialists from various disciplines is glaring. The proposed research group strives to contribute to the fundamental objective of searching for solutions from a multidisciplinary perspective. The timing is particularly appropriate given the successive modifications to the bankruptcy law.
Along these lines, it will be necessary to closely follow the projected evolution of insolvency legislation, an area wherein there are other important pending reforms (concerning matters such as the statute of the insolvency administration, the system of the so-called "second opportunity," the discipline of refinancing, etc.). Very close attention must be paid to the Proposed Consolidated Text of the Insolvency Law. We need to remember, in this regard, that the final eighth provision of Law 9/2015, of 25 May, authorized the government to approve, as a joint proposal between the Ministry of Justice and the Ministry of Economy and Competitiveness, a consolidated text of the Insolvency Law. This authorization was not just for rewriting, but rather it expressly included the power to "clarify" and "harmonize" the legal texts being overhauled.