With the approval of Royal Decree-Law 27/2021, of November 23, the suspension of the debtor's obligation to file for insolvency proceedings is extended until June 30, 2022, inclusive. From that date, the obligation to voluntarily file for insolvency will be reinstated, and the debtor will have the legally mandated two-month period to do so. The law also suspends, until June 30, 2022, inclusive, the processing of applications for compulsory insolvency proceedings filed by creditors since March 14, 2020.
In the Official State Gazette (BOE) of November 24, Royal Decree-Law 27/2021, of November 23, was published, which establishes the extension of a series of provisions whose validity will extend beyond December 2021, in order to provide a framework of legal certainty that grants economic stability and supports companies in this phase of recovery.
In the area of insolvency proceedings, the most significant change is the extension, until June 30, 2022, inclusive, of the suspension of the debtor's obligation to file for insolvency. From that date, the obligation to voluntarily file for insolvency will be reinstated, and the debtor will have the statutory period of two months to do so. The regulation also suspends, until June 30, 2022, inclusive, the processing of applications for compulsory insolvency proceedings filed by creditors since March 14, 2020.
The law acknowledges that, despite the suspension of the obligation to voluntarily file for insolvency, debtors in difficulty may still file for insolvency, as the option to enter insolvency proceedings is not suspended (in fact, it never has been during the pandemic). In such cases, and when two insolvency applications coincide (one filed by the debtor up to June 30, 2022, and one filed by a creditor, even before), the debtor's application will be given priority.
The royal decree-law no longer incorporates the wording of section 3 of article 6 of Law 3/2020, which regulated the temporary specialities related to the communications of opening negotiations with creditors submitted before December 31, 2021. Thus, the royal decree-law no longer contains the express provision that, in the case of those communications, the debtor would have the duty to request insolvency proceedings once six months had elapsed since the relevant communication.
The new extension of the insolvency moratorium responds - according to the Statement of Reasons of the royal decree-law - to the need to provide legal certainty until the transposition of Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 is completed, which aims to provide the Spanish insolvency system with new instruments for early restructuring and improve the efficiency of restructuring, insolvency and debt discharge procedures.
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