Law 14/2013, of September 27, 2013, to support entrepreneurs and internationalization (the Entrepreneur Support Act) introduced the position of the bankruptcy mediator.
To understand the context framing this position, we refer briefly to the Entrepreneur Support Act. The Spanish Legal Bulletin (BOE) published this Law on September 27, 2013, affecting a multitude of laws including a partial modification to Law 22/2003, of July 9 (the Insolvency Act).
The Entrepreneur Support Act entered into force on the following day, September 28, 2013. The modifications relating to the inclusion of the extrajudicial payment agreement (AEP) that the Entrepreneur Support Act introduced entered into force 20 days after its publication in the BOE (after October 17, 2013).
Additionally, the precepts of the Insolvency Act that the new Entrepreneur Support Act modifies will exclusively affect the contentions declared from the effective date of each of the precepts. The Entrepreneur Support Act aims to develop a framework of support for and protection of entrepreneurs in different areas. For purposes of the Insolvency Act, the new changes affect the following aspects:
- the rules of limitation of liability of the individual entrepreneur
- the system of the AEP
- and, the modification of the judicial approval scheme of refinancing agreements.
For additional information regarding the bankruptcy mediator in Spain.
