WHAT IS THE BANKRUPTCY? (1)

              

The contest is a court proceeding in the event that a debtor is insolvent and the main objective of creditors from charging.

The old regulation insolvencies in Spain has been amended by the Insolvency Act 9 July 2003, que ya ha sido modificada en dos de ocasiones a través del Real Decreto-ley 3/2009, of 27 March, and the law 38/2011 of 10 October.

The law of 2003 intenta superar la antigua legislación unificando las distintas figuras anteriores. Por un lado estaba el caso del deudor comerciante (default and bankruptcy) in the merchant (off and wait). Other, distinguished between illiquidity (off and wait and suspension of payments) the insolvency (bankruptcy and insolvency).

The law of 2003 unifies all the casuistry in a single bankruptcy proceeding, both illiquidity or insolvency, to traders and individuals.
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