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This content was last reviewed around October 2021.
Remark: Spain is a member of the European Union. Please refer to the section "European Union" under Quick Links below to learn more about the implications with respect to the European rules that apply in the field of restructuring and insolvency. However, the European Restructuring Directive has not been implemented yet. The Spanish government has approved a preliminary Insolvency draft bill that contains the Directive guidelines. The new Insolvency Act is expected to come into force during the first quarter of 2022. In the meantime, the Recast Text of the Insolvency Act approved on 5 May 2020 is in force (TRLC).