European Commission analyzes the legal frameworks in member states on insolvency and defaulted debts
Spain -
In this study dated on December 3, 2019 the European Commission analyzes the legal frameworks on insolvency and defaults in the various member states; specifically, the various individual and collective loan enforcement systems –and their effectiveness for recovering non-performing loans (NPLs).
The purpose of the study is to identify similarities between the national rules and remove obstacles to cross-border investment, in addition to avoiding a build-up of NPLs. The study concludes that the legal frameworks of the member states are more aligned for companies and the self-employed, unsecured claims and insolvency proceedings than for consumers, secured claims and individual enforcement proceedings.
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