{"id":99158,"date":"2017-11-30T10:52:01","date_gmt":"2017-11-30T09:52:01","guid":{"rendered":"http:\/\/aseryde.com\/?p=99158"},"modified":"2017-11-30T10:52:01","modified_gmt":"2017-11-30T09:52:01","slug":"reformas-importantes-la-ley-segunda-oportunidad","status":"publish","type":"post","link":"https:\/\/aseryde.com\/en\/reformas-importantes-la-ley-segunda-oportunidad\/","title":{"rendered":"Important reforms to the Second Chance Law"},"content":{"rendered":"
\n

Congress urges the Government to present a reform proposal in less than six months to strengthen the second chance mechanism.<\/p>\n<\/blockquote>\n

The second chance act of 2015 <\/a>brought important changes to Spanish bankruptcy regulations. However, experts have called for different improvements from day one to adapt it to the current situation.<\/p>\n

The plenary session of the Congress of Deputies has now taken up the gauntlet and has recently urged the Government to present within a period of six months - starting from November 16 on which the resolution was published - a reform proposal that addresses several aspects .<\/p>\n

The 2015 law<\/h2>\n

The Second Chance Law was designed, above all, for private citizens and self-employed professionals (self-employed). This represented a clear novelty, since, until then, only companies had a clear legal vehicle to request the exoneration of their debts. This law includes individuals and self-employed workers who have failed in their business venture, who until now had to face their debts with their present and future assets.<\/p>\n

This law was intended to be a light breath of fresh air for small business owners and individuals, who in this way find a legal vehicle in case their entrepreneurial adventure has failed and they cannot pay the debts incurred.<\/p>\n

What is the first step to benefit from it?<\/strong><\/p>\n

First of all, the entrepreneur\/debtor must try to reach an out-of-court agreement with his creditors. In this process, which will be supervised by a judge, the debtor may liquidate his assets to pay the debts he can pay or agree on a payment schedule to meet said debts.<\/p>\n

The law then establishes several conditions, such as that the debtor compensates his creditors with the transfer of assets not necessary for the exercise of his professional activity or with shares of his own company. In both cases, the value of the assets or shares must be equal to or less than the amount owed.<\/p>\n

Likewise, the entrepreneur is required to propose to his creditors a viability plan and a payment schedule to meet the debts. The term for making such payments may not exceed ten years.<\/p>\n

This entire process is supervised by a judge, and the entrepreneur can request the help of a bankruptcy mediator, who will act as an interlocutor between the entrepreneur\/debtor and his creditors. If the negotiation process ends (approximately two months) and an agreement has not been reached, the debtor and the bankruptcy mediator may request voluntary bankruptcy proceedings before the judge.<\/p>\n

After this period, and requesting voluntary bankruptcy, the judge may exonerate a large part of his debts under two conditions: firstly, that the judge himself considers that the debtor no longer has the money or assets to pay his debts; secondly, that said debtor has proven to act in good faith.<\/p>\n

Of course, not all debts disappear: public debts (Treasury and Social Security) will remain in force, as well as those incurred for child support if you are divorced.<\/p>\n

Do debts disappear forever?<\/strong><\/p>\n

Not really. Any creditor may ask the judge to revoke the exoneration of debts if, in the five years following the admission of the 'second chance', the creditor understands that his debtor has acted in bad faith or has obtained illegal income (through economic submerged). In principle, the law gave creditors a period of five years to discover these 'traps' by the debtor; However, the final text gives him an unlimited period of time to do so. If the creditor requests the revocation of the debt exemption and the judge accepts it, the entrepreneur will no longer be subject to this law and will contract his debts again.<\/p>\n

The reforms that are now being proposed<\/h2>\n

Elimination of provisionality<\/strong><\/p>\n

The mechanism is now void if an individual substantially improves the economic situation through inheritance, legacy or donation or gambling.<\/p>\n

It is also suggested to lower the control period for SMEs and the self-employed from five to three years. Currently, the provisional nature only affects compliance with the payment plan for unreleased debts or the occurrence of the event that substantially improves the economic situation.<\/p>\n

Settlement<\/strong><\/p>\n

The payment of the habitual residence for the most vulnerable debtors would constitute one of the most relevant developments in the bankruptcy system for individuals, maintaining the right to remain in their home for three years with a rent that will not exceed 30% of income of the family unit.<\/p>\n

Carrying out a new appraisal for the purposes of execution of the habitual residence<\/strong><\/p>\n

This would imply the inclusion of a limit, which would be the appraisal used when the mortgage loan was granted. "However, this would represent an added difficulty for the sale of the property to third parties, since this limit would recognize a valuation higher than its true market value," says Pav\u00f3n.<\/p>\n

Provision of an exceptional case for debtors with dependents<\/strong><\/p>\n

It would entail the expansion of the second chance mechanism in cases in which the debtor with at least one minor or dependent person in his or her care cannot comply with the payment plan for unreleased debts (public credits). ).<\/p>\n

Empower the judge to grant debt relief ex officio<\/strong><\/p>\n

This provision may provide an additional guarantee for those cases in which the debtor does not act in the procedure assisted by a lawyer and represented by a solicitor, since in such cases it must be the judge who, ex officio, grants such benefit.<\/p>\n

Declaration as non-seizable rights of certain public responsibility benefits<\/strong><\/p>\n

The proposal sent to the Government contains the declaration that the following aid cannot be seized: unemployment benefits in their non-contributory form; benefits granted for participation in temporary employment promotion programs; Social Security family benefits; dependency care benefits; minimum insertion income of the Autonomous Communities; and subsidies, aid and scholarships granted by Public Administrations of a final nature intended to compensate for expenses incurred.<\/p>\n

 <\/p>\n

Consult our tax and labor advisors if you have questions about any regulations that directly affect your company. Knowing your rights is the best way to guarantee the viability of your business. contact<\/a> \t<\/p>","protected":false},"excerpt":{"rendered":"

Congress is urging the government to present a reform proposal within six months to strengthen the second chance mechanism. The 2015 Second Chance Law brought significant changes to Spanish bankruptcy regulations. However, from day one, experts have called for various improvements to bring it in line with current [\u2026]<\/p>","protected":false},"author":2,"featured_media":99159,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-99158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-noticias"],"_links":{"self":[{"href":"https:\/\/aseryde.com\/en\/wp-json\/wp\/v2\/posts\/99158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aseryde.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aseryde.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aseryde.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/aseryde.com\/en\/wp-json\/wp\/v2\/comments?post=99158"}],"version-history":[{"count":0,"href":"https:\/\/aseryde.com\/en\/wp-json\/wp\/v2\/posts\/99158\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/aseryde.com\/en\/wp-json\/wp\/v2\/media\/99159"}],"wp:attachment":[{"href":"https:\/\/aseryde.com\/en\/wp-json\/wp\/v2\/media?parent=99158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aseryde.com\/en\/wp-json\/wp\/v2\/categories?post=99158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aseryde.com\/en\/wp-json\/wp\/v2\/tags?post=99158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}