La incomprensible preferencia del convenio a la liquidación como solución del concurso de acreedores (The Incomprehensible Preference for the Reorganization over the Liquidation as the 'Way Out' of Spanish Insolvency Proceedings)

22 Pages Posted: 4 Mar 2014 Last revised: 29 Jan 2016

See all articles by Aurelio Gurrea-Martínez

Aurelio Gurrea-Martínez

Singapore Management University - School of Law

Date Written: February 21, 2014

Abstract

Spanish Abstract: A pesar de la falta de un posicionamiento expreso en el articulado de la Ley Concursal, la mayor parte de la doctrina española parece coincidir en que la función esencial del concurso es la satisfacción de los acreedores. Sin embargo, la forma en que el legislador pretende promover esta finalidad esencial parece discutida. En nuestra opinión, si la función esencial del concurso es la satisfacción de los acreedores, parecería razonable que el legislador procurara incentivar la maximización del grado de satisfacción de los acreedores, con independencia de cuál fuera la forma de conseguirlo. No obstante, el legislador concursal otorga una clara – y explícita – preferencia por la solución convenida del concurso, a pesar de que, en ocasiones, esta solución pudiera perjudicar el interés de los acreedores. Por este motivo, el legislador español debería replantearse si, tal y como sería deseable para el sistema económico, desea promover la satisfacción de los acreedores como finalidad esencial del concurso, con independencia de cuál sea la forma de conseguirla; o, por el contrario, prefiere incentivar, en todo caso, la reorganización de la empresa en crisis.

English Abstract: Despite the lack of any specific provision in the Spanish Insolvency Act 2003, most scholars agree that the main goal of the Spanish 'single gateway' insolvency proceeding is to maximize the returns to creditors. However, the Spanish lawmaker does not seem to be consistent with this aim. In our opinion, if the main goal of the Spanish insolvency proceeding is to maximize the returns to creditors, it would seem reasonable to incentivize this aim regardless of the 'way out' of the insolvency proceeding – either reorganization or liquidation. However, the Spanish Insolvency Act expressly favors the reorganization over the liquidation as the 'way out' of the insolvency proceeding, even though this solution can make the creditors worse off. For this reason, we argue that the Spanish lawmaker should consider whether, as it would be desirable for the economic system, seeks to maximize the returns to creditors regardless of the way to achieve this goal; or, by contrast, whether it prefers to incentivize the reorganization in any case (as it actually does through several measures), even though this solution may be potentially harmful for the creditors as a whole.

Note: Downloadable document is in Spanish.

Keywords: Reorganization, Liquidation, Single Gateway, Way Out, Maximization of Returns to Creditors, Viability, Economic Distress, Financial Distress

Suggested Citation

Gurrea-Martínez, Aurelio, La incomprensible preferencia del convenio a la liquidación como solución del concurso de acreedores (The Incomprehensible Preference for the Reorganization over the Liquidation as the 'Way Out' of Spanish Insolvency Proceedings) (February 21, 2014). Available at SSRN: https://ssrn.com/abstract=2400128 or http://dx.doi.org/10.2139/ssrn.2400128

Aurelio Gurrea-Martínez (Contact Author)

Singapore Management University - School of Law ( email )

55 Armenian Street
Singapore, 179943
Singapore
(+65) 6808-5160 (Phone)

HOME PAGE: http://https://law.smu.edu.sg/faculty

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