The communication of opening negotiations with creditors after Law 16/2022. Prohibition of initiation or suspensión of exwcutions in the pre- bankruptcy

Abstract

Directive (EU) 2019/1023 of the European Parliament and of the Council, of June 20, 2019, has led to a profound reform of pre-bankruptcy legislation, from which the natural person consumer debtor is excluded. For the natural or legal person debtor who carries out a business or professional activity, the regime differs depending on whether it is a large company, an SME or a micro-enterprise. This work analyzes the pre-bankruptcy of the large company, consisting of a communication opening negotiations with creditors to the court that must hear the bankruptcy. The communication has effects on credits, contracts and executions initiated or in progress against the debtor. This, however, is not affected in its powers of administration and disposition by the communication. The effects of the communication extend for three months from the date of its presentation and may be extended for another three months. The aim is to achieve a scenario of patrimonial integrity of the debtor and continuity of business activity within the framework of which a restructuring plan can be reached that avoids the bankruptcy procedure.