Abstract: The text provides a general and comprehensive description of the new Spanish legal framework for preventive restructuring proceedings

Keywords: insolvency proceedings in Spanish law, implementation of the EU Directive, Spanish Restated Insolvency Act, judicial supervision, characteristics, moratorium, likelihood of insolvency, imminent insolvency, restructuring plans, affected claims, universality, executory contracts, formation of classes, approval, majority, dissenting creditors, cross-class cramdown, absolute priority rule, value of the company, homologation, appeal, contradictory hearing, new financing, small companies, discharge of debts, pre-pack, micro-enterprises, early-warning, international jurisdiction.

Summary: I. Introduction. II. Preventive restructuring proceedings. 1. Introduction. 2. Moratorium. 3. Restructuring plans. 3.1. Introduction. 3.2. Affected claims. 3.3. Executory contracts. 3.4. Classes. 3.5. Approval of the plan by each class of creditors. 3.6. Approval of the plan by the shareholders.

3.7. Consensual plans: the best interest of creditors test. 3.7.1 Introduction. 3.7.2. Extension of the plan to dissenting creditors. 3.7.3. Extension of the plan to dissenting shareholders. 3.8. Non-consensual plans: the absolute priority rule. 3.8.1. General rule. 3.8.2. Exception. 3.8.3. Special rule for secured creditors. 3.8.4. Shareholders. 3.9. Court sanction. 3.10. Protection and privileges in formal insolvency proceedings. 3.11. Special rules for small companies. 3.12. Conclusion. III. Other new elements.