Informa D&B| In the first two months of 2024, 1,516 insolvency proceedings and 7,871 dissolutions have been registered in Spain, according to data on insolvency proceedings extracted by INFORMA D&B S.A.U. (S.M.E.), a subsidiary of Cesce. These figures represent an increase of 48% for insolvency proceedings, while dissolutions decreased by 1%.
The companies in insolvency proceedings in February had sales of around €666 million and employed 5,300 people.
Most of the procedures recorded since January correspond to insolvency proceedings, 1,249, with an increase of 36%, the special procedures for micro-companies are the ones with the highest percentage growth, rising from 4 to 219, and the 48 restructuring plans recorded so far represent a drop of 51%.
Specifically, 880 insolvency proceedings were initiated in February, an increase of 168% since last year and 38% compared with the previous month of January. Of these, 714 are insolvency proceedings, 147 are special proceedings and 19 are restructuring plans.
The transposition of European Directive 2019/1023 on restructuring and insolvency has led to a profound change in the Spanish insolvency system, where two new procedures have been introduced through the reform of the Insolvency Law 16/2922 of 5 September: a special procedure for micro-companies and restructuring plans.
Smaller companies, micro-companies, accounted for most of the insolvency proceedings initiated in February, almost 82%, small companies accounted for 16%, medium-sized companies for 2% and only two large companies initiated insolvency proceedings this month. As for restructuring plans, micro firms account for 58% of the total this month, small firms almost 32%, medium-sized firms 10.5%, and there are no large firms.
