The Spanish Congress has approved important amendments into the so-called Spanish scheme of arrangements, to facilitate Spanish company refinancings.

The approval of Law 14/2013, 27 September on support for entrepreneurs (the New Reform) brings the Spanish Insolvency Law into closer alignment with the UK schemes of agreements which affect Spanish companies facing financial difficulties. By lowering the homologation majority rate to 55 percent, down from 75 percent, the amendments will allow Spanish companies to more easily secure the approvals they need to refinance, rather than file for insolvency. These amendments will also address the problem of Spanish international companies turning to UK schemes of agreements.