The Commission for the monitoring of refinancing and reduction of over-indebtedness practices met today for the first time at the headquarters of the Ministry of Economy and Competitiveness. The purpose of this Commission is to monitor the application of the new rules on the pre-bankruptcy and bankruptcy phase, as well as the macroeconomic effects of private sector indebtedness. The Commission is made up of representatives from different Ministries, the Bank of Spain and the Judiciary.

The functions of the Commission are as follows:

  1. To track the effectiveness of the measures adopted by this royal decree-law in bankruptcy and pre-bank debt refinancing and the evolution of private sector indebtedness and its macroeconomic implications.
  2. Evaluate its application and, where appropriate, propose to the Government the reforms that are convenient to undertake to facilitate the pre-bankruptcy or bankruptcy restructuring of economically viable companies.
  3. Verify compliance with the codes of good practice that can be adopted in the matter of pre-bank debt refinancing.

The Commission may request, directly or through one of its members, information regarding pre-bankruptcy refinancing and restructuring agreements and bankruptcy proceedings that it considers necessary for the proper exercise of this function. On an annual basis, the commission will prepare a report on the result of the exercise of its functions that should be sent to the Government and the Committee on Economy and Competitiveness of the Congress of Deputies.

The commission is made up of the following permanent members:

  1. Two appointed by the Ministry of Economy and Competitiveness, one of which will assume the presidency.
  2. Two appointed by the Ministry of Justice, one of which will assume the functions of secretariat.
  3. One appointed by the Ministry of Finance and Public Administration.
  4. One appointed by the Ministry of Employment and Social Security.
  5. One appointed by the Ministry of Industry, Energy and Tourism.
  6. One appointed by the Bank of Spain.
  7. A judge appointed by the General Council of the Judiciary.

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