The Commission to monitor practices of refinancing and reduction of over-indebtedness 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 of different Ministries, the Bank of Spain and the Judiciary.
The functions of the Commission are as follows:
- Monitor the effectiveness of the measures adopted by this royal decree-law in bankruptcy and pre-bankruptcy refinancing of debt and on the evolution of private sector indebtedness and its macroeconomic implications.
- Evaluate their application and, where appropriate, propose to the Government the reforms that are appropriate to undertake to facilitate the pre-bankruptcy or bankruptcy restructuring of economically viable companies.
- Verify compliance with the codes of good practice that may be adopted in the area of pre-bankruptcy debt refinancing.
The Commission may request, directly or through one of its members, the information regarding pre-bankruptcy refinancing and restructuring agreements and insolvency proceedings that it deems necessary for the proper exercise of this function. On an annual basis, the commission will prepare a report on the results of the exercise of its functions, which must be sent to the Government and to the Economic and Competitiveness Commission of the Congress of Deputies.
The commission is made up of the following permanent members:
- Two appointed by the Ministry of Economy and Competitiveness, one of which will assume the presidency.
- Two appointed by the Ministry of Justice, one of which will assume the functions of secretariat.
- One appointed by the Ministry of Finance and Public Administrations.
- One appointed by the Ministry of Employment and Social Security.
- One appointed by the Ministry of Industry, Energy and Tourism.
- One named by the Bank of Spain.
- A judge appointed by the General Council of the Judiciary.