Corporate restructuring reforms in Spain and Colombia expose legal gaps

In Spain, more than 90% of small and medium‑sized enterprises (SMEs) that enter insolvency proceedings end up liquidated, a rate attributed to delayed restructuring decisions and managerial hesitation. Experts such as Roberto Rodríguez Manzaneque and Dani Gil of MCero Consulting argue that early use of tools like the Arbitration Law and proactive debt renegotiation can preserve business operations and avoid liquidation.

In Colombia, the Procedimiento de Recuperación Empresarial (PRES) was made permanent by Law 2437 of 2024 to provide a faster, negotiable alternative to judicial reorganization. However, the lack of detailed regulation for the rapid judicial validation of agreements has created bottlenecks, leaving creditors and debtors uncertain and pushing many back into the congested court system overseen by the Superintendencia de Sociedades.