The bankruptcy field, according to the new regulations for entrepreneurs, will incorporate mediation and the figure of the mediator within the extrajudicial payment agreements. Although the Law 14/2013 on support for entrepreneurs and their internationalization It was published on September 28 and is already in force almost in its entirety, it will not be until the next day October 18 when it comes into effect the provision that reforms article 178.2 of the Bankruptcy Law, adding Title Extrajudicial payment agreement.

bankruptcy mediator

The bankruptcy mediators, who will be paid according to the tariff of the bankruptcy administrators, will be the ones who carry out these “agreements” or debt negotiations of the businessmen, excluding those of public law. The estimated duration of the negotiating process is less than three months and there is the possibility of agree to write offs of up to 25% of credits and waits of up to three years.

In the articles 232 and 233 of Title The essentials of the bankruptcy mediation process and the requirements that a bankruptcy mediator must meet are provided:

1) The request for an extrajudicial payment agreement: The debtor who intends to reach an agreement with his creditors will request the appointment of a bankruptcy mediator. If the debtor is a legal entity, the administrative body or the liquidator will be competent to decide on the request.
2) The appointment of the bankruptcy mediator: It will fall to the natural or legal person that appears on the official list of the BOE, which will be provided by the Registry of Mediators and Mediation Institutions of the Ministry of Justice.
3) Conditions for appointment:
1- Comply with the requirements according to Law 5/2012 on mediation in civil and commercial matters (be in possession of an official university degree or higher professional training and have specific training to practice mediation).
2- In addition, gather the subjective conditions indicated in section 1 of article 27 for the appointment of bankruptcy administrators:

- Be a practicing lawyer with five years of effective professional experience in the practice of law, who has accredited specialized training in Bankruptcy Law.
- Be an economist, have a commercial degree or an account auditor with five years of professional experience, with demonstrable specialization in the bankruptcy field.

A legal entity may also be designated that includes at least one practicing lawyer and an economist, with a commercial degree or accounting auditor, and that guarantees due independence and dedication in the development of the bankruptcy administration functions.
*In everything not provided for in this Law regarding the bankruptcy mediator, the provisions regarding the appointment of independent experts will apply.

The contests that are declared before October 18 they will continue to be governed by the bankruptcy regulations prior to this law regarding the extrajudicial payment agreement. Once again, mediation continues to make its way into other areas, transmitting its culture of equal dialogue and allowing a reduction in costs as a result of the acceleration of negotiation processes in bankruptcy proceedings.

To consult the legislative provisions:
– Law 14/2013, of September 27, on support for entrepreneurs and their internationalization

– Section 1 of article 27 – Law 22/2003, of July 9, Bankruptcy (In force until October 18, 2013)

– Law 5/2012, of July 6, on mediation in civil and commercial matters