The Multisectoral Platform against Delinquency (PMcM) has urged this Friday that, in parallel to the adaptation of the new European insolvency regulation, the existing mechanisms against delinquency be reinforced and better coordinated. The organization demands that their real application be ensured and that they be integrated into a strategy for early prevention of financial problems, with the aim of preventing liquidity tensions from ultimately leading to insolvencies.
In light of the harmonization process in the EU of various elements of insolvency law, the Platform has warned through a statement that focusing only on improving the management of companies that are already facing difficulties and granting aid for their rescue will be insufficient if action is not taken beforehand on the factors that deteriorate their liquidity. Among them, it has particularly pointed out the systematic delays in the collection of invoices, which can accelerate companies entering into insolvency.
Directive (EU) 2026/799 unifies certain aspects of the insolvency laws of the Member States, such as revocation actions, asset tracing, pre-pack sale procedures, the obligations of administrators, the involvement of creditors, and the transparency of national rules. Spain will have to adapt its legal framework to these requirements before January 22, 2029.
For the PMcM, this timeline represents an opportunity to emphasize that a truly effective insolvency policy should not be limited to ordering the restructuring or liquidation of companies when the problem has already manifested. In its view, it must be complemented by measures that prevent economically sound businesses from ending up in difficulties due to not collecting their invoices on time.
"Insolvency does not necessarily begin on the day a company requests creditor protection. Often, it starts months earlier, when it stops collecting its invoices on time, loses liquidity, and is forced to finance an activity it has already performed. Europe is improving the mechanisms for managing insolvencies, but it is also necessary to act on the circumstances that can provoke them. The best insolvency reform is to prevent a viable company from having to resort to insolvency due to payment delays," stated the president of the PMcM, Antoni Cañete.
The Platform has emphasized that each invoice paid late increases the risk of cash flow tensions, especially in the case of SMEs and freelancers, whose financial capacity to withstand prolonged delays is more limited. This reality can push them to incur debt to meet their current expenses, pay salaries, sustain their daily activities, or fulfill their own commitments to suppliers and public administrations.