Best interest of creditors test in the EU Directive 2019/1023 on Company Restructuring. Proposed reform of Spanish Insolvency Law. BIoC-Test

This paper sets out a comparison between the current regulation of the Best Interests of Creditors Rule (BIoC-Test) as it currently exists in the Consolidated Text 1/2020 of the Insolvency Act in Spain and that proposed in the amended proposal made public by the Spain’ Government in July 2021. All of this in relation to the concept that EU Directive (EU) 2019/1023 includes in this respect. This comparative study attempts to delimit this rule and the reasons for challenging it