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On 1 September, 2004, the new Spanish Insolvency Act came into effect for the purpose of regulating situations of economic crisis and insolvency. The new Act repealed the legislation that had been in force up until that time – legislation that suffered serious defects. It was archaic, out of step with the social and economic reality of our times, diverse and lacking any type of harmonious system. In it, certain specific interests prevailed over other, more general, ones, and over the principle of equal treatment of creditors.

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