On the Functionality of Bankruptcy Law: The Second Chance?

Abstract

This contribution reflects on the evolution and virtuality of bankruptcy law from the approach offered by Spanish law, bearing in mind the economic difficulties that operators are going through in the pandemic situation caused by covid-19. From this point of view, an institute of great interest known as "second chance" (benefit of the exemption of unsatisfied liabilities) is analyzed, which is the transfer of institutions from other legislations. It is studied how it is regulated and what are the issues that are still pending clarification and improvement so that it serves the intended objectives.