With the entry into force on September 1 2004 of Organic Law 8/2003, on the Reform of Bankruptcy Proceedings, and the Insolvency Act no. 22/2003, it is necessary to replace the INE's Suspensions of Payments and Bankruptcy Declarations Statistic with this new statistic. The legal concepts of the suspension of payments and bankruptcy declarations are replaced by bankruptcy proceedings, designating the entities subjected to this process, bankrupt debtors. The name of the law, the Insolvency Act, is due to the concurrence of the creditors on the assets of the common debtor.
The information provided by the new Bankruptcy Proceedings Statistics is gathered monthly from questionnaires sent by the Mercantile Courts and the Courts of First Instance and the Courts of First Instance and Preliminary Investigations with mercantile competence. The statistics provide quarterly information on the number of bankrupt debtors, as well as the type of bankruptcy process (voluntary or necessary), and the type of procedure (ordinary or abbreviated), the existence of anticipated proposals of agreement and the contents (acquittance, wait, arrangement with creditors, or another proposition).