Un análisis de los efectos de la introducción del procedimiento especial de insolvencias para microempresas sobre la propensión a concursar
Series: Occasional Papers. 2516.
Author: Miguel García-Posada
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Abstract
This paper analyses the effects of the special procedure for micro-firms (SPM), introduced in 2023, on their propensity to file for bankruptcy. The results show that micro-firms in a highly vulnerable financial situation were less likely to file for bankruptcy than larger firms with a similar financial situation in 2022, while it cannot be concluded that such a difference changed after the introduction of the SPM in 2023. In contrast, focusing the analysis on micro-firms, the probability of filing for bankruptcy by vulnerable and very vulnerable firms increased relative to the rest of firms of similar size after the entry into force of the SPM. The increase was larger in vulnerable than in very vulnerable firms. This finding could suggest that firms with a fragile, but not extremely fragile, financial situation found this new procedure especially attractive because, being less costly and faster than the general one, it facilitated the restructuring of their debt, rather than leading them to piecemeal liquidation. Lastly, several analyses rule out strategic behaviour by firms when determining some of their balance sheet items such as turnover or total debt in order to be eligible for the SPM.