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Universal judicial proceeding to resolve a debtor's insolvency, balancing the interests of all creditors. May end in a payment agreement or asset liquidation.

Commercial corporate form where capital is divided into shares and partners' liability is limited to contributed capital. Most common form in Spain for SMEs.

Commercial corporate form with capital divided into freely transferable shares. Minimum capital: EUR 60,000, at least 25% paid up. Mandatory for listed companies, banks and insurers.

Independent professional appointed by the insolvency judge to manage the insolvent debtor's assets, prepare the inventory, creditors list and liquidation plan or agreement.