Concurso de acreedores

A court declares the insolvency and appoints an administrator, who manages or supervises the debtor's assets and the claims of its creditors. The declaration does not by itself end contracts in which both sides still have obligations, such as an unfinished home purchase.

For off-plan buyers, the key protection sits outside the proceedings: payments guaranteed by an aval bancario or insurance can be claimed from the bank or insurer.