Business insolvencies hit Spain hard and specially Valencia where 620 companies have gone bankrupt, as stated in the Euler Hermes Report.

The concentration of builders and promoters in the Valencia Region is causing the high number of insolvencies. The leader in insolvencies is Catalonia, which records 25% of all processes, while the third community is Madrid, whose total number is closely followed by Valencia, while the fourth community is Andalusia with a total of 415 bankruptcies.

The situation of hotel Los Monteros in Marbella (Málaga) doesn’t improve. On 19 November the Hotel entered into an insolvency procedure and this had his first impact with the creation of a platform for affected creditors that seeks to "unite the strengths of all creditors." This platform, which is lead by the law firm Lexland Marbella, is developing a strategy and a series of actions against the debtor companies, according to the responsible of the bankruptcy department, Cuesta Dimas. It’s very important for the stakeholders, whether employees or suppliers, to communicate their debts within one month after publishing the insolvency in the Official State Gazette (BOE).