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In the present paper we analyze the reasons behind the high success rate in the football clubs insolvency proceedings. The Spanish insolvency scenario has shown elevated fail rates (higher than 90%), evidencing notable weaknesses. Conversely, football clubs have successfully overcome their legal insolvency situations in the great majority of cases, and the results of our paper prove that (i) a financial structure less concentrated in secured credits (particularly secured financial institutions) than the rest of firms, and (ii) the systematic support given by public administrations (voting in favor of their proposals) have provided such outcome. Additionally, this occurs in a context in which public administrations have shown their reticence to give support to the rest of insolvent firms, while others (football clubs) receive it even though they present poorer management indicators. [ABSTRACT FROM AUTHOR]

The latest reform of the Spanish Insolvency Act develops the regulations on pre-bankruptcy situations with the goal of developing extrajudicial alternatives to insolvency proceedings. Nevertheless, the reform fails to include one proposal that we consider essential for better achieving that objective: the temporary suspension of individual executions in the pre-bankruptcy stage, which starts with the communication of article 5bis of the Spanish Insolvency Act. This paper analyses the consequences of that omission and explains the justification for its inclusion in any future amendment of the Spanish Insolvency Act. [ABSTRACT FROM AUTHOR]