Royal Decree Law 4/2014 which is effective from 9 March 2014 contains provisions in respect of corporate debt restructuring. Among the issues covered in the law are the treatment for tax purposes of capital increases through the capitalization of debt; the taxation of income realized when arrangements are made by a company with its debtors; situations where losses including impairment losses may be a reason for dissolving a company; and the introduction of a transfer and stamp tax exemption in relation to deeds for debts to be written off or reductions in loans or debt obligations that are the subject of refinancing agreements.