Colombia: Insolvency/Bankruptcy

Imagine que su grande, mediana o pequeña empresa está pasando por un problema económico y le debe a sus acreedores más de lo que le puede pagar.

During the second part of a hearing with a massive attendance the Superintendence of Corporations, such authority recognized in Colombia the process of insolvency that the Pacific Group advances in Canada.

There has been some relief for companies suffering under Colombia's largest financial crisis and on the verge of becoming insolvent since the mid-1990s - first under Law 222/1995 and then under Law 550/1999. In both cases creditors and debtors have had to deal with procedural and regulatory issues that obstruct settlement solutions, or impose time constraints on creditors, debtors, employees and shareholders reaching satisfactory restructuring agreements.