Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Restructuring & insolvency law in Bucaramanga, Colombia, provides a framework for individuals and businesses facing financial difficulties to either reorganize their debts or proceed through a legal liquidation process. Bucaramanga, as a major economic center in northeastern Colombia, is subject to national insolvency laws, predominantly governed by the Colombian Commercial Code, Law 1116 of 2006, and supplementary regulations. These laws aim to protect the rights of creditors and debtors while preserving viable businesses, supporting economic stability, and promoting fair financial recovery. The process involves formal procedures supervised by specialized courts and, often, the Superintendencia de Sociedades, which is the main authority overseeing insolvency in commercial matters.
Facing restructuring or insolvency can be overwhelming. Legal advice is crucial in several situations, such as:
A specialized lawyer can help analyze your financial and legal situation, structure agreements, represent you in negotiations, and ensure compliance with local laws.
Restructuring and insolvency in Bucaramanga are guided mainly by Law 1116 of 2006, known as the General Insolvency Regime. Key aspects include:
Knowing the applicable local rules is essential as failure to follow procedures can result in loss of rights or unfavorable outcomes.
These laws provide legal tools to reorganize debts, protect jobs, preserve viable businesses, and ensure fair treatment of creditors and debtors.
You must submit a formal petition with appropriate financial documentation to the Superintendencia de Sociedades or the competent court indicating your intent to access restructuring or liquidation mechanisms.
Yes, both companies and individuals can access insolvency proceedings. Entrepreneurs usually proceed under Law 1116 of 2006, while non-entrepreneur individuals can use mechanisms under Law 1564 of 2012.
Once proceedings are accepted, a stay is often granted. This prevents creditors from initiating or continuing collection actions, giving you time to reorganize or liquidate assets.
Most debts are included, but some, such as tax obligations or labor obligations, may have special treatment or priority in the process.
Creditors can participate in creditors’ meetings, review financial proposals, and vote on restructuring agreements or liquidation plans.
The timeframe varies depending on the complexity of the case, the number of creditors, and the willingness to negotiate. It may range from several months to over a year.
If an agreement cannot be reached, or the debtor cannot comply with it, the process will usually shift to judicial liquidation, where assets are sold to pay creditors.
Yes, usually the business continues operating under court supervision during the restructuring period, unless otherwise ordered.
While it is not always legally mandatory, having a lawyer is strongly recommended due to the complexity and seriousness of the process.
Those seeking help with restructuring and insolvency in Bucaramanga can consult the following resources:
If you are considering restructuring or entering insolvency proceedings in Bucaramanga, Colombia, start by collecting all relevant financial and legal documents, such as accounting statements, contracts, debt lists, and correspondence with creditors. Next, consult a lawyer specializing in restructuring and insolvency to evaluate your options, prepare your case, and guide you through the formal process. Acting early improves your chances of finding a workable solution and protecting your interests. Contact local resources, such as the Superintendencia de Sociedades or your local Chamber of Commerce, for additional information about the appropriate procedures and requirements in your case.
Remember, timely and informed action is essential for the best possible outcome in restructuring and insolvency scenarios.
