Economic Insolvency for Companies

This procedure is designed to protect companies from compulsory liquidation and allow them to recover financially. The following is a description of the stages of the Economic Insolvency process by conciliation in the conciliation center:

1. Application: The first step to initiate the process is to file an application with the conciliation center of the Colombian Chamber of Commerce. The application must contain detailed information on the company’s financial situation, including its income, expenses, assets and liabilities, as well as a list of creditors and outstanding debts.
2. Evaluation: Once the application is filed, the conciliation center of the Colombian Chamber of Commerce performs a detailed evaluation of the company’s financial situation and verifies whether it meets the requirements for the conciliation insolvency process.
3. Appointment of the conciliator: If it is determined that the company meets the requirements, a conciliator is appointed for the case. The conciliator is an impartial and neutral person who helps the company and its creditors to reach an agreement and resolve the financial situation.
4. Negotiation: The conciliator convenes a meeting between the company and its creditors to discuss the financial situation and seek a viable solution for both parties. During this meeting, the options available to restructure the debts are discussed and an agreement is reached between the company and its creditors.
5. Agreement: If an agreement is reached, a document outlining the terms and conditions of the agreement is drafted and signed by both parties. This agreement may include debt restructuring, extension of the payment term or debt reduction.
6. Verification and compliance: Once the agreement is signed, it is verified that all the established conditions are met. If the conditions are met, the conciliation insolvency process is terminated.

The service of Economic Insolvency for Companies by conciliation in the conciliation center of the Chamber of Commerce is a solution for companies in financial difficulties. This process helps companies reach an agreement with their creditors and avoid bankruptcy, allowing them to recover financially and continue operating in the market. If your company is in this situation, do not hesitate to contact the conciliation center of the Colombian Chamber of Commerce for more information on the conciliation insolvency process.