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Private agreements of corporate insolvency

Although these private agreements, may find it becomes discipline of insolvency statute which regulates Law 1116 of 2006, it must be stated that because of its context this regulation turns out to be essentially private, dispositive and contractualist, therefore Gil & Roa Attorneys been allowed to recommend this solution and direct private arrangement between the employer and his creditors, when a deep and serious analysis, we can determine that this is the best solution to achieve a recovery or business reorganization, this time, through private and gestated with appropriate legal, economic and financial, from within the same company.
These private agreements of corporate insolvency, they are known also in the insolvency scenario, such as judicial validation process of a settlement reorganization of vital importance in the clear understanding it is a different mechanism and direct, between the employer debtor and its creditors
That is, for the first time incorporated in our bankruptcy law, a private procedure, a different competition, so this is a new procedure contained in this special legislation and consistent in that the parties directly, freely and voluntarily, to reach an agreement, without the urgent and ongoing contest Promoter or mediator informed or the judge or nominating process, then, experience has shown that on many occasions, these shares enforced, which is generated to create limitations on the free exercise of that power inter-party bargaining, to the autonomy that prevails in each, to the operative sovereignty of stakeholders free to come alone to resolve their differences and thereby finally achieving an agreement to end its economic difficulties at the enterprise level.
As indicated, here the employer debtor and its creditors agree in terms of timing, values, interests, take away, dead periods, grace periods, mutual concessions, guarantees, counter and other constraints necessary to bring forward an appropriate and viable inter- party private court reorganization agreement, but is essential for the express mandate of the bankruptcy law of the day, finally submitting it for approval by the Judge or nominating contest.
Historical Legislative
There is no legislation in our past, not even an approximation to this form of inter-party agreement, hence, the concept of exotic differential institute in our view bankruptcy, which is very well received and common practice in other advanced bankruptcy laws as Argentina and in good time is taken up and implemented in our system.
Legislative and Regulatory
Its regulation is found in the existing bankruptcy law and self-contained in the Law 1116 of 2006 and its Regulatory Decree 1730 of May 19 of 2009, also in offices of relevant concepts and application, uttered on the subject by the Superintendence of Companies.  
Competition
It is up to the parties directly, without the figure of the Promoter and without the bankruptcy Judge, but after the agreement made private, must submit the same to the court approval and validation of the Judge, as a sort of ultimate control of legality and convey to the parties of their forced compliance.

Requirements of the Application
Gil & Roa Attorneys has developed significant experience in applying this kind of private agreements, where the first thing is to study weighted to determine that this private agreement resulting from and consistent with the current difficult situation the company and that it always favors the viability widely own business.
For the Superintendence of Companies as a bankruptcy Judge, to process the request to open court validation process of a court reorganization agreement of a company, also are required to comply with the assumptions set out in Article 9 of Law 1116 of 2006.

IN THIS ISSUE IS RECOMMENDED READING:
•    MANUAL PARA LA INVERSION Y LA CONTRATACION EN COLOMBIA. 

•    Derecho Comercial Curso Básico, Library Professional Edition Ltda., Nelson Roa Reyes Second Edition, Bogotá, 2012.

•    El Nuevo Derecho Concursal en América Latina, Nelson Roa Reyes, Commercial Law Association Journal of Cali, I Congress of Commercial Law, Pontificia Universidad Javeriana, Cali, 2010.
IN THIS ISSUE IS RECOMMENDED TO ATTEND:
We invite you to attend our seminars, workshops on this interesting subject, by reviewing the schedule in Link SEMINARS and separate from your place and at a significant discount.
• CORPORATE REORGANIZATION AND RESCUE
•CONSTITUTE - TRANSFORM YOUR COMPANY TO S.A.S
• DO BUSINESS WITH TLC
• IMPLEMENT CORPORATE GOVERNANCE IN YOUR COMPANY
• TRAINING MEETINGS AND BOARDS
• CORPORATE SOCIAL RESPONSABILITY
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