Modifications to the insolvency process management model.

The Ministry of Commerce issued Decree 991 of June 12, 2018, through which they incorporated modifications to the management model of the insolvency and intervention process before the Superintendence of Companies.

The purpose of the Decree is to update the model of insolvency and intervention, so that the provisions contained in it make the process more efficient, respecting the rights of the parties involved.

Aspects such as the insolvency and intervention judge, the management of files, the origin and processing of incidents, and the development of the principle of procedural loyalty were adjusted to the provisions of the General Code of the Process, under the special reading of the bankruptcy proceedings.

The aforementioned Decree shall take effect two months after the date of its publication, that is to say, on August 12, 2018, and repeals the fourth and fifth paragraphs of article 2.2.2.11.2.5.4 of Decree 1074 of 2015 (Business groups – Law 1116 of 2006)
For entry into force, the provisions of article 40 of Act 153 of 1887, as amended by article 624 of the General Code of the Procedure, shall apply.