Colombia : Creditor Rights and Insolvency Proceedings
This article analyzes the legislation and institutions connected with creditor rights and insolvency proceedings in Colombia. It aims to contribute to the debate on the conditions required to restore the vitality of the Colombian credit environment. In relation to creditor rights, there is a particu...
| Main Author: | |
|---|---|
| Format: | Law and Justice Study |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2012
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2006/05/16361016/colombia-creditor-rights-insolvency-proceedings http://hdl.handle.net/10986/8184 |
| id |
okr-10986-8184 |
|---|---|
| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCESS TO CREDIT ASSET SALE BANK LOAN BANKRUPTCY BANKRUPTCY LAW BANKRUPTCY PROCEEDINGS BANKRUPTCY REFORM BENEFICIARIES BENEFICIARY BILLS OF EXCHANGE BORROWER CAPITAL MARKETS CASE OF DEFAULT CIVIL CODE CIVIL LAW CIVIL PROCEDURE CLAIM CLASSES OF CREDITORS COLLATERAL COLLECTION AGENCIES COLLECTION OF DEBTS COLLECTION SYSTEM COMMERCIAL LAW COMMERCIAL TRANSACTIONS CONSUMER GOODS CONTINGENT CLAIMS CONTRACTUAL RIGHTS CORPORATE INSOLVENCY CORPORATE WORKOUTS CORRUPTION COURT DECISIONS COURT OF JUSTICE CREDIT AGREEMENT CREDIT AGREEMENTS CREDIT COSTS CREDIT LINES CREDIT MARKETS CREDIT PROVIDERS CREDIT SYSTEM CREDITOR CREDITOR PRIORITIES CREDITOR PROTECTION CREDITOR RIGHTS CREDITOR RIGHTS SYSTEMS CREDITORS CREDITORS' INTERESTS CREDITS DEBT DEBTOR DEBTORS DEBTS DEPENDENT DEPOSITOR DISCRIMINATORY TREATMENT DOMESTIC LAWS EFFECTIVE INSOLVENCY ENCUMBRANCE ENFORCEABILITY ENFORCEMENT MECHANISM ENFORCEMENT MECHANISMS ENFORCEMENT OF CLAIMS ENFORCEMENT OF SECURITY ENFORCEMENT PROCEDURE ESTATE ESTATES EVENT OF DEFAULT EVENT OF INSOLVENCY EXECUTORY CONTRACTS EXISTING INSOLVENCY LEGISLATION EXISTING INSOLVENCY SYSTEM FINANCE CORPORATION FINANCIAL DIFFICULTIES FINANCIAL DISTRESS FINANCIAL INSTITUTION FINANCIAL MARKET FINANCIAL STATEMENT FINANCIAL SYSTEM FINANCIAL SYSTEM STABILITY FLOW OF CREDIT FORCED SALE FOREIGN CREDITORS FORFEITURE FRAMEWORK FOR INSOLVENCY FRAUD FUNGIBLE GOOD FAITH IMMOVABLE ASSET IMMOVABLE ASSETS INDIVIDUAL CREDITOR INFORMATION DISCLOSURE INSOLVENCIES INSOLVENCY INSOLVENCY LAW INSOLVENCY LAW SYSTEM INSOLVENCY PROCEEDING INSOLVENCY PROCEEDINGS INSOLVENCY REFORM INSOLVENCY REFORMS INSOLVENCY REGIME INSOLVENCY SITUATIONS INSOLVENCY SYSTEM INSOLVENCY SYSTEMS INSOLVENT INSOLVENT COMPANY INSTITUTIONAL FRAMEWORK INSTITUTIONAL REFORM INSTITUTIONAL REFORMS INTANGIBLE ASSETS INTELLECTUAL PROPERTY INTEREST OF CREDITORS INTEREST RATE INTEREST RATES INTERESTED PARTIES INTERESTED PARTY INTERNATIONAL BANK INTERNATIONAL FINANCE INTERNATIONAL TRADE LAW JUDGE JUDGES JUDGMENT JUDICIAL AUTHORITY JUDICIAL BRANCH JUDICIAL CONTROL JUDICIAL DECISION JUDICIAL DISTRICT JUDICIAL INSTITUTIONS JUDICIAL ORDER JUDICIAL PROCEDURE JUDICIAL PROCEDURES JUDICIAL PROCEEDING JUDICIAL PROCEEDINGS JUDICIAL SYSTEM JUDICIARY JUDICIARY SYSTEM JURISDICTION JURISDICTIONAL AUTHORITY JUSTICE SYSTEM LABOR CLAIMS LEGAL ACTIONS LEGAL CULTURE LEGAL FRAMEWORK LEGAL MECHANISM LEGAL PERSON LEGAL PREFERENCES LEGAL REFORM LEGAL SYSTEM LEGISLATION ON INSOLVENCY LEGISLATIVE GUIDE ON INSOLVENCY LAW LENDERS LIABILITY LIQUIDATION LIQUIDATION PROCEEDING LIQUIDATION PROCEEDINGS LOAN AGREEMENTS LOAN CONTRACT MAJORITY OF CREDITORS MORTGAGE MORTGAGES MOVABLE ASSETS NEGOTIATIONS NEW BANKRUPTCY NEW BANKRUPTCY LAW NUMBER OF ASSETS OPEN MARKET ORDER OF PRIORITIES ORDINARY CREDITORS OUTSTANDING DEBTS PENALTIES PERSONAL LIABILITY PLEDGE CONTRACT POSSESSION POSSESSORY PLEDGE POSSESSORY PLEDGES PRIORITY CLAIMS PRIORITY OF CLAIMS PRIVATE LAW PROCEDURAL LAW PROPERTY RIGHTS PROTECTION OF DEBTORS PUBLIC AUCTION PUBLIC AUCTIONS PUBLIC REGISTRIES REAL PROPERTY REFORM OF INSOLVENCY LAWS REGISTERED LIENS REGISTRY SYSTEM REGISTRY SYSTEMS REGULATORY FRAMEWORK REMEDIES REORGANIZATION REORGANIZATION AGREEMENT REORGANIZATION AGREEMENTS REORGANIZATION LAW REORGANIZATION PLANS REORGANIZATION PROCEEDING REORGANIZATION PROCEEDINGS REPAYMENT RESTORATION RISK OF DEFAULT RULES OF PRIORITY SALE OF ASSETS SECURITIES SECURITY INTERESTS SEIZURE OF ASSETS SETTLEMENT SINGLE CREDITOR SOLVENT DEBTOR TANGIBLE ASSETS TAX CREDITORS TITLE TRUSTEE UNPAID CLAIMS UNPAID DEBTS UNSECURED CREDITORS VALUATION OF ASSETS |
| spellingShingle |
ACCESS TO CREDIT ASSET SALE BANK LOAN BANKRUPTCY BANKRUPTCY LAW BANKRUPTCY PROCEEDINGS BANKRUPTCY REFORM BENEFICIARIES BENEFICIARY BILLS OF EXCHANGE BORROWER CAPITAL MARKETS CASE OF DEFAULT CIVIL CODE CIVIL LAW CIVIL PROCEDURE CLAIM CLASSES OF CREDITORS COLLATERAL COLLECTION AGENCIES COLLECTION OF DEBTS COLLECTION SYSTEM COMMERCIAL LAW COMMERCIAL TRANSACTIONS CONSUMER GOODS CONTINGENT CLAIMS CONTRACTUAL RIGHTS CORPORATE INSOLVENCY CORPORATE WORKOUTS CORRUPTION COURT DECISIONS COURT OF JUSTICE CREDIT AGREEMENT CREDIT AGREEMENTS CREDIT COSTS CREDIT LINES CREDIT MARKETS CREDIT PROVIDERS CREDIT SYSTEM CREDITOR CREDITOR PRIORITIES CREDITOR PROTECTION CREDITOR RIGHTS CREDITOR RIGHTS SYSTEMS CREDITORS CREDITORS' INTERESTS CREDITS DEBT DEBTOR DEBTORS DEBTS DEPENDENT DEPOSITOR DISCRIMINATORY TREATMENT DOMESTIC LAWS EFFECTIVE INSOLVENCY ENCUMBRANCE ENFORCEABILITY ENFORCEMENT MECHANISM ENFORCEMENT MECHANISMS ENFORCEMENT OF CLAIMS ENFORCEMENT OF SECURITY ENFORCEMENT PROCEDURE ESTATE ESTATES EVENT OF DEFAULT EVENT OF INSOLVENCY EXECUTORY CONTRACTS EXISTING INSOLVENCY LEGISLATION EXISTING INSOLVENCY SYSTEM FINANCE CORPORATION FINANCIAL DIFFICULTIES FINANCIAL DISTRESS FINANCIAL INSTITUTION FINANCIAL MARKET FINANCIAL STATEMENT FINANCIAL SYSTEM FINANCIAL SYSTEM STABILITY FLOW OF CREDIT FORCED SALE FOREIGN CREDITORS FORFEITURE FRAMEWORK FOR INSOLVENCY FRAUD FUNGIBLE GOOD FAITH IMMOVABLE ASSET IMMOVABLE ASSETS INDIVIDUAL CREDITOR INFORMATION DISCLOSURE INSOLVENCIES INSOLVENCY INSOLVENCY LAW INSOLVENCY LAW SYSTEM INSOLVENCY PROCEEDING INSOLVENCY PROCEEDINGS INSOLVENCY REFORM INSOLVENCY REFORMS INSOLVENCY REGIME INSOLVENCY SITUATIONS INSOLVENCY SYSTEM INSOLVENCY SYSTEMS INSOLVENT INSOLVENT COMPANY INSTITUTIONAL FRAMEWORK INSTITUTIONAL REFORM INSTITUTIONAL REFORMS INTANGIBLE ASSETS INTELLECTUAL PROPERTY INTEREST OF CREDITORS INTEREST RATE INTEREST RATES INTERESTED PARTIES INTERESTED PARTY INTERNATIONAL BANK INTERNATIONAL FINANCE INTERNATIONAL TRADE LAW JUDGE JUDGES JUDGMENT JUDICIAL AUTHORITY JUDICIAL BRANCH JUDICIAL CONTROL JUDICIAL DECISION JUDICIAL DISTRICT JUDICIAL INSTITUTIONS JUDICIAL ORDER JUDICIAL PROCEDURE JUDICIAL PROCEDURES JUDICIAL PROCEEDING JUDICIAL PROCEEDINGS JUDICIAL SYSTEM JUDICIARY JUDICIARY SYSTEM JURISDICTION JURISDICTIONAL AUTHORITY JUSTICE SYSTEM LABOR CLAIMS LEGAL ACTIONS LEGAL CULTURE LEGAL FRAMEWORK LEGAL MECHANISM LEGAL PERSON LEGAL PREFERENCES LEGAL REFORM LEGAL SYSTEM LEGISLATION ON INSOLVENCY LEGISLATIVE GUIDE ON INSOLVENCY LAW LENDERS LIABILITY LIQUIDATION LIQUIDATION PROCEEDING LIQUIDATION PROCEEDINGS LOAN AGREEMENTS LOAN CONTRACT MAJORITY OF CREDITORS MORTGAGE MORTGAGES MOVABLE ASSETS NEGOTIATIONS NEW BANKRUPTCY NEW BANKRUPTCY LAW NUMBER OF ASSETS OPEN MARKET ORDER OF PRIORITIES ORDINARY CREDITORS OUTSTANDING DEBTS PENALTIES PERSONAL LIABILITY PLEDGE CONTRACT POSSESSION POSSESSORY PLEDGE POSSESSORY PLEDGES PRIORITY CLAIMS PRIORITY OF CLAIMS PRIVATE LAW PROCEDURAL LAW PROPERTY RIGHTS PROTECTION OF DEBTORS PUBLIC AUCTION PUBLIC AUCTIONS PUBLIC REGISTRIES REAL PROPERTY REFORM OF INSOLVENCY LAWS REGISTERED LIENS REGISTRY SYSTEM REGISTRY SYSTEMS REGULATORY FRAMEWORK REMEDIES REORGANIZATION REORGANIZATION AGREEMENT REORGANIZATION AGREEMENTS REORGANIZATION LAW REORGANIZATION PLANS REORGANIZATION PROCEEDING REORGANIZATION PROCEEDINGS REPAYMENT RESTORATION RISK OF DEFAULT RULES OF PRIORITY SALE OF ASSETS SECURITIES SECURITY INTERESTS SEIZURE OF ASSETS SETTLEMENT SINGLE CREDITOR SOLVENT DEBTOR TANGIBLE ASSETS TAX CREDITORS TITLE TRUSTEE UNPAID CLAIMS UNPAID DEBTS UNSECURED CREDITORS VALUATION OF ASSETS Rouillon, Adolfo Colombia : Creditor Rights and Insolvency Proceedings |
| geographic_facet |
Latin America & Caribbean Colombia |
| description |
This article analyzes the legislation and institutions connected with creditor rights and insolvency proceedings in Colombia. It aims to contribute to the debate on the conditions required to restore the vitality of the Colombian credit environment. In relation to creditor rights, there is a particular emphasis on mechanisms for establishing security interests used in granting corporate credit. The analysis identifies the principal factors affecting the efficiency of security interests. These include deficiencies in substantive and procedural law, as well as in registry organization. The paper goes on to analyze the legal, institutional and regulatory framework for insolvency proceedings, identifying weaknesses and highlighting strengths that insolvency reforms should aim to preserve. The need for attention to corporate workouts and prepackaged reorganization agreements is also addressed. The paper concludes with prioritized recommendations for a plan of legal and institutional reform intended to improve the credit environment, creditor protection and enable the establishment of a more balanced insolvency system. Applying the recommendations to Senate Bill 207/05 (Insolvency Regime) makes it possible to identify the strengths of the Bill, as well as refinements that might be considered so as to reduce the legal uncertainty, which limits the growth of banking credit in Colombia, and to achieve a reduction in credit costs, particularly for small and mid-sized companies. |
| format |
Economic & Sector Work :: Law and Justice Study |
| author |
Rouillon, Adolfo |
| author_facet |
Rouillon, Adolfo |
| author_sort |
Rouillon, Adolfo |
| title |
Colombia : Creditor Rights and Insolvency Proceedings |
| title_short |
Colombia : Creditor Rights and Insolvency Proceedings |
| title_full |
Colombia : Creditor Rights and Insolvency Proceedings |
| title_fullStr |
Colombia : Creditor Rights and Insolvency Proceedings |
| title_full_unstemmed |
Colombia : Creditor Rights and Insolvency Proceedings |
| title_sort |
colombia : creditor rights and insolvency proceedings |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2006/05/16361016/colombia-creditor-rights-insolvency-proceedings http://hdl.handle.net/10986/8184 |
| _version_ |
1764404688944365568 |
| spelling |
okr-10986-81842021-04-23T14:02:38Z Colombia : Creditor Rights and Insolvency Proceedings Rouillon, Adolfo ACCESS TO CREDIT ASSET SALE BANK LOAN BANKRUPTCY BANKRUPTCY LAW BANKRUPTCY PROCEEDINGS BANKRUPTCY REFORM BENEFICIARIES BENEFICIARY BILLS OF EXCHANGE BORROWER CAPITAL MARKETS CASE OF DEFAULT CIVIL CODE CIVIL LAW CIVIL PROCEDURE CLAIM CLASSES OF CREDITORS COLLATERAL COLLECTION AGENCIES COLLECTION OF DEBTS COLLECTION SYSTEM COMMERCIAL LAW COMMERCIAL TRANSACTIONS CONSUMER GOODS CONTINGENT CLAIMS CONTRACTUAL RIGHTS CORPORATE INSOLVENCY CORPORATE WORKOUTS CORRUPTION COURT DECISIONS COURT OF JUSTICE CREDIT AGREEMENT CREDIT AGREEMENTS CREDIT COSTS CREDIT LINES CREDIT MARKETS CREDIT PROVIDERS CREDIT SYSTEM CREDITOR CREDITOR PRIORITIES CREDITOR PROTECTION CREDITOR RIGHTS CREDITOR RIGHTS SYSTEMS CREDITORS CREDITORS' INTERESTS CREDITS DEBT DEBTOR DEBTORS DEBTS DEPENDENT DEPOSITOR DISCRIMINATORY TREATMENT DOMESTIC LAWS EFFECTIVE INSOLVENCY ENCUMBRANCE ENFORCEABILITY ENFORCEMENT MECHANISM ENFORCEMENT MECHANISMS ENFORCEMENT OF CLAIMS ENFORCEMENT OF SECURITY ENFORCEMENT PROCEDURE ESTATE ESTATES EVENT OF DEFAULT EVENT OF INSOLVENCY EXECUTORY CONTRACTS EXISTING INSOLVENCY LEGISLATION EXISTING INSOLVENCY SYSTEM FINANCE CORPORATION FINANCIAL DIFFICULTIES FINANCIAL DISTRESS FINANCIAL INSTITUTION FINANCIAL MARKET FINANCIAL STATEMENT FINANCIAL SYSTEM FINANCIAL SYSTEM STABILITY FLOW OF CREDIT FORCED SALE FOREIGN CREDITORS FORFEITURE FRAMEWORK FOR INSOLVENCY FRAUD FUNGIBLE GOOD FAITH IMMOVABLE ASSET IMMOVABLE ASSETS INDIVIDUAL CREDITOR INFORMATION DISCLOSURE INSOLVENCIES INSOLVENCY INSOLVENCY LAW INSOLVENCY LAW SYSTEM INSOLVENCY PROCEEDING INSOLVENCY PROCEEDINGS INSOLVENCY REFORM INSOLVENCY REFORMS INSOLVENCY REGIME INSOLVENCY SITUATIONS INSOLVENCY SYSTEM INSOLVENCY SYSTEMS INSOLVENT INSOLVENT COMPANY INSTITUTIONAL FRAMEWORK INSTITUTIONAL REFORM INSTITUTIONAL REFORMS INTANGIBLE ASSETS INTELLECTUAL PROPERTY INTEREST OF CREDITORS INTEREST RATE INTEREST RATES INTERESTED PARTIES INTERESTED PARTY INTERNATIONAL BANK INTERNATIONAL FINANCE INTERNATIONAL TRADE LAW JUDGE JUDGES JUDGMENT JUDICIAL AUTHORITY JUDICIAL BRANCH JUDICIAL CONTROL JUDICIAL DECISION JUDICIAL DISTRICT JUDICIAL INSTITUTIONS JUDICIAL ORDER JUDICIAL PROCEDURE JUDICIAL PROCEDURES JUDICIAL PROCEEDING JUDICIAL PROCEEDINGS JUDICIAL SYSTEM JUDICIARY JUDICIARY SYSTEM JURISDICTION JURISDICTIONAL AUTHORITY JUSTICE SYSTEM LABOR CLAIMS LEGAL ACTIONS LEGAL CULTURE LEGAL FRAMEWORK LEGAL MECHANISM LEGAL PERSON LEGAL PREFERENCES LEGAL REFORM LEGAL SYSTEM LEGISLATION ON INSOLVENCY LEGISLATIVE GUIDE ON INSOLVENCY LAW LENDERS LIABILITY LIQUIDATION LIQUIDATION PROCEEDING LIQUIDATION PROCEEDINGS LOAN AGREEMENTS LOAN CONTRACT MAJORITY OF CREDITORS MORTGAGE MORTGAGES MOVABLE ASSETS NEGOTIATIONS NEW BANKRUPTCY NEW BANKRUPTCY LAW NUMBER OF ASSETS OPEN MARKET ORDER OF PRIORITIES ORDINARY CREDITORS OUTSTANDING DEBTS PENALTIES PERSONAL LIABILITY PLEDGE CONTRACT POSSESSION POSSESSORY PLEDGE POSSESSORY PLEDGES PRIORITY CLAIMS PRIORITY OF CLAIMS PRIVATE LAW PROCEDURAL LAW PROPERTY RIGHTS PROTECTION OF DEBTORS PUBLIC AUCTION PUBLIC AUCTIONS PUBLIC REGISTRIES REAL PROPERTY REFORM OF INSOLVENCY LAWS REGISTERED LIENS REGISTRY SYSTEM REGISTRY SYSTEMS REGULATORY FRAMEWORK REMEDIES REORGANIZATION REORGANIZATION AGREEMENT REORGANIZATION AGREEMENTS REORGANIZATION LAW REORGANIZATION PLANS REORGANIZATION PROCEEDING REORGANIZATION PROCEEDINGS REPAYMENT RESTORATION RISK OF DEFAULT RULES OF PRIORITY SALE OF ASSETS SECURITIES SECURITY INTERESTS SEIZURE OF ASSETS SETTLEMENT SINGLE CREDITOR SOLVENT DEBTOR TANGIBLE ASSETS TAX CREDITORS TITLE TRUSTEE UNPAID CLAIMS UNPAID DEBTS UNSECURED CREDITORS VALUATION OF ASSETS This article analyzes the legislation and institutions connected with creditor rights and insolvency proceedings in Colombia. It aims to contribute to the debate on the conditions required to restore the vitality of the Colombian credit environment. In relation to creditor rights, there is a particular emphasis on mechanisms for establishing security interests used in granting corporate credit. The analysis identifies the principal factors affecting the efficiency of security interests. These include deficiencies in substantive and procedural law, as well as in registry organization. The paper goes on to analyze the legal, institutional and regulatory framework for insolvency proceedings, identifying weaknesses and highlighting strengths that insolvency reforms should aim to preserve. The need for attention to corporate workouts and prepackaged reorganization agreements is also addressed. The paper concludes with prioritized recommendations for a plan of legal and institutional reform intended to improve the credit environment, creditor protection and enable the establishment of a more balanced insolvency system. Applying the recommendations to Senate Bill 207/05 (Insolvency Regime) makes it possible to identify the strengths of the Bill, as well as refinements that might be considered so as to reduce the legal uncertainty, which limits the growth of banking credit in Colombia, and to achieve a reduction in credit costs, particularly for small and mid-sized companies. 2012-06-15T19:22:31Z 2012-06-15T19:22:31Z 2006-05 http://documents.worldbank.org/curated/en/2006/05/16361016/colombia-creditor-rights-insolvency-proceedings http://hdl.handle.net/10986/8184 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work :: Law and Justice Study Economic & Sector Work Latin America & Caribbean Colombia |