Manuals for insolvency proceedings through digital mechanisms

September 16, 2021

On September 8, 2021, the Official Gazette of Colombia published the user manuals for insolvency processes, procedures, and formalities through digital mechanisms and the use and exploitation of information and communication technologies.

1. Formats and virtual technological means

Requests for the initiation of the Reorganization Process provided for in Law 1116 of 2006 should preferably be filed through the MI (Módulo de Insolvencia – Insolvency Module) application, available on the Superintendency of Corporations’ website.

As of October 4, 2021, it will no longer be possible to file a reorganization request through physical filing at the entity’s counters or by sending it to the e-mail previously used for these purposes, i.e., the requests will be made through the Insolvency Module, as well as the responses to the official notices related to corrections to the requests for admission to this process.

2. In case of technical problems

If the applicant does not have the technological tools to file through the Insolvency Module or has technical problems, he/she may contact the Superintendency of Corporations, so that, after verifying the impossibility, he/she may file by e-mail or use the technological elements that the Entity will enable to file requests in situ in each of its locations available, as long as there are no mobility restrictions.

3. Insolvency module application

The use of the Insolvency Module application for online admission to a Reorganization Process shall be made under the terms and conditions set forth by the Superintendence of Corporations.

The permanent updating of the request format for the reorganization process and its corresponding operating manual will be the responsibility of the Information and Communications Technology Directorate, with the support of the Insolvency Procedures Office and the Planning Advisory Office, who, if required, will submit a proposal to the Superintendent of Companies for its approval by means of the corresponding administrative act.

4. Effective date

The standard is effective as of September 8, 2021.

Source: Diario Oficial 15/09/21