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Your company may be able to make a profit to repay loans

Benefits to pay credits? Through Legislative Decree 560 of 2020 issued by the National Government due to the Covid-19 pandemic, which substantially modified the corporate insolvency regime provided for in Law 1116 of 2006, extraordinary rescue mechanisms were created to protect companies, credit and employment.

Among them was regulated the possibility that companies that are in the process or in execution of any reorganization agreement may pay suppliers in advance without the authorization of the insolvency judge, provided they comply with the following conditions established by the Superintendence of Companies through concept  



  1. Are payments to unrelated creditors, either by situations of control or business group, as provided in Articles 26 and following of Law 222 of 1995.

  2. They are small claims, with an aggregate value equal to or less than five percent (5%) of total external liabilities;

  3. The debtor must have the recommendation of the promoter, if the latter has been appointed.

So, if your company is a candidate for this benefit to pay credits we invite you to contact Cuadro Legal, your lawyers in Medellin to accompany and guide you in the payment to cash to small creditors.

Written by: Alejandra Cardona Mercado

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