Rouillon, Adolfo2012-06-152012-06-152006-05https://hdl.handle.net/10986/8184This 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.en-USCC BY 3.0 IGOACCESS TO CREDITASSET SALEBANK LOANBANKRUPTCYBANKRUPTCY LAWBANKRUPTCY PROCEEDINGSBANKRUPTCY REFORMBENEFICIARIESBENEFICIARYBILLS OF EXCHANGEBORROWERCAPITAL MARKETSCASE OF DEFAULTCIVIL CODECIVIL LAWCIVIL PROCEDURECLAIMCLASSES OF CREDITORSCOLLATERALCOLLECTION AGENCIESCOLLECTION OF DEBTSCOLLECTION SYSTEMCOMMERCIAL LAWCOMMERCIAL TRANSACTIONSCONSUMER GOODSCONTINGENT CLAIMSCONTRACTUAL RIGHTSCORPORATE INSOLVENCYCORPORATE WORKOUTSCORRUPTIONCOURT DECISIONSCOURT OF JUSTICECREDIT AGREEMENTCREDIT AGREEMENTSCREDIT COSTSCREDIT LINESCREDIT MARKETSCREDIT PROVIDERSCREDIT SYSTEMCREDITORCREDITOR PRIORITIESCREDITOR PROTECTIONCREDITOR RIGHTSCREDITOR RIGHTS SYSTEMSCREDITORSCREDITORS' INTERESTSCREDITSDEBTDEBTORDEBTORSDEBTSDEPENDENTDEPOSITORDISCRIMINATORY TREATMENTDOMESTIC LAWSEFFECTIVE INSOLVENCYENCUMBRANCEENFORCEABILITYENFORCEMENT MECHANISMENFORCEMENT MECHANISMSENFORCEMENT OF CLAIMSENFORCEMENT OF SECURITYENFORCEMENT PROCEDUREESTATEESTATESEVENT OF DEFAULTEVENT OF INSOLVENCYEXECUTORY CONTRACTSEXISTING INSOLVENCY LEGISLATIONEXISTING INSOLVENCY SYSTEMFINANCE CORPORATIONFINANCIAL DIFFICULTIESFINANCIAL DISTRESSFINANCIAL INSTITUTIONFINANCIAL MARKETFINANCIAL STATEMENTFINANCIAL SYSTEMFINANCIAL SYSTEM STABILITYFLOW OF CREDITFORCED SALEFOREIGN CREDITORSFORFEITUREFRAMEWORK FOR INSOLVENCYFRAUDFUNGIBLEGOOD FAITHIMMOVABLE ASSETIMMOVABLE ASSETSINDIVIDUAL CREDITORINFORMATION DISCLOSUREINSOLVENCIESINSOLVENCYINSOLVENCY LAWINSOLVENCY LAW SYSTEMINSOLVENCY PROCEEDINGINSOLVENCY PROCEEDINGSINSOLVENCY REFORMINSOLVENCY REFORMSINSOLVENCY REGIMEINSOLVENCY SITUATIONSINSOLVENCY SYSTEMINSOLVENCY SYSTEMSINSOLVENTINSOLVENT COMPANYINSTITUTIONAL FRAMEWORKINSTITUTIONAL REFORMINSTITUTIONAL REFORMSINTANGIBLE ASSETSINTELLECTUAL PROPERTYINTEREST OF CREDITORSINTEREST RATEINTEREST RATESINTERESTED PARTIESINTERESTED PARTYINTERNATIONAL BANKINTERNATIONAL FINANCEINTERNATIONAL TRADE LAWJUDGEJUDGESJUDGMENTJUDICIAL AUTHORITYJUDICIAL BRANCHJUDICIAL CONTROLJUDICIAL DECISIONJUDICIAL DISTRICTJUDICIAL INSTITUTIONSJUDICIAL ORDERJUDICIAL PROCEDUREJUDICIAL PROCEDURESJUDICIAL PROCEEDINGJUDICIAL PROCEEDINGSJUDICIAL SYSTEMJUDICIARYJUDICIARY SYSTEMJURISDICTIONJURISDICTIONAL AUTHORITYJUSTICE SYSTEMLABOR CLAIMSLEGAL ACTIONSLEGAL CULTURELEGAL FRAMEWORKLEGAL MECHANISMLEGAL PERSONLEGAL PREFERENCESLEGAL REFORMLEGAL SYSTEMLEGISLATION ON INSOLVENCYLEGISLATIVE GUIDE ON INSOLVENCY LAWLENDERSLIABILITYLIQUIDATIONLIQUIDATION PROCEEDINGLIQUIDATION PROCEEDINGSLOAN AGREEMENTSLOAN CONTRACTMAJORITY OF CREDITORSMORTGAGEMORTGAGESMOVABLE ASSETSNEGOTIATIONSNEW BANKRUPTCYNEW BANKRUPTCY LAWNUMBER OF ASSETSOPEN MARKETORDER OF PRIORITIESORDINARY CREDITORSOUTSTANDING DEBTSPENALTIESPERSONAL LIABILITYPLEDGE CONTRACTPOSSESSIONPOSSESSORY PLEDGEPOSSESSORY PLEDGESPRIORITY CLAIMSPRIORITY OF CLAIMSPRIVATE LAWPROCEDURAL LAWPROPERTY RIGHTSPROTECTION OF DEBTORSPUBLIC AUCTIONPUBLIC AUCTIONSPUBLIC REGISTRIESREAL PROPERTYREFORM OF INSOLVENCY LAWSREGISTERED LIENSREGISTRY SYSTEMREGISTRY SYSTEMSREGULATORY FRAMEWORKREMEDIESREORGANIZATIONREORGANIZATION AGREEMENTREORGANIZATION AGREEMENTSREORGANIZATION LAWREORGANIZATION PLANSREORGANIZATION PROCEEDINGREORGANIZATION PROCEEDINGSREPAYMENTRESTORATIONRISK OF DEFAULTRULES OF PRIORITYSALE OF ASSETSSECURITIESSECURITY INTERESTSSEIZURE OF ASSETSSETTLEMENTSINGLE CREDITORSOLVENT DEBTORTANGIBLE ASSETSTAX CREDITORSTITLETRUSTEEUNPAID CLAIMSUNPAID DEBTSUNSECURED CREDITORSVALUATION OF ASSETSWorld Bank10.1596/8184