Law Of Closure Of The Restructuring Process And Voluntary Liquidation Of Companies And Powers Of Fiscalization Of Companies - Time Authority.


Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
Law N ° 685 law of 11 of MAYO of 2015 EVO MORALES AYMA President constitutional of the State PLURINATIONAL of BOLIVIA as, it Assembly Legislative plurinational, has sanctioned the following law: the Assembly Legislative PLURINATIONAL, DECREES: law of closing of the process of restructuring and liquidation voluntary of companies and of powers of the authority of control of companies-AEMP article 1. (OBJECT). This law aims to set closing procedures of restructuring and voluntary liquidation of companies established in law No. 2495 of 4 August 2003, and establish the competences and powers of the authority of control of companies - time.
I. starting from the publication of the present law, is has the closing of them procedures of restructuring and liquidation voluntary of companies established in the law N ° 2495 of 4 of August of 2003.
II. oversight of companies - time, authority will verify compliance with the agreements of transaction in terms of expiry of time limits on schedules or payment plans set forth in the settlement agreement and inform the Board of creditors. The delay in the fulfillment of the timetable or the payment plan, will import the Constitution in arrears of the debtor.
Article 3. (BREACH). The settlement agreement, is considered unfulfilled if at the date of publication of this law, any of the companies with approved transaction agreements, they have obligations with deadline expired in one or more schedule payments or payment plan established in the settlement agreement.
Article 4. (EFFECT OF NON-COMPLIANCE). As effect of the non-compliance of the transaction agreement signed, public and private creditors recover the right to collect their debts either individual or joint via the corresponding, being sufficient lead title transaction agreement.
I restructuring procedures volunteer who had not approved the transaction agreements to the date of publication of this Act in accordance in the Supreme Decree No. 27384 20 of February of 2004, remain without effect.
II. non-compliance with the preceding paragraph by the administrative or judicial authorities which allow remission and/or take away capital, interests and accessories of public debts, to constitute economic damage to the State.
Article 6. (RESPONSIBILITIES OF THE AUTHORITY'S OVERSIGHT OF COMPANIES). Among the powers of the authority of control of companies? TIME, are established as follows: Regular, control and supervise commercial companies will act within the framework of legality.

Regulate, control and monitor, within the framework of the current legislation, competition in the economic activities of natural and legal persons, as well as to investigate possible monopolistic and anti-competitive behavior when they affect the public interest.

Regulating, control and monitoring the implementation of financial and accounting rules applicable to individuals and legal entities, with the exception of those that are regulated by other regulatory provisions.

Regulate, control and monitor legislation on corporate governance applicable to commercial companies, with the exception of those that are regulated by other regulatory provisions.

Regulate, control and monitor natural and legal persons in relation to the register of Commerce.

Control and supervise the exercise of Social and corporate responsibility applicable to commercial companies, with the exception of those that are regulated by other regulatory provisions.

Control and determine the form of presentation, frequency and diffusion of them States accounting and reports of audit external of them people natural and legal.

Supervise, inspect, establish violations, responsibilities and apply sanctions written reprimand, fine, temporary suspension and cancellation of registration for individuals and legal entities, according to regulations.

Order inspections or audits to natural and legal persons.

Meet and resolve resources that are brought to him.

Start and continue proceedings in all instances it deems appropriate, within the scope of their competence.

Require the help of the security forces when necessary.

Rules of a technical nature to propose to the Executive Body and decide on regulations concerning matters within its authority.

Issue administrative decisions necessary for the implementation and enforcement of the Act and its regulations.

Require agents regulated information and documentation relating to business or operations relating to the activity of its commercial rotation.

All other functions and attributions that are conferred to him by law and other provisions.
SOLE ADDITIONAL PROVISION. From the promulgation of this law, the authority of control and Social Control of business - time will be called companies control authority - AEMP.

FINAL PROVISIONS FIRST. Amending the 1514 article of the Decree Law Nº 14379 of 25 February 1977, commercial code, with the following text:? Article 1514. (Suspension of actions Executive). The admission of bankruptcy procedure produces the suspension of the procedure for trials of heritage content against the debtor, unless the executions of guarantees mortgage and pledges; which have due obligations, labor, family or public debts or obligations of the companies with the State, they are tax or otherwise, being interrupted the prescription of claims between private whose judgments must file at the courthouse who knows the procedure.
New actions of content assets against the debtor by cause or title prior to the filing of the application of the procedure, may not start separate rope unless in the case of the above caveats.
Remain the embargoes and other precautionary measures earlier, unless they be borne by goods needed to continue with the regular exploitation of the enterprise of the applicant from the competition, solving the previous judge transfer to the lienholder and report of the trustee.?

THE SECOND. Unless current legislation, the public bodies of the State, under any title or circumstance may waive, send, withdraw or resign their claims heritage, or grant or negotiate benefits to individuals at the expense of their heritage.
THIRD. They are excluded from the scope of this law, public enterprises established within the framework of the law No. 466 of December 26, 2013, public company.
-FOURTH. They are not applicable to articles 3, 4 and 5 of this Act for those companies that having obtained the approval of its agreement of transaction within the framework of law No. 2495 from August 4, 2003, had decided to join a legal framework different from the agreement of transaction subscribed.
QUINTA. Additional resources from the General Treasury of the nation - TGN shall not undertake for the implementation of this law.
I was abrogating the law No. 2495 of 4 August 2003, restructuring voluntarily.
II. are repealed and repealed all provisions contrary to this law.

Refer to the Executive Body for constitutional purposes.
Two thousand and fifteen is given in the room sessions of the Assembly Legislative plurinational, to the five days of the month of may of the year.
FDO. Nélida Sifuentes Cueto, Lilly Gabriela MONTAÑO Viana, Ruben Medinaceli Ortiz, Maria Argene Simoni Cuellar, Nelly Lenz Roso, Ginna Mary Torrez Saracho.
I therefore enacted it is and meets as a law of the plurinational State of Bolivia.

Government Palace of La Paz city, eleven days after the month of may of the year two thousand and fifteen.
FDO. EVO MORALES AYMA, Juan Ramón Quintana Taborga, Luis Alberto Arce Catacora, Ana Veronica Ramos Morales, Virginia Velasco Condori, Marianela Paco Durán.

Related Laws