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

Original Language Title: LEY DE CIERRE DEL PROCESO DE REESTRUCTURACIÓN Y LIQUIDACIÓN VOLUNTARIA DE EMPRESAS Y DE ATRIBUCIONES DE LA AUTORIDAD DE FISCALIZACIÓN DE EMPRESAS - AEMP .

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law n ° 685

2015 MAY 11 ACT

EVO MORALES AYMA

CONSTITUTIONAL PRESIDENT OF THE PLURINATIONAL STATE OF BOLIVIA

For the Plurinational Legislative Assembly, it has sanctioned The following Act:

THE PLURINATIONAL LEGISLATIVE ASSEMBLY,

DECCRETA:

RESTRUCTURING PROCESS CLOSURE LAW

AND VOLUNTARY LIQUIDATION OF COMPANIES AND ATTRIBUTIONS

OF THE ENTERPRISE AUDIT AUTHORITY-AEMP

Article 1. (OBJECT). This Law is intended to establish the closure of the procedures of

Restructuring and Voluntary Settlement of Companies established in Law No 2495 of 4 August 2003, and to establish the powers and Powers of the Authority for the Taxation of Enterprises-AEMP.

ARTICLE 2. (SHUTDOWN OF RESTRUCTURING PROCEDURES).

I. As of the publication of this Law, the closure of the Restructuring and Settlement procedures

Voluntary of Companies established in Law No 2495 of 4 August 2003 is available.

II. The Business Fiscalization Authority-AEMP, will verify compliance with transaction agreements as soon as

due to deadlines in schedules or payment plans set out in the transaction agreement and communicate to the board of creditors. Delay in meeting the schedule or payment plan will matter the debtor's default constitution.

Article 3. (DEFAULT). The transaction agreement, is deemed to be in breach if at the date of

publication of this Act, any of the companies with approved transaction agreements, have time obligations expired on one or more payment schedule or plan payments set out in the transaction agreement.

Article 4. (EFFECT OF DEFAULT). As an effect of the breach of the transaction agreement

subscribed, public and private creditors recover the power to collect their accreencies individually or jointly by the appropriate means, being sufficient title to execute the transaction agreement.

Article 5. (PENDING PROCEEDINGS).

I. The voluntary restructuring procedures that at the date of publication of this Law would not have

approved the transaction agreements as set out in Supreme Decree No. 27384 of 20 February of 2004, are without effect.

II. The failure to comply with the preceding paragraph by the administrative or jurisdictional authorities permitting

the cancellation and/or the taking of capital, interest and accessories from accreances public, will constitute economic damage to the State.

Article 6. (ATTRIBUTIONS OF THE AUDIT AUTHORITY OF COMPANIES). Among the

privileges of the Business Control Authority? AEMP, the following are established:

Regular, control and monitor that the Commercial Societies are unwrapped in the framework of legality.

Regular, control and supervise, in the framework of the current regulations, the competition in the economic activities of natural and legal persons, as well as investigating possible monopolistic and anticompetitive conduct when affecting the public interest.

Regular, control and monitor the application of financial and accounting rules applicable to natural and legal persons, with the exception of those that are regulated by other regulatory provisions.

Regular, control and monitor corporate governance regulations applicable to commercial corporations, with the exception of those that are they are governed by other regulatory provisions.

Regular, control and monitor natural and legal persons in respect of trade registration.

Control and supervise the exercise of Social and Business 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 dissemination of accounting statements and external audit reports of persons natural and legal.

Monitor, inspect, set violations, responsibilities and application of written warning, fine, temporary suspension and cancellation of registration to natural and legal persons, according to regulations.

Order inspections or audits natural and legal persons.

Know and resolve the resources that are brought to you.

Start and pursue legal actions in all instances that you consider relevant, in the field of your jurisdiction.

Require the help of public force when necessary.

Propose to the Executive Body technical rules and rule on regulations relating to the scope of their attributions.

Issue administrative resolutions necessary to implement enforcement and compliance with the Law and its regulations.

Require regulated agents to provide information and documentation relating to commercial or commercial transactions. relating to the activity of your business spin.

All other functions and attributions that are conferred on you by Law and other provisions.

ADDITIONAL DISPOSITION

ONLY. As of the enactment of this Law, the Authority of Taxation and Social Control of Companies-

AEMP will be called the Business Control Authority-AEMP.

FINAL PROVISIONS

FIRST. Article 1514 of Decree Law No. 14379 of 25 February 1977, Code of

Trade, with the following text:

?Article 1514 is amended. (Suspension of Executive Actions). The admission of the preventive tender procedure results in the suspension of the processing of the judgments of patrimonial content against the debtor, except for the execution of mortgage and loan guarantees; those who have family, employment or public accretion obligations or emerging obligations of companies with the State, whether they are tax or other, are interrupted by the limitation of the credits between private persons whose Trials must be based in the court of justice known to the proceedings.

New actions of patrimonial content against the debtor may not be initiated by separate cord for reason or title prior to the filing of the application for the procedure, unless it is the indicated caveats.

The liens and other previous precautionary measures will be maintained, unless they fall on the goods necessary to continue the ordinary exploitation of the company of the applicant of the contest, resolving the judge prior to the shipment and report of the receiver.?

SECOND. Except in current legal regulations, the Public Bodies of the State, under no title or circumstance, will be able to condone, submit, desist or resign their assets, nor to grant or negotiate advantages to individuals in FOURTH.

FOURTH.

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FOURTH. Articles 3, 4 and 5 of this Law apply to companies which

having obtained the approval of its transaction agreement within the framework of Law No 2495 of 4 August 2003, they have decided to use a legal framework other than that of the subscribed transaction agreement.

QUINTA. For the Application of this Law will not commit additional resources of the General Treasury of

the Nation-TGN.

OPENING AND ABROGATORY DISPOSITION

ONLY.

I. Law No. 2495 of August 4, 2003, of Voluntary Restructuring is repealed.

II.

Remitase to the Executive Body for constitutional purposes.

It is given in the Session Room of the Plurinational Legislative Assembly, to the five days of the month of May of the year

two thousand fifteen.

Fdo. Nelida Sifuentes Cueto, Lilly Gabriela Montano Viana, Ruben Medinaceli Ortiz, Maria Argene Simoni

Cuellar, Nelly Lenz Roso, Ginna Maria Torrez Saracho.

Therefore, it is enacted to have and comply with the law of the State. Plurinational Bolivia.

Palace of Government of the city of La Paz, on the eleven days of May of the year two thousand fifteen.

FDO. EVO MORALES AYMA, Juan Ramon Quintana Taborga, Luis Alberto Arce Catacora, Ana Veronica

Ramos Morales, Virginia Velasco Condori, Marianela Paco Duran.