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UNCITRAL United Nations Commission on International Trade Law Facilitating access to justice – Overview of LatinAmerican Countries DIANA LUCIA TALERO CASTRO.

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Presentation on theme: "UNCITRAL United Nations Commission on International Trade Law Facilitating access to justice – Overview of LatinAmerican Countries DIANA LUCIA TALERO CASTRO."— Presentation transcript:

1 UNCITRAL United Nations Commission on International Trade Law Facilitating access to justice – Overview of LatinAmerican Countries DIANA LUCIA TALERO CASTRO Legal Advisor Superintendency of Companies Colombia July 16, 2014

2 UNCITRAL United Nations Commission on International Trade Law Presentation outline I. Secured transactions Law and Registry regulations II. Proteccion of security rights –MSMs access III. The current matters of MSMs´ Insolvency in LatinAmerica IV. Alternatives for MSMEs´ Insolvency Proceedings

3 UNCITRAL United Nations Commission on International Trade Law I. Secured transactions Law and Registry regulations Secured transactions Law Reform: UNCITRAL Legislative Guide on Secured Transactions UNCITRAL Guide on the Implementation of a Security Rights Registry

4 UNCITRAL United Nations Commission on International Trade Law Multiplicity of Reforms in Latin America Peru (2006, reform in process); Guatemala (2007); Chile (2007); Honduras (2010); México, (2011, reform in process); Colombia (2013); El Salvador (2013); Costa Rica (2014) Nicaragua ( reform in Process)

5 UNCITRAL United Nations Commission on International Trade Law II. Proteccion of security rights – MSMs access Security Rights Registry Features: 1.Notice, not document registration 2.Personal Data Base 3.Electronic registry: time- and cost-efficiency 4.Coordination with specialized registries. 5. Judicial or Administrative review Processes, to protect security rights, (Compulsory amendment or cancellation)

6 UNCITRAL United Nations Commission on International Trade Law III.Current Matters of MSMEs Exit Different Definitions of MSMEs Lack of robust insolvency framework to support fresh start (Discharge) for entrepreneurs or early rescue (Yan Liu) UNCITRAL Guidelines may be selectively applied (Yan Liu) *SMEs adopt very different legal forms *”The importance of SMEs in the Economy is not matched with a specific set of insolvency rules devised for these businesses: In most modern insolvency regimes there is a liquidation and reorganization procedure for corporate debtors (in most cases, designed with large companies in mind) and a regime for personal bankruptcy. ”* The Insolvency of SMEs, José M. Garrido, Insolvency and Creditor –Debtor Regimes Initiative, The World Bank

7 UNCITRAL United Nations Commission on International Trade Law III.Current Matters of MSMEs Exit Formal insolvency proceedings with high costs, very complicated procedure rules, sophisticated and complex entry requirements (Jose María Garrido) Out of court regimes not available for MSMs (Yan Liu) Not a proper system to deal with insolvency of MSMEs (Luis Mejan) Informal firms would like to formalize, but are prevented from doing so by costly regulations and bureaucracy (Mahesh Uttamchandani)

8 UNCITRAL United Nations Commission on International Trade Law Overview of Insolvency in some Latinamerican Countries (2013) Perú: 414 proceedings www. Indecopi.gob.co Colombia: 352 proceedings México: 14 asuntos jueces de distrito de personas naturales, 13 visitas de verificación, 12 sentencias de concurso mercantil, 8 convenios, 13 procesos de quiebra. (gaceta diputados 16 Nov 2012 al 31 de marzo de 2013) Chile: New Law; Guatemala, El Salvador.

9 UNCITRAL United Nations Commission on International Trade Law IV. Alternatives for MSMEs´ Insolvency Proceedings Simplification of business insolvency frameworks MSMEs need alternative and ad-hoc insolvency regimes that have: –Shorter Time frames, less cumbersome, lighter evidentiary requirements, fewer procedural steps, more cost-efficient –*Simplification, debtor-in-possession as an incentive, plans: preservation of businesses, maximum return to creditors, satisfaction of claims with future income, treatment of personal guarantees, out of court solutions –Specific, special, functional solutions for MSMs. *The Insolvency of SMEs, José M. Garrido, Insolvency and Creditor –Debtor Regimes Initiative, The World Bank

10 UNCITRAL United Nations Commission on International Trade Law IV. Alternatives for MSMEs´ Insolvency Proceedings –Discharge –ADRs available for MSMs (low costs) or hybrid proceedings


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