Insolvency administrator

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The bankruptcy administrator is the person who is going to be in charge of directing the company that has entered bankruptcy to try to continue as a company and pay the debts it has.

It is an auxiliary body of the judge and, therefore, its performance is subject to the supervision of said judge.

The principles that should govern the actions of the bankruptcy administrator are the payment of debt to creditors and, if possible, the salvation of the company.

Administrators are liable to debtors and creditors for damages caused to the estate by acts contrary to the law that have not been carried out with sufficient diligence. For this reason, it is mandatory that all bankruptcy administrators have civil liability insurance.

How many can be bankruptcy administrators?

  1. Sole administrator.
  2. Two insolvency administrators: When the turnover exceeds 100 million euros per year or its liabilities (that is, its debts), exceed 100 million euros.

Who can be a bankruptcy administrator?

  1. Commercial graduates.
  2. Auditors
  3. Lawyers.
  4. Economists.
  5. A legal person.

Causes of incompatibilities to be a bankruptcy administrator

  1. That same person advise any of the debtors.
  2. That you have had a relationship of friendship or enmity with the company.
  3. That it has led to a company that was part of the bankrupt in the last two years.

Features

The main functions are:

  1. Prepare the report that examines the company's accounting for the last three years and explains how it has reached this situation. It will contain:
    • List of creditors and debtors.
    • Inventory of assets and liabilities.
    • Agreement or settlement proposal.
  2. Sell ​​goods when they are not necessary for the activity of the company.
  3. Request precautionary seizure measures from the company or the administrators.
  4. Request the lifting of liens.
  5. Substitute the debtor in the procedures that are open.
  6. Depending on the qualification of the contest, it will have two different functions:
    • Required competition: Administration and disposition functions.
    • Voluntary competition: Controller functions.

The bankruptcy administration can be stopped in the following cases:

  1. Agreement.
  2. Settlement.
  3. Resignation.
  4. Challenge.
  5. Separation from office.

Tags:  administration Colombia did you know what 

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