Corporate insolvency regime and natural person no traders

Abstract

In this article is about the evolution of bankruptcy law in Colombia, its purpose and the scope it has on
people who undergo this procedure. The negotiation of debts or liabilities, as it is also known, initially raised
in the Civil Code for traders in order to protect the interests of its creditors, there had to pass several laws
that have regulated depending on the historical and economic situation of the country. In subsequent legislative
process, the bankruptcy proceeding about all legal person in general, including regional administrative
bodies and legal entities traders counted. Similarly, the new insolvency law of natural persons not trader’s
bankruptcy gave a distinct look is discussed, as is now open the door for on equal substantive and procedural
conditions, individuals can participate in processes which are allowed to negotiate their obligations and liabilities
or otherwise undergo a process of asset liquidation. This way the different laws on the application
of bankruptcy law for legal entities and businesses and, now more amplitude and features of modernity to
natural persons not traders, must have, in both cases, as a main rule and under the good faith, otherwise, it
would be in the corridors of criminal jurisdiction.