Panama: Bankruptcy Bill
The proposal seeks for insolvent companies to be eligible for a payment plan according to their financial capacity.
Friday, October 22, 2010
The project to be submitted to the Cabinet by the Ministry of Commerce and Industry, brings together the proposals of the Panama Banking Association and the Chamber of Commerce, "... calls for the creation of a National Corporate Restructuring, which depends on Mici and would be composed of three commissioners and an executive director," according to Prensa.com.
Currently, the country has no laws regulating the bankruptcy of commercial companies.
One such example is the request by the developer of the Trump Ocean Club to make use of Chapter 11 of the U.S. bankruptcy code, in order to restructure its debt.
The recent bankruptcy of RG Hotels and its impact on the market have once again put on the table the need for a legal framework to allow for orderly restructuring or settlement of failed companies.
The recently passed law allows for the efficient reorganization or liquidation of finances of companies that become insolvent.
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