A bill being discussed in the Costa Rican Assembly aims to accelerate and simplify the processes followed by companies when they request to be declared in a state of insolvency or bankruptcy.
Currently in the country there are two liquidation processes, which are bankruptcy and insolvency, in addition to two others in which "...the debtor makes proposals to creditors to reach a solution, which are the administration and reorganization with judicial intervention, exclusively for companies, and the preventive agreement, for companies and individuals."
Some days after having initiated the administrative procedure against Aldesa Puesto de Bolsa, the judicial authorities of Costa Rica carried out several raids in the homes of the directors of the entity and its offices.
On May 24, through a relevant fact, the General Superintendence of Securities (Sugeval) explained that investigations would be made to determine whether or not the stock exchange carried out the necessary accounting records of accounts receivable payment operations for nine months.
In Costa Rica, a court decided to cancel the patent for the invention of the "canopy" that since 1998 was held in the name of a person, who charged the tourism companies that carried out the activity.
On April 24, the Administrative Registry Court decided to cancel the canopy patent that had been granted to the Canadian Darren Hreniuk, which he received in October 1998 from the Industrial Property Registry.
The ability of the executive and legislative powers to effectively lead their country's economy is seriously diminished by the excessive actions of the judicial branch, especially the Constitutional Courts.
EDITORIAL
It is happening in Central America but it is a growing problem throughout Latin America. The legitimate concern to guarantee that all citizens fully exercise their rights under the very welcomed liberal democracy, has created a culture of acceptance of virtually all proceedings filed in courts against executive actions taken by the government, and also against laws which have been formally approved.
The Superintendency of Corporations has ordered the opening of bankruptcy proceedings on the assets of Interbolsa SA, parent company of the Grupo Interbolsa.
A statement from the Superintendence of Companies of Colombia reads:
Bogota, Jan 4 (SS).
The Superintendency of Corporations in the exercise of its statutory powers 430-000043 January 2013 has decreed the opening of bankruptcy proceedings of the assets of Interbolsa SA, the parent company of Grupo Interbolsa.
Key figures for each country: Budget, Expense per capita, Case resolution rate, Transparency, Number of judges and courtrooms and Perception of independence.
A society’s development is heavily based on its ability to peacefully, rapidly and impartially resolve conflicts through its judiciary system. This is why modern societies work hard to have strong and efficient systems, way beyond the rhetoric and formal division of powers.
In Costa Rica they are analyzing at the highest judicial level the possibility of restricting the public's right to be informed via the internet about judicial processes and sentences.
An editorial in the January 28 edition of the Nacion daily reveals the intentions of the Full Court in Costa Rica to establish regulations to restrict the publication of personal information contained in judicial process and sentences on the Internet.