Bogota, June 2024. Last June 19, the plenary of the House of Representatives approved in fourth debate Bill 365 of 2024 House and 106 of 2023 Senate, which establishes as permanent legislation legislative decrees 560 and 772 of 2020 as well as regulatory decrees 842 and 1332 of 2020 in matters of corporate insolvency.

The approved rules bring back mediation as a mechanism that will allow the recovery of the business fabric of Bogota-Region, through provisions created for the rescue, reorganization, protection of jobs, promotion of economic reactivation, among others.

Thus, with the permanent adoption of these mechanisms, businessmen who need to solve their disputes related to the payment of liabilities to their creditors will be able to access business recovery with the support of the Bogota Chamber of Commerce (CCB).

Ovidio Claros, executive president of the CCB emphasized that "this legislation is an opportunity to contribute to the stability of companies with economic difficulties that need to negotiate their obligations or protect jobs; and precisely to manage these business recovery processes the Bogota Chamber of Commerce has the Arbitration and Conciliation Center, which supports businessmen and businesswomen in these negotiations".

At the CCB's Arbitration and Conciliation Center, during the validity of decrees 560 and 772 of 2020 and 842 and 1332 of 2020, more than 80 procedures were advanced in which more than 85% of the entrepreneurs who negotiated their obligations managed to sign recovery agreements.

It should be recalled that the rules issued during the pandemic period empowered the Chambers of Commerce of the country to advance the business recovery procedure by using mediation as a tool in the negotiation of their liabilities.