Ministerio de Comercio, Industria y Turismo República de Colombia Superintendency of Companies.

Slides:

Advertisements

Similar presentations

VOLUNTARY PRINCIPLES ON SECURITY & HUMAN RIGHTS. What are the Voluntary Principles? Tripartite, multi-stakeholder initiative Initiated in 2000 by UK Foreign.

Advertisements

AIRLINE VIEWS ON THE PROPOSED GATS TOURISM ANNEX Richard Smithies Director, Policy Analysis Government & Industry Affairs - IATA SYMPOSIUM ON TOURISM SERVICES.

WTO, Trade and Environment Division

Auditing, Assurance and Governance in Local Government

EDUCATION Directive 2002/14/EC of 11 March 2002 establishing a general framework for informing and consulting employees in the European Community.

PENSION REFORMS IN EASTER EUROPE: Individual Pension Schemes: Best practices Kiev, 27 th May 2004 Angel Martínez-Aldama Vice Chairman EFRP.

1 “Introduction to EU Trade Policy” – July 2008 How We Make Trade Policy n Contents n Part I: EU Trade Powers n Part II: The evolving scope of Trade Policy.

ROLE OF SUPREME AUDIT INSTITUTIONS IN DEVELOPING PUBLIC FINANCIAL MANAGEMENT (PFM) Assoc. Prof. Dr. Recai AKYEL President of the Turkish Court of Accounts.

Mediating Corporate Governance Disputes An international Experts Workshop organised by the Global Corporate Governance Forum Mediation and Arbitration.

© OECD A joint initiative of the OECD and the European Union, principally financed by the EU CONCESSIONS IN TURKISH LAW İbrahim BAYLAN Legal Adviser Public.

THE ROLE OF COMMERCIAL COURTS IN COMMERCIAL DEVELOPMENT A CASE STUDY FROM UGANDA BY JUSTICE GEOFFREY KIRYABWIRE.

Basic notions and sources of law

Legal Framework of Banking Law. Banking Law - An Independent Branch Banking law, in its broadest sense, regulates the corporate structure of banks, internal.

Somaliland Constitution Presenter Said M Jama Aid Coordination Expert Ministry of National Planning and Development.

Reform of Arbitration Law The New Arbitration Ordinance (Chapter 609) # Frank Poon Solicitor General (Acting) Department of Justice Hong Kong SAR.

The National Academy of Sciences of Ukraine Kyiv University of Law Anna Vasilchenko Department of International Law Group IL-41.

Foreign economic activity participants Foreign economic activity participants – a legal entity or an individual registered as individual entrepreneurs.

Local Self Government in environmental management Jadranka Ivanova Head of EU Department Ministry of Environment.

| | Seite 1 Basic Principles of Insurance Supervision Duties and Operation of a Supervisory Authority under Coordinated European Legislation.

National Health Authority Republic of Colombia. Who we are: A public institution An inspection, surveillance, and control agency Policymaker for inspection,

ENVIRONMENTAL LIABILITY IN GREECE THE LEGAL FRAMEWORK & THE ROLE OF FINANCIAL GUARANTEES/ INSURANCE PRODUCTS TO COVER OPERATORS’ RESPONSIBILITIES UNDER.

MEDIATING CORPORATE GOVERNANCE DISPUTES? Paris- February 12, 2007.

Courts and Tribunals Operation and control of the Courts and Tribunals as well as the legal status of professional Judges and Magistrates, who shall form.

Reports on the Observance of Standards and Codes (ROSC) Frédéric Gielen Lead Financial Management Specialist Europe and Central Asia Region SERBIA THE.

1 4 th Annual GCC Regulators’ Summit 22 nd & 23 rd February 2010, Qatar Gulf Monetary Union : Review & Implications on the Banking Sector Presentation.

Legal regime of state-owned enterprises and commercial organizations Legal regime of state-owned enterprises and commercial organizations Legal entities.

Analytical Report “Constitutional Reform: View of Civil Society” Agency for Legislative Initiatives

CHILDREN’S RIGHTS IN THE CZECH REPUBLIC - THE VIEW OF THE COMMITTEE FOR THE RIGHTS OF THE CHILD ANETA PLAVINOVÁ SECRETARY TO THE COMMITTEE FOR THE RIGHTS.

Cultural Industries and their Contribution to the Creation of Decent Employment Third Inter-American Meeting of Ministers of Culture and Highest Appropriate.

Tax Information Exchange: approach of the Member States of the BRICS Pustovalov Evgeny Eurasian Research Centre for Comparative and International Tax Law,

IMFO 5 AUDIT & RISK INDABA Fostering better service delivery through governance service (MPAC Oversight) Presented by: PR Mnisi East London ICC.

PUBLIC SECTOR FINANCIAL CONTROL OF THE REPUBLIC OF LITHUANIA By Ms Daina Vaivadienė Chief Specialist of the Internal Audit and Financial Control Methodology.

DEPARTMENT OF MANAGEMENT SERVICES OFFICE OF INSPECTOR GENERAL.

Good practices from and for the EU accountability process Irena Petruškevičienė Vilnius, 17 October 2006.

The Draft SADC Annex on Trade in Services UNCTAD Secretariat Sub-regional Conference on Improving Industrial Performance and Promoting Employment in SADC.

A.ABDULLAEV, Director of the Public Fund for Support and Development of Print Media and Information Agencies of Uzbekistan.

6. Problem Bank Resolution 1. Some basic terms  Resolution;  reorganization;  administration;  insolvency;  liquidation  problem bank 2.

Mental Health Policy, Human Rights & the Law Mental Disability Advocacy Program Open Society Institute Camilla Parker October 2004.

Legal Framework Analysis for Municipal Financing Brad Johnson President Resource Mobilization Advisors

The application of certain restrictions on access to environmental information in accordance with AC Personal Data Ana Barreira Instituto.

Financial law as a branch of law Financial law - a set of legal rules governing social relations that arise in the process of formation, distribution and.

DR MAREK PORZYCKI JAGIELLONIAN UNIVERSITY Reorganisation and winding-up of credit institutions in the EU.

PUBLIC PROCUREMENT SYSTEM IN TAJIKISTAN RAVSHAN KARIMOV AGENCY FOR PUBLIC PROCUREMENT UNDER THE GOVERNMENT OF THE REPUBLIC OF TAJIKISTAN.

The European SEA Directive Simon Marsden School of International Business, University of South Australia Module 1: Basics of SEA.

MONGOLIA COUNTRY CONTRIBUTION PAPER “The Availability, Timeliness, and Quality of Rapid Estimates in Case of Mongolia” Presenter: G. Gerelt-Od, First Vice-Chairman,

THE ROLE OF THE AUDITOR- GENERAL RP MOSAKA Business Executive: Parliamentary Services OFFICE OF THE AUDITOR-GENERAL.

A Brief Introduction to the IMF

 Cooperation and information exchange amongst financial supervisors and regulators are essential for effective oversight in an integrated financial system.

1 M O N T E N E G R O Negotiating Team for the Accession of Montenegro to the European Union Working Group for Chapter 9 – Financial Services Bilateral.

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX On-site supervision of the investment funds industry in Poland.

THE PROCEDURE AND STAGES OF TRANSFER TO FREE LAND MARKET IN THE COUNTRIES THAT JOINED THE EC IN 2004 WITH THE SEVEN-YEAR TRANSITORY TERM FOR AQUISITION.

Task Force on Banking Crisis Resolution Procedures Assonime-CEPS-Unicredit Task Force on Banking Crisis Resolution Procedures Key issues in bank crisis.

European Law in the Case- law of the Constitutional Court of Latvia Kristine Kruma.

1 M O N T E N E G R O Negotiating Team for the Accession of Montenegro to the European Union Working Group for Chapter 17 – Economic and Monetary Policy.

Internal Control in Brazil : current situation and prospects Gustavo Ungaro São Paulo State General Ombudsman Former President of CONACI - National Council.

The activities of the state tax authorities

INTERNAL AUDIT SERVICE of the REPUBLIC OF CYPRUS

Auditing & Investigations I

Inter Municipal Cooperation in Georgia experience and perspectives

Division of powers between IA, SAI and FI

PEMPAL, Moscow, October 2016 Natalia Pilets Deputy Head,

Free Trade Agreement and the Korean Legislature

Internal control - the IA perspective

Establishment of the Bank

Sub-Regional Meeting for ASEAN Countries on the Marrakesh Treaty and the Production and Exchange of Accessible Books by the World Intellectual Property.

Chapter VII Article 41 The Security Council may decide what measures not involving the use of armed force are to be employed to give effect to its decisions,

Functional immunity (only for official acts)

FUNDAMENTAL SOCIAL RIGHTS IN EU

An overview of Internal Controls Structure & Mechanism

Audit of Contracting Arrangements of Public Services

Presentation transcript:

Ministerio de Comercio, Industria y Turismo República de Colombia Superintendency of Companies

Ministerio de Comercio, Industria y Turismo República de Colombia SUPERINTENDENCY OF COMPANIES POLITICAL CONSTITUTION OF COLOMBIA Public Economic Order INSPECTION, OVERSIGHT AND CONTROL OF COMPANIES (Article 189, Paragraph 24) Measures to prevent business crisis Legal certainty and public confidence Reliability of accounting data

Ministerio de Comercio, Industria y Turismo República de Colombia SUPERINTENDENCY OF COMPANIES President of the Republic Ministry of Industry, Commerce and Tourism Superintendent of Companies Head of Inspection, Oversight and Control Head of Business Processes Secretary General Director of Information Services

Ministerio de Comercio, Industria y Turismo República de Colombia SUPERINTENDENCY OF COMPANIES Function of the Institution Administrative functions of inspection, oversight and control of legal entities that are companies cited in the law. Jurisdictional functions over companies, sole proprietorships and branches of foreign companies in the real sector of the economy and an alternative mechanism for resolution of conflicts that directly affect such companies. Functions deriving from Law 550 of 1990, with respect to business recovery and restructuring.

Ministerio de Comercio, Industria y Turismo República de Colombia SUPERINTENDENCY OF COMPANIES Political Constitution 1991 Law 222 of 1995 INSOLVENCY PROCEEDINGS INSPECTION, OVERSIGHT AND CONTROL INSPECTION CONTROL OVERSIGHT AGREEMENTS WITH CREDITORS LIQUIDATIONS Law 550 of 1999 AGREEMENT

Ministerio de Comercio, Industria y Turismo República de Colombia SUPERINTENDENCY OF COMPANIES Law 222 of 1995 Inspection, Oversight and Control - Art. 189 Pol. Const. ARTICLE 83 INSPECTION This is the power of the Superintendency of Companies to request, confirm and analyze from time to time the information it requires on the legal, accounting, economic and administrative status of any company. The Superintendency of Companies may undertake administrative investigations of these companies.

Ministerio de Comercio, Industria y Turismo República de Colombia SUPERINTENDENCY OF COMPANIES ARTICLE 84 OVERSIGHT O versight consists of the Superintendency of Companies’ power to ensure that companies, with respect to their formation and operation and in carrying out their corporate purpose, conform to the law and to their bylaws. Oversight shall be performed on an ongoing basis. Coverage: Companies identified by the President of the Republic. Companies identified by the Superintendent when analysis of data or an administrative investigation reveals irregularities at the company. Law 222 of 1995 Inspection, Oversight and Control - Art. 189 Pol. Const.

Ministerio de Comercio, Industria y Turismo República de Colombia SUPERINTENDENCY OF COMPANIES Law 222 of 1995 Inspection, Oversight and Control - Art. 189 Pol. Const. ARTICLE 85 CONTROL Control is the power of the Superintendency of Companies to order any corrective action necessary to resolve a critical situation of a legal, accounting, economic or administrative nature.

Ministerio de Comercio, Industria y Turismo República de Colombia SUPERINTENDENCY OF COMPANIES Law 222 of 1995 Title II – Insolvency Proceedings Article 116 of the Political Constitution ARTICLE 90 COMPETENCE The Superintendency of Companies assumes the jurisdictional function exercising the power contemplated in Article 116, paragraph 3 of the Political Constitution. It shall have exclusive competence to arrange insolvency proceedings for all legal entities. Civil judges specializing in insolvency proceedings or civil circuit judges shall handle insolvency proceedings for individuals.

Ministerio de Comercio, Industria y Turismo República de Colombia SUPERINTENDENCY OF COMPANIES Articles 334 and 335 of the Political Constitution Establishes a system that promotes and facilitates business recovery and the restructuring of territorial institutions to safeguard the social function of companies and ensure the harmonious development of the regions. Restructuring Agreement: agreement that, pursant to the provisions of Law 550 of 1999, is executed on behalf of one or several companies in order to correct deficiencies in their operating capacity and their capacity to honor their financial obligations so that these companies can recover by the deadline and under the terms stipulated in the Agreement. Law 550 of 1999

Ministerio de Comercio, Industria y Turismo República de Colombia SUPERINTENDENCY OF COMPANIES Fundamental Purposes and Mission of the Superintendency of Companies Contribute to the development of the community by providing certainty in interpretation and by streamlining the application of the legal system for businessmen subject to its oversight. Develop expeditious alternative mechanisms for resolution of corporate conflicts. Perform the jurisdictional functions for which it is responsible in a timely and highly specialized manner. Confront the business crisis through effective prevention and attention to restructuring agreements and by monitoring insolvency proceedings.

Ministerio de Comercio, Industria y Turismo República de Colombia SUPERINTENDENCY OF COMPANIES SCOPE AND DISTRIBUTION Inspection, Oversight and Control Inspection 7,261 Active Agree. Ag. w/ Cred.Forced Liq.Mandatory Liq.Voluntary Liq Oversight 7, Control

Ministerio de Comercio, Industria y Turismo República de Colombia SUPERINTENDENCY OF COMPANIES Business Crisis and Reliability of Accounting 1,500 companies had accounting irregularities, 75% had not been warned by the auditor (Data in trillions of pesos – December 31, 2003) 1- Overcome the crisis – 66% 3 – Law 550 – 1.6% 2 – Yet to overcome crisis – 28% 4 – Liquidation - 3.1% 42% of 5,900 companies reviewed were experiencing critical or significant deterioration in 2003

Ministerio de Comercio, Industria y Turismo República de Colombia SUPERINTENDENCY OF COMPANIES Business Crisis and Reliability of Accounting

Ministerio de Comercio, Industria y Turismo República de Colombia SUPERINTENDENCY OF COMPANIES Business Crisis and Reliability of Accounting Insolvency Risk Matrix

Ministerio de Comercio, Industria y Turismo República de Colombia SUPERINTENDENCY OF COMPANIES Law 550 of 1999 and Liquidations

Ministerio de Comercio, Industria y Turismo República de Colombia SUPERINTENDENCY OF COMPANIES REFORM OF INSOLVENCY SYSTEM Draft of Finished Law Functions of Inspection, Oversight and Control Jurisdictional Functions Prevention of crisis in the productive sector