Consequences for not renewing the Mercantile Registry or not submitting information to the Superintendence of Companies
By means of Decree 1068 of 2020, the Colombian Ministry of Commerce, Industry and Tourism regulated article 144 of Law 1955, 2019, establishing the consequences for (i) not renewing the mercantile registry, and/or (ii) not submitting the information requested by the Superintendence of Companies, during 3 consecutive years.
The consequence for breaching the above obligations is that the Superintendence of Companies may dissolve the breaching entity, unless the latter proves that it is operative.
The Superintendence will inform the entity of the breach so that the latter may prove, within the following 30 business days, that the company is operative in order to avoid its dissolution.
If the 30-day term expires and the company does not respond or is unable to undermine the presumption of not being operative, the Superintendence will register the dissolution of the company before the Chamber of Commerce.
In any event the company may conduct the reactivation process established in article 29 of Law 1429, 2010.
Author
Rául Vargas | rvargas@lloredacamacho.com | Corporate Law