Late 20th century, Colombia was facing a pretty complex scenery in relation with the situation of the country in past years. All this were contributed because the country was afflicted by a series of adverse situations: the unemployment, the violence, and the natural catastrophes, were one of the many reasons that generate a serious period of recession in the country. Added to this, the non-fulfillment in the payments of the quotes of the UPAC, seriously affected the construction sector, one of the most dynamic and influent sectors in the country, because his capabilities to generate employment. At the same time, the low perception in the consumption of the Colombian families, generate an unemployment rate above the 20%, this led to bankruptcy of the small, medium, and big enterprises in the country. Facing all this unfortunate events, and also looking for propitiate and make stronger the economy of the country, the government decided, intervene in the local economy, principally on the private sector, with the final purpose of normalize the productive activity of the country in all the economic sectors. For this, the government and the superintendence of societies and taking into account the devaluation of the currency, the high interest rates and the decrease on the demand, they decided to develop mechanisms of conciliation for both debtors and creditors, with the final purpose of get over the crisis that the country was facing in that moment. The law 550 built in 1999 and also known as the law of economic insolvency, grant tools for the restructuration of enterprises that decided to benefit to this law, a total of 1. 323 enterprises that were found in a liquidation process. In order to enter to the process of restructuration, the enterprises that could benefit from this law must fulfill certain requirements that will be mention later and also the must be in debt on the payment of two or more obligations for a period over 90 days, or, they need to be involve in two or more executives lawsuits because of delays on payments of any debt acquired in the name of those enterprises.
