On July 23, 2020, the President of Colombia through Decree 1068 of 2020 added a section to the Single Regulatory Decree of the Trade, Industry and Tourism Sector (Decree 1074 of 2015) and grants the Superintendency of Companies with discretional faculties to liquidate non-operational companies incurred in the cases mentioned in article 144 of Law 1955 of 2019 and that are not subject to their supervision nor in an insolvency process regulated in Law 1116 of 2006.
Additionally, the Decree regulates aspects that must be taken into consideration by the Superintendency for making this type of decision and how the presumptions of non-operation due to the absence of renewal of the commercial registration and the absence of sending financial information should be applied.
Finally, the Decree establishes the procedure for declaring the dissolution of non-operating companies, the way in which the company can rebut a presumption of non-operation and the faculties that the General Shareholders 'Meetings or the Shareholders' Meetings will have after the declaration of dissolution to reactivate non-operation companies.