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“It’s very easy to be different but very difficult to be better.” – Jonathan Ive, Chief Design Officer, Apple
On March 3, 2022, the Insolvency Law (Decree 8-2022, hereinafter “the Law”) was published in the Official Gazette. On February 10, 2022 we shared with you a summary of the main elements of the Insolvency Law..
Article 153 establishes that the Law would enter into force 6 months after its publication, which was on September 2, 2022.
To date, despite the entry into force of the Law, the Regulations contemplated by the Law itself have not been published by the Executive Branch. Said Regulations should address specific aspects of the application of the Law, such as:
- The attributions of the Sub-registrar of the Registry of Insolvency Proceedings and Administrators.
- The powers of the Secretary of the Registry of Insolvency Proceedings and Administrators.
- Examination guidelines to qualify as an Insolvency Administrator.
- Compensation schedule for Insolvency Administrators.
The Law created the Registry of Insolvency Proceedings and Administrators as a dependent agency of the Ministry of Economy (MINECO), some aspects of its operation should be developed in the Regulations. In the absence of such regulation, there is uncertainty in the application of the Law even though it has already entered into force.
We will keep you informed. Guatemala has the possibility of developing a modern legislative framework for insolvency and that its application is effective, one of the key elements for this progress is the publication of the Regulation by the Executive Branch.
For more information, please contact:
Rodrigo Callejas rodrigo.callejas@carrillolaw.com
Emanuel Callejas emanuel.callejas@carrillolaw.com
Gabriel Cabrera gabriel.cabrera@carrillolaw.com
