Mipe in debt? These two procedures can help your business
From the Superir they reinforce that the Reorganization or Simplified Liquidation are alternatives that allow micro and small entrepreneurs to organize their finances.
While many entrepreneurs manage to carry out their projects, experience tells us that many others only succeed on their second or third attempt, so that the success rate of an entrepreneur effectively increases with the number of failures he has managed to leave behind.
Failed entrepreneurship can be an opportunity for learning and improvement, to the extent that this entrepreneur can get back on his feet, applying the experience gained to his new project.
On the occasion of World Entrepreneurship Day, the Superintendency of Insolvency and Reentrepreneurship (Superir) reinforces the information that there is an effective tool to provide timely assistance to MSMEs facing economic difficulties: Law No. 21,563. Since August 11, 2023, the regulations have new simplified procedures so that micro and small enterprises have access to legal solutions to debt situations, either through Reorganization or Simplified Liquidation.
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The Simplified Reorganization
This is a judicial procedure that allows – within a period of no more than 4 months – an MSME to restructure its assets and liabilities through an agreement with its creditors, in which they can be established new payment terms, new interest rates, possible debt remissions or modification of certain obligations.
This process involves an overseer, who is a natural person subject to the supervision of the Superir and whose functions include facilitating agreements between the debtor and its creditors, as well as assisting the micro or small enterprise in the preparation of its proposed agreement.
From the Superir they highlight that for the benefit of this procedure is the Financial Protection, which is the period granted by law to the debtor who is subject to insolvency proceedings, during which its liquidation may not be requested or declared, nor may enforcement proceedings be initiated against it, foreclosures of any kind, or restitution in lease proceedings. In addition, all contracts entered into by the debtor will remain in force and terms of payment.
Simplified Settlement
It is also a judicial proceeding and aims to The quick and efficient sale of the company’s assets to pay its creditors, administered by an insolvency liquidator. It is requested in court, so you must have a private lawyer or a lawyer appointed by the respective Legal Aid Corporation. This procedure, which used to take an average of 2 years, is now taking between 4 and 8 months.
Remember that micro-enterprises, are those whose annual income is less than 2,400 UF and who have hired 1 to 9 workers; and in the case of small enterprises, those with annual revenues of more than 2,400 UF, but less than 25,000 UF, and a contracted staff of more than 10 and less than 49 workers.
“Since August 11, 2023, the Chilean bankruptcy system allows for the efficient reorganization or liquidation of an MIPE, which is an essential pillar of a competitive, modern economy. Likewise, it reduces uncertainty and associated risks for debtors and creditors, generating positive dynamics in which a failed venture is an opportunity for learning and improvement,” said the Superintendent of Insolvency and Reentrepreneurship, Hugo Sánchez RamĂrez.
In addition, Superir highlights the relevance of preventive assistance so that entrepreneurs can improve the conditions in which their business operates and thus be able to better face eventual economic difficulties.
For more information, Superir has a page www.tenlaclara.cl which details the requirements, documents, stages and effects of each insolvency procedure.