Comparative analysis of different economic insolvency regulations: Colombia vs. five countries considered major economic powers

Abstract

This article aims to make a comparative analysis of the laws and different regulations on insolvency between Colombia and five countries considered major economic powers. The methodology is contemplated from a qualitative approach and is based on a documentary review, both of bankruptcy laws and specialized literature on the phenomenon of business failure. For this purpose, a comparative matrix is developed with the bankruptcy laws of Colombia to compare them with those of the five most influential countries worldwide: Japan, Germany, France, the United Kingdom and the United States. The results identified substantial differences in the bankruptcy legislation of the five countries, among them the inclinations of protection for third parties, because in some cases they seek to protect the economy in general, in others they denote preferences for maintaining employment or commercial relations, but in general they coincide in the organization of the administration of the companies. It is thus concluded that the regulations consider a diversity of elements that, according to the analysis of the variables, are all aimed at stabilizing the country's economy in order to avoid a domino effect in the fall of the companies caused by the cessation of payments in the acquired obligations.