International Corporate Rescue
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Vol 18 (2021) - Issue 1
Article preview
Guatemala: Benefits and Challenges of Implementing a Modern Insolvency Legal System in the Context of the Current Global Crisis
Emanuel Callejas, Senior Associate, Paola Montenegro, Junior Associate, and Gabriel Cabrera, Legal Assistant, Carrillo & Asociados, Guatemala, GuatemalaSynopsis
In Guatemala, there is no specific law regulating insolvency. The current legislation regulating insolvency was adopted in 1963. This presents a challenge given the current context and the economic crisis caused by COVID-19. It is necessary to update the regulation of insolvency in Guatemala so that companies and individuals in distress can meet their obligations, and a culture of reorganisation is implemented. Due to the current global crisis generated by the COVID-19 pandemic, it is necessary to determine whether approval of a proposed law initiative to regulate the aspects of insolvency would be feasible at this time, due to the challenges its approval and implementation involve.
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