KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER CHILEAN LAW -
I- Introduction -
Law N° 20.720 on Reorganization and Liquidation (“The Law”) modernized insolvency proceedings in Chile, promoting the rehabilitation (reorganization) of companies and individuals, balancing the interests of both creditors and debtors to renegotiate debts. The Law entered into force in October 2014, and since its first decade of application some minor reforms have been implemented.
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