The Chamber of Commerce and Production of Santo Domingo valued the proposal of the Restructuring Commission of the Dominican Federation of Chambers of Commerce (Fedocamaras), to modify the regulation of Law 141-15, on Restructuring and Liquidation of Companies and Individuals Merchants, regarding the verifying officials, conciliators and liquidators. In addition, she invited all citizens to participate in the public consultation process for the modification of articles of said law.
In this regard, the president of the Chamber of Commerce and Production of Santo Domingo, Lucile Houellemont, said that “the Law of Commercial Restructuring is a tool of great importance for all companies, since, if at any time they have economic difficulties, they can take advantage of the provisions of the law and have the opportunity to reorganize their companies and give new impetus to their business, avoiding having to close their doors”.
He added that “the Santo Domingo Chamber is an institution that accompanies companies during their life cycle, and is an ally of the economic and sustainable growth of the country, which is why it favors the strengthening of laws that improve the business climate in the Dominican Republic”.
He also explained that the Commercial Restructuring law came into force in 2017 and since that time, there are companies that have taken advantage of the regulations to achieve the operational continuity of their businesses, organize the payment of their debts with their creditors through restructuring procedures; and, in case of impossibility of a business reorganization, proceed with the ordered judicial liquidation. The amendment to the regulations would clarify aspects related to the roles of verifier, conciliator and liquidator to make it more functional.