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Reestructuring Colombia

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Written by: Mariana Posse and Carlos Andrés Aldana Latin Lawyer Reference 2009

If the payment obligation can be found in a document under which the debtor’s obligation to pay is express, clear and currently enforceable (such document is known as an executive title), an expedited formal proceeding (executive action) may be filed with a civil court.

It is called “executive”because its purpose is focused on payment of the unfulfilled obligation rather than a legal debate for discussing enforceability or existence of the obligation to pay. As a consequence, such executive proceedings are designed to be more expeditious than a regular civil proceeding (ie, ordinary action) and, even before of the service, attachment of assets (or embargo, that may include a petition for judicial administration of those attached assets, known as secuestro) may be solicited if a bond is posted…

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