Viva Air enters into judicial liquidation: failed to achieve economic recovery

Viva Air, a Colombian airline company, has entered into a judicial liquidation process overseen by the Superintendence of Corporations, which will lead to the complete dissolution of the company.

Despite being admitted into a corporate reorganization process, Viva Air has stated that it is unable to develop a viable business plan to restart its operations.

The company lacks the necessary capital, liquidity, assets, and personnel for economic recovery.

The liquidation process will be conducted according to Law 1116 of 2006, with the appointment of a liquidator who will represent the company and undertake actions to preserve its assets and determine the liabilities to be addressed.

Creditors are required to submit their claims to the liquidator in accordance with applicable regulations.

This will enable the determination of claims and the assessment of assets, which will be further examined by the Bankruptcy Judge.

Superintendent of Companies, Billy Escobar, emphasized the commitment to supporting struggling companies, but when they become unviable, intervention is necessary to facilitate the orderly liquidation of assets.

This approach aims to reintegrate these assets into the economy while safeguarding the rights of stakeholders and creditors.

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