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Amendment to Free Zone Law Approved

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The Legislative Assembly has approved reforms to the Law on Industrial and Commercial Free Zones to allow public sale of the assets of companies that have abandoned their operations without good reason to pay their salaries, benefits and debts to the Ministry of Finance. did.

With this change, if the request for a declaration of waiver is granted, the judge may direct the seizure of the company’s assets as a precautionary measure, rather than pending resolution of the waiver, as is now required by law. is determined.

If the judicial process determines that there has been abandonment of business without following legal process, and indicates that the company has pending obligations, the judge in the case may decide to sell the seized assets to the public and to sell these resources. starts with workers’ wages and benefits, pays their debts to the State Treasury, and their debts to other creditors.

Elisa Rosales of Nuevas Ideas said the majority of workers in these types of companies are women and the reform seeks to protect them.

Source: Diario Elmundo

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