Colombian Commercial Code - Decree 410 of 1971 - Book II - Of Corporations - Title VI - Company - Chapter V - Dissolution and Liquidation of the Company - From: Section 457 By: Art 460
COLOMBIAN COMMERCIAL CODE CHAPTER V Dissolution and liquidation of the corporation Article 457 .- The corporation shall be dissolved: 1. On the grounds specified in Article 218; 2. When losses occur which reduce the net worth under fifty percent of the subscribed capital, and 3. When ninety-five percent or more of the outstanding shares come to belong to a single shareholder. Article 458 .- When verify the indicated losses in the ordinal 2nd. the previous article, the administrators shall refrain from initiating new business and immediately convene the general assembly, complete and documented to inform them of this situation. Violation of this rule will jointly hold administrators accountable for the damages caused to shareholders and third parties for the transactions after the date of the check or losses referred to their attention. Article 459 .- The Assembly may take or order measures for the restoration of herita...