The Superintendency of Companies ordered the judicial liquidation of Dream Rest Colombia SAS, owner of the companies Muebles & Accesories, and Colchones Paraíso, due to non-compliance with payments to creditors.
The decision was made, according to the authority, after listening to the arguments presented by the creditors, where a systematic failure to pay administration expenses is evident, which puts the companies’ recovery process at risk.
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Due to the above, the Supersociedades is already seizing the assets to carry out a complete valuation of the assets.
The process
Since 2020, Dream Rest Colombia began a business reorganization process before the Supersociedades, due to the economic difficulties it was going through.
In fact, in April of that year a group of 300 company workers held a peaceful protest in three plants near Bogotá, demanding the payment of settlements.
And a Supersociedades order issued at that time also showed that several landlords reported “non-compliance with the timely payment of administration expenses for rental fees.”
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But as the months passed, more and more people reported on social networks non-compliance with deliveries and refunds by Colchones Paraíso and Muebles & Accesories.
“Supersocieties, I need your help. Last year a purchase was made at Colchones Paraíso and they still do not deliver, they say that the company liquidated and all the stores are closed, no one responds,” wrote a user in her X account.
Another person stated that they have been waiting for their money back for more than two months, but “they don’t answer my calls or emails, I go to the point of sale and it is always closed.”
And although on January 18, 2024, the Ministry of Labor announced that the company had committed to paying labor debts to workers and former workers, a former employee told W that he worked with them as an inventory auditor on last year and they still owe you their settlement.
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“I realized that employees are owed salaries and severance pay since the pandemic. They had the Davivienda account seized and asked clients to pay by Efecty or in another account; They billed clients for lease and payroll contracts through the company name Dream Test and carried inventory and money through Casa y Confort,” former worker Camilo Rodríguez assured that medium.
What happens when a company is liquidated?
First we must talk about business reorganization, which, according to Supersociedades, seeks the recovery and conservation of the company as a unit of economic exploitation and source of employment; as well as normalize its commercial and credit relations through operational, administrative, asset or liability restructuring.
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But if the company fails to comply with the reorganization agreements, as in this case occurred with Dream Rest Colombia SAS, the judicial liquidation process begins.
In this case, the legal entity is dissolved and must now always be mentioned as “in judicial liquidation”; all administrators are removed from their positions; Workers are compensated and fired, and the company cannot continue doing business other than being liquidated.
Likewise, administrators, associates or controllers cannot dispose of the company’s assets.
The liquidator, then, must carry out an inventory of the assets and a project to recognize the credits and voting rights of the affected creditors.
And within a period of two months from the date the classification and graduation of credits and the inventory of the debtor’s assets are finalized, the liquidator will proceed to dispose of the inventoried assets for a value not less than the appraisal, directly or by going to to the private auction system.