On October 8, 2024, within the framework of the credit qualification and graduation hearing of Fénix Construcciones S.A., in corporate reorganization -a company I have the privilege of representing-, the Insolvency Proceedings Office of the Superintendence of Companies had the opportunity to make several clarifications relevant to all processes of this nature in which the subject is a housing project construction company.

1. Finally, for construction companies and all types of companies, parafiscal contributions cannot be confused with contributions to the Social Security System. First Class credits include the "and related labor costs, i.e., salaries, vacations, interest, severance payments and parafiscal taxes, among others."Although some compensation funds provide medical services, this fact does not convert the debts in their favor into contributions to the Social Security Health System regulated by Article 32 of Law 1429 of 2010 as excluded from the reorganizable liabilities.

2. The obligations of the reorganized entity, such as the obligation to transfer the right of ownership ("..."), are not subject to the reorganization agreement.notarization") of housing units, parking lots, warehouses, etc., in favor of prospective purchasers ").must be adjusted to the completion and culmination of the legal transaction agreed upon for the acquisition of the property."In this way, money obligations are rated and graded, not those that constitute the development of the company's business itself.

3. Withholdings in guarantee that are usually made by builders or developers to their contractors to ensure the attention of eventualities derived from the execution of their respective contracts, constitute reorganizable liabilities because "...".there is no express rule obliging the debtor to exclude withholding tax credits from reorganizable liabilities"This decision is particularly relevant because it involves a change in the tax law, unlike what happens with the withholdings referred to in Article 32 of Law 1429 of 2010. This decision is particularly relevant because it implies a change of position The Office's decision regarding what had been resolved in the corporate reorganization processes of Urbanizadora David Puyana and Spiwak Compañía Edificadora.

4. Obligations corresponding to installments paid by homebuyers "...".shall be considered as second class privileged credits, under the terms of Article 10 of Decree 2610 of 1979, provided that the promise of contract has been validly executed.". It thus reiterated the extension of the privilege in favor of the promisor-buyers of housing provided for in the 1979 rule only in cases of liquidation, to the recovery context, as it had been resolved in the case of Constructora de Obras (Space building). As a development of this rule, if the promisor-buyer assigns its contractual position in the promise of sale, the balance owed by the builder for any concept is not privileged and must be graduated in Fifth Class.