Ars Iuris Salmanticensis (Dec 2018)
Need to update mercantile corporation types in Nicaragua
Abstract
The general objective of this research article of investigation is to demonstrate to the national and international legal and corporate community the urgent need to update the Nicaraguan Commercial Code in force since 1916 and to bring it in line with the already existing Economic Laws, like securities, insurance, banking, intellectual property, public records, general direction of revenue, general direction of customs, which structure and functionally overcome obsolescence, regulatory gaps, contradictions and the disuse of corporate figures created by the Code. The Government of Nicaragua established a Steering Committee, which has engaged in drafting the bill. However, this research proves this bill is based in the «Classic Contractual Theory», contained in the Code of 1916. This article incorporates in its analysis the experience in corporate modernization that leagues comparative law, German, French, Spanish, Colombian, Mexican and Argentine versus the Nicaraguan case. It also identifies and analyzes the characteristics of new corporate types. Finally, the alternatives are presented: a) to create a new code of commerce with 4 books and 2 general laws, bankruptcy and maritime, as proposed by the Committee; or b) to maintain the commercial code in force and to reform it by means of general laws: such as Mercantile Corporations Laws, Commercial Activities Law, Bankruptcy Law, Maritime Law, among others, as well as to adopt a legal mercantile digest and a compilation of all the legal regulations regarding this subject.
