How does the Insolvency Law (Decree 8-2022) work and is it fully implemented?

The Insolvency Law is Congress Decree 8-2022. A Ministry of Economy (MINECO) communiqué of 9 February 2022 describes it as passed by Congress 'last Tuesday' ('el martes recién pasado'). It was published in the Diario de Centro América on 3 March 2022 (according to vLex and Mollerlaw) and takes effect six months after publication, according to that communiqué and Mollerlaw; Carrillo & Asociados places the period in article 153 and describes the law as in force as of September 2022. The law defines the insolvency proceeding (concurso) as the voluntary or involuntary judicial process by which the debtor's insolvency is recognised and an insolvency administrator is appointed to reorganise or liquidate the insolvency estate. According to MINECO's summary, it creates the Registry of Insolvency Proceedings and Administrators as a dependency of the ministry, and its article 151 orders MINECO to issue the implementing government agreements within 12 months of entry into force. Implementation remained incomplete: after entry into force, Carrillo & Asociados noted that the Executive had not published the regulation, and Prensa Libre (10 March 2025) quoted MINECO's Vice-Minister for Registry Affairs, Valeria Prado: the regulation and the register of insolvency creditors were still missing, and the regulation could be published in about three or four months.