Countries › Peru › Guide › 14. Disputes › Insolvency and creditor claims in Peru: the INDECOPI concursal procedure, filing thresholds, the stay, creditor meetings and ranking

Insolvency and creditor claims in Peru: the INDECOPI concursal procedure, filing thresholds, the stay, creditor meetings and ranking

Last verified: 2026-10-28 · Status: Stable

Corporate insolvency in Peru is an administrative procedure before INDECOPI's Insolvency Proceedings Commission under Ley Nº 27809, not a court bankruptcy, and creditors decide between restructuring and liquidation. A creditor can file if overdue debts unpaid for more than 30 days exceed 50 UIT (S/ 275,000 in 2026); a debtor can file if over a third of its debts are 30 days overdue or losses exceed a third of paid capital. Once the procedure is published, debts become unenforceable and seizures stop; creditors who file within 30 days vote, decisions need more than 66.6 percent, and liquidation pays workers first, then alimony, secured creditors, the tax authority and others.

USD figures use S/ 3.452 per US dollar, the banking system selling rate published by the Superintendencia de Banca, Seguros y AFP for 27 October 2026, from the Banco Central de Reserva del Perú statistics series PD04640PD. UIT amounts use the 2026 UIT of S/ 5,500 set by Decreto Supremo Nº 301-2025-EF, as cited in SUNAT Resolución de Superintendencia Nº 000016-2026/SUNAT. Conversions are for orientation only.

Key facts

Insolvency authority	INDECOPI Comisión de Procedimientos Concursales (administrative procedure) textLey Nº 27809 art. 1, as of 2026-10-28 · in force
Minimum overdue claims for a creditor filing	50 UITLey Nº 27809 art. 26.1 (DL Nº 1050), as of 2026-10-28 · in force
Creditor filing threshold in 2026	275,000 PENLey Nº 27809 art. 26.1; DS Nº 301-2025-EF, as of 2026-10-28 · in force
Days overdue required for filing	30 calendar daysLey Nº 27809 art. 24.1 and 26.1, as of 2026-10-28 · in force
Deadline for creditors to file claims with voting rights	30 days after publicationLey Nº 27809 art. 34.1, as of 2026-10-28 · in force
Majority to approve a restructuring plan or liquidation agreement	More than 66.6 percent of recognised (first call) or present (second call) claims textLey Nº 27809 art. 53.1, as of 2026-10-28 · in force
Liquidation ranking	1 labour and pensions; 2 alimony; 3 secured (to collateral value); 4 tax and EsSalud; 5 others textLey Nº 27809 art. 42.1 (DL Nº 1050), as of 2026-10-28 · in force
Automatic stay on publication	Yes, obligations unenforceable and no dispossessing measures textLey Nº 27809 art. 17 and 18, as of 2026-10-28 · in force
Unidad Impositiva Tributaria 2026	5,500 PENDS Nº 301-2025-EF, as of 2026-10-28 · in force
SBS banking system selling rate, 27 October 2026	3.452 PEN per USDBCRP series PD04640PD, as of 2026-10-28 · in force

The rule

1. Any debtor may request the ordinary insolvency procedure if more than one third of its total obligations are overdue and unpaid for more than 30 calendar days, or if its accumulated losses, net of reserves, exceed one third of paid up capital. To request restructuring it must show, by a report signed by its legal representative and a certified public accountant, that accumulated losses do not exceed paid up capital, and present a two year cash flow projection; otherwise it can only request dissolution and liquidation.
Cost to do it: The law sets no filing fee amount; the main cost is the accounting report, cash flow projection and legal work for the filing package.
Example: A Lima manufacturer whose accumulated losses equal 40 percent of paid up capital can file for restructuring if the losses do not exceed its capital. / A company with US$9 million of debts, of which US$3.5 million is more than 30 days overdue, qualifies for its own filing because more than a third is overdue.Ley Nº 27809, Ley General del Sistema Concursal (El Peruano, 8 August 2002; in force 60 days after publication), Art. 24.1 and 24.2, 2002-08-08 official text · verified 2026-10-28

2. One or more unpaid creditors whose due claims were not paid within 30 calendar days of maturity and together exceed 50 UIT at the filing date may request the ordinary insolvency procedure of their debtor. Withdrawal by a filing creditor after the debtor is summoned does not stop the procedure. Claims secured with assets of the debtor or third parties do not count unless enforcing the security has failed. INDECOPI then gives the debtor 20 days to appear and file its financial statements for the last two years.
Cost to do it: The threshold is 50 UIT, S/ 275,000 (about US$79,664) in 2026, which several creditors may reach together.
Example: Three suppliers each owed S/ 100,000 more than 30 days overdue jointly exceed S/ 275,000 and can file together. / A foreign lender owed US$100,000 (S/ 345,200) unsecured and overdue for more than 30 days can file alone, because the claim exceeds 50 UIT.Decreto Legislativo Nº 1050, que aprueba la modificación de la Ley General del Sistema Concursal (dated 26 June 2008), Art. 9 (Ley Nº 27809 art. 26.1) and art. 10 (art. 27.1), 2008-06-26 official text · verified 2026-10-28

3. From the publication of the procedure, all obligations pending at that date become unenforceable until the creditors approve a restructuring plan, global refinancing agreement or liquidation agreement setting other terms. This is not a novation; no default interest accrues and interest cannot be capitalised. Creditors keep their rights against third party guarantors, who are subrogated, and creditors of a Peruvian branch can still pursue the foreign head office. Courts, arbitral tribunals, coercive collection officers and out of court sales may not order or execute interim measures that dispossess the debtor's assets.
Cost to do it: The cost for creditors is time: claims are frozen until the creditors meeting approves a plan or agreement.
Example: A bank enforcing a loan against a Lima retailer must stop seizing its inventory once the retailer's procedure is published. / A US$2 million claim against a Peruvian branch can still be pursued against the foreign head office during the branch's procedure.Ley Nº 27809, Ley General del Sistema Concursal (El Peruano, 8 August 2002; in force 60 days after publication), Art. 17 and 18, 2002-08-08 official text · verified 2026-10-28

4. INDECOPI publishes weekly in El Peruano the list of debtors that entered insolvency procedures, calling creditors to file their claims. Creditors who request recognition within 30 days of that publication, plus distance time, and obtain recognition have voice and vote at the installation meeting and later meetings; the creditor whose claim triggered the procedure is recognised automatically. Late claims are recognised but carry no vote. Approval of the restructuring plan, liquidation agreement or global refinancing agreement requires creditors representing more than 66.6 percent of recognised claims at first call, or of claims present at second call; other decisions need more than 50 percent.
Cost to do it: The law sets no fee for filing a claim; budget for local counsel to file the claim and attend creditors meetings.
Example: A supplier that files its claim on day 35 after publication is a late creditor: it is recognised but cannot vote on the plan. / A foreign creditor holding 70 percent of recognised claims can approve a restructuring plan alone at first call.Ley Nº 27809, Ley General del Sistema Concursal (El Peruano, 8 August 2002; in force 60 days after publication), Art. 32, 34 and 53, 2002-08-08 official text · verified 2026-10-28

5. In dissolution and liquidation, claims are paid in this order: first, wages and labour benefits, unpaid private pension and other pension contributions, with related interest and expenses; second, alimony claims; third, claims secured by mortgage, movable guarantee, antichresis, warrants, right of retention or interim measures over the debtor's assets created or registered before the publication date, up to the value realised from the collateral; fourth, tax claims of the State including EsSalud; fifth, all other claims, the tax portion transferred to fifth rank and secured balances above collateral value. Payments under a plan or liquidation agreement are applied first to principal, then expenses and interest.
Cost to do it: Secured creditors only rank third and only up to the collateral's realised value; any excess becomes an unsecured fifth rank claim.
Example: A bank with a S/ 2,000,000 mortgage (US$579,374) over a plant sold for S/ 1,500,000 ranks third for S/ 1,500,000 and fifth for the remaining S/ 500,000. / Unpaid salaries and pension contributions are paid before a US$5 million secured loan, which is paid before unpaid taxes.Decreto Legislativo Nº 1050, que aprueba la modificación de la Ley General del Sistema Concursal (dated 26 June 2008), Art. 15 (Ley Nº 27809 art. 42.1); Ley Nº 27809 art. 42.2, 2008-06-26 official text · verified 2026-10-28

6. State bodies and public law entities, private pension fund managers, entities of the financial and insurance systems and those authorised by the securities regulator cannot be debtors under the law, nor can autonomous estates other than marital partnerships and undivided estates. Branches in Peru of foreign companies are included, and only debtors carrying on business activity can be subject to the procedure.
Cost to do it: No cost; it defines who can be put into the procedure.
Example: A Peruvian bank cannot be put into INDECOPI insolvency; it is subject to the banking regulator's own regime. / A US$10 million claim against a Lima branch of a foreign company can be pursued through an INDECOPI procedure against the branch.Decreto Legislativo Nº 1189 (El Peruano, 21 August 2015), Art. 1 and 2 (Ley Nº 27809 art. 1 c) and 2.2), 2015-08-21 official text · verified 2026-10-28 · changed: Decreto Legislativo Nº 1189 (21 August 2015) amended the glossary and art. 2.2 to clarify that branches of foreign companies are included and to list excluded entities.

Step	Rule	Article
Debtor filing	More than one third of debts over 30 days overdue, or losses above one third of paid capital	Ley Nº 27809 art. 24.1
Creditor filing	Overdue more than 30 days and above 50 UIT (S/ 275,000 in 2026)	art. 26.1 (DL Nº 1050)
Debtor response to creditor filing	20 days with two years of financial statements	art. 27.1 (DL Nº 1050)
Publication and stay	Weekly list in El Peruano; obligations unenforceable	art. 17, 18 and 32
Claims with vote	Filed within 30 days of publication	art. 34.1
Approval of plan or liquidation agreement	More than 66.6 percent of claims	art. 53.1
Liquidation ranking	Labour, alimony, secured, tax, others	art. 42.1 (DL Nº 1050)

Ordinary insolvency procedure at a glance

Worked example

A US equipment lessor is owed US$150,000 (S/ 517,800) by a Lima logistics company, unpaid for 60 days and unsecured. Because the claim exceeds 50 UIT (S/ 275,000), it files with INDECOPI. The debtor has 20 days to appear with two years of statements. Once the procedure is published in El Peruano, the lessor files its claim within 30 days to secure a vote, while its pending court collection case can no longer seize the debtor's assets.
If creditors holding more than 66.6 percent of recognised claims vote for liquidation, the lessor, as an unsecured creditor, is paid in fifth rank after workers, alimony, secured creditors up to collateral value and the tax authority.

Step by step

Check standing: claims due, unpaid for more than 30 calendar days and above 50 UIT (alone or with other creditors), and not secured unless enforcement failed.
File with INDECOPI with the documents supporting the claims and a sworn statement on any link with the debtor.
Monitor El Peruano's weekly list and file your claim within 30 days of publication to keep voting rights.
Attend the creditors meeting, where restructuring or liquidation is decided by more than 66.6 percent.
If you hold security, make sure it was registered before publication to rank third.

Common traps

Secured claims count toward a creditor filing only if enforcing the security failed (art. 26.2).
Claims filed more than 30 days after publication are late: recognised but without vote (art. 34.3).
Security interests not registered before the publication date are not enforceable against the creditors as a whole and lose third rank (art. 42.1).
Secured creditors rank behind workers, pension contributions and alimony, and only up to the collateral's realised value.
Banks, insurers, pension fund managers and entities authorised by the securities regulator cannot be put into this procedure (art. 2.2).
Guarantees from third parties survive the stay, so creditors can still call a parent guarantee or a foreign head office (art. 17.3 and 17.4).

Sources

← Investment arbitration with Peru: constitutional basis, ICSID, contract law stability agreements and the State's coordination systemDebt collection in Peru: executive titles, the single enforcement process, attachments and interim measures →

Get rule changes weekly

Free. One email a week from The LatAm Thread.

One more step after you press the button: we take you to Substack, where your email is already filled in. Confirm there to start. No spam, unsubscribe anytime, we never share your address. By subscribing you agree to the privacy policy.