This paper analyzes the performance of the Act 1116 (2006) or corporate bankruptcy regimen in Colombia during its first eight years of implementation, from july 2007 to march 2015 and highlights the strengths and weaknesses that affect firms that choose to be protected using a reorganization process under the terms of this act. Through analysis of information published by the Superintendencia de Sociedades, some variables are identified, as: effectiveness in achieving the objective of preserving viable enterprises, the average duration of the resulting agreements and acceptance of the act in different regions and economic sectors. As usual, the breach of terms of the debt with different creditors and the adverse market behavior force a company to restructure its liabilities to provide continuity to business operations; however, reorganization agreements set forth in act 1116 (2006) in Colombia, look for permeate the entire company structure, in order to modify not only the income and outcome of future cash flows but administrative practices that led the company to a financial crisis.