Supporting bankruptcy of Universidad Bolivariana and reveals that documentation does not allow it to "reconstruct" its liabilities

The Bolivarian University Corporation, the holding entity of the same institution, requested its voluntary liquidation, citing a situation of "asset deterioration, financial insufficiency, and the existence of pending obligations." In its filing, submitted this Thursday to the 30th Civil Court of Santiago, the entity detailed that the bankruptcy process arises after the Ministry of Education resolved last May 5 of this year to revoke the official recognition and cancel the legal personality of the Bolivarian University in order to allow its academic closure. Subsequently, in July, the Undersecretary of Higher Education appointed Juan Antonio Gutiérrez García as closing administrator, who prepared a plan to terminate the operation of the institution, and through an institutional report on August 21 reported on "the financial and administrative difficulties and the measures to safeguard pending academic processes." "The audited financial statements show significant asset deterioration. As of December 31, 2024, they recorded assets of $2,291,446,000, liabilities of $2,281,516,000, and accounting equity of $9,930,000. These are historical figures, which are not presented as a balance updated to November 2026." The corporation owes $454,485,757 to the General Treasury of the Republic. In addition, the company has identified three tax-exempt electronic invoices from Asesorías y Consultorías FEM SpA, issued on July 31, 2026, for accounting and human resources advisory services for May, June, and July 2026, for a total invoiced amount of $3,900,000, whose effectively unpaid balance has not been able to be fully verified. "The Closure Plan refers to difficulties regarding compliance with labor, pension, and contractual obligations. The available documentation makes it possible to identify obligations and contingencies, although not to exhaustively reconstruct the entirety of the liabilities. Such background information, considered together, justifies the request for voluntary liquidation," it noted. As of June of this year, the corporation maintained a staff of 35 people and "records monthly remuneration totaling $39,527,307. Said amount corresponds to recorded remuneration and does not constitute, by itself, a labor debt," the court filing stated. In parallel, the entity informed the court that it maintains 96 legal cases, of which 16 are civil cases and 80 are labor and pension collection cases. In all of them, the Bolivarian University Corporation is the defendant. Regarding bank funds, the information provided by the holding entity shows very limited immediate availability and a significant hold without complete documentary support. The BancoEstado checking account (as of November 11, 2026) records an available balance of $687,844, but reflects a charge or hold for "seizure of funds" of $6,236,450 made on August 31, 2026. Limitations In its filing, the Bolivarian University Corporation stated that its closing administrator "assumed his functions without receiving the complete historical accounting, administrative, labor, pension, and banking documentation, as noted in the Closure Plan. Efforts were made to gather background information and partially reconstruct the available information." "The documentation obtained does not allow for an exhaustive determination of all assets, liabilities, labor obligations, and historical bank movements," its filing stated. "It is requested to take into account the need for coordination between the insolvency proceeding, the Closing Administrator, and the competent authorities, in order to safeguard pending academic and degree-granting processes, without prejudice to the legal powers of the liquidator and the court," it concluded. NEWSLETTER Pulso PM Monday to Friday, 12:30 PM The most relevant news on markets, companies, and business: timely information, context, and content to make better decisions. By subscribing, you are accepting the Terms and Conditions and Privacy Policies of La Tercera.