ABSTRACT. This paper analyzes the involuntary dissolution remedy devised for Chilean closely held corporations, focusing on a procedural perspective. Although the 1981 Chilean Corporations Act gives some indications, several aspects related to the procedure are indirectly or even not regulated, such as the scope of judicial discretion or the arbitrability of the conflict. In addition to these issues, the object of the process is studied, which defines the nature of the dissolution decree, who are the necessary parties, and how the execution of the judgment and corporate liquidation relate to each other.

RESUMEN. Este trabajo analiza la acción de disolución judicial, prevista para la sociedad anónima cerrada chilena, desde un punto de vista procesal. Aunque la Ley sobre Sociedades Anónimas de 1981 ofrece algunas indicaciones, varios puntos relativos al ejercicio de este remedio no son regulados o lo son de forma indirecta, como el alcance de la discrecionalidad judicial o la arbitrabilidad del conflicto. Además de esos puntos, se estudia el objeto del proceso, que determina el carácter constitutivo de la sentencia estimatoria, a quiénes corresponde la legitimación activa y pasiva, y cómo se relacionan cumplimiento de la sentencia y liquidación societaria.

BACKGROUND: Determining the turnaround potential of a firm has plagued academia and practice. Existing failure prediction tools yield limited insight into turnaround potential and are heavily dependent on financial metrics. This framework made a valuable contribution to research in this field as it added a new perspective for decision-making purposes. AIM: Practitioners, judges or directors require a quick, efficient framework to aid in developing a reliable opinion on the likelihood of liquidation of a firm intending to commence with reorganisation proceedings. The aim is to speed up the liquidation of economically inefficient firms that attempt to seek shelter in reorganisation. SETTING: The study was conducted in South Africa and made use of experts in the field of turnaround management. METHODS: The indicators were derived from a strong and widely used managerial tool known as the Delphi method. The relative importance of each element was allocated using a powerful mathematical model known as the analytic hierarchy process (AHP RESULTS: This study identified key indicators for the nine liabilities with accompanied weights of relative importance for a likelihood of liquidation framework. Anchor scale values are proposed for each indicator to assist in its application. The framework is timely in its application, considers the availability of accurate data, inexpensive to implement and easy to interpret. CONCLUSION: The likelihood of liquidation framework was developed to include a broader spectrum of liabilities to assist in deciding the viability of recovery of a firm in reorganisation.

PURPOSE OF THE STUDY: South Africa's economic turmoil has resulted in a number of companies opting for business rescue, which is considered a better alternative than liquidation. Business rescue aims to resuscitate ailing companies and save them from liquidation. However, as companies enter into business rescue, little is known about what happens to the employees of these firms during the rescue proceedings. The purpose of this study was to investigate and get a better understanding of direct and indirect employment effects during business rescue. The study explored the direct and indirect employment effects during business rescue. Despite being associated with some negatives, such as retrenchments or loss of jobs, business rescue is claimed to play a vital role in saving jobs that would have been lost through liquidation. Under business rescue, remuneration continues, which positively effects economic activity and purchasing power parity. The study adds to a better understanding by exploring the interconnectedness of employment effects with the business rescue regime DESIGN/METHODOLOGY/APPROACH: Eighteen participants were approached and interviewed using semi-structured interviews; thus, the study was qualitative in nature. The study explored and addressed the research problem through licenced business rescue practitioners operating in Gauteng, trade unions that have a fair representation of employees who have been affected by business rescue, and creditors who have had an opportunity to lend post-commencement financing to troubled entities FINDINGS: The results show that business rescue impacts employees and their families as well as business suppliers, customers and shareholders. Some of the affected employees are breadwinners, and thus, any loss of job for them affects the people they are supporting. Suppliers, customers and shareholders are also affected by business rescue through loss of trading RECOMMENDATIONS/VALUE: The regulators, legislator, managers and practitioners must detect financial distress early to reduce the negative effects associated with business rescue. When a business goes into rescue, stakeholders must approve the process earlier to have a better chance of rescuing the business MANAGERIAL IMPLICATIONS: This research contributes to the management body of knowledge by exploring the interconnectedness of employment effects with the business rescue regime. While information on the importance and success of the business rescue process has been reported in the literature, there is much less on the impact of business rescue on the employees it saves from the liquidation JEL CLASSIFICATION: L29

BACKGROUND: A business rescue plan should indicate the benefits of adopting a business rescue plan as opposed to the benefits of immediate liquidation. Performing a valuation is thus a vital aspect of the business rescue process as the estimated values determine the amount to be divided between creditors and, if possible, shareholders. Conventional valuation methods have the underlying assumption that the business is a going concern (based on liquidy and solvency tests). However, a company in business rescue is not necessarily a going concern, nor in liquidation, leaving the company in a grey area in terms of valuation. AIM: This research explored how the business rescue value of a financially distressed company is determined. SETTING: The setting for this study was South Africa. METHOD: Thematic analysis of qualitative data collected through 11 semi-structured interviews with senior business rescue practitioners (BRPs). RESULTS: When the intention is to return the company to solvency, the BRPs prepared a short-term, undiscounted cash flow budget to determine the business rescue value, but without including a terminal value in the projected cash flows. In contrast, when the intention is to obtain a better return compared to immediate liquidation, BRPs follow an asset approach to determine the business rescue value. The results also showed that the business, digital and relational acumen of the BRP is a major influencer in the business rescue value CONCLUSION: The financial elements identified and substantiated in this study may serve as best practice guidance in the business rescue industry and lead to an expansion of the existing valuation theory.

Abstract In October 2014, the Insolvency and Re-Entrepreneurship Law came into force in our country, which renews the old bankruptcy system, creating the new bankruptcy procedure for voluntary liquidation. Therefore, it is necessary to process said request, the need to indicate a list of goods by the debtor company for payment to its creditors. However, the jurisprudential discussion is generated when said company has no assets to hand over to the process, which will be up to the judge’s decision to accept or reject the request for voluntary liquidation, taking into account what is expressly indicated by the legislator in Law No. 20,720.

Resumen En octubre del año 2014, entró en vigor en Chile, la Ley de Insolvencia y Reemprendimiento, que renueva el antiguo sistema de quiebras, creando el nuevo procedimiento concursal de liquidación voluntaria. Por ello, es necesario para dar curso a dicha solicitud, la necesidad de indicar un listado de bienes por parte de la empresa deudora para el pago a sus acreedores. La discusión jurisprudencial se genera cuando dicha empresa, no tiene bienes para entregar al proceso, lo que quedará a la decisión del juez aceptar o rechazar la solicitud de liquidación voluntaria, teniendo en cuenta lo indicado por el legislador en la Ley n.º 20720.

RESUMO O objetivo precípuo deste estudo consiste em apresentar a circunstância que sinaliza uma iminente liquidação de um banco comercial e a condição na qual fusões são vantajosas para um potencial adquirente. Em complemento, realiza a aplicação do método em uma investigação empírica no âmbito da indústria bancária doméstica. A pesquisa releva novos fatores explicativos para liquidações e fusões entre uma instituição bancária robusta e outra insolvente, como o custo de falência e o crédito tributário proporcionados por uma união societária. O arcabouço se destaca ao ressaltar o papel das instituições financeiras credoras participantes do mercado aberto e do interbancário que, na busca por maximizar sua utilidade conjunta com a dos acionistas, exercem influência decisiva sobre a continuidade ou o fechamento do banco em crise. A solidez do sistema financeiro consiste em bem público essencial para a sociedade. Crises financeiras sistêmicas implicam os custos significativos para os agentes econômicos, como queda da produção, aumento do desemprego, elevação do déficit fiscal e instabilidade de preços dos ativos. Os esforços para atingir a estabilidade perpassam pelo regular funcionamento dos bancos. Nesse contexto, a compreensão das circunstâncias sob as quais instituições bancárias quebram e viabilizam-se alternativas ao colapso, sem custo ao erário, reforça-se. Não raras são as pesquisas que apontam as causas da interrupção das atividades corporativas; a despeito disso, as variáveis explicativas e as ferramentas utilizadas pelos modelos de predição da liquidação do banco estão em constante avaliação. Mais escasso se torna, ainda, encontrar teorias que elucidem o fenômeno. O resultado deste trabalho sugere a eficácia do método desenvolvido sob perspectiva paradigmática do campo da economia e da administração, corroborando a teoria de agência. As variáveis explicativas da falência e da fusão bancária ressaltadas nesta pesquisa tendem a contribuir para a elaboração de modelos robustos de previsão de financial distress. O modelo matemático de liquidação e de fusão foi construído sob a perspectiva de um mundo imperfeito no qual imperam a assimetria informacional e o conflito de interesses entre acionistas, instituições financeiras credoras participantes do mercado aberto e do interbancário e bondholders (depositantes e detentores de títulos emitidos pelo banco). A falência maximiza a utilidade dos acionistas e das instituições financeiras credoras se os custos falimentares, somados ao valor a pagar aos bondholders diante do fechamento do banco em dificuldades, forem inferiores ao valor a disponibilizar aos bondholders na continuidade. Uma fusão é viável para um adquirente se o banco-alvo apresentar o lucro esperado mais o crédito tributário menos as despesas com os bondholders superior ao valor a pagar às instituições financeiras credoras integrantes do mercado monetário. O método é aplicado à fusão Itaú-Unibanco, um marco no processo de consolidação do mercado bancário no país. Este artigo propõe modelo algébrico, consubstanciado na teoria de agência, que identifica as condições indicativas de liquidação e de fusão bancária. O método se mostrou adequado para explicar a união entre o Unibanco e o Itaú que culminou no maior conglomerado financeiro privado do Hemisfério Sul. O Unibanco passava pela circunstância falimentar e havia evidências de que os benefícios tributários apropriados pelo Itaú devido à fusão incentivaram a reestruturação. Este artigo contribui para a epistemologia acadêmica porque revisita o modelo clássico, caracterizado pela robustez teórica e matemática, e o ajusta às especificidades dos bancos. Além desse ineditismo metodológico, o aplica a um caso emblemático, tornando-se uma ferramenta útil para as tomadas de decisões corporativas e para a supervisão bancária, sobretudo no que tange às ações voltadas para a estabilidade financeira.

ABSTRACT This study’s main objective is to present the circumstances that signal an imminent commercial bank liquidation and the conditions in which mergers are advantageous for a potential acquirer. In addition, it applies the method in an empirical investigation within the context of the domestic banking industry. The research reveals new explanatory factors for liquidations and mergers between robust and insolvent banking institutions, such as bankruptcy costs and tax credits derived from a corporate union. The framework stands out for highlighting the role of creditor financial institutions participating in the open and interbank markets, which in the search to maximize their utility together with that of the shareholders have a decisive influence over the continuity or closure of the bank in crisis. The soundness of the financial system is an essential public good for society. Systemic financial crises cause significant costs for economic agents, such as a fall in production, increased unemployment, a rise in the fiscal deficit, and asset price instability. Efforts to achieve stability involve the regular functioning of banks. In this context, it is important to understand the circumstances under which banking institution distress can be solved by alternatives that are less costly for the treasury. Often, the research indicates the causes of disruptions to corporate activities; however, the explanatory variables and the tools used by bankruptcy prediction models are constantly being evaluated. Theories that elucidate the phenomenon are even scarcer. The paper’s result suggests the effectiveness of the method developed from the paradigmatic perspective of the field of economics and management, corroborating agency theory. The explanatory variables of bankruptcy and bank merger highlighted in this research can contribute to the elaboration of robust models to predict financial distress. The mathematical model of liquidation and merger was constructed from the viewpoint of an imperfect world where informational asymmetry and conflict of interests among shareholders, open and interbank market creditors, and bondholders (which includes depositors and holders of bonds issued by the bank) prevail. Bankruptcy maximizes shareholder and creditor utility if liquidation costs plus the value payable to the bondholders after liquidation are lower than the value they receive in the event of continuity. A merger is feasible for an acquirer if expected return plus tax benefits minus bondholder expenses is greater than the value payable to interbank market creditors. The method is applied to the merger between Itaú and Unibanco, considered a milestone in the process of consolidating the banking market in Brazil. This paper suggests the use of an algebraic model, based on agency theory, as an indicator of conditions for liquidations and bank mergers. The proposed approach was adequate for explaining the union between Unibanco and Itaú, which culminated in the largest private financial conglomerate in the Southern Hemisphere. Unibanco experienced the bankruptcy circumstances and there was evidence that Itaú’s tax benefits encouraged the merger. This article contributes to academic epistemology because it revisits the classical model, characterized by mathematical and theoretical robustness, and adjusts it to the specificities of banks. In addition to this methodological novelty, it applies it to an emblematic case, making it a useful tool for corporate decision-making and bank supervision, especially with regards to actions focused on financial stability.

Resumo A pesquisa objetivou identificar, mensurar e classificar os custos em processos conduzidos sob a legislação falimentar brasileira a fim de compará-los aos custos encontrados em estudos norte-americanos semelhantes. Por meio de pesquisa ao longo de 2013, consultou-se diversos processos nas comarcas de São Paulo-SP, Belo Horizonte-MG e Contagem-MG para coleta de dados, seguindo-se de análises de acordo com a literatura consultada. Identificou-se que (em média): os custos diretos pagos foram de 35% do ativo final da falida; os ativos das falidas perderam 47% do valor; a taxa de recuperação total dos credores foi de 12%; e os processos duraram nove anos. Quanto aos processos de recuperação, os custos diretos foram de 26% do ativo inicial da recuperanda, a taxa de recuperação dos credores foi de 25% e a duração de processos foi de quatro anos (valores médios). Considerando os resultados encontrados, tem-se que os processos da amostra tiveram uma duração maior, pagaram menos valores aos credores na recuperação judicial e a taxa de ressarcimento da falência foi um pouco superior às das pesquisas norte-americanas.

Abstract The research aimed to identify, measure and classify the costs of bankruptcy procedures subject to Brazilian bankruptcy law, in order to compare them to the costs found in similar North American studies. The research was conducted throughout 2013, when we referred to several cases in the districts of São Paulo-SP, Belo Horizonte-MG and Contagem-MG, to data collection, followed by analysis of this data in accordance to the theoretical framework used. It was found that, on average: the payments incurred in liquidation were 35% of the final asset of the bankrupt; the bankrupt’s assets of bankrupt lost 47% of its value; the total recovery rate of creditors was 12% and the legal process lasted nine years. As for processes, direct costs were 26% of the initial asset of the firm, the recovery rate of creditors was 25% and they lasted four years, on average. The results indicate that the sample processes had a longer duration, paid less creditor’s values in the judicial recovery and the reimbursement rate in liquidation was a little higher than the results found on North American studies.

This work studies the impact of new economic policies introduced in the Rio de la Plata area since the revolutionary period on corporate land-holding institutions. The case under analysis is the Indian Mission of San Ignacio de los Tobas, located on the Eastern Chaco frontier, which experienced a process of land sale and final liquidation between 1816 and 1821. Two different economic logics were confronted in the process of liquidation of the Mission: One stood for the dismantling of corporate institutions and immediate land sales to public bidders, the other proposed the full restoration of the Mission as a corporate land-holding institution, though within a republican political framework that helped undermine its legitimacy.

Este trabajo estudia el impacto de las nuevas concepciones económicas sobre las estructuras agrarias corporativas introducidas en el Río de la Plata desde la revolución. El caso a analizar es la Reducción indígena de San Ignacio de los Tobas en la frontera oriental con el Chaco, que experimentó un proceso de liquidación de tierras entre 1816 y 1821. En ese proceso se enfrentaron dos discursos en torno al destino de este tipo de instituciones corporativas: uno que proponía su desmantelamiento como entidades jurídicas y la venta de sus tierras a particulares, el otro que sostenía el restablecimiento de su pleno funcionamiento, aunque dentro de un marco republicano que terminó horadando la legitimidad de origen de la Reducción indígena.

El artículo describe el largo proceso de acontecimientos ocurridos en las tierras comunales indígenas en Venezuela, desde sus orígenes en el siglo XVI, con la política anticorporativa de los Borbones, hasta su extinción o supresión al institucionalizarse la propiedad individual en el siglo XIX, con referencia particular a la Mérida venezolana. El análisis comprende los factores que intervinieron en su progresivo deterioro, que propiciaron la aplicación de la legislación determinadora de su liquidación para culminar una etapa del dilema individuo versus comunidad que caracterizó la política agraria del siglo XIX.

Cet article fait état du long processus d'événements subis dans les propriétés communales indigènes au Vénézuéla dès ses origines, au XVIème siècle, avec la politique anti-corporative des Bourbons, jusqu'à son extinction ou suppression, au moment de l'institutionnalisation de la propriété individuelle, au XIXème siècle, particulièrement à Mérida, au Vénézuéla. L'analyse comprend les aspects qui sont intervenus dans sa détérioration progressive, favorisant l'application de la législation qui a déterminé sa liquidation pour mettre fin à une étape du dilemme individu versus communauté, laquelle a caractérisé la politique agricole du XIXème siècle.

The article describes the long process of events experienced in indigenous communal lands in Venezuela. This period covers its origins in the 16th century, along with the anti-corporative Bourbons policy, until its extinction or suppression due to institutionalization of individual ownership in the nineteenth century, specifically in Venezuelan Merida. The analysis comprises the factors involved in its progressive deterioration. These factors led to the application of the legislation and promoted its elimination, to finish a phase of the dilemma individual versus community that characterized the nineteenth century agrarian policy.

O artigo descreve o longo processo de evolução das terras comunais indígenas na Venezuela, a partir de suas origens no século XVI, com a política anticoporativa dos Borbones, ate sua extinção ao se institucionalizar a propriedade individual no século XIX, com particular referencia a Mérida venezuelana. O analise compreende os fatores que intervierem em seu deterioro progressivo, que propiciarem a aplicação da legislação determinadora da sua liquidação para culminar uma etapa do dilema individuo versus comunidade que caracterizou a política agrária do século XIX.

Abstract As in many other places, gardens were a key part of the urban landscape in Aguascalientes during the colonial era, the 19th Century and the first half of the 20th Century. This article summarizes the origins of the city's gardens, concentrating its analysis on the second half of the 19th Century, their epoch of greatest splendor, when they made Aguascalientes “the city of flowers, fruit and water.” From the Planoprepared by Isidoro Epstein in 1855 to the reconstruction proposed by Eduardo J. Correa in his book Un Viaje a Termápolis, the importance of gardens in the city is studied, along with their distribution throughout the city's neighborhoods, the management of the irrigation system, the extent to which they defined the urban process and certain myths surrounding wine production. While more studies need to be conducted, with 459 gardens with irrigation rights in 1883, the city of Aguascalientes seems to be a unique case, representing one of the most important examples of urban horticulture in Mexico. In conclusion, this article reflects on the liquidation of the garden system in the context of the city's industrialization, its accelerated expansion, the emergence of new cleanliness habits and the demographic explosion.

Resumen Al igual que en otros muchos lugares, las huertas fueron parte esencial del paisaje urbano en Aguascalientes durante toda la época colonial, el siglo XIX y la primera mitad del XX. Este artículo reseña sus orígenes y concentra el análisis en la segunda mitad del siglo XIX, su época de mayor esplendor, cuando hicieron de Aguascalientes “la ciudad de las flores, los frutos y las aguas”. A partir del Plano formado por Isidoro Epstein en 1855 y de la recreación propuesta por Eduardo J. Correa en su libro Un viaje a Termápolis, se estudia el peso que tenían las huertas en la ciudad, su distribución por barrios, la gestión del sistema de riego, la medida en que definieron el proceso urbano y ciertos mitos asociados al cultivo de la vid. Hacen falta más estudios de caso para determinarlo con certeza, pero con 459 huertas con derecho a riego en 1883, la ciudad de Aguascalientes parece un caso singular, uno de los mejores ejemplos que hay en México de horticultura urbana. Para terminar, se propone una reflexión sobre la liquidación del sistema de huertas en el contexto de la industrialización de la ciudad, su acelerada expansión, la emergencia de nuevos hábitos de higiene y la explosión demográfica.

Un intenso proceso de extranjerización de grandes empresas ha tenido lugar en Argentina desde 1990. Este artículo analiza el caso de la desnacionalización de la empresa Alpargatas, ocurrida en 1999. se concluye que la interrupción en el acceso a crédito local e internacional, la recesión doméstica e internacional y la agudización de la competencia en los años finales de la década cumplieron un papel determinante en la extranjerización. Las ventajas comerciales y financieras con que dicha firma contó al principio de la década no alcanzaron para evitar su crisis.

Um intenso processo de "estrangeirização" de grandes empresas aconteceu na Argentina desde 1990. Este artigo analisa o caso da desnacionalização da empresa Alpargatas, ocorrida em 1999. Conclui-se que a interrupção no acesso a crédito local e internacional, a recessão interna e internacional e o aprofundamento da competência nos anos finais da década tiveram um papel determinante na "estrangeirização". As vantagens comerciais e financeiras com que essa firma contou no início da década não foram suficientes para evitar a sua crise.

A sharp process of denationalization of large firms has taken place in Argentina since 1990. This paper analyses the case of the denationalization of the firm Alpargatas, occurred in 1999. It concludes that the interruption of access to foreign and domestic credit, the local economic recession and the exacerbation of competence that occurred in the final years of the decade, played a key role in determining the lost of national control over the firm. The commercial and financial advantages that the firm exerted at the beginning of the decade were not enough to avoid its crisis.

Un intense processus de dénationalisation (dans le sens de passé en mains étrangères) des grandes entreprises a eu lieu en Argentine depuis 1990. Cet article analyse le cas de la dénationalisation (en 1999) de l'entreprise Alpargatas. Nous concluons que l'interruption de l'accés au crédit local et international, la récession domestique et internationale et l'intensification de la concurrence à la fin de cette décennie ont joué un rôle décisif pour la dénationalisation. Les avantages commerciaux et financiers dont cette firme avait bénéficié au début de la décennie n'ont pas suffi pour lui éviter la crise.

This article analyses the role of the so-called private examinations in our South African insolvency law and deals with the question of whether or not section 417 of the Insolvency Act (Act 24 of 1936) is adequately and effectively framed in order to fulfil its intended purpose in South African law. The contribution also points out that although the scrutiny of private examinations is not novel; it is argued that further exploration of the subject is justified by virtue of the fact that robust and innovative legislative changes have been experienced in the South African corporate landscape. Although the section has already passed the test of lawfulness and constitutionality, the aim is to ascertain whether the section serves a legitimate purpose and is essential and relevant in a democratic society. This is done by considering the South African law relating to South African private examinations and includes academic texts and judicial interpretation. Both section 417 of the Companies Act (Act 61 of 1973) and the matter of Kebble v Gainsford in particular are discussed. A brief comparative analysis of a similar provision in the Insolvency Act of the United Kingdom (UK), namely section 236 of the Insolvency Act 1986 is also included. Finally recommendations are made on aspects where the section may be enhanced by reform which in part relies on the premise that South African insolvency law in toto is desperately in need of an overhaul. The article concludes that it is vital that section 417 be retained in a new insolvency regime as there is a greater awareness of the interdependence between companies and the society in which they function, and it is submitted that there should be an increased responsibility in the insolvency process on the reasons why companies have failed. The accessibility of the section to practitioners, the inquisitorial nature of the proceedings, the wide scope of the section and the effective sanctions should examinees not comply together combine to make a formula that has over the years proved impervious to circumvention and it therefore fulfils its function with prudent efficiency.

Resumen Este artículo de revisión busca analizar los principales alcances y limitaciones de los modelos de predicción en el análisis del fracaso empresarial y su posible utilidad para el caso colombiano. Para esto se parte, en primer lugar, del análisis del concepto general de fracaso empresarial usado en los estudios, identificando la heterogeneidad terminológica que finalmente determinan el alcance y validez de las investigaciones realizadas; en segundo lugar, se revisarán los principales modelos de capacidad predictiva de la situación de fracaso empresarial, centrándose en las limitaciones y alcances que surgen en el proceso metodológico, como es la selección de la muestra, la selección de variables o ratios financieros para alimentar el modelo. Finalmente, se revisará su uso en Colombia y su posibilidad de aplicación en el país.

Abstract This review article attempts to analyze the main scope and limitations of predictive models in the analysis of business failure and its potential utility for the Colombian case. For this first part of the analysis of the overall business failure concept used in the studies, identifying terminological heterogeneity that ultimately determine the scope and validity of the research, second, a review of the main models predictive of business failure situation, focusing on the limitations and scope that arise in the process is the methodology and sample selection, variable selection or financial ratios to feed the model. Finally, a review of the use of this model in Colombia, and the possibility application in the country is going to be presented.

We dealed with here the long process events experienced by indigenous the communal property in Venezuela from its origins in century XVI, the anticorporative policy of the Borbones, to its extinction or suppression, when institutionalizing the individual property in Venezuela in century XIX, by referring particular to the Venezuelan Mérida. The analysis includes/understands the factors that took part in their progressive deterioration, propiciadores of the application of the legislation that determined its liquidation to culminate a stage of the individual dilemma versus community that characterized the agrarian policy of century XIX.

Tratamos aquí el largo proceso de acontecimientos experimentados por la propiedad comunal indígena en Venezuela desde sus orígenes en el siglo XVI, la política anticorporativa de los Borbones, hasta su extinción o supresión, al institucionalizarse la propiedad individual en el siglo XIX, con referencia particular a la Mérida venezolana. El análisis comprende los factores que intervinieron en su progresivo deterioro, propiciadores de la aplicación de la legislación que determinó su liquidación para culminar una etapa del dilema individuo versus comunidad que caracterizó la política agraria del siglo XIX.

Objectives To link, from a historical point of view, the most significant transformations of the Instituto Materno Infantil (IMI) [the oldest child and maternity hospital of the country] during its process of crisis, closure and liquidation with the experiences of the hospital workers. To find experience-based and theoretical elements that can interconnect the process of health care privatization of the country with the workers' experiences of resistance and pain/suffering. Methods Critically-oriented ethnography based on continuous collective field work, historical research (primary and secondary sources) and semi-structured interviews with 5 women who worked at the IMI for more than 15 years.Results: A time line of 4 main periods: Los años de gloria [The golden years] (up to 1990); Llega el neoliberalismo [Neoliberalism arrives] (1990-2000); La crisis y las resistencias [Crisis and resistances] (2001-2005); and Liquidación [Liquidation (2006-20??)]. The narratives of the interviewed women unveil multiple aggressions that have intensified since 2006, have caused pain and suffering and are examples of violations of human and labour rights. Discussion We suggest to analyze the links between the different kinds of violence and pain and suffering as torture. This category is defined as the set of violent actions that cause physical and emotional pain, which are performed by actors in positions of power over other people who challenge that power and are part of modern States' ideological principles around a defined moral social order. For the IMI workers' case, the ideological principle that is being challenged is health care neoliberalism. From the analyses of bureaucracy, confinement, torturing agents, and the breaking-off of the body-mind unit we conclude that this relationship between neoliberalism and torture aims to eliminate the last health care workers of the country who had job stability and full-benefits through public labour contracts. Their elimination furthers the accumulation of capital generated by increasing over-exploitation of labour and commodification of health care.

Objetivos Relacionar históricamente las transformaciones más significativas del Instituto Materno Infantil (IMI) en su proceso de crisis, cierre y liquidación con las experiencias de sus trabajadores/as. Encontrar elementos vivenciales y teóricos que interconecten el proceso de privatización de la salud con las experiencias de resistencia y dolor/sufrimiento de trabajadores/as. Métodos Etnografía inscrita en corrientes críticas y apoyada en trabajo de campo constante y colectivo, investigación histórica (fuentes primarias y secundarias) y entrevistas semiestructuradas con cinco mujeres que trabajaron por más de quince años en el IMI. Resultados Una línea del tiempo con cuatro periodos principales: Los años de gloria (hasta 1990), Llega el neoliberalismo (1990-2000), La crisis y las resistencias (2001-2005) y Liquidación (2006-). La narrativa de las mujeres entrevistadas devela múltiples agresiones que se intensificaron desde el 2006 generando dolor/ sufrimiento, relatos que ilustran violaciones a sus derechos humanos y laborales. Discusión Proponemos analizar las conexiones entre los diferentes tipos de violencia y el dolor/sufrimiento bajo la categoría tortura, entendida como acciones violentas que causan dolor físico-emocional, las cuales son ejecutadas por actores de poder sobre otros que desafían alterarlo. Enfatizamos en las burocracias, el confinamiento, los agentes torturadores y los resquebrajamientos a la unidad mente/cuerpo para argumentar que esta relación neoliberalismo y tortura pretende eliminar los últimos trabajadores/as de la salud del país con garantías laborales para avanzar en la acumulación de capital que genera la creciente sobreexplotación del trabajo y la mercantilización de la salud.