The liquidation process of a FIC can be initiated for several reasons, including the expiration of the term of duration, a valid decision of the investors' assembly, or the technical and economic decision of the board of directors of the collective investment fund managing society. It can also occur due to situations that make it impossible for the collective investment fund managing society or the external manager to continue with the administration of the fund, if the fund's assets are below the minimum required amount, or if there is a takeover of the collective investment fund managing society or the external manager without the possibility of viable replacement. In addition, failure to comply with established requirements can lead to liquidation after a maximum period of two months to enervate the cause. 

During the liquidation process, the fund will not be able to issue new shares or honor redemptions, and trading in the issued securities will be suspended, if applicable. Once all the investments have been liquidated, the shares will be cancelled within a period of no more than fifteen business days. If there are any outstanding sums, the liquidator will attempt to deposit them in the investor's account or pay the designated agent or beneficiary. If this is not possible, the procedure stipulated in the Commercial Code will be applied (Article 3.1.2.2.2. Decree 2555 of 2010).