What is the new concursal regime established by the Law N° 20.720 of 2014?

The Law N° 20.720 of 2014 establishes a new concursal regime that replaces the previous one.
The law is called "De reorganización y liquidación de empresas y personas, y perfecciona el rol de la superintendencia del ramo".
It establishes the possibility that natural persons may go bankrupt if the remedial measures established by the Superintendence of Insolvency and Re-entrepreneurship are not complied with.