Many are taught Colossians 2:16-23 does away with the Old Covenant or more specifically the Torah (1st Five Books of Old Testament). The Torah is simply HIS divine instructions.
Colossians fact #1: The ENTIRE book of Colossians never mentions the word Law one time. Keeping this in mind, we should never point the book of Colossians in the direction of making the Torah (Divine Instructions) obsolete.
Colossians fact #2: There are many bad translations for the word “new” as in “new covenant” throughout the Bible. It should be translated as saying “Renewed” covenant. All covenants are layered on top of the previous covenant throughout the history of HIS sacred text. As far as the Old Testament verses the New Testament goes a man named Marcion coined those terms. If somebody handed you a Bible as a child and you were never taught to separate the two Testaments you would learn the Divine Instructions first (Torah=1st Five Books) and then learn as you read further along that you are saved by belief in Yeshua (Jesus). By learning this way you would not just throw away all the commands because you were saved by Yeshua (Jesus).
Colossians fact #3: Colossians 2:16-23 is talking about Human Precepts not Yahweh’s (God’s) precepts.
Colossians fact #4: The only thing that changed is “how” we are saved. We are saved by the belief in the One True Messiah. Having Faith has always been required from the beginning of creation. If you don’t have Faith you never had any promise in the Old Testament. If Adam would have had Faith he would not have eaten from the Tree of knowledge. The Israelites showed their Faith through obedience. They had to paint blood of their doorposts to avoid death of their 1st born male sons. The reason they obeyed the command to paint the blood is because they had FAITH. Without Faith their 1st born male children would have been killed. Without obedience their 1st born male children would have been killed. They had both. They had the Faith what they were told was true and they followed in obedience to the command.
Colossians fact #5: The Torah (1st Five Books of Old Testament=Divine Instructions) commands that in order to be judged and found guilty there must be 2 witness to the offense (see Deuteronomy 19:15). Keeping this in mind we all know that our Messiah did and will follow Torah (Divine Instructions) perfectly forever and never sin against it. So let’s cover “CERTIFICATE/RECORD OF DEBT” as mentioned in Colossians 2:14. The correct translation means “debt” in Aramaic. Some translate as sin but sinning is basically making us go into debt to HIM. When we sin, Yahweh (God) is the 1st witness to that offense. The Certificate of Debt is the 2nd witness to that sin. In following the commands from Torah (Divine Instructions) our Elohim (God) would have the required witnesses (2 or more) to condemn us and take away eternal life. When Yeshua (Jesus) died on the stake HE erased the 2nd witness (Certificate of Debt) allowing us to be found blameless before the Father (Yahweh). Now that only one witness is left we can’t be held accountable for our sin. The ONLY way we are then saved is through the belief in the Messiah dying for us to erase the 2nd witness.