The Superintendency of Banking, Insurance and AFP (S.B.S.) officially declared the dissolution of the Confiar Savings and Credit Cooperative, determining that the entity is subject to the cause of inactivity.
According to the SBS, the cause of inactivity occurs, among other cases, when a cooperative closes its main premises without notifying the superintendency for a period of fifteen continuous calendar days or thirty discontinuous calendar days within a year.
In the case of Confiar, it was found that the entity interrupted its operations without prior notification, which led to the dissolution measure.
The published resolution also specifies that, in accordance with the General Law of the Financial System, it is prohibited to initiate judicial or administrative proceedings against the cooperative for the collection of debts, execute judicial resolutions issued against it, constitute liens on its assets or make payments, advances or compensations with its funds.
These restrictions seek to preserve the order of the liquidation process and protect the rights of the members.
Likewise, the SBS recalled that the cause of inactivity is also configured when the cooperative does not submit its financial statements in accordance with the Accounting Manual for COOPACs Not Authorized to Raise Resources from the Public, approved by SBS Resolution No. 577-2019, for two consecutive periods in one year or four alternating periods in two years. This assumption would also have been verified in the case of Confiar, belonging to Level 2 of cooperative classification.
In compliance with the established procedure, the Superintendency appointed Edwin Esquivias Astete as main temporary administrator, and George Roger Vilcatoma Ollais as alternate temporary administrator, who will have the responsibility of representing the SBS and executing the necessary acts to carry out the dissolution of the cooperative.
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