After the delivery of the documents of the assets with which the BOD Financial Group can cover the debt of the clients of Banco del Orinoco NV, it now remains to demonstrate their existence. According to the trustee Michael Gorsira, the debts with the account holders of the banking entity based in Curacao is approximately $847 million.
In the case of the bankruptcy of Banco del Orinoco NV of Grupo Financiero BOD, the Court of First Instance of Curacao ordered its shareholder, Grupo Cartera Vargas, to present evidence of the existence of the investments it claims to have for 1.3 billion dollars. . The judge of that jurisdiction, Pieter de Kort, set a deadline until last Friday, October 11, however, it was not until Tuesday the 15th that the receipts were delivered.
After the delivery of the asset documents (which consist of external debt bonds and other resources) with which the BOD Financial Group can cover the debt, it now remains to demonstrate their existence. According to trustee Michael Gorsira, The debts with the bank’s account holders in Curacao are approximately $847 million.
During a meeting of creditors that took place on September 27 in Curacao, a liquidation proposal was expected from the BOD Financial Group on the assets that would guarantee a payment agreement. However, the proposal was not submitted on time, and BOD lawyers instead requested a six-month extension. Then, The judge granted the BOD a period of only 15 days to demonstrate the existence and availability of the assets.
Likewise, a verification of these assets was ordered with the participation of a representative of the Creditors Committee. After this verification, a new meeting will be called to evaluate the amended agreement.
«That proposal was the subject of observations for lack of guarantees of faithful compliance, although the BOD stated that its assets exceed the bank’s obligations. Anauco, along with other creditor representatives, asked the court not to allow further delays. “The bank shareholder was required to immediately present evidence of the assets that will support the agreement,” said Roberto Leon Parilli, president of this organization, at the hearing on September 27.
«A transparent process is required that leads to the solution of the case. It is not good news for bank customers to say that this is still late after five years. We must reach the agreement that must be reached. We will be attentive and preparing the next steps. We will demand real guarantees, a short-term agreement with res judicata character and we will share the progress or news of the case with our clients and followers,” Parilli highlighted in subsequent statements.
For his part, lawyer Roberto Hung, who represents more than 70 people affected by the bankruptcy of Banco del Orinoco NV, indicated this Thursday the 17th that the review of the documents must go beyond the court, the trustees or the Committee of Creditors, and also submit it to the legal representatives of the account holders. “Be aware that all information that is public will be made known,” he said.
While the legal representative Carlos Calderón, who accompanies Hung in the case, reported that a document was sent to the Curaçao court requesting, among other things, that the bankruptcy trustees publish a detailed list of the duly registered creditors, where they are identified name and geographical location, amount of the credit and the manner and place of how they could receive the amount of their credit, all of this so that they can be challenged in case of irregularities.
*Read also: BOD Group must present assets that will guarantee payment to depositors in 15 days
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