The company, empty of assets, enters the liquidation phase by failing to file the settlement agreement on time
The judge of the Commercial Court of Seville in charge of Abengoa’s bankruptcy proceedings has decided to enter the liquidation phase of the company, for which he has announced the dissolution and resignation of all its administrators, as the company said in a statement this Friday.
The court has decided to suspend Abengoa’s management and disposition powers, as stipulated in the Bankruptcy Act.
Although the administrators have resigned their duties, those who represent the company in proceedings and incidents to which it is a party will continue to perform their duties. For the others, they will be replaced by the bankruptcy administration.
Likewise, the judge has ordered the company to present the plan for the liquidation of assets and rights integrated into the active mass, as stated in the legislation on insolvency proceedings.
This court order is not yet final, so it is possible to file a nullification claim with the same court.
The liquidation order takes place in the same week in which the State Industrial Participation Association (SEPI) definitively rejected the bailout of 249 million euros requested by the company.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
