The Superintendency of Companies declared the foreign company Reve Group Inc. as parent or controller of Mercadería SAS in Judicial Liquidation (Justo & Bueno) and seventeen (17) other companies.

(In addition: The figures behind Ísimo, the new local player of the ‘hard discount’)

As reported by the entity, the registration in the commercial registry is ruled out and it imposed a fine of 200 million pesos on the investigated party, for non-compliance with article 30 of Law 222 of 1995, which refers to the obligation to register before the Chamber of Commerce the registration of the commercial register.

Regarding the case, Superintendent Billy Escobar Pérez said that «this decision may have relevant effects in matters of insolvency, among others, the subsidiary liability of the parent company or parent company for the obligations of subsidiaries in a situation of insolvency and the postponement of credits in the processes of business reorganization and judicial liquidation for obligations with persons especially related to the debtor, in accordance with Law 1116 of 2006 and Decree 1074 of 2015”.

The body specified that, in any case, against the administrative act, the reversals and appeals proceed.

(Also: The history of the prestigious school that was liquidated for being the facade of a pyramid)

In addition, all the stores in which the stores of the Justo & Bueno chain, controlled by the Merchandise firm, operated, have already been returned to their owners, as reported by the Superintendency of Companies, an entity that is advancing in the liquidation of this chain. of low-value retail trade, after not finding a clear way out for its rescue.

This chain of low-value stores managed to operate more than 1,300 stores nationwide, with coverage of more than 300 municipalities.

According to what was reported by the surveillance and control entity, currently, of the more than 6,000 employees that said company managed to have at its best, today only 139 people have job stability, while in the development of the liquidation process they have made payments for close to 600 million pesos in administration expenses that correspond to social security.In addition, at the end of 2022, the liquidating agent indicated that it had received 15,866 credit claims.

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