On May 30, the Superintendence of Companies admitted the reorganization process of Viva Air. However, after a failed attempt and various difficulties on the part of the airline, the entity officially presented the beginning of the judicial liquidation process on June 20.
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Among the reasons given, the lack of agreement with Avianca for its integration stands out, as well as the multiple notifications of the imposition of precautionary measures on its assets.
After an exhaustive analysis, the prolonged Shareholders’ Meeting that there are no assets available to continue operations. The financial situation of the company is in a critical state.due to the reduction of possibilities to manage the assets as a result of the payment of receivables.
(You might be interested in: “Our competitors did little or nothing in the Viva crisis”: Avianca)
Jaiver Nieto Alvarez/ETCE
In addition, aircraft lessors have canceled the contracts, demanding their immediate return. As if that were not enough, the recovery agreement has lost its effect due to Avianca’s refusal to go ahead with the planned integration.
“There is no way to configure a new business plan and start operations in full compliance with the requirements demanded by Civil Aeronautics (…) Consequently, The office will terminate the reorganization process and decree the opening of the immediate judicial liquidation process”, explains Supersociedades in the car.
The Supersociedades observed the administrators, ex-administrators, associates and controllers who, as of the issuance of the order, are prevented from carrying out commercial operations, except those necessary for the immediate liquidation of the assets. Any act in violation of this provision will be considered null and void.
In this context, the former legal representative is required present a reconciliation between the balances of the initial statement of the net assets in liquidation and the balances of the last statement of financial position, prepared under the going concern assumption.
In addition, it has been decreed that the former legal representative will be responsible for the custody of the social documents and the assets reported during the judicial liquidation request, as well as all assets belonging to the company. These responsibilities will continue until the proceedings for the seizure and seizure of assets are carried out, and the books and corporate documents are delivered.
Creditors must submit your claims to the liquidator as indicated by the regulations to prepare the determination of receivables and the valued inventory of assets that will later be studied by the bankruptcy judge.
What will happen to those affected by Viva Air?
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