Canarian Legal Alliance would like to give an update on the liquidation of Silverpoint through the mercantile court.As you already know our law firm is representing clients not only against Silverpoint, but other companies who form part of the Limora Group. We have requested the accumulation of the liquidation procedures against Silverpoint, and against one such company, called Oasis Investment SA, the former owner of the Paramount resort. The accumulation would mean that the two liquidation procedures are joined together, however so far there is no reply to our petition from the judges yet. If it is approved we would be requesting the reintegration of the actual Paramount building to raise the assets of the companies.
We have also welcomed and joined another reintegration actions requested by the court appointed administrator in which we asked that Excel returns some assets initially acquired in an operation that we classified as fraud. https://canarianlegalalliance.com/update-on-silverpoint-liquidation/
Coming up the trials in November for the preventive measures and for the actual hearing, the court appointed administrator and Excel asked for the suspension of the hearings due to a possible agreement between the parties.
Said agreement establishes the reintegration of eleven thousand timeshare weeks to Silverpoint´s patrimony, and in exchange, there would be a recognition of a debt in the favour of Excel for seven million Euros.
We have opposed to this agreement partially. We have accepted the reintegration of the weeks, as this increases the company´s value, however we do not agree with the recognition of any debts toward Excel as we do not see it justified.
Now a judge will have to study all allegations presented and make a decision, of which we will inform you.
Regarding the criminal process, a procedural impulse has been requested, as we have not seen any progress in the past months. We are also requesting the court to carry out the gathering of some evidence, for example the interrogation of key staff of the reported companies, their legal advisors, and even the court appointed administrator who by now shall have a good overview of the set up.
Naturally we will keep your clients informed and in the meantime we thank you for your trust and patience.