Fair & Good to liquidation: what it means and why the decision was made

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Fair & Good to liquidation: what it means and why the decision was made

After several months of time given by the Superintendency of Companies to the supermarket chain known as Justo & Bueno, to pay a debt of approximately 135,000 million pesos that the company has with employees, suppliers, landlords and even Dian, the company confessed to not having any investment that allows it to save the company.

In 2015, the SAS Merchandise business was inaugurated, whose services were offered through the Justo & Bueno brand, which became a recognized supermarket chain with more than 1,300 in the country. Despite the success that the company seemed to have, since the end of 2021 the company’s economic crisis broke out due to lack of liquidity. However, during November a reorganization process began, looking for new investment funds to get the supermarkets afloat.

Although until the beginning of 2022 it had been said that Joining Futures Capital International Limited (JFC), would inject liquidity into Justo & Bueno, until May 10th it did not enter any investment, so the possibilities of Merchandise SAS solves the debts it has and can be saved.

What does the liquidation request mean?

In a document created by the legal representative of Mercadería SAS, the company requests the liquidation of the company before the Superintendency of Companies in order to comply with those affected by the crisis. According to the document revealed by the company, there is no money to pay the debts, so they are subject to liquidation.

“During office hours on May 10 and until the time this writing was filed, there was no entry of resources into the SAS Merchandise accounts. No news was received that any third party had made payments of administration expenses by this company. on the date that had been publicly announced, ”says the statement.

“The information regarding the administration expense payment plan was not received either, to have provided it on May 6, as ordered in the Hearing”highlights the information confirming that the company does not have a way to pay the 135,000 million it owes.

In addition, the company adds: “we deeply regret that the payment has not been made as promised by the new owner to the collaborators, lessors and creditors. By virtue of our analysis of infeasibility, it is our duty to request the opening of the process, acting responsibly before the creditors, the authorities, society, and before those who have benefited. for this model that seeks to improve the quality of life of families”.

On the other hand, in a conversation with W Radio, Billy Escobar, Superintendent of Companies, explained that the liquidation process seeks to sell all the assets that the company has to obtain resources with which the debt can be paid. However, it is known that Justo & Bueno was only a distributor, since the premises were leased. “In a liquidation process It is necessary to evaluate what assets the company has, tangible or intangible, and they should be sold and with those assets the obligations must be paid, starting with labor and tax obligations.Escobar explains.

However, according to the official, the company has One last possibility is that during the hearing that will take place this Thursday to define its liquidation, an investment fund appears to save the company.

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